Stratos Private Wealth, a relatively new division of Stratos Wealth Partners, which is an RIA based in Beachwood, Ohio, has added two firms to its new division and rebranded them with the Stratos label, the firm announced today.
Both of the firms were already affiliates of Stratos Wealth Partners. The move creates a new relationship with Stratos and expands the firm’s presence in New Jersey and New York through the acquisition and rebranding, Stratos said.
Heald Financial Advisors of Marlton, N.J., will become Stratos Private Wealth – South Jersey, and Claricity Wealth & Planning of Westchester, N.Y., will become Stratos Private Wealth – Westchester.
Jeff Brown, president and founder of Stratos Private Wealth, launched the new division almost a year ago to enhance the firm’s support for high- and ultra-high-net-worth clients. It is based in San Diego and operates as a division of Stratos Wealth Partners. Adding these practices represents the division’s first expansion since its launch. Stratos Private Wealth now manages $1.7 billion in client assets.
Stratos Private Wealth – South Jersey is led by Dan Loughlin, who has served in a range of financial services and wealth management leadership roles during his more than 15-year career in the sectors.
“As the rapid pace of change impacts both the registered investment advisor landscape and our practice, we felt it was important to align with like-minded practices across the country that provide the scale and resources to serve our clients,” Loughlin said in a statement.
Adam Rude, who heads the Stratos Private Wealth – Westchester office, said in a statement, “By sharing resources and ideas, we gain the economies of scale enjoyed by larger organizations while continuing to provide personalized service for our discerning client base.”
As part of Stratos Private Wealth, both offices will provide customized financial planning, wealth planning, retirement planning, estate, tax and trust strategy services tailored to the high- and ultra-high-net-worth client segments, Stratos said.
Lou Camacho, president of Stratos Wealth Enterprises, the acquisition arm of Stratos, added in a statement, “We have taken a deliberate approach to growing the Stratos Private Wealth division, and I’m thrilled that we have expanded into the South Jersey and Westchester markets through these practices. We believe that we have developed a program that will only be enhanced by the addition of Dan, Adam and their teams as we continue to build our high-net-worth and ultra-high-net-worth offering.”
“The increased demand for high-net-worth, ultra-high-net-worth and family office support underscores the importance of developing a unified approach to this market segment, and I’m thrilled to welcome the South Jersey and Westchester teams to Stratos Private Wealth,” Brown said in a statement. “Together, we will enhance the services we provide to this growing client base with quality solutions supported by the scale and expertise of the Stratos network.”