Wentworth Makes Aurora Private Wealth Its Fifth Acquisition

NEW YORK, Dec. 11, 2019 /PRNewswire/ -- Wentworth Management Services, LLC ("Wentworth") announced today at the MarketCounsel Summit in Miami its acquisition of Aurora Private Wealth, the Rockaway, NJ-based hybrid RIA/independent broker-dealer. The full terms of the deal, which is still subject to regulatory approval, were not disclosed.

"Tim Smith and his team at Aurora have built a solid firm and together we intend to grow the platform firm to the next level," said Wentworth CEO Ryan Morfin. "We are deeply committed to the hybrid, open architecture model that allows breakaway brokers to build their businesses at the clearing firms that they choose. Aurora has a strong and long-lasting relationship with Pershing and we are very excited to open up this new chapter in Wentworth's development."

Wentworth is a broker-dealer consolidator that acts as a long-term owner and operating partner for broker-dealers and other firms in the independent wealth management channel. The company acts as a strategic partner to independent broker-dealers such as Aurora Private Wealth seeking additional support and resources in order to grow their businesses.

Its other platform companies include Purshe Kaplan Sterling, a leading full-service, broker-dealer and financial services firm headquartered in Albany, New York acquired in 2017; Independent Planners Group (IPG), an insurance brokerage general agency in Scottsdale, Arizona; and Cabot Lodge Securities,  a New York financial services firm offering a combination of traditional investments and boutique-style alternative investment solutions.

"Wealth management is a highly competitive industry, with more than $20 trillion in the US. Being able to realize economies of scale and access the latest technology is the key to survival, particularly for small-and-medium-sized concerns," Morfin continued. "Wentworth acts as more than just an investor, but rather as an owner and operator who brings financial, intellectual and human capital to our platform companies."

"We were looking for a strategic partner to help Aurora continue to grow at a sustainable rate," explained Tim Smith, Founder and CEO of Aurora Private Wealth. "It quickly became obvious that Wentworth's business model and vision were a perfect fit and one that will allow me to spend more time doing what I love most about this business—working hand-in-hand with clients and advisors."

Wentworth's acquisition of Aurora will change little at the firm on a day-to-day basis. Smith and his team will remain focused on advisor needs while having access to the expanded range of resources and support that Wentworth brings to the table.  

About Wentworth

Wentworth Management Services LLC ("Wentworth") is a holding company that acquires and manages businesses in the wealth management industry. The company specializes in consolidating independent broker-dealers to capture economies of scale needed to service financial advisors in today's technology-enabled regulatory environment. Wentworth's core philosophy focuses on building long-term, productive relationships with its advisor base. The firm also includes a dealer manager business, investment banking division and a wholesale distribution division. For more information, see www.wentworthms.com.

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SOURCE Wentworth Management Services, LLC

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