Arete Wealth Expands Presence in California with Acquisition of Portsmouth Financial Services
Arete Wealth’s Expansion in California: A Game-Changer for Wealth Management
Arete Wealth, a leading broker-dealer and RIA, has made a significant move to bolster its presence in California with the announcement of a new branch office and the addition of over $800 million in assets under management. This strategic deal with Portsmouth Financial Services is set to bring 40 advisors into the Arete Wealth family, expanding their reach and capabilities in the competitive California market.
The integration of Portsmouth Financial Services into Arete Wealth as a new branch office marks a major milestone for both firms. With the asset purchase agreement pending FINRA review, Arete is poised to enhance its offerings and provide clients with a comprehensive suite of brokerage services, multi-custodial advisory solutions, and advanced technology.
One of the key highlights of this deal is Portsmouth’s continued commitment to servicing accounts through Pershing while also providing clients with access to Arete Wealth’s unique offerings, including alternative investments such as venture capital and private equity offerings. This partnership will not only benefit clients but also enable Portsmouth’s advisors to leverage Arete’s infrastructure and expertise to elevate their wealth management platform.
Ray Lent, Chairman of Portsmouth Financial Services, expressed his confidence in the partnership with Arete Wealth, citing the firm’s people, culture, and commitment to wealth management excellence as key factors in their decision. With nearly 50 years of experience as a registered broker with Finra, Lent brings a wealth of knowledge and expertise to the table, making him a valuable addition to the Arete Wealth team.
Joshua Rogers, CEO and founder of Arete Wealth, welcomed the Portsmouth team with open arms, emphasizing his confidence in their ability to further enhance the services they provide to clients. This partnership is not only a win for both firms but also a game-changer for the wealth management industry in California, setting a new standard for excellence and innovation.
As Arete Wealth continues to expand its footprint in California and beyond, clients can expect to benefit from a wider range of services, enhanced technology, and a team of experienced professionals dedicated to helping them achieve their financial goals. With this exciting new partnership, Arete Wealth is poised to lead the way in wealth management and set a new standard for excellence in the industry.
