Florida Outlook Weekly “FLOW”.
Weekly Financial Summary of Florida
Nov 2nd – Major Wealth‑Management Moves
Ameriprise Lures $1.6 B Boca Raton Team from Oppenheimer
- Team details: Boca Raton‑based Atlantic Group – a 16‑person team led by Andrew W. Lerner and Logan W. Shalmi – resigned from Oppenheimer & Co. on Oct 27, moving to Ameriprise Financial.
- Assets: The team oversees $1.6 billion in client assets.
- Rationale: Lerner said they prioritize high‑touch, personalized service and were attracted to Ameriprise’s advanced planning tools and technology.
- Background: Lerner and Shalmi, roommates at Florida Atlantic University, cofounded the practice in 2014. They now report to Ameriprise’s Boca Raton branch manager.
Osaic Adds Four Pillars Investment Management
- Transaction: Osaic, one of the nation’s largest wealth‑management providers, announced on Oct 30 that Four Pillars Investment Management, an independent RIA in Cape Coral, joined its network.
- Assets & team: Four Pillars manages ~$143 million in client assets and is led by John T. Evans; team members include Pamela Evans and Jennifer Moss.
- Strategic fit: Osaic cited its scale, advanced technology, and back‑office resources as reasons Four Pillars chose to join. Evans said the partnership will enable his firm to expand services while staying true to its client-centric ethos.
- Focus: Four Pillars provides personalized guidance for individuals, families and small businesses across Southwest Florida, specializing in comprehensive financial education, retirement strategies and business-transition support.
Janney Welcomes Patricia Selin
- Move: On Oct 28, Janney Montgomery Scott announced that Patricia Selin, a veteran advisor with more than 30 years of experience, joined its Boca Raton office as Executive Vice President/Wealth Management.
- Assets: Selin manages over $265 million in client assets.
- Reason: Selin said Janney’s advisor-focused culture and expanded resources will allow her to continue a client-first philosophy while providing more value.
- Background: She is nationally recognized in rankings by Forbes and Barron’s and is a Certified Financial Planner (CFP) and Certified Investment Management Analyst (CIMA).
HoldCo Asset Management Activism
- Presentation: HoldCo Asset Management, a Fort Lauderdale‑based investment adviser managing ~$2.6 billion, issued a public presentation to the Independent Board of Directors of Eastern Bankshares, Inc. on Oct 3.
- Purpose: The presentation, titled “Some of our shareholders would hear me say this and get very upset that I wasn’t talking about our purpose being for the shareholders,” disclosed that HoldCo owns EBC shares and therefore has an economic interest.
- About HoldCo: The firm emphasized its Fort Lauderdale headquarters and noted that it was founded by Vik Ghei and Misha Zaitzeff.
Market Context & Trends
While M&A and advisor moves dominated this week, Florida’s broader financial market remains buoyant. Earlier in October, Governor Ron DeSantis and Insurance Commissioner Michael Yaworsky highlighted property‑insurance market improvements and announced that Progressive will refund nearly $1 billion to auto policyholders thanks to rate reductions. These reforms continue to attract new insurers and capital to Florida’s market.
Outlook
Florida’s wealth‑management scene is entering its busiest season. M&A activity is accelerating as firms seek scale and technology leverage. With national players like Ameriprise and Osaic investing heavily in Florida teams, they expect further consolidation and competitive hiring. Four Pillars’s decision to join Osaic highlights how mid-size RIAs seek robust platforms to support growth. Janney’s recruitment of Patricia Selin underscores the appeal of firms that offer high-touch, advisor-centric cultures. And HoldCo’s activism demonstrates the growing influence of South Florida-based hedge funds in corporate governance.
Florida continues to prove that, with the right mix of talent, technology and entrepreneurial spirit, the Sunshine State is redefining itself as “Wall Street South.”
