Stratos Wealth Enterprises is set to acquire a 25% equity stake in Veritas Boston Wealth Management as part of its strategic investment in the Massachusetts-based firm.
Financial terms of the deal were not disclosed.
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Veritas Boston, which oversees about $350m in assets through Stratos Wealth Advisors, has a team of nine employees led by managing partners Mark Roman and Frank Perfetuo.
Roman, who joined Stratos Wealth Advisors as an independent advisor, has over 25 years of experience in serving clients in the Boston area.
He specialises in asset and debt management, retirement and education forecasting, income accumulation and distribution strategies among other things.
Commenting on the deal, Roman said: “This strategic investment enables us to further build out our practice. We are excited to move forward to the next chapter of milestones and achievements.”
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By GlobalDataStratos Wealth Enterprises president Lou Camacho added: “After Mark and his team joined Stratos in 2019, they continue to be trailblazers in the areas of comprehensive financial planning and customised portfolio management for their clients while building trust in the community they serve.
“Stratos’ 25% minority stake in Veritas takes our partnership to new heights, and we are thrilled to deepen our relationship with Mark and his firm.”
The latest deal follows Stratos Wealth’s acquisition of a minority shareholding in financial advisor Robert Patti’s wealth management firm last month.
This February, the firm also increased its minority equity stake in San Diego-based BWM Financial following a strategic investment in the firm.
Stratos founder and CEO Jeff Concepcion commented: “This is an exciting time for Stratos and our network of highly talented advisors, and Mark and his team exemplify the ethos of the independent space that is at the heart of the Stratos mission.
“We welcome this opportunity to increase our support for one of the most outstanding firms operating in Boston today.”
