- LPL added Charter Oak Wealth Partners from Osaic, aligning with Academy Financial ($4B AUM)
- Rockefeller Capital recruited The Broderick Mingelgreen Group from Stifel ($1B AUM)
- UBS landed a wirehouse return with an $880M AUM team from Cresset
- LPL Financial brought in Prill | Garwood Financial Advisors ($900M AUM) from Raymond James
- Rockefeller added Meyer DeMartini Wealth Partners ($3.4B AUM) from Merrill Lynch
- Sanctuary Wealth welcomed NewSpring Wealth Partners ($200M AUM)
- LPL Financial added Townsgate Wealth Management ($1.15B AUM) from Wells Fargo FiNet
- Pitcairn acquired Brightside Partners ($2.5B AUM), forming Pitcairn Wealth Advisors 
- AlphaCore Wealth Advisory bought enTrust Wealth Advisors ($420M AUM)
- Merit Financial merged with Pillar Wealth Management ($179M AUM)
- Corient acquired Rootstock Advisors ($600M AUM)
- Carnegie Investment Counsel picked up Eagle Ridge Investment Management ($1.3B AUM)
- Bluespring Wealth Partners made its first 2025 deal, acquiring Reliant Wealth Planning ($560M AUM)
- RFG Advisory launched TrekNorth Investment Management and Matterhorn Private Wealth
- Former Truist advisors launched Aria Wealth Partners 
- Brothers Carmen and Chris Lex left Corebridge Financial form Lex Wealth Management
- Ex-Mercer and Laird Norton advisors launched Basecamp Wealth Advisors 
- LPL Financial onboard two advisors from UBS to start Bruen Wealth Management

Read on for more info...

Rep Movement

LPL nabs $600m team from Osaic 

LPL Financial has added Charter Oak Wealth Partners, a five-person team managing $600 million in assets, from Osaic. Founded by Gary Paul in 2016, the team includes advisors Gary Salva, Bill Matzinger, and Chris Scuderi, along with client relationship manager Lori Tedone. Charter Oak aligned with Academy Financial, a $4 billion firm that joined LPL in August after leaving Lincoln Financial, now part of Osaic. This move is part of LPL’s broader recruiting push, following the recent additions of Salient Wealth Planning Group ($1 billion AUM) and a $1.3 billion New Jersey-based team from UBS. LPL now services approximately $1.7 trillion in total brokerage and advisory assets.

→ Charter Oak Wealth Partners, managing $600 million, left Osaic to join LPL. 
→ The team aligned with Academy Financial, a $4 billion firm that also transitioned to LPL last year. 
→ Academy Financial’s partner, Brent Kvech, hinted that Charter Oak and other recruits may eventually operate under one entity. 

View FINTRX Profile >>

Rockefeller Nabs Billion-Dollar Stifel Team in New York City 

Rockefeller Capital Management has recruited The Broderick Mingelgreen Group, a New York City-based team managing $1 billion in assets from Stifel Financial. Led by Jack C. Broderick, his son John, and Jason R. Mingelgreen, the team had produced approximately $5 million in annual revenue. Broderick and Mingelgreen originally joined Stifel through its 2015 acquisition of Barclays’ U.S. brokerage. Stifel’s retention offers to former Barclays advisors have now fully amortized, making the firm more vulnerable to advisor departures. This move follows Rockefeller’s recent expansion strategy, which includes hiring a $1 billion team from Janney Montgomery Scott and two teams from JPMorgan and Morgan Stanley managing a combined $900 million in assets.

→ Rockefeller Capital Management recruited a $1B asset team, The Broderick Mingelgreen Group, from Stifel. 
→ Stifel’s retention offers to former Barclays advisors have been fully amortized, making the firm more susceptible to departures. 
→ Last month, another ex-Barclays advisor, Ari Spar, left Stifel for Morgan Stanley with a $12 billion team.
→ Rockefeller has been aggressively expanding, recently hiring teams from Janney Montgomery Scott, JPMorgan, and Morgan Stanley.

View FINTRX Profile >>

$880m Cresset team departs to join UBS 

A four-person advisory team from Cresset, managing $880 million in assets, has left the $60 billion RIA to join UBS, marking a rare move back to a wirehouse. The Denver-based team, led by advisors Peter Sherlock, Gus Spaulding, and Chase Rodawig, along with senior wealth strategist Taylor Morton, had been with Cresset for nearly five years. Their transition to UBS, where they will report to executives Mitch Markley and Bruce Dillard, goes against the industry trend of advisors leaving wirehouses for independent RIAs. UBS has suffered multi-billion-dollar advisor departures in recent years, including a $1.3 billion team that joined LPL. 

→ A four-person Denver-based advisory team managing $880 million left Cresset to join UBS. 
→ The move is unusual, as most advisors have been leaving wirehouses for independent RIAs. 
→ UBS executives Mitch Markley and Bruce Dillard will oversee the team in the Denver tech center. 
→ UBS has faced major advisor losses recently, including a $1.3 billion team that left for LPL earlier this year.
→ Both Cresset and UBS have restructured leadership, with Cresset adding new compliance and growth officers and UBS reorganizing its U.S. wealth management unit.

View FINTRX Profile >>

LPL adds $900m Kansas team from RayJay 

LPL Financial has continued its aggressive recruiting streak by adding a Wichita, Kansas-based advisor trio from Raymond James. The team, formerly known as S.J. Prill Financial & Investment Planning, has rebranded to Prill | Garwood Financial Advisors and manages approximately $900 million in client assets. Led by Shane Prill, who had been with Raymond James since 1991, the team also includes brothers Vance and Grant Garwood, who joined in 2008 and 2019, respectively. LPL has been rapidly expanding, recently recruiting teams from Osaic and UBS, and now services approximately $1.7 trillion in assets with 29,000 advisors. 

→ LPL Financial recruited a $900 million advisor team from Raymond James, now rebranded as Prill | Garwood Financial Advisors. 
→ The team consists of Shane Prill, Vance Garwood, and Grant Garwood, along with four support staff. 
→ LPL introduced a multi-custody program in partnership with Charles Schwab, allowing eligible corporate RIA advisors to custody assets elsewhere.

View FINTRX Profile >>

Rockefeller adds $3.4bn San Francisco team from Merrill 

Rockefeller Capital Management has recruited Meyer DeMartini Wealth Partners, a San Francisco-based advisory team managing approximately $3.4 billion in assets, from Merrill Lynch. Led by Lorna Meyer, who had been with Merrill since 2001, the team also includes advisors James DeMartini, Andrew Meyer, and William Meyer. They will remain in San Francisco, reporting to Brian Riley, Rockefeller Global Family Office’s western division director. This move is part of Rockefeller’s continued expansion, following recent hires from Janney Montgomery Scott, Morgan Stanley, and JP Morgan. 

→ Rockefeller recruited Meyer DeMartini Wealth Partners, a $3.4 billion-asset team from Merrill Lynch, led by Lorna Meyer, who specializes in high-net-worth and ultra-high-net-worth clients. 
→The team will remain in San Francisco, reporting to Brian Riley, a former Merrill executive.
→ Merrill Lynch continues to see significant advisor losses to firms like Rockefeller, NewEdge Wealth, and RBC Wealth Management. 

View FINTRX Profile >>

Sanctuary Wealth: $600 Million Team NewSpring Onboarded 

Sanctuary Wealth has added NewSpring Wealth Partners, a Minneapolis-based advisory firm managing nearly $200 million in client assets, to its growing network. Founded by Kristin Larson, CFP, CPWA, after nearly a decade at UBS, NewSpring was created to offer independent financial planning with a focus on empowering mid-career professionals, particularly women. Larson emphasized that joining Sanctuary provides the flexibility, technology, and resources needed to better serve clients while growing her brand. Sanctuary executives praised Larson’s track record and highlighted the firm’s commitment to supporting women-led advisory businesses as the wealth transfer trend continues.

→ Sanctuary Wealth onboarded NewSpring Wealth Partners, founded by Kristin Larson, a former UBS advisor managing nearly $200 million in assets. 
→ She previously served as Senior Vice President at UBS’s Carlson Larson Wealth Management group and held roles at Wells Fargo Advisors and Ameriprise. 
→ Sanctuary leaders highlighted Larson’s recognition as a top next-gen and top woman advisor, emphasizing the firm’s commitment to supporting women-led firms.

View FINTRX Profile >>

Wells Fargo FiNet loses $1.1bn team to LPL 

LPL Financial has added Townsgate Wealth Management, a Westlake Village, Calif.-based advisory team managing $1.15 billion in client assets, from Wells Fargo’s FiNet. The six-advisor team, founded in 2016, specializes in high-net-worth clients and sought a new partner for expansion before selecting LPL. This move marks the latest in a series of ex-FiNet teams joining LPL, following $375 million and $535 million teams that transitioned in August. It also continues LPL’s trend of recruiting billion-dollar firms, having recently added a $1 billion team from Osaic and a $1.3 billion team from UBS. LPL now services approximately $1.7 trillion in assets with around 29,000 advisors.

→ LPL recruited Townsgate Wealth Management, a $1.15B team from Wells Fargo FiNet, specializing in high-net-worth portfolio management and retirement planning.
→ Townsgate sought a new partner for a year before choosing LPL to support its growth. 
→ This follows LPL’s recruitment of other ex-FiNet teams, including $375 million and $535 million groups in August.

View FINTRX Profile >>

M&A Activity

Family office Pitcairn acquires $2.5bn Baltimore firm, forms new RIA 

Pitcairn, a century-old multi-family office based in Pennsylvania, has acquired Baltimore-based Brightside Partners, an ultra-high-net-worth-focused RIA managing $2.5 billion in assets. This marks Pitcairn’s first-ever acquisition and pushes its total assets under advisement past $9 billion. Brightside’s partners, Pace Kessenich, Ryan Pollard, and Justin Bakewell, will join Pitcairn alongside two staff members, integrating into a newly formed RIA entity, Pitcairn Wealth Advisors. The acquisition enhances Pitcairn’s alternative investment capabilities and aligns with its long-term strategy to expand as a national wealth management firm. Pitcairn, backed by private equity firm Temperance Partners, continues to grow its footprint, with offices in New York, Baltimore, Washington, D.C., and Florida.

→ Pitcairn acquired Brightside Partners, a Baltimore-based ultra-high-net-worth RIA managing $2.5 billion in assets, bringing its total assets under advisement past $9 billion.
→ Brightside’s partners and staff will integrate into Pitcairn’s newly formed RIA, Pitcairn Wealth Advisors. 
→ The deal strengthens Pitcairn’s alternative investment platform, expanding private equity, credit, venture capital, and real estate access. 
→ Pitcairn, founded in 1923, is backed by private equity firm Temperance Partners, which also supports $3.8 billion RIA AlphaCore Wealth Advisory.

View FINTRX Profile >>

AlphaCore buys $420m UHNW-focused shop 

AlphaCore Wealth Advisory, a $3.8 billion RIA backed by Constellation Wealth Capital, has acquired enTrust Wealth Advisors, a $420 million firm based in Del Mar, California. Founded in 2018 by former UBS advisors Daniel Conners and Michael Crawford, enTrust specializes in ultra-high-net-worth clients. Conners and Crawford will join AlphaCore as principals and senior wealth advisors, along with three team members. This marks AlphaCore’s second acquisition since Constellation’s investment, following its October 2024 purchase of Denver-based All Season Financial Advisors. CEO Dick Pfister emphasized that the deal aligns with AlphaCore’s strategy of expanding its wealth planning and ultra-high-net-worth services. 

→ AlphaCore Wealth Advisory acquired enTrust Wealth Advisors, a $420 million RIA, expanding its ultra-high-net-worth services. 
→ enTrust founders Daniel Conners and Michael Crawford will become principals at AlphaCore, with one or both joining the firm’s investment committee. 
→ AlphaCore’s private equity backing from Constellation Wealth Capital and Temperance Wealth Partners has fueled its expansion, including hiring 17 new employees. 
→ The firm now operates eight offices across California, Colorado, Connecticut, Arizona, South Carolina, and Texas.

Merit merges in $179m Wisconsin RIA 

Merit Financial Advisors has expanded its presence in Wisconsin by merging with Madison-based Pillar Wealth Management, a $179 million RIA. Led by founder William Meland, COO Patrick Sturm, and CEO Brian Cleven, Pillar brings a team of six and will integrate into Merit, with its leadership assuming partner roles. This marks Merit’s second acquisition of the year, following the addition of $739 million Zimmerman Investment Management in Pennsylvania. The firm is aggressively growing, with its acquisitions contributing to $1.1 billion in new client assets last year, a number CEO Rick Kent aims to double in 2025. Merit’s expansion strategy is further supported by the recent addition of former Captrust executive Dave Wahlen as VP of strategic partnerships.

→ Merit Financial Advisors acquired Pillar Wealth Management, a $179 million RIA, expanding its footprint in Wisconsin. 
→ Pillar’s leadership, including founder William Meland, has joined Merit as partners, strengthening the firm’s regional presence. 
→ Merit has completed 32 transactions since 2020, backed by Wealth Partners Capital Group and private equity firm HGGC.
→ The firm hired former Captrust executive Dave Wahlen as VP of strategic partnerships to support its ongoing M&A strategy.

View FINTRX Profile >>

Corient Acquires Rootstock, an Ultra-High-Net-Worth Pittsburgh-Based RIA with Approximately $600M in AUM 

Corient has acquired Rootstock Advisors, a Pennsylvania-based RIA managing $600 million in assets, strengthening its UHNW client services and expanding in Pittsburgh. Rootstock specializes in family office solutions, and its leadership cited Corient’s Private Partnership model as a key factor in the move. This marks Corient’s third deal in three months, following acquisitions of Geller & Company’s multi-family office and H.M. Payson & Co. Corient, a CI Financial subsidiary, now manages $177.3 billion in client assets.

→ Corient acquired Rootstock Advisors, a $600M AUM RIA, expanding its UHNW services and Pittsburgh presence. 
→ Rootstock specializes in family office solutions, including estate planning and wealth management. 
→ Corient’s Private Partnership model attracted Rootstock for its collaborative and value-aligned approach. 
→ This is Corient’s third acquisition in three months, following deals with Geller & Company and H.M. Payson & Co.

View FINTRX Profile >>

$5bn Carnegie Investment Counsel acquires $1.3bn RIA 

Carnegie Investment Counsel, a $5 billion RIA based in Pepper Pike, Ohio, has acquired Eagle Ridge Investment Management, a Stamford, Connecticut-based RIA managing $1.3 billion in assets. The deal, which took effect on February 4, adds 14 employees to Carnegie, increasing its workforce by 25%. Eagle Ridge’s leadership, including managing partner David Laidlaw, will remain in place, and the firm has been rebranded as Carnegie Investment Counsel of Stamford, Connecticut. This acquisition follows Carnegie’s previous deals, including the additions of Wes Creese’s $300 million practice in 2022 and Crane Asset Management in 2021. Carnegie now operates ten offices across six states.

→ Carnegie Investment Counsel acquired Eagle Ridge Investment Management, adding $1.3 billion in AUM and 14 employees. 
→ The acquisition boosts Carnegie’s workforce by 25%, with Eagle Ridge’s leadership remaining in place. 
→ Eagle Ridge has been rebranded as Carnegie Investment Counsel of Stamford, Connecticut. 
→ Carnegie now has ten offices across Pennsylvania, Ohio, Florida, California, New York, and Connecticut.

View FINTRX Profile >>

Bluespring buys $560m Kentucky wealth firm 

Bluespring Wealth Partners has acquired Reliant Wealth Planning, a Louisville-based RIA managing $560 million in assets, marking its first deal of 2025. Founded in 2017 by Shaun Chelf and Laura Clark, former Merrill Lynch advisors, Reliant specializes in retirement planning, investment management, and estate planning. Bluespring, backed by Kestra Holdings, continues its aggressive expansion after acquiring a $1.4 billion Pennsylvania RIA and a $750 million Arizona firm last year. The firm, led by chairman Stuart Silverman and president Pradeep Jayaraman, remains focused on growth.

→ Bluespring acquired Reliant Wealth Planning, a $560 million Louisville-based RIA. 
→ Founders Shaun Chelf and Laura Clark previously worked at Merrill Lynch and Hilliard Lyons. 
→ Reliant specializes in retirement planning, investment management, and estate planning. 
→ The Kestra-backed firm, founded in 2019, is led by chairman Stuart Silverman and president Pradeep Jayaraman.

New Firm Launches

RIA Launches Two Advisor Firms 

RFG Advisory has launched two new partner firms: TrekNorth Investment Management in Colorado, founded by Jarrod Biebel, and Matterhorn Private Wealth in upstate New York, founded by James Horn. CEO Shannon Spotswood highlighted RFG’s focus on enhancing its platform to support entrepreneurial advisors with cutting-edge technology and comprehensive services. The firm recently rebranded and upgraded its platform to help advisors focus on growing their businesses rather than managing operations.

→ RFG Advisory launched two new partner firms: TrekNorth Investment Management and Matterhorn Private Wealth.
→ TrekNorth was founded by Jarrod Biebel in Colorado; Matterhorn by James Horn in upstate New York. 
→ CEO Shannon Spotswood emphasized RFG’s commitment to providing advisors with advanced technology and support. 

View TrekNorth Investment Management Profile >> | View Matterhorn Private Wealth Profile >>

Truist advisors break away to launch Virginia RIA 

Former Truist advisors Paula Gunter and Caitlin Borland have launched Aria Wealth Partners, an independent RIA based in Charlottesville, Va. The firm, which includes client administrator Peggy Ives, offers investment management, financial planning, and estate planning services. Borland, previously a vice president and wealth advisor at Truist, spent nearly a decade at JP Morgan advising hedge fund clients, while Gunter had been with Truist and its predecessor firms since 2002. Their departure is part of a broader trend, as multiple teams have recently left Truist for firms like Homrich Berg, Fifth Third, LPL, and Rockefeller.

→ Former Truist advisors Paula Gunter and Caitlin Borland launched Aria Wealth Partners in Charlottesville, Va.
→ Borland was previously at JP Morgan before joining Truist, while Gunter spent over 20 years at Truist and predecessor firms. 
→ Their exit follows a series of Truist departures, with firms like LPL and Rockefeller recruiting teams in recent months.
→ Truist Advisory Services currently manages approximately $60 billion in assets.

View FINTRX Profile >>

Brothers Launch New RIA with LPL 

Brothers Carmen and Chris Lex have left Corebridge Financial to launch Lex Wealth Management, a $630 million RIA backed by LPL Financial. Based in Marlton, N.J., the duo aims to provide more personalized financial planning and retirement solutions. Meanwhile, Kestra’s Bluespring Wealth Partners has acquired Reliant Wealth Planning, a Louisville-based RIA managing $560 million in assets. Founded in 2017 by Shaun Chelf and Laura Clark, Reliant specializes in estate planning, investment management, and charitable strategies. Bluespring’s expansion aligns with Kestra’s broader acquisition strategy, bolstered by last year’s recapitalization that saw private equity firm Stone Point Capital take a majority stake.

→ Brothers Carmen and Chris Lex left Corebridge Financial to establish Lex Wealth Management, a $630 million LPL-affiliated RIA. 
→ Bluespring Wealth Partners acquired Reliant Wealth Planning, a $560 million RIA founded in 2017 by Shaun Chelf and Laura Clark. 
→ Kestra’s acquisition momentum continues after Stone Point Capital became its majority stakeholder last year.

Ex-Mercer, Laird Norton advisors launch Washington RIA

A group of advisors with experience at Mercer Advisors and Laird Norton Wetherby have launched Basecamp Wealth Advisors, a new Bellevue, Wash.-based RIA. Led by managing partner Teri LaMar, alongside partners Jay Levesque, Lin Gong, and Brian Johnson, the firm was approved by the SEC last Friday. Basecamp will provide boutique wealth management services for ultra-high-net-worth individuals, families, trusts, and institutions, with a $5 million minimum account size. The team, all former Filament advisors, remained through its mergers into LNW before leaving to form their own independent firm. Levesque, who most recently worked at Mercer Advisors, shared his enthusiasm for building something unique in the industry.

→ Former Mercer and Laird Norton Wetherby advisors launched Basecamp Wealth Advisors in Bellevue, Wash. 
→ Founders include managing partner Teri LaMar and partners Jay Levesque, Lin Gong, and Brian Johnson. 
→ The team previously worked at Filament, which merged into Laird Norton Wealth Management and later into LNW. 
→ Levesque, who briefly worked at Mercer Advisors, emphasized the firm’s mission to create a unique, independent wealth management experience. 

LPL Onboards $1.3 Billion Bruen Wealth Management Team 

LPL Financial has welcomed father-son advisory duo William "Bill" Bruen, Jr. and Andrew Bruen, who are leaving UBS to launch their independent firm, Bruen Wealth Management, while aligning with Paradigm Partners. The Bruens, managing approximately $1.3 billion in assets, continue a family wealth management legacy dating back to 1922 in Morristown, N.J. Seeking greater autonomy in serving their multi-generational clients, they chose LPL for its flexibility and support. The move underscores LPL’s appeal to advisors seeking independence, with key leaders at both LPL and Paradigm praising the Bruens' deep-rooted commitment to client service and legacy wealth planning.

→ Bill and Andrew Bruen, formerly of UBS, launched Bruen Wealth Management, managing $1.3 billion in assets, under LPL’s broker-dealer. 
→ The Bruens aligned with Paradigm Partners, adding support to their independent practice. 
→ Bill Bruen has a distinguished history of community service, including leadership roles at Morristown Medical Center and the U.S. Naval Academy Foundation. 

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