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Mercer Advisors has announced two acquisitions, adding nearly $1.7 billion in combined client assets. The deals include Waypoint Capital Advisors, a $1 billion Minneapolis-based RIA with a focus on ultra-high-net-worth clients, and Chapel & Collins, a $675 million Fort Collins, Colorado-based firm catering to high-net-worth individuals and corporate retirement plans. These are the seventh and eighth deals Mercer has announced in 2024, marking continued growth under its new M&A leadership. With $66 billion in total client assets, Mercer remains a major player in the wealth management space, backed by private equity firms Oak Hill Capital, Genstar Capital, and Altas Partners.
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The investment advisor and broker-dealer landscape is undergoing constant transformation, with significant shifts happening every month. In this edition of our monthly ‘RIA & Broker Dealer Roundup’ series, FINTRX, the leader in global wealth management data intelligence, spotlights the most noteworthy advisor transitions, strategic M&A deals and the emergence of new firms shaping the industry throughout November 2024.
Quick Hitters: Recent Developments in Wealth Management
(Click to jump to the specific article)
- Janney added three teams managing $1.1B from Kestra, LPL & RayJay
- Morgan Stanley recruited a $1.5B Merrill Lynch team in Boca Raton
- Nexus Wealth Partners joined LPL with $410M in assets
- UBS and Kingsview added advisors managing $200M
- Raymond James gained two Ohio teams managing a combined $1.8B
- Integrated Partners added Generation Capital Advisors
- 1828 Capital, managing $1.5B, joined Ampersand Partners
- UBS Expands in Miami with New Advisory Team
- Bank of America Private Bank added a $7B advisor duo from Citi
- Aspen acquired $2.8B Summitry in its first major deal
- Sequoia acquired a $300M South Carolina RIA
- Buckingham added a $271M Nebraska RIA post-merger
- Wealth Enhancement Group gained $536M in its 15th '24 deal
- Mercer added $1.7B from two acquisitions
- Waverly Advisors acquired a $900M Ohio RIA
- Creative Planning added a $550M Kansas RIA
- CAPTRUST acquired Boston Financial Management
- Carson Wealth Expands into Minnesota with $350M Team
- Steward Partners acquired $850M Mainstay Wealth Management
- Summit invested in three RIAs managing $420M
- Corient co-founder launched a boutique SoCal RIA
- A father-son team launched Burling Wealth Partners
- Michael Bernier launched GWC Financial Advisors with $165M via LPL
- A mother-son team formed Birch Financial Group
- Steward created G2G Wealth Management with $377M across FL & GA
Read on for more info...
Rep Movement
Janney Adds $1.1B with Ex-Kestra, LPL and RayJay Teams
Janney Montgomery Scott has expanded its Eastern U.S. presence by adding three advisor teams with over $1 billion in combined client assets. The additions include Personal Wealth Solutions ($400M), Markley Beckley Wealth Advisors ($275M), and HD Wealth Partners ($450M), each joining from different firms to strengthen Janney’s network in Ohio and Florida. The recruitment demonstrates Janney’s appeal to advisors seeking independence, as the firm continues to grow while finalizing its acquisition by KKR. Janney also launched a charitable giving fund in October, reflecting its focus on philanthropy.
What You Need to Know:
→ Janney added three advisor teams with over $1B in combined AUM: Personal Wealth Solutions ($400M), Markley Beckley Wealth Advisors ($275M), and HD Wealth Partners ($450M).
→ Personal Wealth Solutions joined Janney’s new Mansfield, Ohio, office, led by Jeremy Swank, Greg Kibler, and Debbie Williams.
→ Markley Beckley Wealth Advisors, formerly with LPL, and HD Wealth Partners, previously with Raymond James, bolster Janney’s presence in Ohio and Florida.
→ Janney, managing $150B in assets, is set to complete its acquisition by KKR in Q4 2024.
→The firm recently launched the Janney Charitable Giving Fund, a donor-advised fund program for advisors and clients.
Wire Wars: Morgan Stanley Nabs Merrill Private Wealth Team Managing
Morgan Stanley has successfully recruited the MM & Associates Group from Merrill Lynch, a Boca Raton-based team managing $1.5 billion in client assets. The group, led by Michael P. Halperin, Michael B. Passeroff, and Matthew N. Liebman, joined on October 4th and reports to branch manager Karla Espegard Ransdell. The team’s members bring extensive experience, with careers spanning decades in wealth management. This recruitment reflects the ongoing competition between Morgan Stanley and Merrill Lynch for top-performing advisory teams.
What You Need to Know:
→ The MM & Associates Group, managing $1.5 billion, joined Morgan Stanley in Boca Raton under branch manager Karla Espegard Ransdell.
→ Michael Halperin, a 23-year Merrill veteran, has a diverse business background and was promoted to managing director earlier this year.
→ Morgan Stanley and Merrill Lynch have engaged in notable talent exchanges, each recruiting large teams with significant assets in recent months.
LPL Financial Welcomes Nexus Wealth Partners
Nexus Wealth Partners, managing $410 million in assets, has joined LPL Financial to leverage its advanced technology and resources for enhanced client service and business growth. Led by Scott Nelson and Kamie Abraham, the firm specializes in financial planning for Hollywood executives, women in life transitions, and high-net-worth families. The move positions Nexus to attract younger advisors and expand its team.
What You Need to Know:
→ Nexus Wealth Partners, managing $410M in assets, transitioned to LPL Financial after an eight-month search for a new platform.
→ Scott Nelson and Kamie Abraham, Nexus leaders, specialize in serving Hollywood executives, women in life transitions and wealthy families.
→ LPL provides integrated technology and resources to support Nexus's long-term growth strategy.
UBS, Kingsview Welcome New Advisors from RBC, Edward Jones
Two seasoned advisors with decades of experience have moved to new firms. Anibal Drelichman, formerly of RBC Wealth Management, has joined UBS’s Philadelphia D.C. Wealth Management Market along with client service associate Fatema Sarker. Drelichman brings over 30 years of experience in wealth management. Separately, Greg LaFreniere, managing $200 million in assets, has joined Kingsview Partners as a wealth manager and partner after a 20-year career at Edward Jones. Both firms emphasized the value these advisors bring to their teams and clients.
What You Need to Know:
→ Anibal Drelichman joined UBS’s Philadelphia D.C. Wealth Management Market, bringing over 30 years of wealth management experience.
→ Drelichman’s background includes roles at major firms such as American Express, Morgan Stanley, and Oppenheimer & Co.
→ Greg LaFreniere moved to Kingsview Partners in Michigan, where he became a wealth manager and partner managing $200 million in assets.
→ LaFreniere highlighted his passion for helping clients achieve retirement goals and mentoring young investors.
Raymond James Nabs Two Ohio Teams With $1.8B Combined From Merrill, Wells Fargo
Raymond James & Associates has brought on two Ohio wealth teams managing over $1.8 billion in combined client assets from Merrill Lynch and Wells Fargo. The DKO Private Wealth Management group, managing $995 million, joined in Beachwood, Ohio, on November 7, while the Foster Jones Sommers Investment Group, managing $825 million, joined in Perrysburg, Ohio, on October 29. These moves highlight Raymond James’ focus on high-net-worth clients and its appeal as an independent alternative to bank-owned firms.
What You Need to Know:
→ The DKO Private Wealth Management group, managing $995 million in assets, joined Raymond James from Merrill Lynch in Beachwood, Ohio.
→ Jeffrey Danzinger, with 56 years of industry experience, transitioned to a client relationship manager role within the DKO team.
→ The Foster Jones Sommers Investment Group, managing $825 million, moved to Raymond James from Wells Fargo in Perrysburg, Ohio.
Integrated Partners Expands with Dynamic Boston-Based Advisory Team
Generation Capital Advisors (GCA), a Boston-based boutique private wealth management firm, has joined Integrated Partners, a national RIA managing over $20 billion in assets. Founded by Samuel Diarbakerly, GCA specializes in tax, estate, and investment strategies for high-net-worth individuals and business owners. The partnership enables GCA to leverage Integrated’s advanced growth resources, CPA alliances, and industry partnerships, including access to private wealth expert Russ Alan Prince. Diarbakerly, who operates between Boston and Naples, Florida, is joined by a team committed to delivering a seamless, multi-generational wealth transfer experience.
What You Need to Know:
→ Generation Capital Advisors, founded by Samuel Diarbakerly, joins Integrated Partners with a focus on tax, estate, and investment strategies for HNW clients.
→ GCA leverages Integrated’s CPA Alliance and partnerships with private wealth expert Russ Alan Prince to expand upmarket.
→ Diarbakerly, a 31-year-old growth-focused advisor, splits time between Boston and Naples, Florida, leading a team that fosters family financial unity.
$1.5B Arkansas Team Hops from Wells Fargo to Ampersand
Arkansas-based wealth team 1828 Capital has left Wells Fargo to join hybrid RIA startup Ampersand Partners. Led by co-founders Edward Prewitt, Max Mahler, and Mark Gilbert, the Fayetteville team managed $1.5 billion in client assets while at Wells Fargo. Several key staff members, including client relationship managers and operations professionals, join them. Ampersand, founded by former Wells Fargo executives and headquartered in Nashville, continues attracting significant teams, adding a $1.4 billion ex-Wells team in August.
What You Need to Know:
→ 1828 Capital, managing $1.5 billion in assets, left Wells Fargo to join Ampersand Partners.
→ The team is led by Edward Prewitt, Max Mahler, and Mark Gilbert, each with over a decade of experience at Wells Fargo.
→ David Kowach, Ampersand’s CEO, previously served as president and CEO of Wells Fargo Advisors and led Wells Fargo Community Bank.
Financial Advisor Team Joins UBS Private Wealth Management in Miami
UBS Private Wealth Management has welcomed AMD Wealth Partners, a team of financial advisors managing over $1.4 billion in client assets, to its downtown Miami office. Led by Ary Velasco, Michael von Borsig, and David Cardenas, the team brings nearly 80 years of combined experience in serving ultra-high-net-worth clients with tailored financial strategies. Their move to UBS, under the leadership of Brad Rosenberg, highlights the firm’s commitment to expanding its presence and delivering bespoke wealth management services.
What You Need to Know:
→ UBS added AMD Wealth Partners, managing $1.4B, to its Miami Private Wealth Management market.
→ The team includes Ary Velasco, with nearly 40 years of experience, specializing in trust and wealth strategies.
→ Michael von Borsig brings 20 years of expertise, holding CFA and CAIA designations, and focuses on legacy planning.
→ David Cardenas, with a decade of experience, serves high-net-worth business owners and real estate investors.
Bank Of America Private Bank Adds $7 Billion Duo In Palm Beach
Bank of America Private Bank has strengthened its Southeast presence with the addition of Phillip Edwards and Lauren Stuhmer from Citi Private Bank. Together, the duo oversees $7 billion in client assets and will provide wealth management services to ultra-high-net-worth families, focusing on Southeast Florida. Edwards brings 36 years of experience, including roles at JP Morgan and a multi-family office, while Stuhmer offers 17 years of expertise from institutions like JP Morgan and Deutsche Bank. Their arrival reinforces Bank of America’s commitment to serving clients with significant wealth and complex needs.
What You Need to Know:
→ Phillip Edwards and Lauren Stuhmer joined Bank of America Private Bank in Palm Beach, managing $7 billion in client assets.
→ Edwards brings 36 years of experience, including senior roles at JP Morgan and a multi-family office.
→ Stuhmer has 17 years of financial experience, with previous roles at JP Morgan and Deutsche Bank.
→ The duo will focus on wealth management services for ultra-high-net-worth families in Southeast Florida.
M&A Activity
New Acquirer Aspen Buys $2.8B Summitry
Aspen Standard Wealth, a newly launched RIA acquirer, has made its first purchase with the acquisition of Summitry, a $2.8 billion firm based in Foster City, California. Led by CEO Aly Kassim-Lakha, Aspen focuses on long-term partnerships, removing back-office and compliance tasks to enable RIAs to prioritize client service and growth. Summitry, founded in 2003 and rebranded in 2020, aligns with Aspen's vision for sustainable growth. Backed by private equity firm Alpine Investors, Aspen plans to acquire one to two RIAs per month in the $300 million to $10 billion range.
What You Need to Know:
→ Aspen Standard Wealth completed its first acquisition, purchasing Summitry, a $2.8 billion RIA in California.
→ Aspen, founded in April 2024, is led by Aly Kassim-Lakha, a former executive at Advent International and Goldman Sachs.
→ Summitry was founded in 2003 as Golub Group, LLC, and rebranded in 2020 under CEO Colin Higgins.
→ Backed by Alpine Investors, Aspen aims to acquire 1–2 RIAs per month, targeting firms managing $300M to $10B.
Sequoia Acquires $300M South Carolina RIA
Sequoia Financial Group has acquired Family Asset Management, a Charleston-based RIA overseeing $300 million in client assets, as part of its national expansion strategy. The deal marks Sequoia’s seventh RIA acquisition since 2023 and strengthens its presence in South Carolina. Family Asset Management, led by COO Andrew Barrett and CIO Dan Russler, joins Sequoia’s multi-family office division, Sentinel, which caters to ultra-high-net-worth clients. With a strategic partnership with Eide Bailly expected to close soon, Sequoia is also poised to enhance its tax capabilities and expand further into western U.S. markets.
What You Need to Know:
→ Sequoia acquired Family Asset Management, a $300 million RIA based in Charleston, South Carolina, led by Andrew Barrett and Dan Russler.
→ Family Asset Management joins Sequoia Sentinel, a division for clients with $25 million in AUM.
→ The Eide Bailly deal is expected to finalize soon, adding $1.6 billion in assets and paving the way for entry into markets like Los Angeles, Phoenix and Salt Lake City.
→ Backed by Valeas Capital Partners and Kudu Investment Management, Sequoia has 16 offices across nine states and approximately $21.5 billion in AUM.
Buckingham Strategic Wealth to Add $217M RIA
Buckingham Strategic Wealth, operating under The Colony Group as part of Focus Financial Partners, is acquiring Homan Wealth Advisors, a Nebraska-based RIA managing $271 million in assets. This acquisition marks the first for the recently merged Buckingham/Colony Group. Homan Wealth has a longstanding relationship with Buckingham Strategic Partners, leveraging its resources for back-office support. The combined Buckingham/Colony firm now oversees $95 billion in regulatory assets across 90 offices nationwide.
What You Need to Know:
→ Buckingham Strategic Wealth is acquiring Homan Wealth Advisors, a Nebraska firm with $271 million in assets under management.
→ The deal is the first acquisition for the newly merged Buckingham/Colony Group under Focus Financial Partners.
→ Homan Wealth has relied on Buckingham Strategic Partners for back-office support for over 20 years.
→ Buckingham/Colony operates 90 offices across 31 states and D.C., managing $95 billion in assets as of June.
WEG Acquires $536M New Jersey RIA
Wealth Enhancement Group (WEG) has acquired M&R Capital Management, a Summit, N.J.-based RIA managing $536 million in assets. This marks WEG’s 15th acquisition of 2024, boosting its total client assets to $96.6 billion. M&R, founded in 1993 and led by John Maloney, will become WEG’s sixth New Jersey office. Maloney and his team, including advisors Paul DeSisto and Amos Warren, bring decades of industry experience to WEG. Backed by private equity firms Onex Corporation and TA Associates, WEG continues its aggressive expansion in the RIA market.
What You Need to Know:
→ Wealth Enhancement Group adds $536 million in assets with the acquisition of M&R Capital Management.
→ M&R’s John Maloney becomes WEG's senior vice president and financial advisor.
→ Advisors Paul DeSisto and Amos Warren, each with over 30 years of experience, join WEG.
→ The firm now manages $96.6 billion in assets across 118 offices nationwide.
Mercer Reels in $1.7B Through Double Deal
What You Need to Know:
→ Mercer acquired Waypoint Capital Advisors, expanding its family office segment to $15 billion in assets under management.
→ Chapel & Collins brings expertise in high-net-worth wealth management and corporate retirement plans to Mercer’s portfolio.
→ The acquisitions mark Mercer’s first major deals under new M&A leader Martine Lellis.
→ Mercer continues its growth momentum with 40 firms in its acquisition pipeline.
Waverly Advisors has acquired Dayton-based Buckingham Advisors, a $900 million RIA, marking its second Ohio acquisition in a month. The deal adds 38 professionals to Waverly, including founder Jay Buckingham as regional director. The acquisition also establishes Waverly Business Services, a new tax planning division led by former Buckingham executive Jeff Groezinger. With $15.5 billion in assets under management, Waverly has completed 19 acquisitions since partnering with Wealth Partners Capital Group and HGGC in 2021.
What You Need to Know:
→ Waverly’s acquisition of Buckingham Advisors adds $900 million in assets and 38 professionals.
→ Founder Jay Buckingham will serve as a regional director at Waverly.
→ The deal introduces Waverly Business Services, focused on tax planning, led by Jeff Groezinger.
→ This is Waverly’s second Ohio acquisition in a month, following 9258 Wealth Management.
Creative Planning Acquires $550M Kansas RIA
Creative Planning, a $323 billion RIA, has acquired Edmonds Duncan Investment Advisors, a Lawrence, Kan.-based firm managing $550 million in assets. This is Creative Planning's ninth acquisition since early 2023 and its first since selling a minority stake to TPG, which valued the firm at $16 billion. Edmonds Duncan, founded in 2013 by Jason Edmonds and Don Duncan, will bring all six employees to Creative Planning, enhancing its presence in the Lawrence area. The acquisition aligns with Creative Planning's focus on providing personalized financial strategies.
What You Need to Know:
→ Creative Planning acquired Edmonds Duncan, a $550 million RIA based in Lawrence, Kansas.
→ Founders Jason Edmonds and Don Duncan, both industry veterans, join Creative Planning with their entire six-person team.
→ TPG’s investment valued Creative Planning at $16 billion, the highest valuation for an independent RIA to date.
→ Recent acquisitions by Creative Planning also include RIAs in Delaware and Indianapolis, and the accounting firm BerganKDV.
CAPTRUST Financial Advisors has acquired Boston Financial Management (BFM), adding nearly $5 billion in client assets and expanding its presence in Boston, Cape Cod, and Portland, Maine. BFM, a leading wealth management and investment advisory firm for individuals, families, and nonprofits, brings 45 new colleagues to CAPTRUST under the leadership of President and CEO Louis Crosier. This acquisition strengthens CAPTRUST's foothold in Massachusetts, now its third-largest state presence, and enhances its ability to deliver personalized financial solutions in New England.
What You Need to Know:
→ CAPTRUST’s acquisition of BFM adds nearly $5 billion in client assets and expands its footprint with three new locations in Massachusetts and Maine.
→ BFM’s 45-member team, led by CEO Louis Crosier, joins CAPTRUST, while founder Richard H. Morse retires.
→ CAPTRUST now operates five Massachusetts locations, making it the third-largest state for the firm after North Carolina and Texas.
→ BFM, founded in 1976, is ranked #19 on Forbes’ 2024 list of America’s Top RIA Firms.
Carson Wealth Stakes $350M Minnesota Team
Carson Wealth has entered Minnesota by rebranding MAG Wealth Management and acquiring Ovation Wealth Advisors, creating a new Carson Wealth team managing $350 million in client assets. Carson Group took a 30% equity stake in the business, which now operates offices in Paynesville, Minneapolis, and Little Falls, Minn. Led by Jeremy Willner and his son Hayden, the move expands Carson’s presence in the Midwest while addressing succession planning for MAG. This acquisition follows Carson Group’s recent partnerships with $1 billion Sweet Financial Partners and $400 million True North Financial, contributing to its $38 billion in total client assets.
What You Need to Know:
→ Carson Wealth rebranded MAG Wealth Management and acquired Ovation Wealth Advisors, combining for $350M in AUM.
→ Carson Group took a 30% equity stake in the new Minnesota branch, now operating three offices statewide.
→ MAG Wealth founder Jeremy Willner and his son Hayden lead the eight-person Carson Wealth team.
→ Carson Group, managing $38B across 150 partner offices, is minority-backed by Bain Capital.
Steward Partners Acquires $850M New Jersey RIA
Steward Partners has announced its acquisition of Mainstay Wealth Management, a 14-person team in Riverdale, N.J., managing over $850 million in client assets. Mainstay, formerly affiliated with Ameriprise Financial Services, joins Steward’s M&A-focused "legacy division," formed through the acquisition of Freedom Street Partners. This deal underscores Steward’s strategy of expanding through acquisitions and advisor recruitment. Steward Partners now oversees $38 billion in assets across more than 200 advisors and is minority-backed by The Cynosure Group and The Pritzker Organization.
What You Need to Know:
→ Steward Partners acquired Mainstay Wealth Management, adding $850 million in client assets and strengthening its presence in New Jersey.
→ Mainstay’s leaders, Timothy Burklow Sr. and Matthew Rotella, join Steward as managing directors and wealth advisors.
→ The deal was executed through Steward’s "legacy division," created after the acquisition of Freedom Street Partners in late 2023.
→ Steward Partners now manages $38 billion in assets and is minority-backed by The Cynosure Group and The Pritzker Organization.
Summit Stakes Three RIAs With $420M in Assets
Summit Financial, a Parsippany, N.J.-based RIA backed by Merchant Investment Management, has expanded through strategic investments in Southeast Financial Group, Radiance Private Wealth, and Silvertree Retirement Planning. These acquisitions, part of the Summit Growth Partners initiative, bring the firm’s total to 16 investments this year. Summit provides a platform for breakaway advisors with operational support, in-house expertise, and custodial flexibility, managing over $15 billion in assets under management.
What You Need to Know:
→ Summit invested in Southeast Financial Group, Radiance Private Wealth, and Silvertree Retirement Planning, retaining their leadership teams.
→ Raleigh-based Southeast Financial Group will scale its operations more efficiently through Summit’s platform.
→ Radiance Private Wealth, founded by former Brown Advisory advisors, serves high-net-worth clients in Connecticut and New Jersey with estate and financial planning services.
→ Silvertree Retirement Planning, led by CEO Jason Gilsczynski, focuses on serving the manufacturing industry.
New Firm Launches
Corient Co-Founder Departs to Form SoCal RIA
Jon Tenney, a co-founder of Corient Capital Partners (now Corient Private Wealth, part of CI Financial), has departed the $171 billion firm to establish Thece Wealth Management alongside Jake Halladay, a former managing director at Bel Air Investment Advisors. The Newport Beach, California-based RIA will focus on personalized wealth management and family office services for high-net-worth individuals and institutions. Thece is seeking a custodial relationship with Charles Schwab and aims to deliver a highly tailored client experience. The firm is co-owned equally by Tenney and Halladay through Thece Holdings.
What You Need to Know:
→ Jon Tenney and Jake Halladay launched Thece Wealth Management as equal partners under Thece Holdings.
→ The firm plans to offer fee-based investment management, financial planning, and "next-generation engagement" services.
→ Thece is seeking to establish a custodial partnership with Charles Schwab.
→ Corient Capital Partners, founded by former Merrill Lynch advisors in 2015, was acquired by CI Financial in 2022 with $5 billion in AUM.
Father-Son Duo Launch $750M AUM Chicago RIA
Mark and Steven Resnik, a father-son duo, have launched Burling Wealth Partners, a Chicago-based RIA managing over $750 million in assets. Mark, with 30+ years of experience, and Steven, formerly a vice president at The Edgewater Funds, aim to provide tailored strategies for high-net-worth clients while challenging industry consolidation trends. Their team includes experienced professionals Young Im, Zachary Patzik, and Abby Davis, and the firm will utilize Fidelity and Schwab as custodians.
What You Need to Know:
→ Mark Resnik has 30+ years of experience, including leadership roles at Geneva Advisors and Segall Bryant & Hamill.
→ Steven Resnik brings private equity expertise from The Edgewater Funds.
→ The team includes Young Im, formerly of CI Segall Bryant & Hamill, and Zachary Patzik from RMB Capital.
→ The firm challenges industry consolidation by emphasizing better client-advisor alignment.
LPL Onboards $165 Million GWC Financial Team
Michael Bernier, CFP®, AIF®, has joined LPL Financial’s employee advisor channel, Linsco, to launch GWC Financial Advisors in San Diego. Bernier, with over 20 years of wealth management experience and $165 million in client assets, specializes in tax strategy, retirement planning, and estate management. His decision to join LPL was driven by the firm’s robust resources, technology, and independence, aligning with his client-first, fiduciary approach.
What You Need to Know:
→ Michael Bernier launched GWC Financial Advisors through LPL Financial’s Linsco channel, bringing $165M in client assets.
→ Bernier is active in his community, teaching retirement courses and serving on local boards in San Diego.
→ LPL’s integrated platform and independence model attracted Bernier to provide tailored, fiduciary-focused client services.
$250M Mother-Son Team Leaves Steward to Form RIA
Liana Poodiack and her son Travis Poodiack have left Steward Partners to establish Birch Financial Group, a registered investment advisor based in Keene, N.H. The firm, which expects to transition over $250 million in assets from Steward, has partnered with Charles Schwab and Altruist for custody. Birch Financial will focus on high-net-worth clients, requiring a $500,000 minimum account size. The Poodiacks, both former wealth managers at Steward, bring decades of industry experience, including prior roles at Wells Fargo. Joining them at Birch is client service associate Alexis Huntley.
What You Need to Know:
→ Liana and Travis Poodiack launched Birch Financial Group after eight years at Steward Partners.
→ Birch Financial plans to transition over $250 million in assets and serve high-net-worth clients.
→ The firm partnered with Charles Schwab and Altruist for custodial services.
→ Steward Partners, with over $37 billion in client assets, is majority employee-owned but has minority investors, including The Cynosure Group and The Pritzker Organization.
Steward Recruits Advisor Duo to Join Existing Team, Netting $377M
Steward Partners has formed G2G Wealth Management, a hybrid RIA managing $377 million in client assets, through a partnership between Florida-based advisors Zach and Barry Berg and Georgia-based advisors Chuck Miller and Simone Jones. This move expands Steward’s national presence into Palm Beach Gardens, Florida, while maintaining operations in Georgia. Steward, backed by private equity firms The Cynosure Group and The Pritzker Organization, now operates in 26 states and D.C., with $38 billion in assets. The firm continues to grow through advisor recruitment, despite recent challenges, including legal disputes and leadership changes.
What You Need to Know:
→ G2G Wealth Management, managing $377M, combines Florida-based Zach and Barry Berg with Georgia-based Chuck Miller and Simone Jones.
→ This partnership expands Steward Partners' presence into Palm Beach Gardens, marking its first office in the area.
→ Steward Partners, with $38B in AUM, operates in 26 states and continues its national expansion strategy.
→ Zach and Barry Berg previously worked at First Republic, which collapsed in 2023 and was acquired by JP Morgan.
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