January 09, 2025
A bumper fourth quarter made for a record-breaking 2024 on the RIA M&A front, while independent advisors continued to move at a brisk pace, and though private equity-backed RIA investments cooled a bit in December, there were indications that activity could pick up again soon.
On the M&A front, Dakota tracked 33 deals representing approximately $34.6B in AUM in the month of December. In terms of number of deals, it was close to October’s record count of 37, though AUM deal value was closer to November’s $25.6B tally. Overall, the fourth quarter produced a record 87 deals involving approximately $315.2B in client assets.
Corient Private Wealth’s acquisition of $7.9B RIA H.M. Payson, announced the week before Christmas, was the largest of December, though Corient was also involved in the second-largest deal, just on the other side, after it and parent CI Financial divested their controlling interest in $7.2B OCM Capital Partners. Another PE-backed aggregator, Homrich Berg, also recorded a sizable acquisition with the purchase of $6.4B Maryland-based multifamily office WMS Partners. In terms of deal volume, MAI Capital led the way with three acquisitions, while a host of firms made double plays on the month, including Merit Financial Advisors, CAPTRUST Financial Advisors, Beacon Pointe, and Mariner Wealth Advisors.
On the minority investment front, Constellation Wealth, Hightower Advisors, Summit Financial, and Coastline Wealth Management all did deals, with Constellation also announcing it completed a $1B fundraise for staking RIAs. Meanwhile, $35B Canadian wealth manager Wellington-Altus is reportedly seeking a third PE backer and willing to offer a 20% to 30% equity stake, while Dynasty Financial-backed Procyon Partners is also reportedly seeking additional outside investment.
In terms of independent advisor moves, it was a banner month for Raymond James, which recruited nine new teams managing over $8B in client assets, including a pair of Utah advisors managing $5B from Zions Direct. Though topped by RayJay in December, the most active recruiter in recent months, LPL Financial, remained busy, recruiting five teams managing over $1.8B in combined client assets. Meanwhile, Cetera Financial Group was active in recruiting advisory practices within depository institutions, inking networking agreements with First Citizens State Bank, Citadel Credit Union, and Lighthouse Credit Union during the month.
Notable new RIAs in the month include former Impetus Wealth CEO Josh Gerry launching VestGen Wealth Partners, which focuses on retiring advisors’ succession planning and already boasts a team of 10 advisors managing $5.3B in client assets, and Prairie Sky Financial Group partner Elliott Vaughn leaving to launch Harbor Wealth Group, an independent financial advisory firm affiliated with Chicago-based IHT Wealth Management.
Read on for a full roundup of the month’s RIA Deals, Advisor Moves, and Other News covered by Dakota:
Sequoia Financial Acquires Eide Bailly’s $1.6B Wealth Business
Sequoia Financial Group acquired Eide Bailly’s wealth management unit, adding 22 employees and $1.6B in client assets to its total AUM. To view the full story click here.
Cresset Secures $150M Investment from Constellation Wealth
Cresset received a $150M minority investment from Constellation Wealth Capital to fuel its expansion and enhance its platform, technology, and recruitment efforts. To view the full story click here.
Miracle Mile Snaps Up $194M Offit Advisors of Columbia (MD)
Miracle Mile Advisors expanded its East Coast presence with its acquisition of Columbia, MD-based Offit Advisors, adding $194M in client assets. To view the full story click here.
Mercer Global Buys $110M RIA Frango Financial
Mercer Global Advisors acquired Washington-based boutique RIA Frango Financial, adding $110M in assets for clients. To view the full story click here.
Mariner Adds $878M in AUM with FL, CA Advisory Acquisitions
Mariner Wealth Advisors added approximately $878M to its total AUM in the double deal acquisition of Sarasota, FL-based Atlas Financial and Newport Beach, CA-based Newport Advisors. To view the full story click here.
In LA Story, Founder of $300M RIA Sells to SEIA, Where She Began Career
Signature Estate & Investment Advisors (SEIA), a $14.2B RIA, acquired Beverly Investment Advisors, bringing its founder back to the Los Angeles-based firm. To view the full story click here.
Allworth Adds $500M RIA Ryan Wealth to Boost NorCal, PNW Presence
Allworth Financial acquired $500M RIA Ryan Wealth Management, adding offices in Washington and California. To view the full story click here.
SageView Buys $400M AUA DC Plan Consultant
SageView Advisory Group acquired OnTrack 401(k), a $400M retirement plan advisor, in a deal that expands the firm’s presence on the East Coast. To view the full story click here.
MAI Capital Buys $350M AUM Carmichael Hill of Maryland
MAI Capital Management acquired $350M RIA Carmichael Hill & Associates in MAI’s 10th acquisition deal of the year. To view the full story click here.
Kestra Partner Coastline Stakes NY, Chicago Advisors (Dec. 10)
Coastline Wealth Management, a Kestra Financial partner firm, completed partial acquisitions of Florida, NY-based Myles Wealth Management and Chicago-based Stensland Financial Group in a deal that would add $300M to Coastline’s total AUM. To view the full story click here.
Modern Wealth's AUM Gets $500M Boost After Three-firm Purchase
Modern Wealth Management added a combined $500M in client assets from a triple deal where it acquired Fiser Group, Gardey Financial Advisors, and LFM Wealth Management. To view the full story click here.
Apella Wealth Buys $218M RIA Barker Financial Group
Apella Wealth acquired Barker Financial Group, a Topsfield, MA-based RIA adding $218M in client assets to its $4.72B total AUM. To view the full story click here.
Lido Advisors Acquires $1.1B Los Angeles RIA Avitas Wealth
Lido Advisors acquired Avitas Wealth Management, an LA-based firm specializing in multigenerational families, adding $1.1B in assets that brings Lido’s total AUM to $24B. To view the full story click here.
Merit Financial Merges in $603M AUM Trinity Financial
Merit Financial Advisors added $603M in assets as it merged with Berwyn, PA-based Trinity Financial in its 29th acquisition since 2020. To view the full story click here.
Allworth Financial buys $383M RIA WealthPoint Advisors
Allworth Financial increased its total assets under advisement to nearly $26B following its acquisition of Indianapolis-based RIA WealthPoint Advisors, which manages $383M in assets. To view the full story click here.
PE-backed Homrich Berg Adds $6.4B Maryland MFO WMS Partners
HB Wealth Management announced its acquisition of WMS Partners, a Maryland-based RIA that adds $6.4B in assets to HB’s now $24B in total AUM. To view the full story click here.
Hightower Invests in $800M Denver RIA Dechtman
Hightower Advisors marked its sixth investment this year with Dechtman Wealth Management, a Denver-based RIA with $800M in client assets. To view the full story click here.
Summit Financial Acquires $500M Chicagoland RIA Midway
In its 17th strategic partnership, Summit Financial acquired Arlington Heights, IL-based RIA Midway Wealth Partners servicing $500M in client assets. To view the full story click here.
Steward Acquires $180M Advisor, Forms New LA Group
Steward Partners acquired $180M Trost Financial, merging it with the Lindsey Group to form Lindsey-Trost Group. To view the full story click here.
Savant Wealth Buys $536M HNW Divorcée Advisor Source Financial
Savant Wealth Management acquired Source Financial Advisors, a $536M New York-based RIA, on December 9. To view the full story click here.
Corient to Purchase $7.9B AUM Maine RIA H.M. Payson
Corient Private Wealth acquired $7.9B Portland, ME-based RIA H.M. Payson, expanding its footprint in New England. To view the full story click here.
Waverly Acquires $313M Planning Capital to Establish Philly Presence
Waverly Advisors expands into the Philadelphia area with the acquisition of Planning Capital Management, a $313M RIA based in Paoli, PA. To view the full story click here.
Apella Grows West Coast Footprint with $144M Young Wealth Acquisition
Apella Wealth acquired Young Wealth Management, a $114M RIA in Davis, CA, expanding its California footprint. To view the full story click here.
Merit Financial Advisors to Get $773M AUM Boost with Roth Asset Purchase
Merit Financial Advisors increased its assets under management to $12.61B through the acquisition of Roth Asset Management, adding $773M in assets. To view the full story click here.
Beacon Pointe Grows AUM by $613M with New Additions in Boston, Dallas
Beacon Pointe Advisors acquired Artemis Financial Advisors and WhiteRock Wealth Management in a double deal representing a combined $613M in client assets. To view the full story click here.
Oxford Retirement Advisors Acquires PFS Capital Management
Oxford Retirement Advisors, a division of Madison Avenue Securities, has acquired PFS Capital Management, a wealth management firm with offices in New Jersey and Florida. To view the full story click here.
Summit Financial Stakes $1.3B Gordon Asset Management
Summit Financial made a strategic investment in $1.3B North Carolina-based Gordon Asset Management, bolstering its Southeast presence. To view the full story click here.
CAPTRUST Adds Nearly $2B with Acquisition of VA, MN Advisors
CAPTRUST Financial Advisors integrated approximately $2B in assets and 43 financial professionals into its network after acquiring Campbell Wealth Management and TruNorth Wealth Partners. To view the full story click here.
Focus Partners Brownlie & Braden, Prairie Capital Combine
Focus Financial Partners announced a merger between two of its partner firms: Brownlie & Braden Advisors and Prairie Capital Management. To view the full story click here.
MAI Capital Acquires Arkansas’ $314M Garrison Asset Management
Fayetteville, AR-based Garrison Asset Management with $314M in client assets joined MAI Capital, marking the firm’s second purchase of the month. To view the full story click here.
CI Financial’s Corient Sells Stake in $7.2B RIA OCM Capital Partners
Corient Capital Partners, the US wealth management subsidiary of Canadian investment firm CI Financial, shaved off $7.2B in assets after it divested its stake in OCM Capital Partners. To view the full story click here.
MAI Capital Buys $601M Concentric Wealth Management
MAI Capital Management has acquired Concentric Wealth Management, a Lafayette, CA-based firm managing $601M in client assets with CEO Eric Flett and CIO Stewart McGuire serving as regional presidents. To view the full story click here.
Equitable Adds TX, CA Advisors Managing a Combined $200M
Equitable Advisors recruited Christopher Comer and Andrew Minker, managing a combined $200M in client assets from Edward Jones and Ameriprise, respectively. To view the full story click here.
RayJay Enlists $200M Michigan Father-Son Team from Wells Fargo
Thomas and John Grobbel, formerly from Wells Fargo where they managed $200M in client assets, joined Raymond James in Bloomfield Hills, MI. To view the full story click here.
CFD Provides Recruiting Update, Adds $300M in AUA
CFD Companies said it added $300M in AUA following recent advisor recruitments made in the last two quarters. To view the full story click here.
RayJay Adds $105M Edward Jones Advisor to Fort Meyers (FL) Team
Raymond James announced it has added Brad Jessen to the Fort Meyers, FL-based team of its employee advisor channel Raymond James & Associates.
Aegis Capital Draws $100M Florida Advisor from Ameriprise
Aegis Capital said it has recruited advisor Michael Sandberg from Ameriprise Financial Services, where he managed over $100M in client assets.
Report: Wells Fargo Recruits $625M CA Teams from Morgan Stanley, LPL
Wells Fargo has recruited two California-based financial advisors from Morgan Stanley and LPL Financial who generated collective annual revenue of $6M and managed $625M in client assets. To view the full story click here.
$427M Ohio Practice Arc Private Wealth Joins Kestra
Kestra Private Wealth Services announced that Northwest Ohio financial advisory Arc Private Wealth has joined the Kestra Financial subsidiary’s platform, adding $427M of client assets under management. To view the full story click here.
LPL Welcomes Back $250M Arizona Advisor
LPL Financial reunited with veteran advisor James P. Norris as the firm added his Glendale, AZ-based Argosy Financial team with approximately $250M in serviced client assets. To view the full story click here.
RayJay Nabs $190M SoCal Advisor from Morgan Stanley
Justin Pearlman, a Santa Barbara, CA-based advisor, joined Raymond James from Morgan Stanley, where he managed approximately $190M in client assets. To view the full story click here.
Rockefeller Adds Former Merrill Lynch Team to Global Family Office
Rockefeller Capital Management recruited Arkansas advisory team Ginger Private Wealth Partners from Merrill Lynch for its Rockefeller Global Family Office. To view the full story click here.
Ameriprise Attracts $100M Washington (DC) Advisor from LPL
Washington DC-based Monumental Financial Planning, an independent practice under Ameriprise Financial, announced the recruitment of veteran former advisor Gary Presslaff from LPL Financial, where he managed $100M in client assets. To view the full story click here.
$465M AUM First Citizens Switches Affiliation to Cetera from LPL
Wisconsin-based First Citizens State Bank transitioned its investment unit from LPL to Cetera, bringing approximately $465M in client assets. To view the full story click here.
LPL Enlists $550M Tampa (FL) Team from AIG
Tampa, FL-based Frontline Investment Advisors, formerly associated with former AIG Retirement Services, joined LPL’s broker-dealer platform, aligned with affiliate GradePoint Financial and adding $550M in client assets. To view the full story click here.
Silver Oak Lures $155M Michigan Team from Cetera
Silver Oak Securities expanded its Midwest footprint by adding Michigan-based Pathway Financial Design with $155M in managed client assets. To view the full story click here.
Concurrent Investment Adds Eight Advisors, $885M in AUM
Concurrent Investment Advisors now oversees $9.7B in total AUM following the addition of eight new advisory groups, including Canopy Asset Management and teams from Wealth Partners Alliance and Edward Jones, managing a combined $885M in client assets. To view the full story click here.
RayJay Secures $400M Southern Illinois Advisor for New HNW Practice
Darren Wright joined Raymond James as a corporate RIA-affiliated advisor to a newly formed unit of First Mid Bancshares, which will focus on HNW clients. To view the full story click here.
Serenus Wealth Goes Bi-coastal with New Partner, NY Office
Serenus Wealth Advisors hired Graham Mandl as partner to lead the firm’s newly-established first East Coast office in New York. To view the full story click here.
Report: Merrill Lynch Adds $270M Wells Fargo Advisory Team in CA
A $270M advisory team based in Pleasanton, CA led by Shahmir Moussavi has left Wells Fargo to join Merrill Lynch. To view the full story click here.
LPL Recruits $200M FL Advisor from JPM
LPL Financial recruited Francisco J. Blanco, a former JPMorgan advisor based in Fort Lauderdale, FL, bringing $200M in added client assets. To view the full story click here.
RayJay Recruits $400M Kentucky Advisor from Merrill
Longtime Merrill Lynch advisor Carol Heil joined Raymond James, adding $400M client assets to the firm’s Louisville, KY, office. To view the full story click here.
Bryn Mawr Enlists Three Advisors from Wilmington Trust
WSFS Financial’s wealth management division, Bryn Mawr Trust, welcomed seasoned financial professionals Tony Lunger, Mark Gerstenschlager, and Pamela Opalach from Wilmington Trust to its team. To view the full story click here.
Perigon Adds $170M Florida Team from UBS
Perigon Wealth Management hired the Florida-based Harrigan Group led by Robert Harrigan, adding $170M in serviced client assets. To view the full story click here.
Periscope Recruits Two NY Advisors from Equitable
Periscope Wealth Partners hired advisors Benjamin Nir and Gavroche Gelin from Equitable Advisors. To view the full story click here.
LPL Nabs $540M Mid-Atlantic Shop Prestige Wealth from Osaic
LPL added the Prestige Wealth Group from Osaic, bringing $540M in assets and expanding its New York and Philadelphia footprint. To view the full story click here.
RayJay Recruits $5B Utah Advisor Duo from Zions Direct
Raymond James added advisors Scott Burnett and Peter Kelson to its Cottonwood Heights, UT office from Zions Direct, where they managed over $5B in assets. To view the full story click here.
Kestra Adds Faust Wealth of SC from Stifel
Kestra Financial added Greenville, SC-based Faust Wealth Management Group led by mother and son Lynn Faust and Michael Faust to Kestra Private Wealth. To view the full story click here.
Allwealth Planning Joins Cetera's Summit Financial Networks
$231M-AUM allwealth Planning joined Summit Financial Networks, Cetera’s largest broker-dealer with over 4,000 advisors. To view the full story click here.
Cetera Financial Signs Networking Deal with Citadel Credit Union
Cetera Financial Group entered a networking agreement with Citadel Credit Union following its deal with First Citizens State Bank. To view the full story click here.
RayJay Lands $995M Cleveland Team from Merrill
Raymond James hired a six-person team, including advisors Adam Ours, John Koch, and Padma Jambunath, from Merrill Lynch to its Cleveland-based employee advisor channel, bringing over $995M in client assets. To view the full story click here.
LPL Secures $300M SoCal Advisor from D.A. Davidson
Jeffrey Grange, a former D.A. Davidson advisor managing $300M in client assets, joined LPL Financial to establish Grange Wealth Management. To view the full story click here.
Lighthouse CU Wealth Advisors to Join Cetera Network
Porthouse, NH-based Lighthouse Credit Union entered into an agreement with Cetera to establish Lighthouse Wealth Advisors. To view the full story click here.
Report: Wells Fargo Adds $625M NJ Teams from UBS Wealth Management
Wells Fargo recruited two Paramus, NJ-based advisory teams from UBS with a combined $625 in client assets and generated $5M in annual revenue. To view the full story click here.
Silver Oak Boosts Chicago Team with $154M Lifetime Financial
Silver Oak Securities added Wilmette, IL-based Lifetime Financial Group, managing $154M in client assets, to its advisory network, expanding the RIA's Chicagoland presence. To view the full story click here.
Commonwealth Poaches Two Long Island (NY) Firms with $495M AUM from Osaic
Commonwealth Financial announced that two Jericho, NY-based firms -- Full Spectrum Financial and NXT Phase Financial -- with a combined $495M in assets joined its network from Osaic. To view the full story click here.
Report: Kestra Private Wealth Hires $500M Advisory Team from UBS
Kestra Private Wealth has recruited a $500M advisory team from UBS, formerly known as Bright River Wealth Management, based in Memphis, TN. To view the full story click here.
Pinnacle Financial Partners Adds Five New Members to Atlanta Team
Nashville, TN-based Pinnacle Financial Partners bolstered its presence in the Atlanta metro area by adding five new team members including advisors Tonya Nix, Kim Kimmel, and Jonas Carvalho to its Avalon office in Alpharetta, GA. To view the full story click here.
RayJay Lands $180M North Dakota Team from LPL
A $180M Fargo, ND-based advisory team from LPL led by Jim Dunkel and Sarah Dunkel joined Raymond James Financial Services, now operating as Midwest Wealth. To view the full story click here.
Kingswood Grows AUM by $1.4B with Addition of 28 Advisors
Kingswood US recruited 28 new financial advisors – including 18 who joined from the strategic alliance with Eudaimonia – this year, bringing with them $1.4B in client assets. To view the full story click here.
Bison Recruits $600M FL Team from Key Private Bank
Bison Wealth Management recruited a Palm Beach, FL-based team composed of Anthony Lorido, Janet Shamblin, and Ramona Weddell, which managed $600M in assets under advertisement at Key Private Bank. To view the full story click here.
Farther Nabs $200M Pittsburgh Advisor from Allegheny Financial
Mark Manetti, a Pittsburgh-based advisor who managed over $200M in client assets at Allegheny Financial, has joined Farther, a technology-centric wealth management firm. To view the full story click here.
$5.3B Chicago-based RIA VestGen Wealth Partners Launches
Former Impetus Wealth CEO Josh Gerry launched VestGen Wealth Partners, focused on retiring advisors’ succession planning, with a team of 10 advisors and $5.3B in AUM. To view the full story click here.
Snowden Lane Adds Bethesda (MD) Office Head to National Recruitment Team
Snowden Lane Partners promoted senior partner Alex Bryer to a national leadership role where he will focus on business development and advisory team recruiting. To view the full story click here.
Northern Trust Appoints President for Pacific Northwest Ops
Northern Trust named Jordan Voss as president of its Pacific Northwest region, where he will lead growth and expansion efforts. To view the full story click here.
Focus Financial Taps GR&F as Fourth “Hub”
Focus Financial Partners added Los Angeles-based partner firm Gelfand, Rennert, & Feldman LLC to its hub strategy, alongside The Colony Group, Kovitz Investment, and SCS Capital Management. To view the full story click here.
Prairie Sky Partner Leaves to Launch IHT-affiliated Harbor Wealth Group
Partner Elliott Vaughn left Prairie Sky Financial Group to launch Harbor Wealth Group, an independent financial advisory firm affiliated with Chicago-based IHT Wealth Management. To view the full story click here.
In Bid to Scale, Boehly Reorgs $74B Capital, Wealth Mgmt Businesses
Todd Boehly’s Eldridge Industries is streamlining its business operations into two divisions, Eldridge Capital Management and Eldridge Wealth Solutions, managing $74B in assets. To view the full story click here.
Wells Fargo Hires New England Market Head from JPM
Wells Fargo recruited Timothy Grumley, a former JPMorgan executive, to lead its New England team, following the recent departure of Brendan Krebs to PNC Investments. To view the full story click here.
Ameriprise Financial Names SVP for Experienced Advisor Recruiting
Ameriprise Financial promoted veteran regional leader Brian Mora as senior vice president to lead recruitment for experienced financial advisors. To view the full story click here.
Report: Bleakley, Wealth Enhancement Cutting LPL Ties
Two RIAs managing over $100B in assets are allegedly dropping their brokerage affiliations with LPL Financial, according to multiple media reports. To view the full story click here.
Report: Merrill Lynch Appoints Market Execs for Baltimore, New York
Merrill Lynch Wealth Management appointed three new market executives: Duray Taylor for Baltimore, Heather Eckles for Long Island, and Dominick Tomeo for Fifth Avenue, NYC. To view the full story click here.
$35B Wellington-Altus Seeks Third PE Backer, Offers up to 30% Stake
Wellington-Altus Financial launched an exploratory process to sell a 20% to 30% stake to a private equity firm, aiming to provide liquidity for existing shareholders. To view the full story click here.
SageSpring Recruits NFL Vet Winston Justice to Lead Private Wealth Push
SageSpring Wealth Partners appointed former NFL player Winston Justice as CEO of its private wealth unit. To view the full story click here.
Clearstead Advisors Names New President and CEO
Clearstead Advisors appointed Bradley Knapp as its new president and CEO to succeed David Fulton, Jr., effective January 1, 2025. To view the full story click here.
Report: Dynasty-backed Procyon Pursuing Additional PE Support
Procyon Partners, a $7B Connecticut-based RIA backed by Dynasty Financial, is seeking another minority equity partner to further enhance its business. To view the full story click here.
Constellation Wealth Raises $1B for RIA Investments
Constellation Wealth Capital’s debut fund, oversubscribed with over $1B in commitments, fueled investments in eight US wealth management firms, including a recent $150M stake in Cresset Capital Management. To view the full story click here.
HSBC Recruits New US UHNW Head from BofA Private Bank
Eric Ingber joined HSBC as US head of ultra-high-net-worth services to support sales, investment management, and compliance teams. To view the full story click here.
Concurrent Appoints Managing Director of Retirement Plan Services
Concurrent Investment recruited OneDigital retirement investments director David Montgomery as managing director of its retirement plan services. To view the full story click here.
DeVoe: 2024 Sets Highwater Mark for RIA M&A Activity
DeVoe & Company reported that 2024 has broken the record for RIA M&A activity, with 269 deals announced to date, exceeding the previous high of 264 deals in 2022. To view the full story click here.
