The investment advisor and broker dealer landscape continues to evolve rapidly, with pivotal changes occurring each month. FINTRX, the leader in global wealth management data intelligence, continues its monthly ‘RIA & Broker Dealer Roundup’ series, highlighting notable advisor movements, strategic mergers and acquisitions and the debut of new firms throughout October 2024.
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- LPL Financial Adds Noble Group; Merrill Draws $1.5B+ from Major Firms
- Merrill Lynch Gains Advisors from JPMorgan, Morgan Stanley
- Avantax Expands with LPL and Other Advisor Teams
- Cetera Advisors Adds Apex Wealth to its Network
- Raymond James Secures Team from RBC
- Edward Jones Gains Seasoned Wells Fargo Advisor
- Wells Fargo FiNet Attracts UBS Advisor
- UBS Lands JPMorgan Advisor in Florida
- Raymond James Adds Merrill Team in NY
- Baird Expands in Tennessee with $580M in New Teams
- Citizens Financial Onboards Boca Raton Team
- Homrich Berg Acquires Tampa Team
- Kestra Financial Lands Florida Team from B. Riley
- Mercer Advisors Adds $1B with Two East Coast RIA Deals
- Hightower’s Altium Tops $6B AUM with Advisor Team
- WEG Acquires FinTrust in Southeast
- MAI Capital Gains Halpern in Virginia
- Cetera Adds $12B Concourse Financial
- Cerity Partners Acquires SBC Wealth
- Robertson Stephens Expands Midwest with CAFG
- Carson Group Strengthens Midwest with Sweet Financial
- Beacon Pointe Adds $1B Landmark in Twin Cities
- Pathstone Nears $100B with Hall Capital
- Lido Advisors Merges with $3B Pegasus
- Greenwood Gearhart Adds Arkansas Team
- Waverly Advisors Gains Ohio RIA
- MAI Capital Acquires Hyperion in Philadelphia
- $700M Firm Launched with Dynasty by Ex-Equitable Team
- New Ultra-High-Net-Worth RIA by Alvarez & Marsal
Read on for more info...
LPL Gets $2.1B Team from RayJay; Merrill Pulls from Morgan Stanley, Wells Fargo
LPL Financial has recruited The Noble Group, a Houston-area team from Raymond James, managing $2.1 billion in client assets. Founded nearly 30 years ago by Tom Noble, who is now retiring, the team is now led by Joseph Rose. This move comes amid a leadership shift at LPL, with Interim CEO Rich Steinmeier stepping in following the firing of former CEO Dan Arnold. Meanwhile, Merrill Lynch has been actively recruiting, pulling over three advisory teams from Morgan Stanley and Wells Fargo, totaling more than $1.5 billion in assets, as it resumes competitive hiring after a pause.
→ The Noble Group joins LPL with 22 team members, including advisors Britton Noble, Paul Massey, Mary Cardenas, and others, along with 13 support staff.
→ LPL’s recent leadership change places Rich Steinmeier as Interim CEO, following the board’s decision to dismiss Dan Arnold.
→ Merrill recruited former Morgan Stanley advisors Kevin Ou and Michael Baghramian, with $700 million in assets, and Elana Ginsburg, managing $660 million, for its Los Angeles offices.
→ Merrill’s renewed recruiting efforts are led by Wealth Management Co-Head, Lindsay Hans.
Merrill Scores Two Advisor Teams from JPMorgan, Morgan Stanley
Merrill has reinforced its wealth management division by recruiting two advisory teams from JPMorgan and Morgan Stanley for its Austin, Texas, and New York City offices. In Austin, Dustin Elliott and Andrew Bushong, formerly of Morgan Stanley, bring $450 million in client assets and a team of three, continuing Merrill’s recent trend of attracting talent from Morgan Stanley. In New York City, Michael Puleio and Laura Bokser joined Merrill Private Wealth Management from JPMorgan, where they managed $500 million in assets, focusing on ultra-high-net-worth clients.
→ Merrill’s Austin office welcomed Dustin Elliott and Andrew Bushong from Morgan Stanley, who collectively manage $450 million in assets.
→ Merrill has attracted four Morgan Stanley teams in the past three months, bringing over $4.5 billion in assets under management.
→ In New York City, Michael Puleio and Laura Bokser transitioned from JPMorgan to Merrill, bringing expertise in managing ultra-high-net-worth clients, including family offices and sports figures.
Avantax Adds Slew of Advisors Managing $390M
Avantax has significantly expanded its advisor network by recruiting six new firms, including three former LPL Financial teams, bringing an additional $390 million in assets under management. This growth aligns with Avantax’s focus on tax-centered financial advice, with new additions spread across key locations including California, New York, and Pennsylvania. Since its acquisition by Cetera Holdings for $1.2 billion last November, Avantax has prioritized aggressive recruitment to enhance its national presence.
→ Former LPL-affiliated teams joining Avantax include Sentinel Financial Group in California, Premier Wealth Management in New York, and Wright Financial Solutions in Iowa.
→ Other notable recruits are Progressive Planning Group from Lincoln Financial, advisor Allan Thompson from Ameriprise Financial, and advisor W. Townsend Morris from Kestra Financial.
→ Avantax’s expansion into the Seattle area includes the addition of Defender Financial Services Group, previously with World Equity Group.
→ Avantax now oversees $93 billion in assets through its Avantax Wealth Management platform.
Cetera Welcomes Advisor with $136 Million in AUA to Cetera Advisors
Tom Wolf, formerly with Arvest Wealth Management and managing $136 million in assets, has joined Cetera Advisors, launching his independent firm, Apex Wealth Management. Wolf was drawn to Cetera’s community-oriented structure and advanced technology, which he believes will support his firm’s growth. With seven years in the industry and a background in law, Wolf is set to expand his practice under Cetera’s extensive network, supported by his assistant, Tori Dockery. Cetera, a Wealth Hub supporting over 12,000 financial professionals, emphasizes growth solutions and strong advisor satisfaction, boasting $521 billion in assets under administration.
→ Tom Wolf founded Apex Wealth Management as an independent firm upon joining Cetera Advisors, bringing $136 million in client assets.
→ Wolf is joined by licensed financial associate Tori Dockery, who holds Series 7 and Series 66 registrations.
→ Cetera oversees over $521 billion in assets under administration and supports financial professionals with scalable growth strategies, offering solutions for mergers, sales and succession planning.
Raymond James Draws $1.1B Team from RBC
Raymond James has announced the addition of a Las Vegas-based advisory team, previously from RBC Capital Markets, managing approximately $1.1 billion in assets. Known as The Business Exit Planning Advisors of Raymond James, the team is led by Kerry Withrow, joined by advisors Ben Hamilton, Ryan D'Souza, Elliott Bloch, and Practice Business Manager Terri Criswell. The team was attracted to Raymond James for its robust technology platforms tailored for business owners and high-net-worth clients, as well as its access to Raymond James’ Investment Banking services.
→ The advisory team led by Kerry Withrow joined Raymond James from RBC Capital Markets, bringing $1.1 billion in client assets.
→ Advisors Ben Hamilton and Elliott Bloch have extensive experience in wealth management, with Hamilton's career beginning in 1978 and Bloch's in 2004.
→ The team, now branded as The Business Exit Planning Advisors of Raymond James, also includes Ryan D'Souza and Terri Criswell, both with backgrounds at RBC and other financial institutions.
Edward Jones Pulls Another Wells Fargo FA
Veteran financial advisor Bill Burgess, with over 40 years of experience, has joined Edward Jones from Wells Fargo, where he managed $97 million in client assets. Having spent his entire career with Wells and its predecessor firms, Burgess made the move to Edward Jones to leverage its advisor support resources and product offerings, which he believes will help him serve clients more effectively. He will continue advising clients in Beckley, West Virginia. Burgess is among a recent wave of Wells Fargo advisors, including Chad Hansen and Thomas Kimmett, to join Edward Jones as the firm bolsters its advisor talent.
→ Bill Burgess, a financial advisor with more than four decades of experience, transitions from Wells Fargo to Edward Jones, where he aims to expand his client support.
→ Edward Jones has also welcomed advisors Chad Hansen and Thomas Kimmett from Wells Fargo, with both managing over $100 million in assets each.
→ Chad Hansen, with 18 years of experience, and Thomas Kimmett both began their careers at Edward Jones before moving to Wells Fargo and have now returned.
$4.2M UBS Broker Breaks Away for Wells Fargo FiNet Practice in Florida
Stephen Jurist, a UBS Wealth Management USA broker with $4.2 million in annual revenue and over $1 billion in client assets, has joined Wells Fargo’s independent FiNet network at Center Street Capital Advisors in Boca Raton, FL. Jurist’s move, accompanied by his son Ryan and two client associates, significantly boosts Center Street’s assets, marking it as one of the largest and fastest-growing practices on the FiNet platform. This recruitment highlights Wells Fargo’s strategic push to grow FiNet and attract top talent from competitors like UBS, which lacks an independent broker-dealer channel.
→ UBS broker Stephen Jurist, managing $1 billion in assets, has joined Wells Fargo’s FiNet at Center Street Capital Advisors in Boca Raton, potentially boosting the firm’s assets by nearly 25%.
→ Center Street Capital Advisors was launched by former Wells private client group members Andrew M. Wayne and Gary H. Wayne in 2022.
UBS Swipes UHNW Advisor From JPMorgan
UBS Private Wealth Management’s South Florida-based team, Integra Partners, has added advisor John Hardin from J.P. Morgan, where he managed over $470 million in assets. Integra Partners, which was formed in 2021 and manages over $7.2 billion in assets, is led by advisors Vicente Del Rio, Brian Beraha, and Horacio Aguirre. Hardin, experienced with high-net-worth clients and family offices, brings along Senior Wealth Strategy Associate Katelyn O'Hara, also from J.P. Morgan.
→ John Hardin, with a background in private banking from J.P. Morgan, joins Integra Partners.
→ Integra Partners’ leadership includes former J.P. Morgan advisors Vicente Del Rio, Brian Beraha, and Horacio Aguirre, now overseeing $7.2 billion in assets.
→ Katelyn O'Hara, a Senior Wealth Strategy Associate with J.P. Morgan experience, joins UBS to support high-net-worth and family office clients.
Raymond James Scoops Up Billion-Dollar Merrill Team in Upstate New York
Raymond James & Associates has recruited a high-profile Merrill Lynch team managing approximately $1 billion in assets based in Williamsville, New York. Led by Christopher Scott, a 24-year Merrill veteran, the team also includes advisors Kevin Klein, Michael Gates, and Salvatore Gandolfo. This group, known for serving high-net-worth clients such as business owners, doctors, and attorneys, chose Raymond James for its wealth management focus, noting that it operates independently of bank ownership.
→ The newly recruited team at Raymond James includes five advisors and four client associates, emphasizing a client-centered transition process.
→ Christopher Scott and team members, all with extensive experience at Merrill, primarily serve households with $1.5 million to $3 million in assets.
→ The team’s move follows Raymond James’s increased recruitment incentives, reportedly reaching up to 300% of trailing 12-month production.
→ Raymond James has grown its employee brokerage ranks by 4% over the past year, reaching ~3,654 brokers.
Baird Welcomes Two Wealth Teams in Tennessee Expansion
Baird has expanded its wealth management presence in Tennessee by opening a new office in Franklin and recruiting two advisory teams: The Berry Peña Group and The Elder Group. This addition strengthens Baird’s reach in the state, with the new teams bringing a combined $580 million in client assets. The Berry Peña Group transitions from B. Riley, while The Elder Group moves from Janney Montgomery Scott, adding decades of advisory experience to Baird’s growing private wealth management network.
→ The Berry Peña Group, led by Tyler Berry and Rachel Peña, joins Baird from B. Riley, bringing a strong focus on client-first service.
→ The Elder Group, led by Steve and Ben Elder contributes local expertise and community knowledge to Baird’s new Franklin office.
→ Baird now operates 11 private wealth offices across Tennessee, with additional services in public finance and institutional support in Nashville and Knoxville.
→ Baird’s private wealth management division has over 1,400 advisors managing $310 billion in assets.
Citizens Onboards $600 Million Florida-Based Team
Citizens Financial Group has strengthened its wealth management capabilities by adding a new advisory team in Boca Raton, led by seasoned advisors Stephen LaForte and Jonathan Soto. With over 40 years of combined experience, the team previously managed $600 million in assets and specializes in customized solutions for high-net-worth and ultra-high-net-worth clients. This move is part of Citizens’ strategic expansion in key markets, including Florida, where it recently launched a Private Banking office and bolstered its commercial banking team to serve a growing client base.
→ Citizens Financial Group has bolstered its wealth management with a new Boca Raton advisory team led by seasoned advisors Stephen LaForte and Jonathan Soto.
→ Citizens recently opened a Private Banking office in Palm Beach and hired a Commercial Banking leader to expand its presence across Florida.
→ Citizens Private Wealth has been actively expanding, recently hiring top-ranked wealth teams in San Francisco and Boston to extend its national footprint.
$18B Homrich Berg Adds $4B Team from Truist
Homrich Berg, an Atlanta-based RIA managing over $18 billion in assets, has expanded into Tampa, Florida, by acquiring an advisory team managing $4 billion in client assets. The new team is led by Larry Parkin, formerly of Truist Private Wealth, who has returned from retirement to head Homrich Berg’s second Florida office. This move aligns with the firm’s recent minority stake sale to private equity firm TPG, valuing Homrich Berg at $1 billion. CEO Thomas Carroll is focused on institutionalizing the business, transitioning it from a practice to a robust enterprise through strategic leadership hires and expanding capabilities for ultra-high-net-worth clients.
→ Homrich Berg has acquired a Tampa-based advisory team, adding $4 billion in client assets and establishing its second Florida office.
→ Larry Parkin joins as Florida Market leader and principal at Homrich Berg’s Tampa office, where he will recruit new talent in the Southeast.
→ The Tampa expansion is the first major team acquisition since Thomas Carroll became CEO.
Kestra Recruits $1.4B Florida Team From B. Riley
Kestra Financial has made its largest recruitment of the year by adding Wealth Empowerment Financial Strategies (WEFS), a Boca Raton, Fla.-based firm managing $1.4 billion in assets. WEFS, previously associated with B. Riley Financial, brings a team of 31, led by senior managing directors Eric Lyon and Tom Holly. The move follows Kestra’s recent private equity transition, with Stone Point Capital acquiring a majority stake in Kestra Holdings. This addition marks another win for Kestra as it strengthens its platform amid continued advisor departures from B. Riley.
→ WEFS, with 31 employees and $1.4 billion in assets, joined Kestra after separating from B. Riley Financial.
→ Senior managing directors Eric Lyon and Tom Holly lead WEFS; Lyon founded the firm in 2006.
→ The addition of WEFS follows other recent Kestra acquisitions, including a $225 million New York team and a $200 million Maryland firm.
→ Private equity firm, Stone Point Capital, recently acquired a majority stake in Kestra Holdings, with Oak Hill Capital retaining a minority position.
Mercer Adds Nearly $1B with Two East Coast Deals
Mercer Advisors has expanded on the East Coast by acquiring two RIAs: Kiely Wealth Advisory Group (KWAG) in North Carolina with $523 million in assets, and Kades & Cheifetz near Philadelphia, managing $440 million. These deals, which closed in September, bring Mercer’s total acquisitions this year to six. KWAG, led by Joe Kiely since 1996, serves over 530 clients, while Kades & Cheifetz, founded in 2016 by Howard Kades and Stephen Cheifetz, serves over 230 clients. With $63 billion in assets, Mercer is backed by private equity firms Oak Hill Capital, Genstar Capital, and Altas Partners and continues to pursue growth.
→ Mercer Advisors acquired Kiely Wealth Advisory Group with $523 million in assets and Kades & Cheifetz with $440 million in assets.
→ KWAG, led by Joe Kiely, serves over 530 clients and has been operational since 1996, with a past SEC settlement for non-disclosed compensation.
→ Cambridge International Partners advised KWAG, while Colchester Partners advised Kades & Cheifetz on the transactions.
Hightower Firm Altium Tops $6B with New Advisor Duo
Altium Wealth Management, a Northeast-based RIA affiliated with Hightower, will exceed $6 billion in managed assets with advisors Kimberly Clouse and Kristen Caseley joining from AdvicePeriod. Clouse and Caseley, focused on high-net-worth families, bring $300 million in client assets. Founded in 2010, Altium joined Hightower in 2022, expanding from $2.7 billion to $6 billion in assets. Hightower, which manages $156 billion, also recently named Gurinder Ahluwalia as president to drive growth.
→ Altium adds advisors Kimberly Clouse and Kristen Caseley, bringing $300 million in client assets focused on high-net-worth families.
→ Clouse, based in Boston, sees the move as an opportunity to access stronger resources and innovative technology through Altium and Hightower.
→ Gurinder Ahluwalia, an executive partner with Hightower’s private equity owner, Thomas H. Lee Partners, was named president of Hightower earlier this year.
WEG Acquires $2.39B Hybrid RIA
Wealth Enhancement Group (WEG), a Minneapolis-based RIA managing over $94.7 billion, has acquired FinTrust Capital Advisors, a Greenville, S.C.-based hybrid RIA, marking WEG’s 12th acquisition this year. FinTrust, founded in 2007 and led by Chief Investment Officer Allen Gillespie, manages over $2.39 billion in assets and has a team of 27. The acquisition strengthens WEG’s Southeast presence, with FinTrust’s brokerage business transferring to LPL Financial. Known for its active acquisitions strategy, WEG completed 18 deals this year, continuing growth since its founding in 1997.
→ WEG’s acquisition of FinTrust Capital Advisors brings $2.39 billion in assets and a team of 27, enhancing WEG’s footprint in the Southeast.
→ FinTrust’s broker/dealer, FinTrust Brokerage Services, will close, and brokerage operations will transition to LPL Financial.
→ WEG’s ownership evolved from Lightyear Capital (2015) to TA Associates (2019) and Onex Partners (2021), supporting rapid growth from $4 billion to over $94 billion in assets.
MAI Buys $1.2B Virginia RIA Halpern Financial
MAI Capital Management has expanded its footprint in northern Virginia with the acquisition of Halpern Financial, an RIA managing $1.2 billion in assets. Founded by Ted Halpern in 1991, the firm has offices in Ashburn, VA, Rockville, MD, and Naples, FL, serving over 320 high-net-worth clients and providing retirement plan consulting. Ted Halpern will now serve as a regional president under MAI’s brand. This acquisition marks MAI's eighth deal in 2024, following its acquisition of Madison Wealth Management earlier in the year, as MAI continues its growth strategy backed by majority stakeholder Galway Holdings.
→ MAI Capital’s acquisition of Halpern Financial brings an additional $1.2 billion in assets under management.
→ MAI, with $23.6 billion in assets as of June, is primarily owned by Galway Holdings, supported by private equity firms Harvest Partners, Oak Hill Capital, and Carlyle.
→ Rick Buoncore, executive chairman, praised Halpern’s commitment to financial education and long-term client success.
Cetera Acquires $12B Hybrid From Protective Life
Cetera Financial Group has announced its first acquisition of 2024, buying Concourse Financial Group Securities (CFGS), a hybrid RIA and broker-dealer owned by Protective Life Corp. The deal, expected to close in early 2025, brings CFGS’s $12 billion in assets and 350 advisors into Cetera Wealth Partners. Protective is selling CFGS to focus on its core insurance and annuity services. Backed by private equity firm Genstar Capital, Cetera continues its expansion, having also acquired Avantax and Securian Financial’s wealth business last year.
→ Cetera’s acquisition of CFGS will integrate over $12 billion in assets and 350 advisors into its Cetera Wealth Partners division.
→ Protective Life Corp., which went private in 2015, is selling CFGS to concentrate on life insurance and annuities.
→ CEO Mike Durbin highlighted Cetera's strong track record with acquisitions in a consolidating market.
Cerity Partners Acquires $1B Indianapolis RIA
Cerity Partners has continued its active acquisition streak by purchasing SBC Wealth Management, an Indianapolis-based RIA managing over $1 billion in assets. This acquisition marks Cerity’s fourth since September, including recent deals with Janiczek Wealth Management and Abbrea Capital. Founded by Scott Holley, who transitioned leadership to a new executive team in 2022, SBC now joins Cerity Partners, which oversees over $103 billion in assets. Backed by private equity firms Genstar Capital and Lightyear Capital, Cerity Partners continues to solidify its position as one of the fastest-growing RIAs in the country.
→ Cerity Partners has acquired SBC Wealth Management, an Indianapolis-based RIA managing over $1 billion in assets.
→ Private equity firms Genstar Capital and Lightyear Capital back Cerity Partners, which now manages $103 billion in assets.
→ Scott Holley remains a senior advisor to SBC and leads Holley Motorsports, his classic car business, winning national championships in 2021 and 2022.
Robertson Stephens Tops $7B with Chicago Deal
Robertson Stephens, a San Francisco-based RIA with over $7 billion in assets under management, has acquired CAFG Private Wealth, a $240 million firm in North Barrington, Illinois. This acquisition gives Robertson Stephens a foothold in the Midwest, a market the firm has aimed to expand into. Tom Chernesky, founder of CAFG, will join Robertson Stephens as a managing director and principal, along with key team members. This is the fifth acquisition for Robertson Stephens this year, following strategic growth in Denver, Oregon, and other areas, bringing the firm to 24 locations across 13 states.
→ Tom Chernesky, founder of CAFG Private Wealth, joins Robertson Stephens as managing director, along with team members John Dorn, Megan Mikusa, and Dan Zarzynski.
→ The acquisition marks Robertson Stephens’ first Midwest presence, adding to its expansion across the West, Mountain West, and Northeast.
→ Robertson Stephens recently hired Mike Barnes, former head of operations at Ellevest, to lead its operational team.
→ Robertson Stephens is backed by Long Arc Capital and custodies assets with Charles Schwab, Fidelity and Pershing.
Carson Group Adds $1B Minnesota RIA
Carson Group has acquired Sweet Financial Partners, a Minnesota-based RIA managing $1 billion in assets, in a move that strengthens Carson’s presence in the Midwest. Sweet Financial, led by Bryan Sweet, will keep its name and 12-person team while benefiting from Carson’s extensive resources. This partnership is a natural evolution for Sweet, who was previously associated with Carson through its coaching program. The deal represents Carson's largest acquisition of 2024, continuing a recent streak of RIA additions, including True North Financial in Montana and Avery Wealth in Michigan.
→ Sweet Financial Partners will retain its name, and its leadership team remains in place, with Bryan Sweet, Brittany Anderson, Ty Totzke, and Oliver Kollofski.
→ The acquisition strengthens Carson’s Midwest reach and aligns with its client-centric approach, according to Carson Group CEO Burt White.
→ Following Ron Carson’s departure as CEO, Burt White, former chief strategy officer, took over as CEO in April.
→ Carson Group is supported by Bain Capital as a minority stakeholder, with Ron Carson retaining majority ownership.
Beacon Pointe Buys $1B Minnesota RIA
Beacon Pointe Advisors has expanded into the Twin Cities by acquiring Landmark Wealth Management Group, a Minnesota-based RIA with $1 billion in assets under management. This acquisition, Beacon Pointe’s fifth RIA deal of the year, adds 33 Landmark team members to Beacon Pointe, including former Landmark CFO John Underwood, who now serves as a managing director. Landmark, previously affiliated with Thrivent Advisor Network, serves business owners and employees of major corporations like 3M and Lockheed Martin. Beacon Pointe, backed by private equity firm KKR, now manages about $38 billion in assets.
→ Beacon Pointe’s acquisition of Landmark adds a $1 billion RIA with four offices across Minnesota, Wisconsin, and California.
→ The acquisition adds second-generation leadership to Beacon Pointe, with key leaders aged 36 to 46.
→ Beacon Pointe, supported by KKR since 2021, has completed five acquisitions in 2023, expanding its assets to $38 billion.
Pathstone Nears $100 Billion in Assets With Latest Acquisition
Pathstone, a leading RIA for ultra-wealthy clients, is acquiring Hall Capital Partners, an advisory firm with $45 billion in assets across high-net-worth families, endowments, and foundations. This acquisition will bring Pathstone’s total assets to nearly $100 billion, strengthening its presence in San Francisco and New York. CEO Matt Fleissig praised Hall Capital's reputation and emphasized their shared values and culture. With support from private-equity firms Kelso & Company and Lovell Minnick Partners, Pathstone’s growth includes a recent acquisition of Crestone Capital, and the firm’s ranking on Barron’s list of Top RIA firms has climbed to No. 9.
→ Pathstone’s acquisition of Hall Capital will bring the firm’s assets under advisement to nearly $160 billion.
→ The acquisition will expand Pathstone’s headcount to over 750, with nearly 300 employees becoming shareholders.
→ Pathstone is supported by private equity firms Kelso & Company and Lovell Minnick Partners.
PE-Backed Lido Advisors Agrees to Merge in $3B Pegasus Partners
Lido Advisors, a Los Angeles-based RIA with over $24 billion in assets under management, has announced a merger with Pegasus Partners, a Wisconsin-based firm with over $3 billion in assets. This merger strengthens Lido’s Midwest presence and marks its first acquisition since hiring Henry Hagenbuch as head of M&A. Backed by private equity firm Charlesbank Capital Partners, Lido has been expanding aggressively, growing from $9 billion to $19 billion in assets through strategic deals.
→ Lido Advisors merges with Pegasus Partners, adding $3 billion in assets and expanding its Midwest footprint.
→ Lido recently acquired a $615 million team in Ohio and completed a notable $2 billion acquisition of Colorado Financial Management.
→ Pegasus, founded in 2015 by Todd Krieg, shares Lido’s commitment to client-first service and sophisticated wealth planning.
Fast-Growing $1.6B Arkansas RIA Reveals First Acquisition
Greenwood Gearhart recently completed its first acquisition, purchasing Bentonville-based Boston Mountain Money Management with $200 million in client assets. The deal, closed in late September, brings Boston Mountain’s president, Scott Alaniz, to Greenwood Gearhart as managing director and investment committee member. With a shared focus on corporate executive clients, particularly Walmart affiliates, the acquisition boosts Greenwood Gearhart’s AUM to $1.6 billion. CEO Brock Gearhart indicated the firm is open to future acquisitions but prioritizes organic growth and client focus.
→ Greenwood Gearhart’s first acquisition adds $200 million in client assets, bringing its AUM to $1.6 billion.
→ Both firms share a corporate executive focus, including clients linked to Walmart.
→ Greenwood Gearhart is known as one of Arkansas's fastest-growing RIAs, recognized by Citywire RIA.
→ The firm prioritizes organic growth and strategic team development under principal owner Brock Gearhart and President Lisa Brown.
Waverly Advisors Buys $1B Ohio RIA
Waverly Advisors, a leading RIA acquirer, has expanded its reach by acquiring Cincinnati-based 9258 Wealth Management, which manages over $1 billion in assets. Founded in 2017 by Walt Lunsford, who will now serve as partner, wealth advisor, and regional director, 9258 offers advisory and tax services to over 3,200 high-net-worth clients, corporate retirement plans, and charities. This acquisition increases Waverly’s total assets under management to $14.4 billion and adds three Ohio offices to Waverly’s expanding Midwest presence.
→ 9258 Wealth Management, with $1 billion in assets, joins Waverly, marking Waverly’s seventh RIA acquisition this year.
→ Walt Lunsford, 9258’s founder, becomes a partner, wealth advisor, and regional director with Waverly.
→ Waverly, with 25 offices and over 200 employees, has rapidly grown with backing from Wealth Partners Capital Group and HGGC.
MAI Buys $529M Philadelphia-Area RIA
MAI Capital Management, one of the most active RIA acquirers in 2024, has expanded into the Philadelphia area by acquiring Hyperion Partners, an RIA with $528.8 million in assets under management. Founded in 2018 by Jeffrey Leber and Vaughn Schill, Hyperion serves over 260 individual clients and also works with charities and businesses. This acquisition brings MAI’s services to a new market, and Hyperion will operate under the MAI brand. MAI, headquartered in Cleveland, has continued its acquisition streak this year, following its recent purchase of Virginia-based Halpern Financial, which managed $1.2 billion.
→ Hyperion Partners, founded by Jeffrey Leber and Vaughn Schill, will operate under the MAI brand, with both founders assuming the title of regional president.
→ MAI was the second-most-active RIA acquirer in 2024, according to a recent report by Echelon Partners, trailing only Wealth Enhancement Group.
→ MAI is backed by Galway Holdings, with additional private equity support from Harvest Partners, Oak Hill Capital, and The Carlyle Group.
$700 Million Advisor Team Opens RIA With Dynasty’s Help
Dynasty Financial Partners recently supported a fourteen-member advisor team from Equitable Advisors in launching Matauro, an independent RIA in New York managing $700 million in assets. Led by CEO Matthew Klein, CFO Barrett Tabeek, and COO Steven Van Hooker, the team brings years of experience from Equitable. Dynasty, known for aiding advisors with resources like technology and asset management, welcomed Matauro as the 56th firm in its network, averaging $1.8 billion in AUM per firm, highlighting growth in the independent advisory sector.
→ Matauro’s leadership team includes experienced former Equitable advisors, CEO Matthew Klein, CFO Barrett Tabeek, and COO Steven Van Hooker.
→ Dynasty Financial Partners supports advisors with technology and management tools to help them launch independent RIAs.
→ Equitable Advisors was previously part of AXA before its rebranding in 2020.
→ Dynasty’s network comprises 56 independent firms, each managing an average of nearly $1.8 billion.
Alvarez & Marsal Launches RIA for Ultra-HNW Clients
Alvarez & Marsal (A&M) has launched A&M Private Wealth Partners (AMPWP), an RIA focused on serving ultra-high-net-worth clients with tailored family office services, investment advice, and wealth planning. AMPWP operates independently and is headquartered in West Palm Beach, with additional offices in New York, Atlanta, and Los Angeles. Led by former McDermott Will & Emery chairman Peter Sacripanti, the founding team includes 20 members, among them key figures like Michael Calkin, the Practice Lead with extensive experience from JP Morgan and Citi Private Bank, and Michael Murgio as chief investment officer.
→ AMPWP’s leadership includes Jonathan Fitzgerald in wealth planning, Takuya (Taki) Kisaka leading fixed income, and John Ralls overseeing business development.
→ Senior advisor Joseph Berardino, former CEO of Andersen Worldwide, will provide clients with access to A&M’s broader resources.
→ This expansion builds on A&M’s February partnership with Pactio, which offers digital solutions for private capital.
→ The founding team consists of 20 members across various specialties.
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