Twenty Four Wealth boosts $814M practice with acquisition

investmentnews.com:

Twenty Four Wealth, a practice with around $814 million in brokerage and advisory assets under advisement, has expanded its reach and assets under administration through the acquisition of a firm in New Hampshire.

Acquiring the wealth management business of Raymond Noel & Associates, based in Bedford, New Hampshire, adds nearly $150 million in advisor assets and expands Twenty Four Wealth’s footprint north to the affluent Boston suburb.

The combined firm will be led by Twenty Four Wealth CEO Anthony Truino and COO Michael Carbino.

“After meeting Ray and his team, we realized immediately the synergies in our process and delivery of our client experience,” Truino said. “Bringing together our firms to execute a shared vision of a more hands-on wealth management future made perfect sense. With the support of Stratos, we are on an incredibly strong foundation to achieve our ambitions and client-centric growth goals.”

Twenty Four Wealth is affiliated with Stratos Wealth Partners, through which it manages $638 million in advisory assets, and also advises through LPL Financial more than $176 million in brokerage and third-party managed assets.

Stratos Wealth Partners advised on the acquisition.

“Tony and Mike have built a strong organization with the capacity to engage in the M&A market for wealth advisory practices,” said Michael O’Brien, managing partner and national sales director at Stratos. “Early on, the firm identified acquisitions as a key strategic growth driver, and we are thrilled to be the partner that supports Twenty Four Wealth’s continued growth.”