April 2023 Financial Advisor and RIA Moves and Acquisitions

Regional banking news continued to occupy the headlines through March and continued to be a deciding factor for FA’s as evaluated what firms they wanted to partner with. In the wires Morgan Stanley and UBS continued to experience large recruiting wins as teams from First Republic departed and sought firms with banking capabilities. On the RIA/independent side, Cresset and Rockefeller have been the strongest in attracting Teams this year. That said, LPL was very active in April and could pull ahead should this momentum continue.

In the midst of all of the mergers and acquisitions we have seen over the past two years, we are seeing more comments via financials earnings calls on focusing on organic growth and marketing efforts, essentially getting back to the basics. The same has been said on the RIA side with many business brokers stating that RIAs should not forget about their core business of managing and growing their client base, and not manage themselves to be acquired at a premium.

Due to the amount of movement during April, we have separated this month’s update into two segments.

Independents and Banks:

Ricky Smith has established a new team name" Inspired Wealth Planning" and joined Kestra Private Wealth with $200 M AUM based in Cordele, GA. Previously with Edward Jones.

Decker, Harth, & Swavely (FAs: Jonathan Decker, David Harth, and Jonathan Swavely)  with $450 M AUM based in St. Petersburg, FL have joined Janney.  The Team will be the anchor of the new office for Janney as they continue their Florida expansion. Prev with Merrill Lynch.

CG Advisor Network (led by: Anthony J. Mazzali, 74 FAs total) in Haslett, MI with $3.1 B AUM has joined LPL as their platform and RIA custodian. Prev were with TDA and Geneos Wealth.

Financial Design Group based in Toledo, OH managing $850 M AUM has joined LPL. The Team includes 14 FAs and is led by Mike Clements and Jason Strasser and will be dually registered at LPL. They were originally with Securian, which was recently purchased by Cetera. Post Securian purchase, there have been a number of FA’s that have departed Cetera.

Kemp Cunningham, new team name "Emerald River Wealth Management" with $125 M AUM in Granger, IN has joined LPL. Prev with Edward Jones.

One2One Wealth Strategies (FAs: Austin AdamsGreg GeryakAustin SigristStephanie SchultzJeff Edwards and George Fraunces) in Scottsdale, AZ with $400 M AUM has joined Mariner Advisors with LPL. They departed PlanMember Securities.

Sheehan Wealth Partners (FAs James Sheehan and Shawn Tighe) based in Daniel Island, SC managing $450 M AUM have joined the LPL independent channel (LPL Strategic Wealth Services) . Their client base has focused on energy executives. The Team was previously with Raymond James.                     

Nick Lalonde, new team name Third Act Wealth Management based in Dallas, TX with $200 M AUM has joined LPL. Prev with Edward Jones.

SC Financial Group (FAs: Robert Davis, Rumesh Senanayake and Alex Carter) based in Bellevue, WA managing $220 M AUM has joined LPL. Prev with Cadaret Grant.

Eric Gallinger in Irvine, CA who manages $300 M AUM has joined Stratos Wealth Partners/ LPL.  Prev with Merrill Lynch.

Carnegie Private Wealth, a new team led by Angie Ostendarp, Jordan Raniszeski, Mary Sherrill Ware, and Mitch Mayfield have joined LPL Strategic Wealth Services in Charlotte, NC with $1.45 B AUM.  They will now be the largest Team in the LPL SWS platform. The Team was previously with Wells.

Timothy Lanier based in Neptune Beach, FL managing $300 M AUM has joined LPL. His Team, Lanier Wealth Management will continue to focus on healthcare professionals. Prev with Valic.

Walker Alston Financial Group (FAS: Stephen Walker and Wes Alstonin San Antonio, TX have joined LPL managing $200 M AUM. Previously with Securities America.

Todd Halbrook, Adam MacDonald and Vince Lovoy (new team name: Todd Halbrook and Adam MacDonald Wealth Management Group) have joined RBC Wealth in Newport Beach, CA with $1B AUM.  They have departed First Republic where they were under the "Lovoy, MacDonald and Halbrook Group". The Team was ranked 38th on Forbes’ best-in-state wealth advisors in 2023. MP approved.

Eric M. Yamin and Keith Caparelli departed First Republic after arriving there at the beginning of 2023.  The Yamin-Caparelli Team have joined JP Morgan Advisors in New York, NY (second location in Miami) managing $700 M AUM and listed on the Forbes Best in Sate list.

Catherine (Cathy) Chase and Wendi Doyle with $1.3 B AUM based in Los Angeles, CA have joined JP Morgan Advisors. They are ranked on the Forbes Best in State list. The Team departed First Republic.

C&N Wealth Management which is based within Citizens & Northern in bank branches across PA,  has moved the wealth platform to LPL. The unit includes 15 FAs managing $475 M AUM. They were prev with Cetera.

Rohlik Financial Group (FAs: Brent Rohlik and Suzanne Holt) with $1 B AUM in Minneapolis, MN, has joined AdvisorNet Financial via Cetera. The Team departed Regulus Financial Group and this add continues the positive momentum Cetera had with their record setting recruiting in 2022.

Harry Slade III and Harry Slade IV (new Team name: Ellicott Mills Wealth Management) based in Ellicott City, MD with $330 M in AUM have joined Ameriprise Financial. They departed Edward Jones.

Enrique Ortega based in Miami, FL (Brickell) with $200 M AUM has joined Bolton Capital. Prev with Citi Global Wealth.

Silverberg Wealth Management (FAs: Marcus Silverberg, Gregg Turkin and Victor Mastrella) based in Westlake Village, CA with $220 MU AUM has joined Advisor Group/Royal Alliance. They will fall under the NWF Advisory Group (NWF)  as the new Team moving forward. The Team was previously with Cetera.

Howell Wealth Advisors (FAs: Josh Howell and Liz Fisher) in Punta Gorda, FL with $215 M AUM have joined Prospera Financial Services. Prospera now has 163 FAs with $16 B AUM. The Team departed Wells FINET.

Jaye Everland and Jason Sandry based in Denver, CO with $450 M AUM have joined Moneta Group. They were previously with IWP Wealth.


Adam Zipper and Joseph Duarte (Zipper Duarte Team at First Republic) have joined Morgan Stanley in New York, NY.  The group manages $10.8 B AUM and was ranked 65th on the Barron's Top 100 Teams in 2022. The 16 person Team departed First Republic where they had been since 2020.

Steven H. Levine Group based in Miami, FL with $7 B AUM has joined Morgan Stanley. He was previously with First Republic in Palm Beach, FL. and ranked 19th on the Forbes Best in State list.

Dinh Nghia Truong has joined UBS in New York, NY managing $480 M AUM. He was previously with First Republic

Brian Zakrocki and Joseph Wladyka (Zakrocki & Wladyka Group) with $4 B AUM have joined UBS in New York, NY. They departed First Republic.

Merrill lifted out a large group of FAs from Citi Private Bank that focused on Lat Am and Mexico clients with off-shore focused strategies.  In total the group managed $2 B AUM: In Houston, TX Erik Feldhaus, Alfredo Lelo de Larrea, Juan Miguel Romo, Lawrence Salgado. In New York, NY Adrian Corral. In Miami, FL: Roberto Toriz, Luis Medellin, Carlos Sanchez Azcarate.   Miami continues to be built out as hub for internationally focused FAs.

Acquisitions and RIAs:

Valencia Group at Steward Partners (FAs: James Forsyth and Steven Miller) has been formed in Valencia, CA managing $200 M AUM. This will be Stewards (PE backed) 39th office and continues to be one of the fastest growing RIAs. They were prev with UBS.

Precedent Wealth Partners has been formed by Harold, George and Grant Williams in Houston, TX ( and San Antonio, TX) with $4.3 B AUM backed by Dynasty Partners.  The Team was prev with Linscomb & Williams and will clear via Schwab and Fidelity. 

Barlow Wealth Partners (FAs: Barry O. Barlow, Frank Barlow, Amy Jones, and Christopher McIntosh) with $1B AUM in Louisville, KY has been formed. They will custody with Fidelity. The Team departed Merrill Lynch.

Seven Mile Advisory (FAs: Pamela Perskie, Keith Feinberg, Emily Herrup and Nicole Bellefeuille,) with $1 B AUM in Ewing, NJ has joined Tru Independence. They were previously operating as a multi-family office. Tru Independence is now at $10 B AUM.

OneDigital Investment Advisors has acquired the 401(k) advisory and retirement plan servicing business of Huntington National Bank.  This fits the pattern of previous acquisitions by OneDigital in focusing on retirement focused practices and will bring firm AUM to $115 B AUM.

New Era Financial Advisors based in Wayzata, MN with  $1.1 B AUM (FAs: Donald Warner, Grant Lindaman, Shad Ketcher and Gene Larkin) has been purchased by Wealth Enhancement Group (PE backed). Six total FAs and 11 staff will all join WEG. Prev cleared via JW Cole, now will clear LPL.  This will be WEG's second deal of 2023.

Stakeholders Capital, which includes Andrew Bellak and Brad Stonberg in Amherst, MA RIA with $145 M AUM has been acquired by Perigon (PE backed Merchant). Stakeholders focuses on Socially Responsible Investment portfolios. Perigon AUM will now sit close to $5B AUM post-acquisition.

Concurrently Cognizant Wealth Advisors led by Artie Green and Sheetal Bagde and based in Palo Alto, CA managing $100 AUM have also affiliated with Perigon. They will keep the Cognizant name.  

Lehman & DeRafelo Financial Resources (FAs: Rich DeRafelo and Ron Lehman) based in Media, PA with $ 1.1 B AUM has been purchased by EP Wealth. This is the fifth acquisition for EP who is based in Los Angeles and will bring assets north of $16 B AUM.          

Cetera has taken yet another minority stake, as opposed to full acquisition, this time investing in NetVEST Financial based in Scottsdale, AZ with $350 M AUM.

Similar to Cetera, Carson Wealth has taken a stake in Integrated Wealth located in Overland Park, KS managing $400 M AUM.

YorkBridge Wealth Partners (FAs: Jeff Lane, Leigh Moglia, Carrie Gallaway and Andrew Stern) in New York, NY with $1 B AUM has been acquired by Beacon Pointe (PE backed KKR). This will be Beacon's first office in NYC, Team was prev with Dynasty.

Commonwealth Financial Services in St. Clairsville, OH has transitioned into a full RIA. They manage $600 M AUM and maintain six offices across Ohio. We continue to see many dually registered B/D RIA operations over the past year drop their B/D affiliation and shift to RIA only.

Grove Point Financial (formerly H Beck) is being acquired by Atria Wealth Solutions. This includes 400 FAs and $15 B AUM. All units of Grove Point are included (BD, RIA, etc). Post acquisition, Atria will have 2,300 FAs and $115 B AUM.

McDaniel Knutson Financial Partners (Peter Knutson, Jude McDaniel, Wayne McDaniel)  based in Lawrence, KS with $506 M AUM has been acquired by Allworth Financial.

QA Wealth Management (FAs: John Wing, Dan Westin) with $770 M AUM in Minnetonka, MN has been purchased by CAPTRUST. QA specializes in working with accounting firm professionals. This is CAPTRUST's second deal of 2023 and 65th since the started buying firms.

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Written By: Gui Costin, Founder, CEO

Gui Costin is the Founder and CEO of Dakota.