New York-based private equity firm Reverence Capital Partners has taken an equity stake in Los Angeles–based hybrid RIA Signature Estate & Investment Advisors, which manages more than $16 billion in client assets. Advisor Group, the broker/dealer platform owned by Reverence, also made a minority investment, giving SEIA the resources to enter the mergers and acquisitions space for the first time.
This capital infusion allows the firm to expand the distribution of its turnkey asset management platform, Signature Investment Advisors, beyond its current Royal Alliance network to advisors across Advisor Group’s broker/dealers as well as other independent RIA and broker/dealer platforms through Schwab and Fidelity. SEIA has also launched its own fully owned broker/dealer, Signature Estate Securities, to simplify operations and better serve clients. The firm plans to pursue a national M&A strategy while allowing individual practices to retain ownership and thrive in their markets…