San Francisco-based firm to bring 40 advisors and $800M of AUM to Arete Wealth’s exclusive platform
CHICAGO, May 30, 2024 /PRNewswire/ — Concluding a multi-year search, Portsmouth Financial Services has entered into an asset purchase agreement that will bring approximately 40 advisors and over $800M of AUM to Arete Wealth Management, LLC, a full-service Broker-Dealer (BD) and Registered Investment Advisory Firm (RIA), subject to FINRA review.
Through a unique Arete Wealth “tuck-in” program, Portsmouth’s owners will operate a branch office of Arete Wealth and retain the Portsmouth DBA. Portsmouth’s 40 financial professionals will continue to service accounts at Pershing, and Portsmouth clients will gain expanded access to Arete Wealth’s state-of-the-art technology, full-service brokerage capabilities, multi-custodial advisory solutions, electronic insurance and annuity systems, and unparalleled alternative investment platform.
Since its founding in 2001, Portsmouth Financial Services has grown to $800M of AUM by offering a comprehensive set of wealth-management services – all complementary to Arete Wealth’s platform.
Chairman Ray Lent and Chief Executive Officer Echo Chien will continue to lead Portsmouth Financial Services, working closely with the Arete Wealth home office and executive team.
“We selected Arete Wealth because of its people, culture, and commitment to wealth management excellence,” said Ray Lent, Chairman of Portsmouth Financial Services. “By leveraging Arete Wealth’s infrastructure, we gain time, capacity, and capabilities to elevate our wealth management platform and enable our financial professionals to provide more solutions and enhanced services for clients.”
“I am pleased to welcome the Portsmouth team to the Arete Wealth family,” said Joshua Rogers, CEO and Founder of Arete Wealth. “I am confident that Arete will only further enhance the already great work they are doing for their clients. Together, we will do everything we can to create more wealth for investors.”
This collaboration between Portsmouth Financial Services and Arete Wealth demonstrates the shared values of both organizations, emphasizing excellence, and an elevated client-centric approach to wealth management.
About Arete Wealth
Arete Wealth, Inc. is a remarkably sophisticated financial services and wealth management firm. Arete Wealth offers expertise across a wide array of services including investment banking, managing broker-dealer services, financial and estate planning, investment advice and asset management, insurance and annuities, and an art and wine consultancy. The firm delivers financial solutions via institutional, full-service, and direct-to-consumer digital investment channels. Arete Wealth’s diversified offerings and unique access to alternative investments, venture capital, and private equity programs are incomparable in the industry. The firm’s financial professionals are highly ranked within the industry, serving clients that include high-net-worth individuals, institutions, other broker-dealers, independent registered investment advisors, family offices, and sponsors of investment offerings.
Founded in Chicago 2007, Arete Wealth has over 50 offices across the country and is consistently ranked a top US independent hybrid broker-dealer and registered investment advisory firm, based on growth and revenue. Find out why the firm is the right fit for refined investing at www.aretewealth.com.
SOURCE ARETE WEALTH
