Firm opens cross-border opportunity for Canadian retirees as it marks 11th U.S. RIA transaction this year
Continuing its explosive growth in the U.S. wealth space this year, CI Financial has announced an agreement to acquire a US$1.1-billion registered investment advisor firm.
Under the agreement, CI will acquire 100% of Doyle Wealth Management, a leading RIA firm based in St. Petersburg, Florida. Located in the Tampa Bay area, DWM offers wealth-management services that run the gamut from comprehensive financial planning and customized investment portfolios to high-net-worth individuals. A licensed CPA firm, DWM also provides select clients with tax preparation services.
Since being co-founded by Robert Doyle and Jillian Doyle in 2005, the firm has earned numerous distinctions. Aside from ranking third in North Florida on the 2020 Forbes list of America’s Best in State Wealth Advisors, it has appeared on the Forbes list of America’s Top Wealth Advisors from 2016 to 2019. DWM has also been a fixture on the Barron’s magazine list of Florida’s Top Financial Advisors since 2015.
“We’re excited to add such a high-quality advisor team in a strategically important location,” CI CEO Kurt MacAlpine. Aside from the Tampa Bay area’s status as one of the fastest-growing large urban areas in the U.S., he cited the Florida region’s popularity with snowbirds, which opens the door for CI and Doyle to deliver cross-border services to Canadian clients.
Robert Doyle is currently DWM’s president and chief investment officer, while Jillian Doyle is its CFO. Both will continue to lead the business following the close of the transaction, which is expected by the end of the year subject to regulatory approval and customary closing conditions.
“This partnership will allow us to expand the depth of our service offering and improve all aspects of our operations – leading to an enhanced experience for our clients,” said Mr. Doyle. “Joining with CI will advance the development of our firm, benefiting our clients and providing new opportunities for our employees.”
It has been a busy year for CI. Since diving into the U.S. market in February, the company has boldly pushed its acquisition agenda, snatching up quality businesses through direct purchases as well as indirect transactions made by its affiliated RIAs.
As of November 5, CI’s U.S. wealth assets stood at US$13 billion; with the addition of DWM and other pending deals in Ohio and Texas, CI will have over US$14 billion in wealth assets held across 11 firms in the U.S. Its North American wealth management business will reach an all-time high of $80 billion (US$60 billion) in assets, and its total asset and wealth management assets will be at a record $205 billion (US$154 billion).
CI also currently holds interests in:
- Balasa Dinverno Foltz (Itasca, Illinois);
- The Cabana Group (Fayetteville, Arkansas);
- Congress Wealth Management (Boston, Massachusetts);
- One Capital Management (Westlake Village, California); and
- Surevest (Phoenix, Arizona).
While it has already garnered attention as one of the fastest-growing RIA platforms in the U.S., CI is still on the hunt for more opportunities to grow its business south of the border. With that in mind, the company has applied to list its common shares on the New York Stock Exchange, a move that it first teased in September.
“The timing for this listing makes sense, given the rapid growth in our U.S. wealth management business,” MacAlpine said. “As we continue to execute on our strategic priority to globalize our company, listing CI’s common shares on the NYSE will broaden our investor base and increase our corporate profile in the U.S. market.”
Having U.S.-listed shares would also give the company an extra card to play during acquisitions, he said, as many sellers could be enticed by an offer to include CI Financial stock as part of the purchase price.
CI’s RIA spree reflects a grand master plan to expand and globalize its wealth management platform. Within North America, it is planning to build out its recently introduced CI Private Wealth Brand, which represents its high-net-worth and ultra-high-net-worth advisory businesses, to include the U.S. as well as Canada.
