As 2024 comes to a close, the financial advisory industry has undergone significant growth and transformation. High-profile advisor transitions and strategic mergers and acquisitions have allowed firms to expand their reach and sharpen their capabilities. Meanwhile, the rise of new independent firms reflects the entrepreneurial spirit fueling the industry's evolution. In this blog, FINTRX delves into the key trends of 2024, highlighting notable advisor moves, strategic M&A activity, and the launch of new firms—presented month by month.
Click below to explore highlights for a specific month:
- January
- February
- March
- April
- May
- June
- July
- August
- September
- November
- December
- UBS Recruitment: The Keating Group joined UBS in Hartford, Connecticut, and manages $700 million in assets.
- Ameriprise Financial Welcomed Pacific Crest Planning, which manages $525 million in assets, from RBC Capital Markets.
- LPL Financial Onboarding: Advisors Jonathan Maloney and Niki Davis joined from Wells Fargo, bringing $175 million in assets.
- Axiom Wealth Partners: A 26-person team from Merrill Lynch, managing approximately $5.1 billion in assets, joined Rockefeller Global Family Office in Grand Rapids, Michigan.
- GKB & Associates: A five-advisor team from Merrill Lynch, overseeing nearly $2 billion in client assets, transitioned to UBS Wealth Management in New York City.
- Mariner Wealth Advisors: Acquired Fourth Street Performance Partners, bringing in $4.5 billion in assets.
- Hightower Advisors: Made a strategic investment in Capital Management Group of New York, a wealth management firm with $3.3 billion in assets.
- Steadmont Advisors: A Merrill Lynch team overseeing approximately $420 million in assets launched this Birmingham, Alabama-based RIA, partnering with Dynasty Financial Partners for support.
- UBS Recruitment: UBS added Foley, DeLuise & Associates, a team managing over $2 billion in client assets, from Merrill Lynch.
- Lewis Wealth Partners: A 10-person team from Truist, led by John B. Lewis, joined Rockefeller Capital Management, managing approximately $1.8 billion in assets in Richmond, Virginia.
- UBS Gains Advisor Team: Led by James P. Hart, The Hart Group departed Merrill Lynch to join UBS in Albany, New York, specializing in serving athletes and entertainers with $1.3 billion in managed assets.
- LPL Financial's Significant Acquisition: LPL acquired Atria Wealth Solutions, bringing in approximately $100 billion in AUM.
- Kovitz Acquisition: Kovitz Investment Group acquired Telemus Capital, adding $3 billion in AUM.
- Ashton Thomas Private Wealth: Acquired Stafford Schauer Private Wealth, bringing in $2 billion in assets.
- ALFA Advisory: Founded by former Goldman Sachs advisor Anthony Englert in Denver, Colorado, focusing on serving entrepreneurs and business owners, in partnership with Sanctuary Wealth.
- Ampersand Partners Growth: The firm onboarded advisors from Wells Fargo and Edward Jones, managing over $1.5 billion in assets, with a standout team led by Wayne D. Rogers, managing $550 million.
- Mercer Global Advisors: Acquired MDK Private Wealth Management, adding $2.5 billion in AUM and new specialized services for high-net-worth clients.
- Bluespring Wealth Partners: Merged two Florida-based RIAs, creating a $1.4 billion entity and streamlining operations.
- Waverly Advisors' Growth Strategy: Leveraged acquisitions to bolster its $10.6 billion AUM footprint.
- MAI Capital Management: Completed its 36th acquisition since 2019 with LWS Wealth Advisors, marking an entry into New Jersey.
- Beacon Pointe Acquired Keeney Financial Group: This marked the group's first acquisition in the Mid-Atlantic region, significantly expanding its assets under management by $560 million.
- Perigon Wealth Management: Expanded nationally with the acquisitions of Blue Water Capital Management and Lumin Financial, adding $375 million in AUM.
- Focus Financial Partners: Acquired management's stake in SCS Financial, an affiliate firm with $30 billion in assets.
- Grafton Wealth Advisors: Founded by the Grafton siblings, this firm emphasizes personalized client management while leveraging LPL’s support platform.
- UBS Wealth Management Recruitment: UBS onboarded the Bucher Group from Merrill Lynch Private Wealth, managing $700 million in Birmingham, Michigan.
- RBC to Stratos Wealth Advisors: The Reno Tahoe Wealth Group transitioned from RBC to Stratos Wealth Advisors, bringing $500 million in assets.
- Edward Jones to Kingsview Wealth Move: Greer A. Ducker, Lisa P. Rosenberg, and Jeff M. Champigny joined Kingsview Wealth Management in Greensboro, NC, managing $205 million.
- Wells Fargo’s Beverly Hills Expansion: AGR Wealth Management Group, with $1.2 billion in assets, moved to Wells Fargo from Morgan Stanley.
- Merrill Lynch Adds Major Talent: Salvatore Tiano and John K. Smyth joined Merrill Lynch, bringing $3.5 billion in assets previously managed at First Republic and J.P. Morgan.
- Cresset Integrates $5 Billion Teams: Cresset acquired teams from JP Morgan Wealth Management and First Republic Bank in San Francisco, boosting its presence significantly.
- Creative Planning: Expanded its AUM by $2.2 billion through the acquisition of ML&R Wealth Management in Texas.
- EP Wealth Partners: Acquired Wacker Wealth Partners in California's Central Coast, adding $1.2 billion in assets.
- Arax Capital’s $9 Billion Deal: Arax Capital acquired U.S. Capital Wealth Advisors, significantly enhancing its reach across major U.S. cities.
- Pines Wealth Management: Howell Evans Neville, Michelle Shelly Robinson and Colleen O’Donnell formed this new RIA in Southern Pines, NC, managing $500 million.
- tru Independence's Mindset Wealth Management: Launched in Indianapolis, focusing on derivative overlay strategies in portfolio management.
- MG Partners Private Wealth: Christopher "Noah" Geoghegan and Tomohiko "Tom" Minami established an independent practice under LPL’s Strategic Wealth Services in Hickory, NC.
- Cambridge RIA Solutions: Cambridge Investment Research launched a new division targeting RIA assets.
- Aurdan Capital Management Spin-Off: Coho Partners’ private wealth group formed a new firm in Berwyn, PA, managing $425 million.
- Rockefeller Expands in NC: Adam B. Landau and Ramy Georgy, managing $1.4 billion in assets, transitioned from Morgan Stanley to Rockefeller Capital Management in Charlotte, NC.
- J.P. Morgan Hires Merrill Team: A team managing $28 billion in Los Angeles, led by Eric Gray and Lance Polverini, joined J.P. Morgan Advisors from Merrill Lynch.
- Raymond James Adds Wells Fargo Team: A $900 million team transitioned from Wells Fargo to Raymond James in St. Petersburg, FL.
- Stifel Recruits in IA: Grant Clark and Mark Malone moved from Merrill Lynch to Stifel in Des Moines, IA, managing $1.2 billion.
- Pilot Financial Joins LPL: Pilot Financial, managing $4.6 billion in assets, left Lincoln Financial to join LPL Financial.
- Steward Partners Add Merrill Duo: Michael Elinoff and Jory LaForge transitioned from Merrill Lynch to Steward Partners in Bethesda, MD, managing $320 million.
- Sanctuary Acquires tru Independence: Sanctuary Wealth acquired tru Independence, managing $12.5 billion in assets, creating a platform with over $42 billion in client assets.
- WEG Buys The Financial Advisory Group: Wealth Enhancement Group acquired a Houston-based RIA managing $1.2 billion in assets.
- Modern Wealth Acquires Two RIAs: Modern Wealth Management added $570 million in AUM through acquisitions of Wealth Management Solutions and Autumn Wind Asset Management.
- Waverly Advisors Acquires Derbend Asset Management: Expanded by acquiring Derbend Asset Management, adding $310 million in AUM.
- MAI Capital Acquisition: MAI Capital Management acquired Harbor Wealth Management, managing $321 million in assets.
- Thimble Island Private Wealth: Logan Reed, James English III, Michael Allegra Jr., and Matthew Fleming launched Thimble Island Private Wealth with LPL Financial, managing $830 million in assets.
- Auctus Legacy Private Wealth: Alain Verhille and James S. Wood established Auctus Legacy Private Wealth Management, partnering with LPL Financial, managing $705 million in assets.
- Citizens Adds $1B Former First Republic Team: A high-performing team managing $1 billion transitioned to Citizens from First Republic.
- RBC Snags $855M Team from JP Morgan: RBC Wealth Management recruited an advisory team managing $855 million in assets.
- Merrill Broker Joins Summit Financial: A Merrill Lynch broker managing $1.9 billion broke away to launch an RIA with Summit Financial.
- UBS Gains and Loses Teams: UBS added a $540 million Merrill team but lost a $256 million group to Morgan Stanley.
- Equitable Advisors Lands $326M Truist Team: Equitable Advisors onboarded a team managing $326 million from Truist.
- Allworth Acquires $1B San Francisco RIA: Allworth Financial expanded significantly with the acquisition of a $1 billion RIA in San Francisco.
- Corient Buys $3.2B RIA Paragon Advisors: Corient finalized its acquisition of Paragon Advisors, managing $3.2 billion in assets.
- Beacon Pointe: Acquired a physician-focused RIA, adding $775 million in assets under management.
- Cresset Adds Family Office: Cresset acquired a 130-year-old family office, pushing its AUM above $52 billion.
- Wealth Enhancement Group Expansion: WEG completed its sixth and seventh deals of 2024, acquiring $658 million and $219 million RIAs, respectively.
- Perigon Welcomes $150M Team: A Commonwealth Financial team managing $150 million joined Perigon Wealth Management.
- Billion-Dollar Advisors Break Away from Merrill: A group of advisors left Merrill Lynch to launch their own RIA, managing over $1 billion.
- Highway One Capital Launches: Supported by LPL Strategic Wealth Services, this new firm aims to provide independent financial solutions.
- 1818 Wealth Management Formed: An advisory duo partnered with LPL Financial to launch this new firm.
- James River Private Wealth Joins LPL: LPL Financial welcomed this newly launched team as part of its expanding advisor network.
- UBS Strengthens Its Ranks: UBS brought in Joshua Cummins, a $1.1 billion advisor, and bolstered its Tampa office with the Reynolds, Grindel & Hall team.
- LPL Financial Expands: Recruited First Summit Capital ($380M AUM) from PNC and added Integrity Financial Group ($475M AUM) from Ameriprise.
- RBC Welcomes Callot Wealth Group: RBC Wealth recruited a $640M Merrill Lynch team, further enhancing its advisory strength.
- LPL Onboards a Father-Daughter Duo: A team managing $200M transitioned from Edward Jones to LPL Financial.
- Arkadios Capital Adds Stewardship Wealth: Transitioned $325M in assets from LPL, highlighting the independent firm’s appeal.
- Corient to Acquire Geller & Co.: Announced plans to acquire Geller & Co., managing $9.6B AUM, in a transformative deal.
- KKR Acquires Janney Montgomery Scott: KKR finalized its acquisition of the $150B AUM advisory powerhouse.
- Colony Group to Acquire Gratus Capital: A $3.8B AUM acquisition, further consolidating Colony Group's market presence.
- Coldstream Wealth Merges with Arnerich Massena: The combined firms now manage $2B AUM, reflecting a strategic merger in wealth management.
- Kovitz Acquires Relative Value Partners: This $2.6B AUM deal strengthens Kovitz’s foothold in the advisory landscape.
- World Investment Advisors Acquisition: Acquired Boston Harbor Wealth Advisors, managing $3.5B, furthering its independent expansion.
- Serenus Wealth Advisors Formed: Four advisors broke away from Certuity to launch Serenus Wealth Advisors, managing $1.2B in assets.
- Uptick Partners Launches: Led by Jonathan Dvorak, this RIA platform manages $275M in assets.
- Merrill Lynch Recruits Two Teams: Merrill continues to attract top talent with the addition of two Morgan Stanley teams.
- LPL Financial's Strategic Wins: LPL added SoundWay Financial from Cetera despite legal challenges, welcomed 30+ advisors from Lincoln Financial, and brought back Harbor Lights Financial from Wells Fargo’s FiNet.
- NewEdge Wealth Adds The Emrick Group: Transitioned from Morgan Stanley to NewEdge Wealth, enhancing its advisory team.
- RBC Wealth Expands in Ohio: Recruited the Paradigm Group, strengthening its regional presence.
- 4Point Wealth Moves to LPL: Another team transitioned from Wells Fargo’s FiNet, demonstrating LPL’s continued appeal.
- OneDigital Acquires ASI Wealth Management: Added ASI Wealth Management in Oregon to its growing portfolio.
- Focus Financial Merges HoyleCohen into Colony Group: Strengthened its foothold by integrating HoyleCohen into The Colony Group.
- Apollon Financial Buys DeHollander Financial: Expanded its reach in South Carolina with this acquisition.
- Summit Financial Makes First Full Acquisition: Acquired Meeder Wealth in a significant milestone for the firm.
- CW Advisors Acquires Agili: Further expanded its geographic and operational footprint by acquiring the Virginia-based RIA.
- Bearing Point Capital Launches: A team from Morgan Stanley established this new independent firm in Minnesota.
- Rockview Private Wealth Formed: Ex-tennis pro joined LPL to launch this firm, showcasing diverse leadership backgrounds.
- Momentum Wealth Planning Established: The Flanders brothers left Ameriprise to create this new RIA.
- TOVA Wealth Debuts with Sanctuary: Katie Medina’s team left Merrill Lynch to form TOVA Wealth, emphasizing a client-first approach.
- Crux Wealth Advisors Launched: Ex-Raymond James advisors established Crux Wealth Advisors, focusing on tailored wealth management solutions.
- RBC Wealth Adds Two Wells Fargo Teams: RBC Wealth strengthened its advisory roster by adding two teams from Wells Fargo.
- Merrill and Morgan Stanley Recruit Big Teams: Merrill recruited a $2.2B team from Morgan Stanley, while Morgan Stanley added a $2.7B UBS team.
- Rockefeller Recruits $3.6B Morgan Stanley Team: Rockefeller Capital Management bolstered its platform with a massive $3.6B team from Morgan Stanley.
- LPL Financial Attracts Talent: LPL added Northern Plains Financial from Cetera, Bury Financial Group ($655M), and an NYC advisor duo to its Linsco platform.
- Wells Fargo Recruits Canell Group: The Canell Group, previously with J.P. Morgan, joined Wells Fargo, reflecting its competitive edge in talent acquisition.
- LPL Acquires The Investment Center: A significant acquisition, marking LPL’s push to expand its advisor support network.
- WEG Buys Levy Wealth: Wealth Enhancement Group added Levy Wealth to its growing portfolio of acquired firms.
- Hightower Acquires Charles D. Hyman & Co.: Strengthened its position with this acquisition, enhancing its presence in high-net-worth advisory.
- Mercer Advisors Acquires Benchmark Wealth: Expanded its offerings with the acquisition of this well-established wealth management firm.
- Cerity Partners' Active Year: Acquired Abbrea Capital and merged with Touchdown Ventures, showcasing a robust growth strategy.
- BrookBridge Private Wealth Launches with LPL: A former Bank of America team launched this independent firm supported by LPL.
- TerraFirma Wealth Partners Debuts: Jason Fang, formerly with Edelman, established this new firm.
- Eclipse Private Wealth Launches in Pennsylvania: A new independent firm focusing on personalized client services.
- New Firm Launches in Connecticut: $2B CT team creates a new independent firm: Centel Wealth Advisory
- Matauro RIA Launches: An Equitable team formed this Dynasty-affiliated RIA, focusing on ultra-high-net-worth clients.
- LPL Financial Adds Noble Group: LPL continued its aggressive recruiting streak by adding the Noble Group, while Merrill Lynch attracted $1.5B+ in advisors from major firms.
- Raymond James Expands: Added teams from RBC and Merrill Lynch, including a New York-based team.
- Edward Jones Gains a Wells Fargo Advisor: A seasoned advisor transitioned from Wells Fargo, strengthening Edward Jones' team.
- Baird Expands in Tennessee: Onboarded $580M in new teams, showcasing significant regional growth.
- Wells Fargo FiNet Attracts UBS Advisor: This demonstrates Wells Fargo’s ability to appeal to top talent seeking independence.
- Avantax Expands with LPL and Others: Integrated multiple advisor teams to fuel growth, emphasizing its role in the independent advisory space.
- Mercer Advisors Adds $1B AUM: Expanded significantly with two East Coast RIA deals, adding $1 billion in AUM.
- Pathstone Nears $100B AUM: Boosted by the acquisition of Hall Capital, reflecting Pathstone's rapid growth trajectory.
- Lido Advisors Merges with Pegasus: This $3B merger underscores consolidation trends in the high-net-worth space.
- WEG Acquires FinTrust: Wealth Enhancement Group strengthened its Southeast presence with this acquisition.
- Beacon Pointe Adds $1B Landmark RIA: Beacon Pointe Advisors entered the Twin Cities area with a $1B RIA buy.
- Waverly Advisors Adds Ohio RIA: The deal is Waverly's seventh acquisition of the year, bringing its total AUM to $14B.
- Greenwood Gearhart Adds Arkansas Team: Greenwood Gearhart further solidifies its foothold in the Midwest wealth management market.
- $700M Firm Launched with Dynasty: A former Equitable team established this RIA focused on ultra-high-net-worth clients.
- New Ultra-High-Net-Worth RIA by Alvarez & Marsal: Aimed at serving the ultra-affluent, this launch highlights continued interest in high-net-worth specialization.
- Janney Adds Teams: Janney Montgomery Scott recruited three teams managing $1.1B from Kestra, LPL and Raymond James.
- Morgan Stanley: Onboarded a $1.5B Merrill Lynch team in Boca Raton.
- LPL Growth: LPL Financial welcomed Nexus Wealth Partners, bringing $410M in assets.
- Raymond James: Added two Ohio teams managing a combined $1.8B.
- Bank of America Private Bank: Former Citi Private Bank execs managing $7B join Bank of America Private Bank in Palm Beach.
- Aspen’s First Major Deal: Aspen Standard Wealth acquired $2.8B Summitry, marking a significant milestone.
- Mercer Growth: Mercer adds $1B Waypoint and $675M Chapel & Collins, marking its 5th and 6th deals of the year.
- Waverly Advisors Additions: Waverly Advisors added a $900M Ohio-based RIA to its platform.
- Wealth Enhancement Group Expands: WEG hits $96.6B with New Jersey’s M&R Capital addition.
- CAPTRUST Acquisition: CAPTRUST strengthened its presence by purchasing Boston Financial Management.
- SoCal Boutique RIA: Founded by Corient's co-founder, focusing on a high-touch advisory model.
- Burling Wealth Partners: A father-son duo launched this RIA to serve affluent families.
- GWC Financial Advisors: Michael Bernier established this $165M firm through LPL Financial.
- Mother-Son Duo Launch Birch Financial Group: Liana Poodiack and her son Travis have left Steward Partners to form Birch Financial Group.
- Steward Partners Forms $377M Firm: $38B Steward recruits a Florida team to join Miller Family Wealth, forming G2G Wealth Management.
- Merrill Lynch Recruitment: Merrill Lynch recruited a financial advisor managing $2.6 million in annual revenue from Wells Fargo in California.
- Perigon Wealth Management: Added a team managing $170 million in assets from UBS.
- Rockefeller Addition: Rockefeller Capital Management brought on a team managing $473 million in assets from Merrill Lynch.
- LPL Recruitment: LPL Financial attracted a team managing $550 million in assets.- Wealth Enhancement Group's Strategic Move: WEG, managing $96.6 billion in assets, announced plans to disaffiliate from LPL Financial.
- Homrich Berg Growth: Homrich Berg plans to acquire $6.4B WMS Partners, marking one of the largest RIA deals of the year.
- Lido Advisors Expansion: Lido Advisors acquired a $1.1B Los Angeles RIA, bolstering its West Coast presence.
- Hightower Stake: Hightower added an $800M Colorado RIA, expanding its footprint in the Rocky Mountain region.
- Mariner Wealth Advisors Expansion: Mariner Wealth Advisors expanded by adding $878 million in assets through a double acquisition.
- Merit Financial Growth: Merit Financial Advisors acquired a Pennsylvania-based RIA managing $603 million in assets.
- Serenus Wealth Advisors Expands in NYC: Serenus Wealth Advisors, a $1.2B RIA launched in July, opens a New York office to better serve clients nationwide.
The past year has underscored the financial advisory industry's resilience and adaptability. Whether through strategic growth, new partnerships, or independent launches, firms are positioning themselves to meet evolving client demands. As we head into 2025, these developments are sure to shape the future of the advisory landscape, setting the stage for even greater innovation and success.
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