- Ameriprise added $210M Highland Wealth team from LPL
- Compound hit $3B AUM after adding $1.2B Choreo team
- Raymond James hired a $769M Morgan Stanley team in West Virginia
- Stifel recruited $1.35B Greer Financial Group from Raymond James
- Citizens added $900M Merrill team to Newport Beach Private Wealth
- Prime Capital acquired $1.6B SineCera to launch family office arm
- Focus merged $1.4B Dorchester into Canada hub Cardinal Point
- Composition Wealth added $930M via Seattle double acquisition
- EP Wealth bought $190M Holben Group in Denver
- Mariner acquired $730M Ocean Heights from its advisor network
- Americana bought $1.5B Boulevard Family Wealth, enters California
- LPL acquired $7B Investment Center, adding 160 advisors
- Kovitz added $3B Transform Wealth to Mountain West hub
- Wealth Enhancement agreed to buy $3B Marcum Wealth
- Integrated Partners entered Michigan with $331M Prout Financial
- Merit added $1.6B Idaho-based Sanctuary Wealth with ESOP focus
- Pure Financial Advisors made its first deal since 2023 with $567M PIM
- Waverly acquired $400M GGM Wealth to expand in Maryland & Virginia
- CW Advisors bought $1.3B Delta Financial and $123M Leathe & Associates
- LPL agreed to acquire Commonwealth for $2.7B, adding $285B in assets
- Former B. Riley Wealth exec launched new RIA, Steadtrust LLC

Read on for more info...

Rep Movement

Team with $210 Million Moves to Ameriprise Financial for Superior Client Experience and Support to Grow 

Highland Wealth Management, a Tennessee-based advisory practice managing $210 million in client assets, has left LPL Financial to join the independent channel of Ameriprise Financial. Led by Private Wealth Advisor Lee Hooks, the team selected Ameriprise for its strong client satisfaction, advanced technology, and ability to support independent practices. With offices in Columbia, Lewisburg, and Pulaski, the firm plans to leverage Ameriprise’s tools and support to fuel future growth. 

→ Highland Wealth Management joined Ameriprise from LPL Financial with $210 million in AUM.
→ The team is led by Lee Hooks, MBA, CFP®, and includes five other financial advisors and full support staff.
→ Highland operates across three Tennessee locations and aims to scale further under Ameriprise.
→ Ameriprise has recruited around 1,700 advisors over the past five years.

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Compound Planning Grows to $3 Billion in AUM; Adds $1.2 Billion Advisor Team 

Compound Planning, a digital family office and rapidly growing RIA, has added seven new advisors, including a four-person team that previously managed $1.2 billion in assets. This team, formerly with Choreo, opened a new Compound office in Des Moines, Iowa. Their arrival marks continued momentum for Compound, which has doubled its AUM to over $3 billion and added 30 advisors since 2024. To support its expansion, the firm appointed Courtney Holt as Chief Compliance Officer earlier this year. Compound continues to position itself as a destination for high-performing advisors, offering tech-forward solutions and institutional-grade support to serve high- and ultra-high-net-worth clients.

→ Compound surpassed $3 billion in AUM after doubling assets and adding 30 advisors since 2024.
→ The new Des Moines office is led by a four-person team from Choreo that managed $1.2 billion.
→ Courtney Holt, formerly of Perigon Wealth, was named Chief Compliance Officer in January.
→ The firm’s growth strategy includes full-service tax integration and a tech-enabled platform.
→ Compound’s CEO, Christian Haigh, emphasizes the firm’s appeal to next-gen advisors seeking innovative infrastructure.

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Raymond James Hires Morgan Stanley Duo on $770 Million Team in West Virginia 

Jeffrey H. Biederman Jr., a longtime Morgan Stanley advisor with over 25 years at the firm and its predecessor Smith Barney, has joined Raymond James & Associates in Huntington, West Virginia, along with advisor Andrew D. Burns and support staff. The team managed $769 million in client assets and was the largest at Morgan Stanley’s Huntington office. Their move highlights Raymond James' ongoing strategy to attract large advisor teams to its growing employee channel. 

→ Jeffrey Biederman Jr. and Andrew Burns brought a $769 million practice from Morgan Stanley to Raymond James.
→ Two colleagues from the original team, Thomas Cannon and Margaret Hagy, stayed with Morgan Stanley.
→ The Huntington Raymond James branch is led by Paul Jacobson and is part of a region overseen by Amy Smart.
→ Raymond James’ employee advisor channel grew 4% in 2024, making it the firm’s fastest-growing segment.

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Stifel Nabs $1.35B FA Team from RayJay

Greer Financial Group, a Georgia-based advisor team managing $1.35 billion in assets, has left Raymond James to join Stifel Financial. Led by Managing Director Hal Greer, the team includes several seasoned professionals and client associates, all of whom will now operate out of Stifel's Macon, Georgia office. Hal Greer, with nearly three decades in the industry, had been with Raymond James since 2013. This move reflects Stifel’s continued strategy of recruiting large, high-performing teams to grow its advisor presence, particularly in the Southern region.

→ Greer Financial Group managed $1.35 billion at Raymond James before joining Stifel.
→ The team is led by Hal Greer and includes George Greer, Ryan Emory, Sheri Haugabook, and Maggie Greer.
→ The move strengthens Stifel’s presence in the Southern region, according to managing director Dick Ferguson.

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Citizens Lands Merrill Private Wealth Team Managing $900 Million in California 

Citizens Financial Group has added a $900 million private wealth team led by veteran advisor Kristopher R. Reddaway, previously of Merrill Lynch, to its growing Citizens Private Wealth division. Reddaway joins with junior advisor Joseph A. DiBuono and client associate Dianna Vetter, forming Reddaway Wealth Partners in Newport Beach, CA. The move is part of Citizens’ broader strategy to expand its wealth division, especially in high-net-worth markets, following the recruitment of former First Republic and Flagstar Private Bank teams. Citizens’ Private Wealth business, now led by former First Republic executive Tom Metzger, manages $50 billion in assets.

→ Kristopher R. Reddaway and team joined Citizens from Merrill Lynch with $900 million in AUM.
→ The team will collaborate with Citizens' Newport Beach Private Bank, led by Victor Mena.
→ Reddaway Wealth Partners focuses on clients with $25M to $1B in net worth.
→ Citizens Private Wealth has added five teams managing $8.2B in the past year.

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M&A Activity

Prime Capital Buys $1.6B RIA, Launches Family Office 

Prime Capital Financial has acquired SineCera Capital, a $1.6 billion Austin-based RIA serving ultra-high-net-worth families, and used the deal to launch Prime Capital Family Office. SineCera founder Kevin Kaylakie is now president of the new division, which strengthens Prime Capital’s offerings in estate planning, tax advisory, and alternative investments. The acquisition fulfills a long-standing goal to establish a family office arm, with CEO Glenn Spencer highlighting its strategic value for existing and prospective clients. The deal marks Prime Capital’s second $1B+ acquisition of 2025, following its purchase of Sugarloaf Wealth Management. Despite ongoing legal battles, the firm plans to continue expanding with at least two more large acquisitions this year.

→ Prime Capital launched its family office division through the acquisition of SineCera Capital.
→ Kevin Kaylakie, SineCera’s founder, was named president of Prime Capital Family Office.
→ SineCera brings expertise in alternatives, estate planning, tax advisory, and banking management.
→ Prime Capital is targeting at least two more large acquisitions by the end of 2025.

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Focus Merges Partner Firm Dorchester Wealth into Canada Hub 

Focus Financial Partners has merged Montreal-based Dorchester Wealth Management into its Canadian hub, Cardinal Point, as part of its broader strategy to consolidate its partner firms. The deal adds CAD $2 billion (US $1.4 billion) in assets to Cardinal Point, bringing its total AUM to $5.1 billion (US $3.5 billion). Dorchester, one of Canada's oldest wealth firms, also has a presence in Toronto and serves clients across North America and abroad. As part of the integration, Dorchester president Robert Bard will lead wealth management operations in Montreal for Cardinal Point. This move aligns with Focus's post-privatization consolidation strategy under private equity ownership and reinforces its investment in the Canadian market.

→ Dorchester Wealth Management brings CAD $2 billion (US $1.4 billion) in assets to Cardinal Point.
→ Robert Bard, Dorchester’s president, will oversee Montreal operations for Cardinal Point.
→ Focus Financial is pursuing internal consolidation following its 2023 privatization by CD&R.
→ Cardinal Point became Focus’s fifth official hub firm in January 2025.

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Rebranded Composition Wealth Adds $930M in Seattle Double Deal

Recently rebranded from Miracle Mile Advisors, Composition Wealth has announced two acquisitions in the Seattle area: Vinoble Group ($630M AUM) and Unionview Wealth Partners ($300M AUM), bringing its total acquisitions to 11. These deals align with CEO Bruce Milam’s goal to expand in Seattle, where both he and the firm’s head of wealth management, Nate Angelo, are originally from. Leaders from both acquired firms—Brian Johnson (Vinoble), Katie Pieper, and Craig Hanson (Unionview)—will join Composition as partners and wealth advisors. The acquisitions follow the firm’s recent rebrand to reflect its national growth and client-first philosophy. 

→ Composition Wealth acquired $630M Vinoble Group and $300M Unionview Wealth Partners in Seattle.
→ These are the firm’s first deals of 2025 and its 10th and 11th acquisitions overall.
→ Brian Johnson, Katie Pieper, and Craig Hanson will become partners and wealth advisors at the firm.
→ The acquisitions follow a rebrand from Miracle Mile to better reflect the firm’s national presence.
→ Composition Wealth manages $8.6B in AUM and is backed by private equity firm Corsair Capital.

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EP Wealth Advisors Acquires The Holben Group in Denver 

EP Wealth Advisors has acquired The Holben Group, a Denver-based RIA with $190 million in assets, further strengthening its presence in Colorado. Founder Jeffrey Holben and Clinton Demming will join EP Wealth as vice president, advisor, and partner, while Patricia Parker becomes a wealth advisor. The Holben Group will now operate alongside EP Wealth’s regional director Jon Moore and the existing Colorado team. This marks EP Wealth’s second acquisition of 2025, following its purchase of Nashville-based Criterion Capital Advisors. EP Wealth, which manages over $31 billion in assets, now operates in 47 offices across 16 states.

→ EP Wealth adds $190M in AUM through its acquisition of The Holben Group in Denver.
→ The Holben team, including Jeffrey Holben, Clinton Demming, and Patricia Parker, joins EP Wealth.
→ This follows EP’s earlier 2025 acquisition of Criterion Capital Advisors in Nashville, with $500M+ in assets.
→ CEO Ryan Parker emphasized the firm's client-first, entrepreneurial foundation and national growth strategy.

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Mariner Acquires $730M Firm from Its Independent Advisor Network 

Mariner Wealth Advisors is acquiring Ocean Heights Advisors, a $730 million AUA firm based in Newport Beach, California, that was previously part of Mariner’s independent advisor network. Ocean Heights, founded by Kevin Barlow, Kevin O’Grady, and Nella Webster after departing Miracle Mile Advisors (now Composition Wealth), had nearly doubled its assets since joining the network in 2022. The acquisition, expected to close by April 1, marks a strategic shift as Mariner increasingly looks to acquire RIAs from within its platform. Barlow and other stakeholders will become Mariner shareholders, and Barlow will lead the Newport Beach office. 

→ Ocean Heights Advisors joined Mariner’s independent network in 2022 and is now being fully acquired.
→ Co-founder Kevin Barlow will lead Mariner’s Newport Beach presence and become a shareholder.
→ Mariner Wealth Advisors manages approximately $560B in total client assets.
→ The acquisition reflects Mariner’s strategy to integrate RIAs from its network as part of succession planning.

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Americana Expands into California with $1.5B Firm Buy 

Americana Partners, a Houston-based RIA managing $11.5 billion in assets, has acquired Boulevard Family Wealth, a $1.5 billion Beverly Hills-based firm serving ultra-high-net-worth clients. The acquisition marks Americana’s first expansion outside Texas and its first deal since receiving backing from private equity firm Lovell Minnick. Led by founder Matt Celenza, the Boulevard team will establish a new office on Wilshire Boulevard. Americana, which also receives support from Dynasty Financial, continues to pursue both RIA acquisitions and team lift-outs as part of its national growth strategy.

→ Boulevard Family Wealth brings $1.5B AUM and marks Americana’s first expansion beyond Texas.
→ This is Americana’s fourth deal and first since securing PE backing from Lovell Minnick.
→ Founder Matt Celenza and his team will relocate to a new office in Beverly Hills.
→ CEO Jason Fertitta says Americana has a robust deal pipeline and aims to acquire RIAs and recruit Wall Street teams.

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LPL Financial Closes Acquisition of The Investment Center, Inc. 

LPL Financial has completed its acquisition of The Investment Center, Inc., an independent broker-dealer and RIA based in Bedminster, NJ, with approximately $7 billion in client assets. The transaction brings 160 advisors to LPL’s platform, with $4 billion in assets already onboarded and the remaining $3 billion expected in the coming months. The deal enhances LPL’s national network and advisor capabilities by expanding access to its technology and wealth management resources. This acquisition reflects LPL’s ongoing growth strategy and its commitment to supporting independent financial advisors with scalable infrastructure.

→ LPL has acquired The Investment Center, bringing on 160 advisors and $7B in client assets.
→ The Investment Center, founded in 1986, operated as a nationwide broker-dealer and RIA.
→ The acquisition supports LPL’s strategy to grow its advisor network, now totaling ~29,000.

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Focus Hub Kovitz Adds $3B Transform Wealth 

Kovitz, a Chicago-based Focus Financial Partners hub, has acquired fellow Focus affiliate Transform Wealth, a Denver-area firm managing approximately $3 billion in assets. Led by brothers Nathan and David Kubik, Transform Wealth had been part of the Focus network since 2016. The integration is part of Focus Financial’s broader strategy to consolidate its network of wealth firms following its 2023 acquisition by private equity firm Clayton, Dubilier & Rice. The deal strengthens Kovitz’s presence in the Mountain West region and aligns with its mission to expand through culturally aligned, client-first partnerships.

→ Transform Wealth adds $3B in AUM and expands Kovitz’s reach in the Mountain West.
→ The firm is led by Nathan and David Kubik and employs 16 advisors serving 1,600+ clients.
→ Kovitz is one of five official Focus consolidation hubs created post-CD&R acquisition.
→ Kovitz managed $32B in assets as of December 2024.

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Wealth Enhancement agrees to acquire $3bn Marcum Wealth 

Wealth Enhancement (WE) has agreed to acquire Marcum Wealth, a Cleveland-based RIA managing nearly $3 billion in assets and serving over 2,900 clients. Marcum operates offices across several states, including Ohio, New York, and Florida. Formerly owned by the accounting firm Marcum LLP, the RIA remained separate when CBIZ acquired Marcum LLP in 2024. Marcum Wealth is now majority-owned by its management, led by CEO Eric Wulff. The deal comes amid past acquisition interest from Hightower Advisors and ongoing litigation with a former Marcum executive.

→ Wealth Enhancement is acquiring $3B AUM Marcum Wealth, expanding its national footprint.
→ Marcum Wealth operates in multiple states and maintains ties to the accounting firm CBIZ.
→ The firm is led by CEO Eric Wulff and is largely owned by its management team.
→ WE, backed by TA Associates and Onex, completed over 20 acquisitions in 2024 and manages $103B in assets.

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Integrated Partners Enters Michigan, Adds $331M Wealth Team 

Integrated Partners, a hybrid RIA and LPL Financial affiliate, has acquired Prout Financial Design, a Traverse City, Michigan-based firm managing over $331 million in client assets. The deal marks Integrated’s first Michigan expansion and its second acquisition of 2025. Founded by Dennis Prout in 1990, the firm will retain its name and staff, including Prout’s son Nathan and Managing Director Heidi Cartwright. The move is part of Prout’s succession plan and allows the firm to leverage Integrated’s investment platform and CPA Alliance network. Integrated, which manages $21 billion in assets and has over 230 advisors nationwide, continues to target growth across the Midwest and West Coast.

→ Prout Financial Design brings $331M in assets and will retain its brand post-acquisition.
→ Dennis Prout plans to use Integrated’s investment platform and CPA referral alliance.
→ Integrated Partners now operates over 115 regional offices and has seen 17% organic growth over three years.
→ Earlier 2025 additions include San Diego-based RetirementDNA ($1B+) and Generation Capital Advisors ($200M).

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Merit Acquires $1.6B Idaho-Based RIA with Affiliate ESOP 

Merit Financial Advisors has acquired Pocatello, Idaho-based Sanctuary Wealth Management and its subsidiary Fiduciary Services, adding $1.6 billion in client assets in its second deal of 2025. This acquisition—Merit’s second-largest to date—brings new capabilities in employee stock ownership plans (ESOPs), further expanding Merit's reach into the western U.S. Sanctuary was founded by Brett Robison and later joined by Gene Clay Esplin and Joel Phillips, all of whom will now serve as wealth managers at Merit. The acquisition enhances Merit’s services to business owners and bolsters its expertise in retirement planning, 401(k) plans, and ESOP transactions.

→ Sanctuary’s team of seven, including three owners, will join Merit and continue client-facing roles.
→ The acquisition introduces a specialized ESOP practice through Fiduciary Services.
→ Merit now has over 40 offices and manages $12.27B in assets across advisory, brokerage, and AUA channels.
→ This marks Merit's 34th acquisition since its 2020 partnership with Wealth Partners Capital Group and HGGC’s Aspire Holdings.
→ The deal is the first since David Wahlen joined as VP of Strategic Partners.

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$7.4B Pure Financial Advisors Makes First RIA Buy Since 2023 

San Diego-based RIA Pure Financial Advisors has acquired Personal Investment Management (PIM), a Redmond, Washington-based firm with approximately $567 million in assets under management. The transaction marks Pure’s first acquisition since late 2023 and aligns with its strategy to grow selectively through culturally aligned deals. Pure, which now manages around $7.4 billion in client assets, sees the acquisition as a strategic move to scale its presence in the Seattle market, where it previously acquired Kaufman Kampe Advisors. The deal was funded through a recently expanded debt facility with minority backer Emigrant Partners, which supports Pure alongside Lee Equity Partners.

→ Pure’s acquisition of PIM adds $567M in AUM and strengthens its footprint in the Seattle area.
→ The deal follows Pure’s 2023 acquisitions of Symphony Financial Planning ($240M) and Crestline Capital ($90M).
→ Pure is majority employee-owned and backed by Emigrant Partners and Lee Equity Partners.
→ Pure focuses on making 1–3 highly strategic acquisitions per year while continuing strong organic growth.

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Waverly Enters Maryland and Virginia with $400M RIA Buy 

Waverly Advisors has acquired GGM Wealth Advisors, a Baltimore-based RIA managing over $400 million in client assets, marking its second acquisition of 2025 and expanding its footprint into the Maryland and Northern Virginia markets. GGM’s leadership, including Jeff Johnson and Michael Little, will join Waverly as partners and regional directors, along with their full seven-person team. The deal aligns with Waverly’s strategy of growing via cultural alignment and regional expansion, following 22 acquisitions since its 2021 partnership with Wealth Partners Capital Group and HGGC. Waverly, now with 37 offices and $16.9 billion in assets, continues to be one of the RIA industry’s most active acquirers.

→ GGM Wealth Advisors adds $400M AUM and a new presence in Baltimore and Fairfax, VA.
→ Leaders Jeff Johnson and Michael Little become partners and regional directors at Waverly.
→ CEO Justin Russell recently took over leadership following the passing of long-time CEO Josh Reidinger.
→ Waverly now operates 37 offices and manages $16.9B in client assets.

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CW Advisors buys $1.3bn New Jersey RIA, adds Maine firm 

CW Advisors, a Boston-based RIA backed by private equity firm Audax Group, has announced the acquisition of two RIAs: Delta Financial Group, a $1.3 billion firm in New Jersey, and Leathe & Associates, a $123 million firm in Maine. The Delta acquisition marks CW's largest to date by AUM and expands its presence in the Mid-Atlantic, particularly in New Jersey. These deals bring CW’s total acquisitions to eight since Audax acquired a majority stake in 2023. With the latest additions, CW now manages $12 billion in assets and operates 15 offices nationwide.

→ Delta Financial Group, CW's largest acquisition to date, adds $1.3B in AUM and strengthens its New Jersey footprint.
→ Leathe & Associates, founded by Jeff Leathe in 2004, contributes $123M in client assets and joins from Eliot, Maine.
→ CW Advisors, formerly Congress Wealth Management, has made eight acquisitions since Audax became its majority backer.
→ CW is reportedly pursuing a new capital raise, with Audax potentially exiting its stake.

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LPL pays $2.7bn to acquire Commonwealth Financial Network 

LPL Financial has agreed to acquire rival independent broker-dealer Commonwealth Financial Network for $2.7 billion in cash, a deal that will bring an additional $285 billion in client assets and 2,900 advisors under LPL’s umbrella. The acquisition, expected to close in the second half of 2025, will push LPL’s total assets over $2 trillion. Commonwealth, which currently clears through Fidelity’s National Financial Services, will transition to LPL’s in-house platform, benefiting LPL’s cash sweep economics. The Commonwealth brand and operating style will be preserved post-deal. CEO Wayne Bloom will join LPL’s leadership, and founder Joe Deitch will serve in an advisory capacity on LPL’s board.

→ LPL will acquire Commonwealth for $2.7B, funded through a mix of cash, debt, and $1.5B in equity.
→ The deal boosts LPL’s total assets over $2T and adds 2,900 advisors from Commonwealth.
→ Commonwealth will migrate from Fidelity’s NFS platform to LPL’s, improving LPL’s cash economics.
→ Wayne Bloom joins LPL leadership; Joe Deitch becomes an advisor to the board.

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New Firm Launches

Former B. Riley wealth platform head launches RIA 

Thomas Kowalczyk, former EVP and head of platform at B. Riley Wealth, has launched a new Dallas-area RIA called Steadtrust LLC. He filed for SEC registration in February 2025 and is awaiting approval. The firm has custody ties with Fidelity, Raymond James, and SEI but has not yet disclosed its AUM. Kowalczyk left B. Riley in December 2024 after previously serving as CEO of National Asset Management. His launch comes as B. Riley Financial faces SEC scrutiny and recently spun out its investment banking arm amid reported talks to sell its wealth unit.

→ Thomas Kowalczyk launched Steadtrust LLC after leaving B. Riley Wealth in December 2024.
→ The firm is awaiting SEC approval and has custody relationships with Fidelity, Raymond James, and SEI.
→ Kowalczyk previously served as CEO of National Asset Management.
→ B. Riley Wealth was reportedly in talks to sell its wealth unit to Stifel Financial.

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