- RBC Wealth Management Adds Two Wells Fargo Teams 
- Kelly Compton Joins LPL Financial 
- Northern Plains Financial Joins LPL from Cetera
- Bank of America Team Launches BrookBridge Private Wealth with LPL
- Apex Private Wealth Advisors Joins LPL from Ameriprise 
- Merrill Recruits $2.2B Team from Morgan Stanley; Morgan Stanley Adds $2.7B UBS Team
- Drew Kliber Joins Cetera’s Wilde Wealth to Lead High-Net-Worth Division
- LPL Recruits Advisor Duo from Truist
- J.P. Morgan Adds Advisor from Bernstein
- Kestra Financial Recruits Erudite Wealth Management
- Raymond James Gains $1B Team from LPL
- Rockefeller Recruits $3.6B Team from Morgan Stanley
- LPL Adds $655M Bury Financial Group
- RBC Recruits $2.8B UBS Team
- SZC Financial Joins Kestra with $200M 
- NewEdge Advisors Adds BFS Advisory Group 
- LPL Adds NYC Advisor Duo to Linsco
- Commonwealth Recruits Team from Lincoln Financial
- Wells Fargo Recruits Canell Group from J.P. Morgan.
- Mercer Advisors Acquires Benchmark Wealth
- Mesirow Expands in Florida with Price Wealth
- LPL Financial Acquires The Investment Center
- Wealth Enhancement Group Buys Levy Wealth
- Confluence Financial Acquires Cashdollar & Associates
- Cerity Partners Acquires Abbrea Capital
- Hightower Acquires Charles D. Hyman & Co.
- EP Wealth Buys CornerCap
- Cerity Partners Merges with Touchdown Ventures
- True North Advisors Acquires Clear Rock Advisors
- Carson Group Acquires True North Financial
- Jason Fang Leaves Edelman to Start TerraFirma Wealth Partners
- Eclipse Private Wealth Launches in Pennsylvania
- Centel Wealth Advisory Launches in Connecticut
- Equitable Team Forms Dynasty-Affiliated RIA, Matauro

Read on for more info...

Rep Movement

Wells FA Teams Leave for RBC

→ Rob Salon and Pari Hashemi Magura joined RBC with over $455 million in client assets from Wells Fargo. 
→ Bernard Suissa, another advisor from Wells Fargo, brought approximately $346 million in assets to RBC in Virginia. 
→ The Salon Magura Private Wealth Group consists of advisors and registered client associates, though a fifth member, Anthony Nichols, remained at Wells. 

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LPL Financial Brings In $150 Million Advisor Kelly Compton

LPL Financial announced that advisor Kelly Compton has joined its broker-dealer, RIA, and custodial platforms, partnering with Client Centric Wealth Management under Upstream Investment Partners. Previously managing $150 million in assets at WCM Wealth Management, Compton aims to grow his San Antonio-based practice while maintaining strong client service. He looks forward to utilizing LPL’s resources and Client Centric's advisor network to enhance his business and support his clients.

→ Kelly Compton joins LPL Financial and Client Centric Wealth Management, bringing $150 million in advisory assets. 
→ Compton previously owned WCM Wealth Management, which was custodied with Schwab Advisor Services. 
→ LPL's Scott Posner welcomed Compton, emphasizing LPL’s commitment to providing advisors with resources and technology to scale their businesses effectively.

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LPL Adds $225M Practice from Cetera 

LPL Financial has added Northern Plains Financial, a North Dakota-based advisory firm managing $225 million in assets, to its corporate RIA, broker-dealer, and custody platforms. Founded by Michael Elsberry in 2014, the firm specializes in financial planning for farmers and ranchers. Elsberry joined LPL to access enhanced resources and streamline operations. The Northern Plains team includes advisor Eric Carlson and operations manager Jerrilyn Walstad. This move follows LPL's acquisition of The Investment Center and adds to its recent recruiting successes.

→ Northern Plains Financial, managing $225 million in assets, joins LPL Financial from Cetera Advisors. 
→ The team includes financial advisor Eric Carlson, who joined in 2021 after a career in commercial banking, and operations manager Jerrilyn Walstad. 
→ Elsberry cited LPL’s platform for discretionary trading as a major benefit for managing client investments more efficiently. 

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LPL Adds $700M BofA Team to HNW Channel 

Advisors John Duane and Gregory Giantsos, managing $700 million in assets, have left Bank of America Private Bank to join LPL Financial's high-net-worth platform, LPL Private Wealth Management. They've launched BrookBridge Private Wealth in Melville, NY, serving private wealth clients like business owners and executives, with plans to expand. They chose LPL for its autonomy and support, allowing them to offer enhanced services, including alternative investments and complex wealth management solutions.

→ John Duane and Gregory Giantsos, managing $700 million, launched BrookBridge Private Wealth after leaving Bank of America Private Bank.
→ They focus on private wealth clients in Brooklyn and aim to expand into new client segments with LPL's resources. 
→ LPL Private Wealth Management offers a high payout model, providing advisors with wirehouse-level support at a higher payout rate of 64% to 70%. 

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LPL Lands $650M Private Wealth Team from Ameriprise 

LPL Financial has continued its recruitment momentum by adding Apex Private Wealth Advisors, a high-net-worth advisory practice based in Santa Rosa, California, to its broker-dealer, RIA, and custodial platforms. Apex, founded in 2017 by Brett Howard and Henry DesJardins, brings a team of five advisors managing approximately $650 million in assets. The firm specializes in tax and estate planning, retirement strategies, and multigenerational wealth planning. 

→ Apex Private Wealth Advisors, managing $650 million in assets, joins LPL from Ameriprise Financial. 
→ The advisory team includes Brett Howard, Marco Rivera, Brooks Crissey, Henry DesJardins, and Ryan Mason. 
→ Apex moved to LPL for increased flexibility, resources, and access to LPL’s advanced technology platform. 

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Merrill Lands a $2.2B Team, Morgan Stanley a $2.7B Team 

Merrill Lynch has recruited a $2.2 billion team from Morgan Stanley, led by Jim Oberheide and Brandon Schlesinger, as part of its renewed focus on recruiting in wealth management. The Oberheide-Schlesinger Group, founded in 2007, operates from Chicago and Charlotte and joins Merrill Private Wealth Management along with two other team members. Merrill's recruitment push has brought in several other notable teams in recent months, including a $900 million team in Illinois and a $3.5 billion team from JPMorgan. Meanwhile, Morgan Stanley has drawn the Alfa Group, a $2.7 billion team from UBS Private Wealth Management in New York, marking another significant move in the industry.

→ Merrill recruited a $2.2 billion team, the Oberheide-Schlesinger Group, from Morgan Stanley, adding to its wealth management roster in Chicago and Charlotte. 
→ The team, led by Jim Oberheide and Brandon Schlesinger, includes Dana Carbonneau and Kathryn Krauskopf. 
→ Merrill has recently recruited other teams, including a $900 million team in Illinois and a $3.5 billion team from JPMorgan in Florida. 
→ Morgan Stanley recruited the $2.7 billion Alfa Group from UBS, led by Daniel Schwartz and his team, which serves CEOs, tech entrepreneurs, and wealthy families.

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Cetera Affiliate Nabs $400M UBS FA to Lead HNW Offering 

Cetera Financial Group welcomes Drew Kliber, a seasoned UBS advisor, to spearhead Wilde Wealth Management Group's new W Family Office Division. With over 25 years of experience, including stints at Morgan Stanley, Kliber will focus on ultra-high-net-worth clients with $5-10 million in investable assets. His expertise in managing complex portfolios, demonstrated by overseeing $400 million at UBS, bolsters Wilde Wealth's $3.6 billion asset base and expands its premium services.

→ Drew Kliber, a longtime UBS advisor, joins Cetera’s Wilde Wealth Management to lead a new division for ultra-high-net-worth clients. 
→ Wilde Wealth’s W Family Office Division will serve clients with $5 million to $10 million in investable assets. 
→ Wilde Wealth, managing over $3.6 billion in assets, is one of Cetera’s largest affiliates. 
→ Cetera made a minority investment in Wilde Wealth in January when the firm had over 40 advisors managing more than $2.8 billion in assets.

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LPL Entices $300M Next-Gen Duo to Employee Advisor Channel 

LPL Financial has expanded its presence in Florida by adding two award-winning advisors, Kultar S. "Sid" Bindra and Steven Alvarez, who joined its employee advisor channel, Linsco by LPL Financial, to form The Bindra Group. The team, previously with Truist Financial, manages approximately $300 million in assets and specializes in serving high-net-worth and ultra-high-net-worth business owners and government contractors. Bindra, recognized by Forbes as a best-in-state advisor in 2023, emphasized the appeal of business ownership and independence as key reasons for the switch to LPL. This transition comes amid significant restructuring at Truist Financial in 2024, with notable asset sales in the financial services sector.

→ Kultar S. "Sid" Bindra and Steven Alvarez left Truist Financial to form The Bindra Group under Linsco by LPL Financial, managing $300 million in assets.
→ The Bindra Group focuses on high-net-worth and ultra-high-net-worth business owners and government contractors. 
→ Bindra cited business ownership and independence as pivotal factors in their decision to join LPL. 

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J.P. Morgan Adds Bernstein Advisor With $600 Million in Washington, D.C. 

J.P. Morgan Wealth Management has recruited Michael D. Lopes, an advisor who managed over $600 million in client assets at Bernstein Private Wealth Management in Washington, D.C. Lopes, who joined J.P. Morgan Advisors with client associate Braxton Ransaw, will report to Market Leader Kim Bonanni and Northeast Regional Manager Rick Penafiel. Lopes, who began his career in public relations and sales, has been a registered broker since 2014. J.P. Morgan Advisors continues to expand its team, including the retention of over 80% of First Republic advisors and the recent recruitment of a Merrill team managing $28 billion in assets.

→ Michael D. Lopes, managing over $600 million in assets, moves to J.P. Morgan Advisors from Bernstein Private Wealth Management. 
→ J.P. Morgan Advisors has retained over 80% of First Republic advisors following a wave of defections. 
→ Bernstein Private Wealth, managing $130 billion in assets, has 250 advisors and recently pursued legal action against defectors, securing a one-year client solicitation ban.

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Kestra Taps $225M NY Team 

Kestra Financial has announced the addition of Erudite Wealth Management, a New York-based firm led by founder and president David Weinstock and COO Carjin Michel. Erudite Wealth Management, which manages $225 million in assets and serves around 140 high-net-worth clients, brings extensive industry experience from both Weinstock and Michel, who previously worked together at Mazars Wealth Advisors. Meanwhile, Kestra is also dealing with an $8 million lawsuit related to a fraudulent life insurance sale by one of its advisors.

→ Erudite Wealth Management, managing $225 million in assets, joined Kestra Financial, led by David Weinstock and Carjin Michel. 
→ Kestra has recruited other major teams in 2023, including a $400 million team from Lincoln Financial Group and a $500 million team from Merrill Lynch. 
→ Kestra oversees $73 billion in assets across its RIA and broker-dealer platforms.
→ Kestra is facing an $8 million lawsuit alleging fraudulent life insurance sales by one of its advisors.

View FINTRX Profile >>

LPL Loses $1B FA Team from Zions to RayJay 

Raymond James has added a Utah-based advisor team from LPL Financial, where they managed approximately $1 billion in client assets. Previously associated with Zions Bancorporation on LPL’s platform, the team operates offices in Salt Lake City, Richfield, and St. George. The group includes advisors Jaden Gurney, Trevor Hanson, and Jonathan Rogers, along with support staff. They have joined Raymond James Financial Services, seeking greater independence and objectivity to better serve their clients. The advisors bring years of industry experience, having previously been registered with firms like TransAmerica, Fidelity, Wells Fargo, and Key Investment Services.

→ The Utah-based team managing $1 billion in assets joins Raymond James from LPL Financial. 
→ The team operates in Salt Lake City, Richfield, and St. George, Utah, and was affiliated with Zions Bancorporation. 
→ Advisors Jaden Gurney, Trevor Hanson and Jonathan Rogers are part of the team, along with three support staff members. 

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Leader of $3.6B Morgan Stanley NYC Team to Join Rockefeller 

Josef Najar, the leader of the $3.6 billion Carrier Group at Morgan Stanley's private wealth management unit in New York City, is set to join Rockefeller Global Family Office after a 90-day garden leave. Najar's move comes after being ranked 119th on Barron’s list of the top 250 private wealth teams this year. At least three other members of the Carrier Group, including advisor Brian Malloy, have already transitioned to Rockefeller. The move is part of Rockefeller’s aggressive recruitment strategy, supported by its 2018 recapitalization by Viking Global Investors, as it continues to expand its brokerage teams.

→ Josef Najar, leader of the $3.6 billion Carrier Group at Morgan Stanley, is moving to Rockefeller Global Family Office after a 90-day garden leave. 
→ Three team members, including advisor Brian Malloy and two client associates, have already joined Rockefeller. 
→ Rockefeller, with $133 billion in assets, targets expansion to 200-250 advisor groups.

View FINTRX Profile >>

LPL Welcomes $655M Wealth Team in Ohio 

LPL Financial has expanded its wealth management network by adding Ohio-based Bury Financial Group, a practice managing $655 million in assets, to its broker-dealer, RIA, and custodial platforms. Founded by Todd Bury in 1992, the firm has grown from a solo operation into a full-service wealth management team, now including several partners and advisors. Bury Financial's decision to join LPL was motivated by the firm's open architecture and commitment to providing flexibility for independent advisors, aimed at enhancing client services. 

→ Bury Financial Group, managing $655 million in assets, joined LPL Financial from Osaic. 
→ The team includes partners David Maxwell, Gregory Gett, and Kelcie Schiraldi, as well as advisors Nicholas Romeo and Sarah Bury. 
→ LPL's open architecture platform and commitment to advisor independence influenced Bury Financial's move. 

View FINTRX Profile >>

RBC Lands $2.8B Team from UBS 

RBC Wealth Management has recruited The 770 Group, a 15-person advisory team from UBS, bringing $2.8 billion in assets. Led by William Pahl, Jr., James Casey Jones, Scott Serafin, and Jefferson Pace II, the team will operate out of RBC's Atlanta office. This move continues RBC's trend of attracting top talent from Wall Street, following recent hires from JP Morgan and Merrill Lynch. RBC's technology and personalized wealth management solutions were key factors in the team’s decision. RBC Wealth Management now oversees $619 billion with over 2,100 advisors in 191 U.S. offices.

→ RBC Wealth Management recruited a 15-person team from UBS, bringing nearly $2.8 billion in client assets.
→ The 770 Group will report to Robin Long in RBC's Atlanta office. 
→ The team leaders, Pahl, Jr., Pace, Serafin and Jones, previously worked together at Citigroup and Robinson Humphrey Co. 

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Kestra Recruits $200M Maryland Firm from Osaic 

Kestra Financial has added Maryland-based SZC Financial Planning & Management, which manages over $200 million in assets. Led by advisors David Shober and Steve Collins, SZC specializes in federal benefits for government employees. The firm joined Kestra for its autonomy and tailored services. This follows Kestra’s recent recruitment of a $225 million New York team. Backed by private equity firms, Kestra oversees $73 billion in assets while dealing with legal challenges, including an $8 million lawsuit over an advisor's alleged fraudulent life insurance sale.

→ SZC Financial, managing over $200 million, joined Kestra Financial, emphasizing autonomy and tailored services. 
→ SZC specializes in federal benefits management, particularly for government employees, police, and firefighters. 
→ Kestra oversees $73 billion in assets, with divisions in RIAs and broker-dealer services. 
→ Kestra is currently involved in an $8 million lawsuit regarding a fraudulent life insurance sale by one of its advisors.

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NewEdge Advisors Welcome $318 Million BFS Advisory Group 

NewEdge Advisors, a New Orleans-based RIA, has added Dallas-based BFS Advisory Group, led by Debra Brennan Tagg, overseeing $318 million in assets. The team includes wealth advisors Erin Neece, Hollis Stuckert, and portfolio analyst Bradley Rouse. Tagg cited NewEdge’s open architecture and flexibility as key reasons for joining. With over 20 years of experience, Tagg is a nationally recognized speaker and founder of The Aspen Society, a network for women focused on financial wellness. NewEdge has added 24 teams this year, bringing in 56 new advisors.

→ BFS Advisory Group, led by Debra Brennan Tagg, joined NewEdge Advisors from Osaic, bringing $318 million in AUM.
→ The team includes associate advisors Erin Neece and Hollis Stuckert as well as portfolio analyst Bradley Rouse. 
→ NewEdge Advisors has added 24 teams representing 56 new advisors in 2024, with 18 advisors integrated into existing teams. 

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LPL Adds $400M NYC Advisor Duo to Employee Channel 

LPL Financial has recruited two New York City advisors, Ken Hutkin and Ron Winkler, to its employee advisor channel, Linsco. The advisors, previously with Wedbush Securities, bring $400 million in advisory, retirement, and brokerage assets under the brand name 57th Street Wealth Advisors, which becomes the first Linsco office in New York City. Ken Hutkin emphasized the firm's alignment with LPL's resources, flexibility, and commitment to growth, while Winkler, who has nearly 40 years of experience, adds tax and financial planning expertise. LPL continues to expand its Linsco platform and now boasts over 70 advisor teams nationwide.

→ LPL Financial recruited Ken Hutkin and Ron Winkler from Wedbush Securities, adding $400 million in assets. 
→ LPL’s Linsco division was launched in 2019 and has grown to include more than 70 advisor teams across the U.S. 
→ Recent Linsco recruits include teams from Truist Financial, Morgan Stanley, and Merrill Lynch, managing assets up to $300 million.

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Commonwealth Taps $600M Ex-Lincoln Duo 

Commonwealth Financial Network announced that former Lincoln Financial advisors Mark O'Sickey and Paul Solorzano have joined its Jacksonville affiliate, Aegis Consulting, adding nearly $600 million in client assets. Since joining Commonwealth in May 2023 with $1.2 billion in assets, Aegis has grown to nearly $2 billion and expanded its team from nine to 17 members. This move reflects a broader trend of Lincoln advisors transitioning after the firm's advisory subsidiary was sold to Osaic in December 2023. Commonwealth and Aegis continue to support these transitions as part of a national growth strategy.

→ Mark O'Sickey and Paul Solorzano joined Aegis Consulting, bringing $600 million in client assets. 
→ Aegis Consulting, which joined Commonwealth in 2023, has doubled its assets to nearly $2 billion and expanded its advisor team to 17 members. 
→ Lincoln Financial sold its $108 billion advisory subsidiary to Osaic in December 2023, prompting advisors to transition to new firms. 
→ Commonwealth Financial oversees $296 billion in client assets nationwide ($177 billion in AUM overall).

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$2B New York Team Joins Wells Fargo From J.P. Morgan

Wells Fargo’s Private Client Group has recruited a New York-based team, The Canell Group, which manages around $2 billion in client assets from J.P. Morgan. Led by brothers Jay and Neil Canell, along with advisors Justin Dembo, Jake Klarberg, Benjamin Mayo, and Daniel Zomback, the team brings decades of experience in financial services, with the Canell brothers starting their careers at Lehman Brothers in 1993. Wells Fargo’s Head of Advisor Recruiting, Brendan Krebs, expressed excitement about the group’s commitment to holistic client service and the growth potential using Wells Fargo’s resources. 

→ The Canell Group, managing $2 billion in assets, moved from J.P. Morgan to Wells Fargo’s Private Client Group. 
→ The team is led by brothers Jay and Neil Canell, who started their careers at Lehman Brothers in 1993. 
→ Other advisors on the team, including Justin Dembo, Jake Klarberg, Benjamin Mayo, and Daniel Zomback, bring additional experience. 

View FINTRX Profile >>

M&A Activity

Mercer Acquires $412M Connecticut RIA 

Mercer Advisors, a $63 billion Denver-based RIA acquirer, has completed its first deal in nearly six months, acquiring Benchmark Wealth Management, an Old Lyme, Connecticut-based RIA with $412 million in assets under advisement. Founded in 2007 by Richard Stout III and Thomas Britt, Benchmark Wealth primarily serves high-net-worth retirees, focusing on financial planning as a core service. Mercer, which has been expanding in other areas such as private market investing, continues its rapid growth with over 1,150 employees and 90 offices across the U.S.

→ Mercer Advisors acquired Benchmark Wealth Management, managing $412 million in assets, marking its fourth deal of 2024. 
→ Benchmark Wealth was founded by Richard Stout III and Thomas Britt in 2007 after merging their practices. 
→ Mercer Advisors is supported by private equity firms Oak Hill Capital, Genstar Capital and Altas Partners.

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Mesirow Acquires Florida-Based RIA, Further Expanding Firm's Robust Wealth Management Offering 

Mesirow has acquired Price Wealth Management, an RIA firm based in Stuart, Florida, as part of its ongoing expansion in Southeast Florida. This acquisition strengthens Mesirow's wealth management presence in the region, adding Craig Price, CFP, CTFA, and Senior Client Relationship Specialist Nancy Zehr, CTFA, to the team. The transaction aligns with Mesirow’s strategic focus on growing its wealth management services through both organic growth and acquisitions. Mesirow plans to further expand its presence in Florida and the greater Southeast region, with goals to increase headcount and add new offices. Price Wealth Management was represented by DeVoe & Company in the transaction.

→ Mesirow acquired Price Wealth Management, adding $412 million in AUM.
→ Craig Price and Nancy Zehr joined Mesirow, enhancing its wealth management services in Southeast Florida. 
→ Mesirow Wealth Management oversees more than $11.4 billion in assets, while Mesirow manages $288.1 billion in AUM overall.

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LPL Acquires $9B Broker-Dealer The Investment Center 

LPL Financial, a major independent brokerage, has announced its acquisition of The Investment Center, a hybrid broker-dealer and RIA based in New Jersey with $9 billion in assets. The deal is expected to close in the first half of 2025, pending regulatory approval. The Investment Center, formed in 1986, supports about 240 independent advisors with back-office services, investment platforms, and technology. This acquisition adds to LPL’s series of recent deals, including the purchase of Atria Wealth Solutions and Crown Capital Securities. LPL has also been active with its liquidity and succession program, aimed at acquiring advisors preparing for retirement.

What You Need to Know:

→ LPL Financial acquires The Investment Center, which manages $9bn in assets, with 240 independent advisors. 
→ LPL’s liquidity and succession program targets advisors seeking to sell ahead of retirement, completing 27 transactions to date. 
→ LPL faces federal lawsuits regarding its cash sweep program, accused of unfairly profiting from low interest rates on clients’ uninvested cash.

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WEG Buys $1.3B Philadelphia Hybrid RIA 

Wealth Enhancement Group (WEG) has made its largest acquisition of 2024 by purchasing Levy Wealth Management Group, a Philadelphia-based firm managing over $1.3 billion in assets. This is WEG's eleventh deal of the year, bringing its total client assets to over $90 billion. Led by Victor Levy, Michael Clatterbuck, and Joseph Robostello, Levy Wealth specializes in advising healthcare professionals and business owners. Previously affiliated with LPL Financial, the firm strengthens WEG’s East Coast presence. WEG, backed by TA Associates and Onex Corporation, now operates 115 offices nationwide.

→ WEG’s acquisition of Levy Wealth Management pushes its client assets to $90.5 billion. 
→ Levy Wealth Management specializes in advising healthcare professionals and business owners. 
→ Victor Levy, Michael Clatterbuck, and Joseph Robostello lead Levy Wealth, formerly affiliated with LPL.
→ David Selig of Advice Dynamics Partners advised Levy Wealth in the transaction.

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Pittsburgh-Area RIA Confluence Buys $1.9B Cetera Practice 

Confluence Financial Partners, a Pittsburgh-area RIA, has surpassed $5 billion in assets under management through the acquisition of Cashdollar & Associates, a wealth management firm based in Grove City, Pennsylvania. Cashdollar & Associates, managing roughly $1.9 billion in assets, was formerly affiliated with Cetera Holdings. The acquisition adds 15 employees to Confluence, including Cashdollar founder Dave Cashdollar. Confluence CEO Greg Weimer highlighted the strong relationship between the two firms and the strategic benefits of expanding their footprint. The deal was negotiated directly between Weimer and Cashdollar without involving an investment banker.

→ Confluence Financial Partners acquired Cashdollar & Associates, adding $1.9 billion in assets. 
→ The acquisition boosts Confluence’s total AUM to over $5 billion. 
→ 15 employees, including founder Dave Cashdollar, join Confluence as part of a transaction directly negotiated between Cashdollar and Greg Weimer.
→ Confluence has been expanding since breaking away from Raymond James in 2021.

View FINTRX Profile >>

Cerity Partners Acquires $1.2B California RIA 

Cerity Partners has made its third acquisition of 2024 with the purchase of Abbrea Capital, a Bay Area-based RIA managing $1.2 billion in assets. Abbrea, led by Steven Cutcliffe, William Osher, David Hudson, and William Hageboeck, was founded in 2015 after the team worked together at CSI Capital Management and GenSpring Family Offices. The acquisition marks a return to Cerity Partners' strategy of acquiring large, high-net-worth RIAs. With this deal, Cerity Partners now oversees $103 billion in assets. 

→ Cerity Partners’ acquisition of Abbrea Capital brings its total assets to $103 billion. 
→ Abbrea Capital, managing $1.2 billion, primarily serves 225 high-net-worth clients. 
→ Cerity Partners hired Suk Shah as CFO and Todd Cassler as chief growth officer in 2024.
→ M&A consultancy, Advice Dynamics Partners, advised Abbrea Capital on the transaction.

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Hightower Strikes Deal with $2.3B Florida RIA 

Hightower has announced its second acquisition of 2024, acquiring a majority stake in Florida-based RIA Charles D. Hyman & Co., which manages $2.3 billion in assets. Expected to close by October's end, the deal allows the firm to retain its brand while joining Hightower's platform. Backed by Thomas H. Lee Partners, Hightower pursues selective deals, completing only 10% of the hundreds it evaluates annually. The acquisition brings five staff members, including founder Charles Hyman, to Hightower, which now manages $156 billion in assets.

→ Hightower acquires a majority stake in $2.3 billion Charles D. Hyman & Co.
→ Charles D. Hyman & Co.’s assets are concentrated among 397 high-net-worth clients. 
→ Thomas H. Lee Partners has backed Hightower since 2017, managing $156 billion in total assets. 
→ Hightower’s recent leadership changes include the addition of THL partner Gurinder Ahluwalia as president.

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EP Wealth Buys $1.1B Atlanta RIA 

EP Wealth Advisors has acquired CornerCap Investment Counsel, an Atlanta-based RIA managing $1.1 billion in assets, marking its fourth acquisition this year and strengthening its Southeast presence. EP Wealth, which manages $26.2 billion in assets, did not disclose the deal's terms. CEO Ryan Parker highlighted that the acquisition aligns with EP’s values and enhances its nationwide service. CornerCap CEO Cannon Carr will become a regional director, and key team members will stay on post-acquisition. Founded in 1989, CornerCap has a 35-year history in the Southeast. EP Wealth has completed 33 acquisitions since 2017.

→ EP Wealth acquired CornerCap Investment Counsel, its fourth RIA acquisition of 2024. 
→ CornerCap, with $1.1 billion AUM, enhances EP’s Southeast presence. 
→ Cannon Carr, CornerCap’s CEO, will become a regional director at EP, with key leaders Richard Bean and Ray Peebles staying on.
→ EP Wealth has made 33 acquisitions since its partnership with Wealth Partners Capital Group in 2017.

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Cerity Partners Merges in Corporate Venture Advisor 

Cerity Partners, a New York City-based RIA managing $103 billion in assets, has announced its merger with Touchdown Ventures, a corporate venture capital advisory firm. The deal will result in the rebranding of Touchdown as Cerity Partners Ventures, further expanding Cerity Partners' offerings in the corporate advisory space. Touchdown, founded in 2014, advises corporations on venture capital strategies and portfolio management, with clients such as Kellogg’s, Erie Insurance, and T-Mobile. Touchdown Ventures operates out of several U.S. cities, including Philadelphia, Chicago, Los Angeles and San Francisco.

→ Cerity Partners merges with Touchdown Ventures, rebranding it as Cerity Partners Ventures. 
→ Touchdown, founded in 2014 by David Horowitz, Scott Lenet and Richard Grant, employs 65 people and has offices in multiple U.S. cities. 
→ Cerity is backed by private equity firms Genstar Capital and Lightyear Capital. 
→ Park Sutton Advisors acted as Touchdown’s financial advisor, with legal counsel from Nelson Mullins and Lowenstein Sandler.

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$3.9B True North Advisors Buys Fellow Texas RIA

True North Advisors, a Texas-based RIA managing $3.9 billion, has acquired Clear Rock Advisors, which manages $470 million in assets. This is True North's first acquisition since Wealth Partners Capital Group (WPCG) and HGGC took a minority stake in January. The deal expands True North's presence with new offices in Austin and Kerrville, alongside its Dallas headquarters. Clear Rock, founded in 2016, specializes in financial planning and investment management. True North CEO Scott Wood and WPCG’s Mac Selverian praised the alignment and synergy between the firms.

→ True North Advisors acquires $470 million Clear Rock Advisors, expanding its offices to Austin and Kerryville. 
→ Clear Rock Advisors, founded by Charles Hall Jr., Ty Sanders and Royce Medlin, adds six financial advisors to True North. 
→ HGGC plans to invest around $300 million in RIAs through its holding company Aspire Holdings, which backs True North. 
→ MarshBerry served as Clear Rock’s M&A advisor in the deal.

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Carson Wealth Acquires $400M Montana RIA 

Carson Group has acquired True North Financial, a Billings, Montana-based RIA managing $400 million in assets, marking its sixth deal of the year. True North, led by managing partner Ty Vogele and wealth advisors David Guenthner and Ryan Wittman, will now operate under the Carson Wealth brand. The acquisition adds a second Billings location for Carson Wealth. Carson Group, founded by Ron Carson, manages $38 billion across its three subsidiaries, serving over 50,000 families. Earlier this year, Burt White succeeded Ron Carson as CEO, following a lawsuit filed by former CMO Mary Kate Gulick.

→ Carson Group acquires True North Financial, adding a second Billings, MT location and managing $400 million in assets. 
→ True North was founded by Ty Vogele and Ryan Wittman in 2015 as an Ameriprise-affiliated practice before becoming an RIA in 2020. 
→ Carson Group manages $38 billion across 150 partner offices, including more than 50 Carson Wealth locations. 
→ Ron Carson stepped down as CEO in April, succeeded by Burt White, with Carson transitioning to chairman of the board.

View FINTRX Profile >>

New Firm Launches

Edelman Advisor Leaves to Launch Cali RIA 

Former Edelman Financial Engines advisor Jason Fang has left the company after nearly a decade to launch his own RIA, TerraFirma Wealth Partners, based in Walnut Creek, California. Fang, who was previously a director of financial planning at Edelman, is joined by two former colleagues: Rowena Kamo, a client relationship specialist, and Kimberly Melo, a wealth management analyst. TerraFirma filed for SEC registration in early August, but no assets were reported in its initial filing. Edelman Financial Engines, which has seen notable employee turnover recently, continues to manage over $284 billion in assets.

→ Jason Fang leaves Edelman Financial Engines after nearly a decade to start TerraFirma Wealth Partners. 
→ TerraFirma Wealth Partners is joined by former Edelman colleagues Rowena Kamo and Kimberly Melo. 
→ Edelman manages over $284 billion in assets and is backed by Warburg Pincus and Hellman & Friedman.

Experienced Father-Daughter Advisory Team Creates Independent Firm in Pennsylvania 

Joel R. Freedman and Alex Freedman have launched Eclipse Private Wealth Management, an independent advisory firm in Radnor, PA. Offering customized financial planning and wealth management, Joel, with nearly 40 years of experience, serves as Managing Director, while Alex is Senior Wealth Advisor. Supported by Client Relationship Manager Gwen Saunders and partners like Sanctuary Wealth and BNY Pershing, Eclipse aims to provide personalized service and resources to manage wealth for generations.

→ Eclipse Private Wealth Management, an independent advisory firm, was launched by father-daughter team Joel and Alex Freedman in Radnor, Pennsylvania.
→ The firm is supported by trusted partners including Sanctuary Wealth, BNY Pershing and eMoney.
→ Eclipse focuses on personalized financial solutions for clients, building on Joel Freedman’s previous experience at Morgan Stanley.

$2B Connecticut Team Creates New Independent Firm: Centel Wealth Advisory 

Centel Wealth Advisory has launched as an independent advisory firm based in North Haven, Connecticut. Led by founders Stephen Fordyce, Robert Bowman, and Sam DeGennaro, all previously with Snowden Lane Partners, the firm will provide tailored financial planning and wealth management services to private and institutional clients. Centel aims to offer comprehensive services with advanced tools and technologies, supported by partners Sanctuary Wealth and BNY Pershing. 

→ Centel Wealth Advisory was founded by Stephen Fordyce, Robert Bowman and Sam DeGennaro, who previously managed $2.2 billion in assets at Snowden Lane Partners. 
→ Sanctuary Wealth and BNY Pershing serve as key partners, providing infrastructure, investment vehicles, and asset custody. 

$700M Equitable Team Breaks to Form Dynasty-Affiliated RIA 

A 14-person advisory team has departed Equitable Advisors to establish their own RIA, Matauro, in partnership with Dynasty Financial Partners. Co-founders Matthew Klein, Barrett Tabeek, and Steven Van Hooker—who previously led a $700 million team at Equitable—will serve as CEO, CFO, and COO, respectively. Based in New York City, Matauro has joined Fidelity's brokerage and custody platform, leveraging Black Diamond for performance reporting and eMoney for financial planning. Dynasty Financial Partners, now supporting 56 affiliated RIAs with $100 billion in combined assets, has welcomed Matauro into its Dynasty Connect client referral program.

→ Co-founders Matthew Klein, Barrett Tabeek and Steven Van Hooker led a $700 million team at Equitable Advisors before launching Matauro. 
→ Matauro is partnering with Dynasty Financial Partners, joining its client referral program and using Fidelity’s brokerage and custody services.
→ Dynasty Financial Partners, backed by private equity firms Abry Partners and Charles Schwab, has 56 affiliated RIAs and manages ~$100 billion in combined assets. 
→ Dynasty reorganized its executive team, adding Tim Oden as chief growth officer and Marc Hineman as chief operating officer.

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