People moves
Internal Revenue Service
The US tax collector has named Damon Rowe as director of the newly created fraud enforcement office.
He will work on agency-wide compliance issues and serve as the principal adviser and consultant to IRS division commissioners and deputy commissioners on all issues involving fraud enforcement strategic plans, programmes and policy.
A veteran of IRS Criminal Investigation, he will also provide agency-wide executive leadership and direction in the design, development and delivery of major activities within the Fraud Enforcement office in support of IRS efforts to detect and deter fraud while strengthening the National Fraud Programme.
Prior to this role, Rowe served as executive director of international operations for criminal investigation (CI), where he was responsible for ensuring international law enforcement cooperation between foreign governments and CI field offices.
Ameriprise Financial
Two teams with $272m (£210.6m,€243.3m) in combined assets under management have joined the franchise channel of the US firm.
Foundation Wealth Management, led by Rick Yanez and Lance Mackall, who each have over a decade in the industry, joined from Wells Fargo Advisors in Bakersfield, California.
The firm manages $189m in client assets.
The team also includes advisers Cathie Joughin and John Rodgers, who each have more than 35 years of experience, as well as office manager Monica Lopez and client service manager Crystal Gilman.
Ameriprise franchise field vice president Dean McGill will provide local leadership support.
Separately, John McLaughlin joined from Stifel in Olean, New York. He manages $83m in assets.
Paraplanner Lisa Zlockie also moved to Ameriprise with McLaughlin.
Michael Sondak supports the team as their Ameriprise franchise field vice president.
Bernstein Private Wealth Management
The subsidiary of AllianceBernstein has appointed Bowman Hallagan as managing director of its Dallas office.
Hallagan is now responsible for overseeing client service and the strategic growth of Bernstein’s business in the region.
He joined Bernstein in 2011.
M&A
Morningstar
The provider of independent investment research has agreed to acquire PlanPlus Global, a financial-planning and risk-profiling software firm based in Canada.
The financial terms were not disclosed and the transaction is expected to close in the second quarter of 2020.
Morningstar will offer PlanPlus Global’s FinaMetrica Profiler as a stand-alone, risk-profiling tool in global markets where it is offered today.
It also sees opportunity to integrate this capability into its existing solutions, such as Morningstar Advisor Workstation for advisers in Canada and the US or through Morningstar Enterprise Components connections to third-party planning tools.
Furthermore, Morningstar intends to add PlanPlus Global’s financial-planning solution, ProPlanner, to its offerings in Canada alongside continued support for its users worldwide.
CWB Financial Group
The Canadian firm will acquire the wholly owned subsidiary of IA Financial Corporation, IA Investment Counsel.
IA Investment Counsel is a provider of financial planning and wealth management services targeting high net worth Canadian families under the brand names TE Wealth and Leon Frazer & Associates.
This transaction will bring CWB’s total wealth assets under management, administration and advice to more than C$8bn (£4.6bn, $5.9bn, €5.3bn).
The financial terms of the deal were not disclosed.
Mariner Wealth Advisors
The wealth advisory firm will buy the assets of Wealth Health.
Established in 2003, Wealth Health provides investment management, income tax preparation, insurance advice, and estate planning, among other services.
The firm manages approximately $400m in assets and is led by Rich Coppa and Darin Gartland, who will remain with Mariner Wealth Advisors and manage the Roseland, New Jersey office.
In acquiring the local team, Mariner Wealth Advisors establishes its fourth office in New Jersey.
The financial terms of the deal were not disclosed.
