Industry Moves

Private Advisor Group to Grow by $1B with RIA Addition

AK Financial Group brings a team of 25 and adds a West Coast presence.

Private Advisor Group announced that it has added a registered investment advisor firm bringing more than $1 billion in assets under management.

AK Financial Group, based in Irvine, California and comprising a staff of 25, will join Private Advisor Group as part of the latter firm’s West Coast expansion, according to a press release announcing the move. The transition is expected to be completed by year's end. Both firms have registered representatives affiliated with LPL Financial as their broker-dealer.

AK Financial’s founder and president, Andrew Karlinski, has more than 45 years of experience in financial planning and will serve as the managing director of Private Advisor Group’s West region.

Private Advisor, ranked ninth on the recently released Barron’s 2022 Top RIA Firms list — based on assets managed, technology spending, staff diversity, succession planning and other metrics — says it has more than $33 billion in assets under management. The firm onboarded more than $3 billion in assets last year and is still looking to recruit nationwide, a spokesperson stated.

In March, Private Advisor acquired Minnesota-based Investors Financial Group, which managed more than $1.86 billion, as reported. In May, Private Advisor named Frank Smith president, a position in which he focuses on succession planning.

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Arkadios Capital Onboarded $900M in Assets in August

In all, the firm added seven wealth advisory teams last month.

Hybrid broker-dealer Arkadios Capital says that August was its best month of recruiting since its inception roughly six years ago.

The firm increased its ranks by seven wealth advisory teams who collectively brought Arkadios $900 million in combined client money, according to the company.

Arkadios was founded in 2016 by David Millican, who serves as the firm’s CEO, according to the firm’s website.

Millican was previously registered with Triad Advisors,— from which Arkadios has poached several advisors in recent years.

Arkadios has more than 126 advisors working out of 42 offices in North Carolina, South Carolina, Ohio, Maryland, New York, Pennsylvania and Michigan, overseeing more than $6 billion in affiliated assets, according to the firm.

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Minnesota Advisory Practices Unite to Tap Growing Market

Fleming Investment Group and 360 Financial are now a single operation.

Two Minnesota-based advisory firms are joining forces. Boutique wealth management firm 360 Financial announced it has merged with the Fleming Investment Group financial planning practice.

The combined company will oversee $529 million in client assets and will operate under the 360 Financial brand, according to a statement released by 360 Financial.

The founder and president of 360 Financial, Mike Rodgers, will continue as president of the new firm, while Fleming’s president, Brian Bohnsack, will serve as senior vice president and manage the firm’s Elk River, Minnesota location, previously Fleming’s home base and a growing market opportunity, according to the release. The company’s headquarters will be in Wayzata, Minnesota, where 360 Financial was based.

A 360 Financial spokesperson said the company is in the process of transitioning accounts and plans to have fully integrated the two offices from a technological, marketing, operations and portfolio-management standpoint in about three months.

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Contact the reporter: apadalka@money-media.com