- Concurrent Investment adds $364M AUM, kicking off a $4B-$5B expansion
- $1.2B JP Morgan NYC team moves to RBC Wealth after First Republic’s collapse
- Carson Group ($40B AUM) recruits $411M duo, fueling Bain Capital-backed growth
- LPL Financial lands $385M Johns Creek Financial, despite $18M SEC fine
- $283M Humphreys Group merges with $184M Treehouse Wealth 
- Merit Financial expands in Pennsylvania with $739M Zimmermann Investment
- Kestra PWS strengthens generational wealth focus with $400M Campus Private Wealth
- WEG acquires $111M Scribner Team, marking its 19th deal 
- Sanctuary Wealth adds $700M ex-Truist team
- Mercer Advisors grows its family office reach with $250M across three firms
- Coldstream enhances tax services with HBCG and its $500M RIA
- Cerity Partners expands in Boston with $4.1B Prio Wealth acquisition
- MAI Capital grows its West Coast footprint with $662M Concentric Wealth
- Carson Group launches a tax strategy program with its $385M Taylor Financial deal
- Farther makes its biggest deal yet, adding $650M SignalPoint in Missouri
- Integrated Partners expands into Hawaii, acquiring $1B+ RetirementDNA
- Corient strengthens ultra-high-net-worth offerings with $10.4B Geller & Co.
- Indivisible Partners launches with $640M Woodring I LeRoy Capital Advisors
- Ashton Thomas adds a $2.5B Wells Fargo team, opening a San Francisco office

Read on for more info...

Rep Movement

Concurrent Adds 2 Advisor Teams Totaling $364M 

Florida-based hybrid RIA Concurrent Investment Advisors has added two advisor teams managing a combined $364 million in client assets. Engelstad Wealth Advisors, based in Columbus, Indiana, contributes $120 million, while Louis C. Ciliberti & Associates of Plainview, New York, brings $245 million. Both firms will maintain their branding but operate under Concurrent’s Form ADV. This marks the beginning of a planned expansion for Concurrent, which aims to add $4 billion to $5 billion in assets during 2025 through recruitment and acquisitions, building on a strong growth pipeline established in 2024.

→ Concurrent Investment Advisors added Engelstad Wealth Advisors ($120M AUM) and Louis C. Ciliberti & Associates ($245M AUM), totaling $364M in new assets.
→ Engelstad joined from Raymond James, while Ciliberti came from Thrivent Advisor Network; both will retain their brand identities under Concurrent’s Form ADV.
→ These additions kick off several planned acquisitions as $9.7B Concurrent targets $4B-$5B in new assets for 2025.
→ Recent leadership additions at Concurrent include David Montgomery as managing director of retirement plan services and a CFO from Creative Planning.

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$1.2B JP Morgan New York Team Jumps to RBC 

A New York-based team managing $1.2 billion in client assets has left J.P. Morgan Wealth Management to join RBC Wealth Management. The Pensato Slayne Group, led by Managing Directors Arthur Pensato and William Slayne, is recognized as one of New York City’s top wealth management teams. This move comes after J.P. Morgan acquired First Republic Bank in 2023, which triggered concerns about cultural alignment for former First Republic advisors. RBC continues to expand its footprint, having also attracted other high-profile teams, including two from Morgan Stanley in October, and currently manages $640 billion in client assets across 42 states.

→ The Pensato Slayne Group, managing nearly $1.2B in client assets, is joining RBC Wealth Management from J.P. Morgan Wealth Management.
→ The team includes Managing Directors Arthur Pensato and William Slayne, both former First Republic Bank advisors before its 2023 failure and acquisition by J.P. Morgan.
→ RBC Wealth Management now oversees $640B in client assets with over 2,200 advisors across 192 locations in 42 states.

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$40bn Carson Group Adds $411m Duo 

Carson Group, a $40 billion RIA based in Omaha, Nebraska, has welcomed advisors Kiho Choi and John Dunphy to its platform, adding $411 million in client assets. The duo, based in Lake Forest, California, rebranded as Twin Pines Wealth Management and joined Carson as direct partners to access the firm's network, technology, and operational support. Both advisors previously spent over two decades at Haussman Financial and are currently engaged in legal action to void restrictive covenants in their contracts. This move follows Carson’s recent acquisitions, including a $385 million tax-focused wealth manager and a $1 billion Iowa advisory office, as it continues its growth under Bain Capital’s backing.

→ Carson Group added advisors Kiho Choi and John Dunphy, bringing $411M in client assets and rebranding as Twin Pines Wealth Management.
→ The duo, based in Lake Forest, CA, joined Carson as direct partners after 20+ years with Haussman Financial, a $1B RIA affiliated with Securities America.
→ Choi and Dunphy recently filed a lawsuit against Haussman to void restrictive covenants in their contracts.
→ Founded in 1983, Carson Group manages $40B in assets, with over 150 partner offices and backing from Bain Capital.

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LPL Snags $385M Advisor Duo From Kestra 

LPL Financial announced its first major recruitment of 2025 with the addition of Johns Creek Financial, a Georgia-based team managing $385 million in client assets. Led by advisors Brian McGill II and Michael Hyser, Johns Creek serves high-net-worth families, corporate executives, and business owners. This recruitment follows a strong 2024 for LPL, marked by significant team acquisitions, despite ongoing regulatory challenges, including an $18 million SEC fine for anti-money laundering violations. LPL, now overseeing $1.8 trillion in assets, is led by CEO Rich Steinmeier, who succeeded Dan Arnold after his dismissal in late 2024.

→ LPL Financial added Johns Creek Financial, a Georgia-based team with $385M in assets, led by advisors Brian McGill II and Michael Hyser, formerly with Kestra Financial.
→ Hyser founded Johns Creek in 2002, merging with McGill’s Redwood Wealth Management in 2019; both bring extensive industry experience from Prudential and Fidelity, respectively.
→ LPL was recently fined $18M by the SEC for anti-money laundering violations and is under investigation for its cash sweep program.

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M&A Activity

$283M Women-Led RIA Merges with Fellow Bay Area Firm 

San Francisco-based wealth manager The Humphreys Group has merged with Treehouse Wealth Advisors, a $184 million RIA from Walnut Creek, California, as part of a succession plan for Humphreys Group President Diane Bourdo, who plans to retire within the next two to three years. The combined entity will operate under the Treehouse Wealth Advisors name while maintaining Humphreys’ San Francisco office. Both women-led firms share a focus on personalized financial planning, especially for women, and a commitment to ESG investing. Financial terms of the deal were not disclosed.

→ The Humphreys Group ($283M AUM) merged with Treehouse Wealth Advisors ($184M AUM) as part of President Diane Bourdo’s succession plan; the firm will operate under the Treehouse name.
→ Bourdo will retire in 2-3 years, with Humphreys retaining its San Francisco office; both firms focus on personalized financial planning and empowering women.
→ Treehouse, founded by Julie Meissner in 2017, previously advised through Garrison Point Capital, which settled a $3.5M SEC charge in 2022.
→ The Humphreys Group became a certified B Corporation in 2020, highlighting its social and ethical commitments.

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Merit Acquires $739M Pennsylvania RIA 

Atlanta-based RIA Merit Financial Advisors, managing roughly $12 billion in assets, announced its acquisition of Zimmermann Investment Management, a $739 million firm based in New Cumberland, Pennsylvania. The deal, finalized on December 20, brings Merit’s total Pennsylvania locations to four and aligns with its strategy of entering niche markets. Zimmermann’s team of four advisors, led by Curt Zimmermann, specializes in serving high-net-worth families and state employees, particularly state police. This acquisition follows Merit’s recent purchases of Trinity Financial Partners ($603M AUM) and Roth Asset Management ($773M AUM), highlighting an end-of-year surge in deal activity. 

→ Merit Financial Advisors acquired Zimmermann Investment Management, a $739M firm focused on high-net-worth and state employee clients. 
→ Curt Zimmermann joins Merit as Partner and Wealth Manager, bringing 30+ years of experience with government workers. 
→ The deal expands Merit’s Pennsylvania footprint to four offices, following the acquisition of Trinity Financial Partners.
→ Since 2020, Merit has acquired 31 RIAs and aims to double its $1.1B in new client assets from 2024.

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Campus Private Wealth Joins Kestra Private Wealth Platform 

Kestra Private Wealth Services, a subsidiary of Kestra Financial, has added Arlington, Va.-based Campus Private Wealth to its platform. The firm, managing $400 million in assets, specializes in generational wealth strategies for high-net-worth and ultra-high-net-worth investors. Founders Bill Milby and Jason Lindner cited the desire for an independent RIA model as their reason for joining Kestra, which offers robust support, including office logistics, compliance, and technology resources. The move follows Kestra’s continued expansion, including multiple financial advisor additions in 2024, as its parent company undergoes a recapitalization to bolster recruiting and acquisitions.

→ Kestra Private Wealth Services added Campus Private Wealth, a $400M Arlington, VA-based firm specializing in generational wealth strategies for high-net-worth clients.
→ Campus Private Wealth founders Bill Milby and Jason Lindner chose Kestra to pursue an independent RIA model with strong support and resources. 
→ Since its 2010 launch, Kestra PWS has expanded to 50 single- and multi-team RIA offices nationwide. 
→ Kestra Holdings, Kestra Financial's parent company, was recapitalized in late 2024 as Stone Point Capital re-acquired a majority stake from Warburg Pincus.

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WEG Adds $111M Team from Carson Wealth

Wealth Enhancement Group (WEG) has acquired The Scribner Team, a Boston-based hybrid investment advisory firm managing $111 million in client assets. Previously affiliated with Carson Wealth, the firm is led by founder and CEO Mark Scribner, along with Michelle Scribner and John Vassello. The deal, which closed on December 31, marks WEG’s 19th acquisition of 2024 and strengthens its presence in the Northeast. WEG, backed by private equity firms TA Associates and Onex Corporation, has been aggressively expanding, recently announcing its split from long-time broker-dealer LPL, set to take effect on June 30.

→ WEG acquired Boston-based Scribner Team, bringing $111M in client assets in its first deal of 2025 and 19th acquisition of 2024.
→ The Scribner Team, led by founder Mark Scribner, specializes in exit planning for C-suite executives, high-net-worth individuals, retirees, and business owners. 
→ WEG continues expanding in Massachusetts, following its 2024 acquisition of $123M RIA Peak Financial Services.
→ WEG recently announced it will disaffiliate from broker-dealer LPL Financial, with the split effective June 30, 2025.
→ Backed by TA Associates and Onex Corporation, WEG made significant acquisitions in 2024, including $1.3B Levy Wealth Management and $2.4B FinTrust Capital Advisors.

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Sanctuary Adds $700M Ex-Truist Team 

Sanctuary Wealth has added Miami-based Hillguard Wealth Management, managing $700 million in client assets, as its first acquisition of 2025. Led by Marcello Zaffaroni and Juan Martin Campuzano, Hillguard will partner with Sanctuary Global, serving ultra-high-net-worth international clients with custody options at Bank of New York and Goldman Sachs. The addition strengthens Sanctuary's $50 billion platform, which now includes over 120 partner firms across 30 states. Sanctuary also closed a legal dispute with breakaway RIA EverNest, dismissing claims tied to a 2022 FINRA sanction on Sanctuary Securities.

→ Sanctuary Wealth added Hillguard Wealth Management, a Miami-based firm with $700M in client assets, marking its first acquisition of 2025.
→ Led by Marcello Zaffaroni and Juan Martin Campuzano, Hillguard will join Sanctuary Global, focusing on ultra-high-net-worth international clients.
→ Hillguard’s international clients will custody assets at Bank of New York and Goldman Sachs as part of evolving their family office model.
→ Sanctuary’s network now includes over 120 partner firms across 30 states, with continued growth in teams from large banks serving international clients.

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$70bn Mercer Acquires Georgia, Oregon Shops in Triple Deal 

Mercer Advisors, a $70 billion RIA and prolific acquirer, has expanded its footprint with the acquisition of three practices in Oregon and Georgia, adding approximately $250 million in AUM. The deals, finalized in December 2024, bring Mercer’s total acquisitions for the year to 11. The Oregon acquisitions include advisors Dave Stuehling and John Swanson, who collectively manage $224 million in client assets, while Edward Vance Investment Management, with $40 million AUM, will relocate its operations to Atlanta. These acquisitions align with Mercer’s goal to grow its family office and ultra-high-net-worth offerings, supported by private equity and sovereign wealth fund backing.

→ Mercer Advisors acquired three practices in Oregon and Georgia, adding $250M in AUM and bringing its 2024 acquisition total to 11.
→ The deals include Dave Stuehling ($114M AUM) and John Swanson ($110M AUM) in Bend, OR, and Edward Vance Investment Management ($40M AUM) in Macon, GA.
→ Stuehling focuses on mass affluent clients, while Swanson serves high-net-worth and ultra-high-net-worth individuals, contributing to Mercer’s $15B family office segment.
→ Mercer, led by CEO Dave Welling, is majority-owned by Oak Hill Capital, Genstar Capital, and Altas Partners, with GIC as a foreign investor.

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Coldstream Adds Accounting Team, $500M RIA Through Double Deal 

Coldstream Wealth Management, a Bellevue, Washington-based RIA, has acquired Harrison Berkman Claypool & Guard (HBCG), a Seattle accounting firm, and its affiliated $500 million RIA, HBS Financial Services. These acquisitions, finalized on January 1, bring Coldstream’s total AUM to $11.1 billion. HBCG’s six-person team will integrate into Coldstream’s tax and consulting practice, enhancing its range of client services. This marks the latest in a series of strategic acquisitions, aligning with Coldstream’s goal of annual growth through both organic and inorganic strategies.

→ Coldstream Wealth Management acquired Seattle-based HBCG, an accounting firm, and HBS Financial Services, an RIA with $500M AUM, raising its total AUM to $11.1B.
→ HBCG’s six-person team joins Coldstream’s tax and consulting practice, expanding its tax expertise for high-net-worth clients.
→ In 2023, Coldstream merged with Portland-based Arnerich Massena ($2B AUM) and added former Captrust M&A head Rush Benton to its board. 
→ Founded in 1996, the employee-owned firm aims for 20-25% annual growth through organic expansion and acquisitions.

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Cerity Partners Merges in $4.1bn Boston RIA 

Cerity Partners made its first acquisition of 2025 with the purchase of Prio Wealth, a $4.1 billion RIA based in Boston. Founded in 1988 and employing 25 people, Prio Wealth is led by managing partner John Bratschi and rebranded from Seaward Management in 2018. This acquisition strengthens Cerity Partners’ presence in Boston, a key market, and follows a series of deals with $1 billion-plus RIAs in recent years. The New York City-based firm, backed by private equity firms Genstar Capital and Lightyear Capital, now oversees more than $103 billion in assets and was recognized in 2024 as the fastest-growing RIA in New York.

→ Cerity Partners acquired Boston-based RIA Prio Wealth, adding $4.1B in AUM and expanding its presence in the Boston market.
→ Prio Wealth, founded in 1988 and rebranded from Seaward Management in 2018, is led by managing partner John Bratschi and employs 25 people.
→ Cerity, backed by Genstar Capital and Lightyear Capital, now oversees over $103B in client assets and was named the fastest-growing RIA in New York by Citywire.
→ Echelon Partners advised Prio Wealth on the deal, with legal counsel provided by Buchalter.

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MAI Acquires $662M California RIA 

MAI Capital Management, a Cleveland-based RIA with $30.3 billion in total client assets, has acquired Concentric Wealth Management, a $662 million RIA based in Lafayette, California. The deal, finalized on December 31, 2024, marks MAI's continued expansion along the West Coast, adding to its existing California offices. Founded in 2008 by Eric Flett and Stewart McGuire, Concentric provides services such as estate planning, tax planning, and executive benefits coordination for high-net-worth clients. This announcement follows MAI’s recent acquisition of Arkansas-based Garrison Asset Management and highlights its position as one of the most active RIA acquirers in the market.

→ MAI Capital Management acquired Concentric Wealth Management, a $662M RIA based in Lafayette, CA, marking its second deal of 2025.
→ Concentric co-founders Eric Flett and Stewart McGuire will serve as regional presidents, continuing to lead the Lafayette office.
→ This acquisition expands MAI’s West Coast presence, adding to its California offices in San Ramon, Santa Rosa, and Newport Beach.
→ MAI now manages $30.3B in assets across 16 states, backed by Galway Holdings, Wealth Partners Capital Group, and private equity firms including Harvest Partners and The Carlyle Group.

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Carson Launches Tax Strategy With Acquisition of $385M RIA 

Carson Group has announced the launch of a new tax strategy program for advisors, seeded through its acquisition of Taylor Financial, a Franklin Lakes, N.J.-based firm managing $385 million in assets. Led by CPA and tax expert Debbie Taylor, the firm will rebrand as Carson Wealth Franklin Lakes. The tax strategy program, launching this quarter, will provide advisors with tools and resources to integrate tax planning into client conversations, aiming to optimize financial outcomes and minimize tax liabilities. This initiative comes after Carson’s acquisition of Carson Wealth Cedar Rapids, a $1 billion RIA, and amidst leadership changes within the organization.

→ Carson Group acquired Taylor Financial, a $385M firm in Franklin Lakes, NJ, to launch its new tax strategy program for advisors.
→ Led by CPA Debbie Taylor, Taylor Financial will rebrand as Carson Wealth Franklin Lakes, focusing on integrating tax planning into wealth management.
→ The Carson Tax Strategy program launches this quarter, providing advisors tools to optimize clients' financial outcomes through tax strategies.
→ Carson Group manages over $40B in assets across 50 locations and 150 partner offices, despite recent leadership changes, including CEO Ron Carson stepping down.

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Farther Adds $650M Missouri RIA to Platform 

Tech-focused RIA Farther has made its largest platform acquisition, adding $650M SignalPoint Asset Management from Missouri. Founded in 2013 by Jon Timson and Jay Handy after leaving Wells Fargo, SignalPoint sought a partner for operational support. Farther, now managing $5B AUM with 115 advisors, enables RIAs to retain ownership while leveraging its proprietary tech platform. The firm recently raised $72M in Series C funding led by CapitalG (Google parent Alphabet's growth fund) and is now targeting larger firms.

→ Tech-focused RIA Farther acquired $650M SignalPoint Asset Management in Springfield, MO, marking its largest platform deal to date.
→ SignalPoint, led by Jon Timson and Jay Handy, serves 500 families, primarily retirees, and will now operate as "SignalPoint powered by Farther."
→ This deal signals Farther’s move upmarket, having previously focused on smaller firms like $150M Pleasant Street Wealth Advisors and $157M Guild Investment Management.
→ Founded in 2019, Farther manages $5B in assets, with 115 advisors, and recently secured $72M in Series C funding, led by CapitalG, valuing the firm at $542M.

Integrated Recruits $1B Retirement Plan-Focused Firm 

Boston-based hybrid RIA and LPL affiliate Integrated Partners has acquired RetirementDNA, a San Diego-based practice with over $1 billion in assets. Led by managing partners Daniel DuBois and Shawna Christiansen, RetirementDNA serves more than 250 companies and specializes in retirement planning and private wealth management. The deal, finalized on January 2, marks Integrated’s first major acquisition of 2025 and follows its late 2024 purchase of $200 million Generation Capital Advisors. The acquisition expands Integrated’s footprint to 116 regional offices nationwide and adds a presence in Honolulu, a key market for future growth.

→ Integrated Partners, a $20B Boston-based hybrid RIA and LPL affiliate, acquired RetirementDNA, a San Diego-based firm with over $1B in assets.
→ RetirementDNA’s 12-person team, led by Daniel DuBois and Shawna Christiansen, adds advisors in San Diego and Honolulu, expanding Integrated’s footprint into Hawaii.
→ This marks Integrated’s first major deal of 2025, following its Q4 2024 acquisition of $200M Boston-based Generation Capital Advisors.

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Corient Seals Deal for $10.4BN Geller Multi-Family Office 

Corient Private Wealth, the RIA division of CI Financial, has acquired the $10.4 billion multi-family office business of Geller & Co., a New York-based firm founded in 1984 by Marty Geller. This acquisition strengthens Corient’s position in the ultra-high-net-worth market and expands its total client assets to approximately $182 billion. Geller & Co. will maintain a platform services relationship with Dynasty Financial Partners, which has supported its RIA business since 2017. The deal comes as CI Financial prepares for its take-private acquisition by Mubadala Capital, the asset management arm of Abu Dhabi’s sovereign wealth fund, in a transaction valued at $8.66 billion.

→ Corient Private Wealth, the RIA division of CI Financial, acquired Geller & Co.’s $10.4B multi-family office, bringing Corient’s total AUM to $182B.
→ Geller & Co., founded by Martin ‘Marty’ Geller in 1984, is known for advising Michael Bloomberg and will continue its platform services relationship with Dynasty Financial Partners.
→ CI Financial, headquartered in Toronto with its U.S. wealth division in Miami, is being acquired by Mubadala Capital in a take-private deal valued at $8.66B, closing in Q2 2025.
→ Hughes Hubbard & Reed served as legal counsel for Geller in the transaction.

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New Firm Launches

John Thiel’s New RIA Adds First Advisor Team 

John W. Thiel, former head of Merrill Lynch Wealth Management, has launched his independent RIA, Indivisible Partners, which has already recruited its first advisor team, Woodring I LeRoy Capital Advisors, managing $640 million in client assets. The firm, co-founded with several former Merrill Lynch executives, provides advisors with independence, operational support, family office services, and equity ownership opportunities. Designed to accelerate advisor growth, Indivisible Partners supports advisors through every stage of their business lifecycle, emphasizing nimble, client-focused advisory models.

→ Former Merrill Lynch Wealth head John W. Thiel launched Indivisible Partners in Q1 2025, recruiting its first team, Woodring I LeRoy Capital Advisors, with $640M in assets. 
→ Led by ex-Merrill advisors Lee Woodring and Robert LeRoy, the New York-based team includes Margaret Lawler and Stephanie Tozer. 
→ Indivisible offers advisors family office services, tech support, and full practice ownership with equity opportunities in the RIA. 
→ Thiel, who led Merrill from 2011 to 2016, joins other ex-Merrill leaders launching RIA platforms like Sanctuary Wealth and NewEdge Advisors.

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$2.5bn Wells Team Jumps to Ashton Thomas 

A prominent $2.5 billion Wells Fargo team has joined Ashton Thomas Private Wealth, establishing a new office in San Francisco's Financial District. Led by Mark Cavalier, Jonathan Smith, and Gregory Weiss, the team will rebrand as Pacific Private Wealth Group and focus on serving Bay Area-based foundations, businesses, and families. This move signifies a strategic push by Ashton Thomas, backed by Arax Investment Partners and RedBird Capital Partners, to expand its West Coast presence. The Scottsdale-based firm, managing $8 billion in assets, has aggressively recruited talent from both wirehouses and independent RIAs following its 2023 acquisition by Arax.

→ Ashton Thomas Private Wealth recruited a $2.5B Wells Fargo team—Mark Cavalier, Jonathan Smith, and Gregory Weiss—to open a new San Francisco office as a West Coast growth hub.  
→ Operating as Pacific Private Wealth Group, the team will focus on Bay Area foundations, businesses, and families. 
→ They’ll work alongside Michael Hansen, ex-Wells Fargo SVP, now Ashton Thomas’s senior director for the Northwest region.
→ Ashton Thomas, acquired by Arax Investment Partners in 2023 and backed by RedBird Capital, has been aggressively expanding its team by recruiting top talent from Wells Fargo and other RIAs.

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