Kestra Adds $1.4B Florida Wealth Practice 

Kestra Financial has added $1.4 billion Wealth Empowerment Financial Strategies (WEFS), formerly with B. Riley Wealth Management, to its platform of independent wealth management firms. 

Financial terms of the deal were not disclosed, according to a Kestra spokesperson. 

The WEFS team of 31 independent advisors and staff members is led by senior managing director and founder Eric Lyon and senior managing director Tom Holly. The Boca Raton, FL-based firm specializes in wealth management and retirement solutions. 

Established in 2006, WEFS plans to leverage its partnership with Kestra Financial to further streamline its financial solutions offerings. WEFS will continue its “white-glove service” spanning estate planning, 401K offerings, cash balance strategies, and more. 

“After a long process of interviews and due diligence, the decision to move forward with Kestra Financial was a natural one,” said Lyon. “We were impressed with everything Kestra Financial had to offer – from its executive management team and technology platform to its back-office tech and resources – and knew this would help the growth of our firm down the line.” 

Ausin, TX-based Kestra Financial, a division of Kestra Holdings, oversees $103 billion in assets under advisement and supports more than 1,700 independent financial professionals. 

Last month, the firm added two firms to its platform, including SZC Financial Planning & Management, a $200 million five-person practice based in Montgomery County, M, and Erudite Wealth Management Inc., a NY-based full-service wealth management firm overseeing $225 million in assets.  

In early July, Kestra acquired Lodi Wealth Advisors, a wealth management firm specializing in “personalized, high-touch service” with over $400 million in assets.  

Pictured: Eric Lyon