F.L.Putnam wealth advisor continues Maine expansion with Portland deal for Aurora
PHOTO / JIM NEUGER
F.L.Putnam Investment Management Co., led by President and CEO Tom Manning, is continuing its Maine expansion.
As part of its continued expansion in Maine, F.L.Putnam Investment Management Co. recently acquired Aurora Financial Group LLC of Portland.
Terms of the deal were not disclosed. Charles Dibner, Aurora’s founder and president, was named as a strategic consultant and private client advisor.
Although headquartered in Wellesley, Mass., F.L.Putnam has its largest office in Portland. The firm is an independent registered investment advisor that serves individuals, single and multifamily offices, endowments, foundations and other registered investment advisors.
Aurora is an independent registered investment advisor in Portland. The firm was founded in 2005 and provides investment advisory and financial planning services to individuals, families and institutions nationally and throughout Maine.
“This is a unique opportunity to build on our success in a market that we have served for decades,” said F.L.Putnam President and CEO Tom Manning.
Growth strategy
The acquisition reflected F.L.Putnam’s growth strategy. In 2019, the firm had 47 employees and $2.1 billion in assets under management. Now it has 95 employees and over $5 billion in assets under management for over 1,700 clients.
In 2021, F.L.Putnam acquired New York-based Atrato Advisors LLC as part of a growth strategy that also included new hires, the launch of a new research platform, additional acquisitions and an infusion of capital.
Other acquisitions in recent years included Wolfeboro, N.H., financial planning firm Financial Focus and Woburn, Mass., independent registered investment advisor Salem Capital Management.
In December, New York-based Emigrant Partners, a specialist capital and advice partner owned by Emigrant Bank, made a capital investment in F.L.Putnam. The investment was designed to help add staff, expand capabilities and acquire other firms.
Dibner has more than four decades of financial services experience. Before founding Aurora, Dibner spent more than 20 years with two New York Stock Exchange brokerage firms. He has served as a consultant to government agencies as well as local, national and international nonprofit institutions. He's also authored a series of articles for Maine legal journals and taught at the University of Southern Maine, Saint Joseph’s College and several independent private schools throughout New England.
“It was so important to find a firm that could provide the depth of functional knowledge and personal care my clients deserve today and into the future,” Dibner said.
The deal reflected ongoing transformations in the wealth management industry, including new hires and promotions, acquisitions, moves to larger quarters and other types of expansions. Factors driving growth have included new client expectations in today's volatile economy and a shift among firms toward a more comprehensive approach to managing client’s financial needs.
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