Wealth management platform Kestra Financial announced the addition of Wealth Empowerment Financial Strategies (WEFS), a Boca Raton, Fla.-based firm, to its network.
WEFS, which has $1.4 billion in client assets under management, focuses on wealth management and retirement planning. It launched in 2006 and is headed up by Eric Lyon, senior managing director and founder, and Tom Holly, senior managing director. WEFS was previously affiliated with embattled advisor firm B. Riley Wealth Management.
The WEFS team consists of 31 independent advisors and staff members, according to Kestra.
"After a long process of interviews and due diligence, the decision to move forward with Kestra Financial was a natural one,” Lyon said in a press release. “We were impressed with everything Kestra Financial had to offer—from its executive management team and technology platform to its back-office tech and resources—and knew this would help the growth of our firm down the line.”
WEFS hopes to use its partnership with Kestra to help consolidate its offerings to clients, said the firm, whose services include estate planning, 401K offerings and cash balance strategies.
The WEFS partnership is the latest in a series of major moves by Kestra over the past few weeks. First it announced it expanded its relationship with iCapital to provide its advisors with direct access to a curated menu of private funds. Then private equity firm Stone Point Capital took a majority stake in Kestra.
The firm said it is anticipating a positive working relationship with WEFS.
“WEFS and Kestra Financial share a joint ethos of teamwork and collaboration, making Eric and his team a perfect fit within our premier community of independent financial professionals,” Daniel Schwamb, executive vice president of business development at Kestra Financial, said in a prepared statement.