- Merrill Lynch recruited two teams from Morgan Stanley
- LPL Financial attracted SoundWay Financial from Cetera, despite legal challenges
- Harbor Lights Financial returned to LPL from Wells Fargo’s FiNet
- Ampersand Partners added two teams from Wells Fargo
- Commonwealth acquired Krueger Financial from Osaic
- Wealthstead Financial joined LPL from Lincoln
- NewEdge Wealth added The Emrick Group from Morgan Stanley
- 4Point Wealth moved to LPL from Wells Fargo’s FiNet
- LPL recruited 30+ advisors from Lincoln Financial
- RBC Wealth expanded in Ohio, recruiting Paradigm Group 
- OneDigital acquired ASI Wealth Management in Oregon
- Focus Financial merged HoyleCohen into The Colony Group
- TRPG acquired Watters Financial under Cetera Holdings
- Journey Strategic Wealth added MDL Wealth from LPL
- Apollon Financial acquired DeHollander Financial in South Carolina
- Summit Financial acquired Meeder Wealth for its first full acquisition
- CW Advisors acquired Agili in Virginia
- A team from Morgan Stanley launched Bearing Point Capital in Minnesota
- Ex-tennis pro joined LPL to form Rockview Private Wealth
- UBS team went independent with Ameriprise
- Crux Wealth Advisors launched after leaving Raymond James
- Katie Medina’s team left Merrill Lynch to form TOVA Wealth with Sanctuary
- Flanders brothers leave Ameriprise to launch Momentum Wealth Planning

Read on for more info...

Rep Movement

Merrill Recruiting Refresh Nets Morgan Stanley Hires With Over $1B Total 

Merrill Lynch has recently intensified its recruiting efforts, successfully attracting two significant teams from Morgan Stanley. A four-person team managing $900 million, led by Scott E. Davis and Thomas L. Benedict, joined Merrill's Northbrook, Illinois office. Additionally, a two-person team with $250 million in assets under management, headed by Tony Rodriguez, moved to Merrill's Roseville, California location. These moves are part of Merrill's renewed focus on recruiting experienced advisors, a strategy shift from their previous emphasis on training recruits and retention. The firm offers competitive sign-on deals to distinguish itself in a highly competitive market, including traditional wirehouses and independent firms.

→ Merrill recruited a $900M team led by Scott Davis and Thomas Benedict from Morgan Stanley to its Northbrook, Illinois office.
→ A $250M AUM team led by Tony Rodriguez joined Merrill in Roseville, California, also from Morgan Stanley.
→ Merrill's wealth co-heads Eric Schimpf and Lindsay Hans are driving the renewed recruiting efforts, with Kenneth Correa leading business and client development. 
→ Other notable Merrill recruits include a 12-person team from First Republic/JPMorgan in Florida and a group of private bankers managing $16 billion from JPMorgan in California. 

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LPL Tucks In $180M Connecticut Practice 

LPL Financial has recruited SoundWay Financial, a $180 million advisory practice from Connecticut, from rival Cetera Financial Group. The seven-person team, led by Richard Belanger, Hons Yu, and Michael Belanger, has joined LPL's broker-dealer, RIA, and custodial platforms, aligning with Balmville Wealth Group, an LPL affiliate in Florida. This move reunites the SoundWay team with former colleagues from Foresters Financial. While LPL has reported record recruiting numbers, the company faces challenges including lawsuits over cash sweep policies and allegations of encouraging misappropriation of client information from rival firms. These issues have contributed to a significant drop in LPL's stock price over the past month.

→ SoundWay Financial, a $180M practice, moves from Cetera to LPL Financial, joining Balmville Wealth Group.
→ Key people include Richard Belanger, Hons Yu, Michael Belanger (SoundWay), Michael Vela and Fred Nero (Balmville).
→ LPL reports $24B in recruited assets for Q2 2024, a new quarterly record.
→ LPL's stock price has dropped over 30% in the past month, trading at $193.03 as of early August. 

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LPL Adds $535M Team From FiNet

Harbor Lights Financial Group, a New Jersey-based advisor team, has rejoined LPL Financial after eight years with Wells Fargo’s FiNet. Founded in 1994 and managing approximately $535 million in assets, Harbor Lights was originally affiliated with LPL in 2008 before switching to FiNet in 2016. The team, led by Doug Lockwood, Rob Tendler, and Ken Roberts, cited LPL's recent improvements in liquidity, capital resources, and service quality as key reasons for returning. 

→ Harbor Lights Financial Group, managing around $535M in assets, has returned to LPL after eight years with Wells Fargo’s FiNet. 
→ Founded by Doug Lockwood, Rob Tendler and Ken Roberts in 1994, Harbor Lights primarily serves clients in New Jersey and focuses on retirement planning, business exit planning and life insurance strategies. 
→ Despite facing federal lawsuits, LPL Financial continues to attract advisor teams and manage significant assets, totaling approximately $1.4T as of Q1 of 2024.

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Ampersand Hires Wells Fargo FiNet Team Managing $1.4B in Michigan 

Ampersand Partners, a relatively new firm formed by former Wells Fargo executives, has strengthened its team with the addition of the Meridian Wealth Management Group, a Michigan-based team that managed $1.4 billion in assets. The 10-person team, including partners Bradley Clark, Karen Barnes, John Stewart, and James Grace, transitioned from Wells Fargo Advisors' independent Financial Network channel to Ampersand. In addition to this acquisition, Ampersand also recruited the Arbor Avenue Private Wealth team from Ann Arbor, which managed $542 million in assets. As Ampersand approaches its first anniversary, it boasts 48 affiliated practices and $2.8 billion in AUM. 

→ Meridian Wealth Management, managing $1.4B in AUM, joined Ampersand Partners from Wells Fargo Advisors in Michigan. 
→ Ampersand Partners, founded by former Wells Fargo executives, has acquired 48 affiliated practices and $2.8B in AUM within its first year. 
→ The Arbor Avenue Private Wealth team from Ann Arbor, managing $542M in assets, also joined Ampersand. 
→ Ampersand provides a hybrid payout structure, enabling advisors to earn more revenue but cover more expenses.

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Commonwealth Snags $630M Phoenix-Area Team From Osaic 

Krueger Financial Services, an Arizona-based wealth management team, has moved from Osaic to Commonwealth Financial Network, an independent broker-dealer. The team, which manages over $630 million in client assets, includes advisors Kim Krueger, Eric Krueger, and Tim Hill—all alumni of Arizona State University. By affiliating with Commonwealth's broker-dealer and corporate RIA offerings, Krueger Financial aims to enhance its business model and maintain flexibility for future growth. Commonwealth, which supports around 2,200 advisors managing $296 billion in assets, provides tools and resources for business continuity and succession planning, aligning with Krueger Financial’s goal of serving clients across generations.

→ Krueger Financial Services, managing over $630M in assets, moves from Osaic to Commonwealth Financial Network. 
→ The team, based in Tempe, Arizona, includes siblings Kim and Eric Krueger and Tim Hill.
→ Commonwealth’s affiliation model enables Krueger to transition to a hybrid RIA approach without changing partners.
→ Commonwealth's network supports approximately 2,200 advisors with a total of $296B in client assets.

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LPL Financial Welcomes Wealthstead Financial Advisors 

LPL Financial has announced the addition of a team of five financial advisors, collectively known as Wealthstead Financial Advisors, to its broker-dealer, RIA, and custodial platforms. The team, led by Jason Walker, joins LPL from Lincoln (now part of Osaic) and brings approximately $615 million in assets. Wealthstead has aligned with Integrated Financial Group (IFG), an existing LPL firm. The move was prompted by Lincoln's acquisition, leading the team to seek a partner that offered more independence, collaboration opportunities, and robust technology to better serve their diverse client base.

What You Need to Know:

→ Wealthstead Financial Advisors, a team of five advisors led by Jason Walker, joins LPL Financial from Lincoln (now part of Osaic).
→ The team brings approximately $615M in advisory, brokerage, and retirement plan assets to LPL.
→ Key figures include Jason Walker (Managing Partner of Wealthstead), Land Bridgers (CEO of IFG), and Scott Posner (LPL Executive VP, Business Development).
→ The move was motivated by a desire for more independence and better technology following Lincoln's acquisition.

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NewEdge Draws 8 from $1.3B Merrill FA Team 

NewEdge Wealth has expanded its advisory team by adding The Emrick Group, a four-person team from Morgan Stanley based in Allentown, Pennsylvania. Led by principal and private wealth advisor Paul Emrick, the team manages $514 million in client assets and provides comprehensive wealth planning, investment management, estate planning, and retirement planning services. The team, which also includes Matthew Mongon, Monica Dougherty, and Nathan Emrick, joined NewEdge on August 16 and will use Goldman Sachs Custody Solutions as their primary custodian. 

→ NewEdge Wealth adds The Emrick Group from Morgan Stanley, a four-person team managing $514M in client assets. 
→ The team, led by Paul Emrick, includes portfolio strategist Matthew Mongon and associates Monica Dougherty and Nathan Emrick. 
→ The Emrick Group joined NewEdge on August 16, with Goldman Sachs Custody Solutions selected as their primary custodian. 
→ NewEdge Wealth manages approximately $8.6B across ~9,457 accounts, as of its latest Form ADV filing.

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LPL Adds $375M Team From FiNet 

A North Carolina-based advisory team, 4Point Wealth Management, has left Wells Fargo’s FiNet division to join LPL Financial’s Strategic Wealth Services platform. Specializing in retirement planning, asset allocation analysis, and executive compensation, 4Point Wealth manages around $375 million in client assets. The team, led by Christina McConnell, Laura Long, and Jay Tillman, with client services manager Randi Derene, aims to create an independent environment aligned with their client-first values. LPL’s Strategic Wealth Services platform offers support in technology, pricing, human resources, and marketing to independent advisors. 

→ 4Point Wealth Management, managing $375M in client assets, left Wells Fargo’s FiNet division to join LPL Financial’s Strategic Wealth Services. 
→ The team, based in Davidson, North Carolina, specializes in retirement planning, asset allocation, and executive compensation. 
→ LPL has been actively recruiting new teams, recently adding several firms, including SoundWay Financial, Harbor Lights Financial Group, and Wealthstead Financial Advisors. 

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LPL Recruits Two Ex-Lincoln Firms Managing $4B 

LPL Financial has added more than 30 advisors formerly affiliated with Lincoln Financial, collectively overseeing approximately $4 billion in assets, to its broker-dealer, RIA and custodial platforms. These advisors are from two firms, Academy Financial in Lutherville, Maryland, and PFG Advisors in Berwyn, Pennsylvania. As part of the transition to LPL, PFG Advisors will merge with Academy Financial. This move aligns with LPL’s aggressive recruitment strategy, marking a significant acquisition in terms of assets. Despite its recent growth, LPL is currently facing legal challenges, including lawsuits related to its cash sweep programs and allegations of misappropriating confidential client information.

→ LPL Financial has recruited over 30 advisors from Lincoln Financial, managing around $4B in combined assets, to its platforms. 
→ The advisors are from Academy Financial and PFG Advisors, with PFG merging into Academy as part of the transition to LPL. 
→ Academy Financial, led by partners Brent Kvech, T. Joseph Barger, Michael Leonard, and Michael McFeeley, provides comprehensive financial planning services. 

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RBC Wealth Management expands in Ohio with $693M team from Morgan Stanley 

RBC Wealth Management has expanded its presence in Ohio by recruiting the Paradigm Group, a five-member advisory team from Morgan Stanley that managed approximately $693 million in client assets. Led by managing director Kyle McLaughlin, the team specializes in wealth planning, business succession strategies, executive compensation, and retirement solutions for high-net-worth and ultra-high-net-worth clients. The addition of the Paradigm Group also brings RBC a new location in Cincinnati, complementing its existing Ohio branches in Cleveland, Columbus, and Toledo. This recruitment is part of RBC’s ongoing efforts to enhance its advisor team, following the recent acquisitions of significant teams from Merrill Lynch and Truist.

→ RBC Wealth Management has recruited the Paradigm Group from Morgan Stanley, a team managing ~$693M in client assets. 
→ The Paradigm Group is led by Kyle McLaughlin and includes senior advisors Joseph Goetzinger, Robert Hill, Terry Regan, and Brandon Vornhagen. 
→ With this addition, RBC is opening a new location in Cincinnati, expanding its Ohio presence beyond Cleveland, Columbus and Toledo. 
→ This recruitment follows RBC’s recent acquisitions of advisor teams from Merrill Lynch and Truist, managing $640M and $915M, respectively.

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M&A Activity

OneDigital's Wealth Division Acquires $1.6B Oregon RIA

OneDigital Investment Advisors, the RIA arm of OneDigital, has acquired ASI Wealth Management, an Oregon-based firm managing approximately $1.6 billion in assets. Founded in 1998 by Randy Miller, ASI serves over 380 client families and specializes in personal wealth management, sustainable investing, and consulting for retirement plans, endowments, and corporate assets. The acquisition aligns with OneDigital's strategy to expand its wealth management presence in the Pacific Northwest and build a nationwide network of offices providing comprehensive financial services. This acquisition adds to OneDigital's recent spree of purchases, including WealthSource Partners, Legacy Asset Management, and Retirement Benefits Advisors.

What You Need to Know:

→ OneDigital Investment Advisors acquired ASI Wealth Management, an Oregon-based firm with $1.6B in AUM.
→ The acquisition of ASI aligns with OneDigital’s strategy to expand its nationwide network and strengthen its wealth management presence in the Pacific Northwest. 
→ OneDigital, majority-owned by private equity firm Onex Corporation, reported over $100B in AUM at the end of 2023.

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Focus Brings $3.6B HoyleCohen Into Colony

Focus Financial Partners, a New York-based RIA aggregator, is merging HoyleCohen, a San Diego-based firm with $3.6 billion in assets under management, into The Colony Group. This consolidation is part of Focus's broader strategy, under the ownership of private equity firm Clayton, Dubilier & Rice, LLC to streamline its 90 subsidiary practices into a few large firms. Recently, Focus has been actively consolidating its partner firms, with notable mergers involving Gratus Capital, GW & Wade, InterOcean Capital Group, and Buckingham. This strategy is overseen by Travis Danysh, who has been promoted to chief corporate development officer.

What You Need to Know:

→ Focus Financial Partners is merging HoyleCohen, with $3.6B in assets, into The Colony Group, continuing its consolidation efforts. 
→ HoyleCohen, founded in 2001 and a Focus partner since 2006, has over 60 team members and 1,700 client households. 
→ Focus, now owned by private equity firm Clayton, Dubilier & Rice, LLC, has been consolidating its 90 subsidiary practices into a few large firms. 
→ Focus has appointed Travis Danysh as chief corporate development officer to lead its consolidation strategy.

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Cetera-Owned TRPG Acquires $180M New Jersey RIA 

The Retirement Planning Group (TRPG), a $2 billion RIA owned by Cetera Holdings, has announced its third acquisition of the year by purchasing Watters Financial Services, a Paramus, New Jersey-based practice managing approximately $180 million in assets. Watters Financial, founded in 1990 by Tim and Maura Watters, will join TRPG to focus more on client service by reducing operational burdens. Since being acquired by Cetera Holdings last year, TRPG has actively pursued acquisitions, including Lee Financial Group in Hawaii and Dightman Capital Group in Kansas. Cetera Holdings, backed by Genstar Capital, continues to expand its wealth management capabilities through strategic acquisitions.

What You Need to Know:

→ The Retirement Planning Group (TRPG), a $2B RIA under Cetera Holdings, has acquired Watters Financial Services, a $180M AUM practice. 
→ Watters Financial, founded by Tim and Maura Watters, is based in Paramus, New Jersey, and focuses on serving around 130 clients. 
→ Cetera Holdings is expanding its offerings and now includes options for advisors seeking employee affiliation or selling their RIA businesses. 

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Journey Adds $200M Florida Practice From LPL

Journey Strategic Wealth, a hybrid RIA platform, has expanded its team by adding MDL Wealth, a Tampa, Florida-based advisory group previously affiliated with LPL Financial. Led by founder Michael LaBarbera, MDL Wealth manages around $200 million in client assets and includes advisors Ted Albrecht, Carol Liddy, and Sheila Meneses. This move marks a reunion for LaBarbera and Journey’s founder, Penny Phillips, who previously worked together when Phillips was a practice management consultant. With the addition of MDL Wealth, Journey now manages $3.7 billion in assets across multiple locations including New York City, Richmond, Minneapolis and California's Bay Area. 

→ Journey Strategic Wealth has added MDL Wealth, a Tampa-based advisory team led by Michael LaBarbera, from LPL Financial, managing approximately $200M in client assets. 
→ The acquisition reunites LaBarbera with Journey founder Penny Phillips, who previously worked with MDL Wealth as a practice management consultant. 
→ Journey now manages $3.7B in AUM and operates across multiple locations including New York City and California's Bay Area. 
→ Journey has pursued a strategy of tuck-in acquisitions since its founding in early 2021 and has recently partnered with the fintech platform RISR.

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Apollon Affiliate Adds South Carolina RIA 

Apollon Financial, a wealth management platform affiliated with Apollon Wealth Management, has acquired DeHollander Financial Group, a Greenville, South Carolina-based RIA led by Rob DeHollander. While specific financial terms and asset amounts were not disclosed, the acquisition will bring on DeHollander and four of his employees, enhancing Apollon's wealth management capabilities. Apollon Financial, which launched in 2022 and custodies client assets with LPL Financial, aims to provide a holistic and personalized approach to wealth management. Apollon Wealth Management, backed by Merchant Investment Management, manages approximately $6 billion in AUM and was recognized as the fastest-growing RIA in South Carolina in 2023.

What You Need to Know:

→ Apollon Financial has acquired DeHollander Financial Group, expanding its wealth management team in South Carolina. 
→ The acquisition adds founder Rob DeHollander and four employees to Apollon's team, including operations manager Stephanie Donald and relationship manager Vicky Bryant. 
→ Apollon Financial, launched in 2022, is affiliated with Apollon Wealth Management, which manages ~$6 billion in assets and partners with LPL Financial. 
→ Apollon Wealth Management, backed by Merchant Investment Management, was named the fastest-growing RIA in South Carolina last year.

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Summit Financial Buys $400M RIA in First Full Acquisition 

Summit Financial Holdings, traditionally a minority investor in small and mid-sized wealth management firms, has made its first full acquisition by purchasing Meeder Wealth Management, a $400 million RIA division of Meeder Investment Management. The deal, backed by Merchant Investment Management, allows Summit to expand its ownership model to include full acquisitions. Summit plans to retain the Meeder Wealth Management team and brand and sees potential synergies with Meeder's institutional investing business. This acquisition marks a shift in Summit’s strategy, with a pipeline of additional RIA deals, both minority investments and full acquisitions, expected to add significant assets to its portfolio.

What You Need to Know:

→ Summit Financial Holdings completed its first full acquisition by purchasing Meeder Wealth Management, a $400M RIA, with support from Merchant Investment Management (a minority equity investor in Meeder Wealth).
→ Meeder Wealth Management, based in Dublin, Ohio, will retain its team and brand under Summit’s ownership. 
→ Summit sees this acquisition as a gateway to broader collaboration with Meeder Investment Management’s institutional investing business. 
→ Summit has a pipeline of about 30 RIA deals, with over $10B in assets to be added.

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PE-Backed CW Advisors Buys $1.2B Virginia RIA 

CW Advisors (CWA), a Boston-based RIA, has made its largest acquisition since receiving private equity backing from Audax Group last year by purchasing Agili, a Richmond, Virginia-based fee-only RIA with $1.2 billion in AUM. This acquisition aligns with CWA's strategy of expanding its national presence and consolidating firms that share its cultural values. With the addition of Agili, CWA now manages over $10 billion in assets across 11 offices. The deal is part of CWA's rapid expansion, which includes several recent acquisitions, and highlights its ongoing focus on growth in key U.S. markets.

What You Need to Know:

→ CW Advisors acquired Agili, a Richmond, VA-based RIA with $1.2B in AUM, marking its largest deal since Audax Group's backing and bringing CWA’s total AUM to over $10B across 11 offices nationwide.
→ Agili's offices in Richmond and Bethlehem, PA, will be rebranded under the CWA name, and founder Michael Joyce will lead its mid-Atlantic region. 
→ This is CWA's fourth acquisition since receiving a majority investment from Audax Group in 2023, following the purchases of MainLine Private Wealth, Cubic Asset Management and Mercadien Asset Management.
→ CWA aims to expand into states like Georgia, North Carolina, Florida, Texas and the western U.S.

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New Firm Launches

Wealth Team Exits Morgan Stanley To Found Minn. RIA 

A team of private wealth management advisors from Morgan Stanley's Bloomington, Minnesota office has broken away to establish Bearing Point Capital, an independent advisory firm. The new firm, founded by Thomas Hawley, Greg Huberty, and Patrick Smith, has been granted SEC registration and aims to provide comprehensive financial planning and portfolio management services to a high-net-worth clientele. Bearing Point Capital has brought over additional team members from Morgan Stanley and has chosen Raymond James as its custodian. The firm offers a range of fee structures and targets individuals, family offices, business owners, and professionals.

→ Thomas Hawley, Greg Huberty, and Patrick Smith, former Morgan Stanley advisors, founded Bearing Point Capital in Bloomington, Minnesota.
→ The new firm includes seven employees, with five performing investment advisory functions.
→ Bearing Point Capital chose Raymond James as its unaffiliated broker-dealer custodian.

Former Tennis Pro-Turned-$725M Advisor Joins LPL from Bank of America 

Alberto Francis, a Houston-based advisor and former professional tennis player, is leaving Bank of America to join LPL Financial’s Private Wealth Management, an affiliation model designed for high-net-worth advisors. Francis, who managed $725 million in assets, is forming Rockview Private Wealth to provide customized services to his clients. LPL has attracted several high-profile teams from Merrill Lynch/Bank of America this year, including teams managing $705M in Oklahoma, $1B in Pennsylvania, and significant assets from Texas and Florida.

→ Alberto Francis, a former professional tennis player and advisor with $725M in managed assets, is joining LPL to form his practice, Rockview Private Wealth. 
→ Rockview Private Wealth focuses on high-net-worth clients, including business owners and athletes, offering customized investment strategies and services like estate planning and philanthropic advising. 
→ Francis’s move to LPL reflects his desire for more control and flexibility in his practice, as he transitions away from Bank of America's proprietary product constraints. 

$8M UBS Team Goes Indie With Ameriprise in Texas

A team from UBS Wealth Management USA, managing $1.5 billion in AUM and generating $8 million in annual revenue, has left to establish an independent practice with Ameriprise Financial. The group, now operating as Q5 Wealth Management, includes Omar Bitar, Brad Klein, Jeremy Saba, Mike Persia, and his son, Edward Persia, and is based in Beaumont and Houston, Texas. The team aims to leverage Ameriprise's platform to enhance their client offerings and position themselves for future growth. They report to Ameriprise Regional Vice President Tres Rouquette.

→ A UBS Wealth Management team managing $1.5B in AUM has gone independent, forming Q5 Wealth Management under Ameriprise Financial. 
→ The team includes key advisors Omar Bitar, Brad Klein, Jeremy Saba, and father-son duo Mike and Edward Persia. 
→ Ameriprise Financial, which supports over 10,300 brokers across employee and independent channels, adds this team to its network.

$1B California RIA Splits From Raymond James

Crux Wealth Advisors, a California-based hybrid RIA led by CEO Travis Alexander, has launched as an independent firm with over $1 billion in AUM after breaking away from Raymond James. The transition, which was two years in the making, aims to provide an improved environment for advisors and clients. Crux Wealth, headquartered in Long Beach with additional locations in Colorado, New York, and Washington, plans to expand its reach and double its staff within the first year. The firm uses Pershing for clearing and custody services and Arete Wealth as the broker-dealer for hybrid advisors.

What You Need to Know:

→ Crux Wealth Advisors, led by CEO Travis Alexander, launches as an independent firm with over $1B AUM.
→ The firm broke away from Raymond James Financial Services after being among its top 10 branches based on trailing 12-month revenue.
→ Crux Wealth plans to expand and aims to double its staff from 18 to 36 employees within the first year.
→The firm partnered with Pershing for custody services and Arete Wealth as the broker-dealer for hybrid advisors.

Merrill Loses $400M Breakaway to Sanctuary, $438M Advisor to RBC 

Katie Medina and her team have left Merrill Lynch to establish TOVA Wealth on Sanctuary Wealth’s platform, launching with over $400 million in client assets. The move allows Medina and her team, including advisors Michael Tunney and Eric Starkey, to operate independently on Sanctuary's multi-custodial platform. Sanctuary has grown significantly over the past five years, overseeing around $42 billion in assets and recently acquiring tru Independence. Simultaneously, RBC Wealth Management has strengthened its presence by recruiting John Terrion, a $438 million AUM advisor from Merrill Lynch, to its Boulder, Colorado office, following several recent high-profile additions from Merrill.

→ Katie Medina and her team left Merrill Lynch to form TOVA Wealth on Sanctuary Wealth’s platform, managing $400M+ in AUM. 
→ TOVA Wealth joined Sanctuary for its multi-custodial platform and expertise in transitioning wirehouse teams to independence. 
→ Sanctuary Wealth, which manages $42B in assets, recently acquired tru Independence, adding $12.5B in assets. 
→ RBC Wealth Management recruited John Terrion, a $438M AUM advisor from Merrill Lynch, to its Boulder, CO office.

Father-Son Duo Exits Ameriprise To Launch NC RIA 

David Flanders and his son, Blake Flanders, have left Ameriprise Financial to launch their own RIA, Momentum Wealth Planning, in Apex, North Carolina. The firm, which is currently transitioning from Ameriprise, is expected to manage around $150 million initially and has established a custodial relationship with Charles Schwab. Momentum Wealth Planning focuses on risk management strategies, including momentum-driven indicators and tactical allocation. David Flanders, who has extensive experience from Ameriprise and Wells Fargo, is open to future growth opportunities, such as merging with other teams or acquiring practices.

→ David and Blake Flanders have launched Momentum Wealth Planning, an RIA in Apex, North Carolina, after leaving Ameriprise Financial. 
→ The new firm, expected to manage around $150M, has established a custodial relationship with Charles Schwab. 
→ Momentum Wealth Planning employs momentum-driven indicators and tactical allocation for risk management, particularly during market downturns. 
→ The firm is open to future growth opportunities, including potential mergers or acquiring practices from retiring advisors.

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