Choreo agreed to acquire Northeast Financial Group and Herbein Financial Group, Cetera acquired Darnall Sikes Wealth Partners, Allworth purchased Grunden Financial Advisory, Modern Wealth bought a $300 million New York advisory team, DeVoe & Company reported record RIA M&A volume, RBC Wealth Management recruited $770 million team, Sanctuary-backed Alluvial added an Ohio advisor, Ascentis Holdings launched with $2 billion in assets, LPL Financial selected Wealth.com for estate planning support, and Collaborative Capital, Oppenheimer and the CFP Board made senior leadership appointments.
EDITOR IN CHIEF’S TAKE:
This week continued the brisk January pace of movements and deals. DeVoe’s 4Q 2025 M&A report confirmed industry expectations that 2025 was the strongest year on record for RIA M&A transactions. For now, there are multiple significant tailwinds as we enter 2026. However, an oddity that could portend a weakness arose as less new buyers entered the market. We should watch this closely as the year’s deals begin to unfold to examine its drivers and consequences.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Choreo To Acquire $1.3 Billion Pennsylvania-Based RIAs
Choreo agreed to acquire Northeast Financial Group in Allentown, Pennsylvania, and Herbein Financial Group in Reading, Pennsylvania, two RIAs overseeing $1.3 billion in combined client assets, with the Chicago-based firm adding a total of six financial advisors and six staff members.
Northeast Financial and accounting firm Herbein LLP formed Herbein Financial Group as a joint venture a little more than two years ago, and both advisory firms are led by Josh Laychock.
Choreo CEO Jason Van de Loo Van de Loo explained that Northeast Financial and Herbein Financial “share our focus on business builders and the real-world planning work that comes with running a company, building wealth and preparing for what’s next. Together, we’ll be able to bring clients more depth, coordination and support without losing the local relationships that matter.”
DeVoe: 2025 Set RIA M&A Record As Buyer Pool Narrowed
DeVoe & Company’s fourth quarter RIA Deal Book showed 322 RIA M&A transactions announced in 2025, up 18% from 272 in 2024. The number of sellers increased 18%, while the number of buyers fell 19%. The report also said first-time buyers represented 8% of transactions last year, the lowest share on record.
The firm said typical first-time buyers are established RIAs making their first transaction, and he said a growing pool of acquirers is needed to absorb a growing cohort of retiring advisors. The report attributed elevated deal activity to multiple forces, including succession pressure, scale dynamics and private equity-backed consolidators increasing outreach.
David DeVoe, Founder and CEO of DeVoe & Company, said, “The drop in the number of buyers was a surprise. This is another potential step toward the separation we have started to see between the ‘haves’ and ‘have nots’,” as a smaller group of buyers wins more transactions.
Allworth Buys $500 Million Grunden Financial Advisory In Texas
Allworth Financial acquired Grunden Financial Advisory, a Denton, Texas-based wealth management firm with $500 million in assets under management (AUM). The acquired firm brings three partner advisors and multigenerational client relationships, according to the announcement.
Allworth said clients of Grunden will gain access to its national platform, including planning resources and tax and estate planning capabilities, while continuing to work with the same advisors. Grunden was represented by Hue Partners, an M&A advisory firm.
Ricky Grunden, Sr., Founder, CEO and Partner Advisor at Grunden Financial Advisory, said, “After exploring relationships with more than ten different firms, Allworth stood out immediately. They genuinely care about our employees and our clients. As a long-term steward of this firm, it was important to choose a partner that shares our responsibility to protect what we’ve built and support its continued growth.”
Modern Wealth Signs Deal For $300 Million Rochester Practice
Modern Wealth Management entered into an asset purchase agreement for a Rochester, New York-based advisory practice led by Craig Houck, with the incoming team overseeing $300 million in client assets.
The company said Houck’s team will join Modern Wealth and gain access to its integrated platform, including tax planning and preparation, estate planning, and centralized support functions. Modern Wealth also said it added 19 new advisory teams in 2025 and reported nearly $11 billion in assets under management.
Craig Houck, industry veteran and leader of the acquired Rochester practice, said, “Modern Wealth provides a platform that empowers advisors to deliver exceptional client experience while accelerating their own growth.” He pointed specifically to tax planning support, adding that joining the firm would help his team collaborate with tax and planning specialists and “deliver greater value to clients.”
Cetera Acquires $1.9 Billion Darnall Sikes Wealth Partners
Cetera acquired the wealth management business of Louisiana-based Darnall Sikes Wealth Partners, which held approximately $1.9 billion in assets as of Oct. 31. Darnall Sikes was already affiliated with Cetera firm Avantax, and will now be part of Avantax Planning Partners.
This transaction was under Cetera’s RIA and Branches channel, which was launched in June. An affiliated CPA firm, Darnall Sikes & Frederick, remains independent but maintains a partnership with Cetera.
“This strategic partnership with Cetera brings clear and compelling benefits to our team, our shared clients, and the long-term growth of our business,” said John P. Armato, President of Darnall Sikes & Frederick. “This next chapter reflects our shared commitment to putting clients first, and we are confident that expanding our collaboration with Cetera provides a strong foundation for the future.”
Advisor Transactions
$770 Million Team Joins RBC Wealth Management In New York
RBC Wealth Management added the Creative Strategies for Modern Wealth Group to its Syracuse, New York branch, recruiting a seven-person advisory team from UBS overseeing nearly $770 million in client assets.
The team is led by Senior Vice President and Financial Advisor Michael Wirtheim, and includes four Senior Vice President Financial Advisors along with three associates supporting client service and operations. RBC said the group brings experience in multi-asset portfolio construction and integrated estate and tax-aware planning for high net worth clients.
Frank Albanese, Great Lakes Complex Director at RBC Wealth Management, said, “The Creative Strategies for Modern Wealth Group is a dynamic, well-rounded, experienced team and a great addition to our firm. They prioritize relationships over transactions, crafting tailored solutions to provide clear guidance to their clients’ wealth plans.”
Sanctuary Affiliate Alluvial Adds $190 Million Ohio Advisor As Co-Owner
Sanctuary Wealth said Bryan Blackburn joined its network through Alluvial Private Wealth, an Ohio-based firm that holds Sanctuary’s Enterprise Partner designation. Blackburn joined as Vice President and Wealth Advisor and will become a co-owner of Alluvial’s Cleveland business, after previously working with Carnegie Investment Counsel.
Blackburn managed more than $190 million in client assets in his prior role. Alluvial Private Wealth was founded by Lars Olson, who left Merrill Lynch to join Sanctuary in 2021. Over the past five years, Alluvial has grown its client assets from $435 million to over $1.2 billion between its two Ohio locations, Marion and Cleveland.
Lars Olson, President and Wealth Advisor at Alluvial, said, “Bringing Bryan on as a co-owner of our Cleveland business is an exciting step in Alluvial’s strategic growth plan, where we look to add at least one successful practice to our team every year. As an independent advisor, Bryan has built an impressive business in Ohio, and we look forward to him using his talents to help us take our Cleveland business to the next level.”
Ascentis Holdings Launches With $2 Billion, Three Firms Under One Brand
Ascentis Holdings launched as a Dallas-based wealth management company that unified three previously independent firms: Ascentis Wealth Management, Ascentis Asset Management and Ascentis Independent Advisors, formerly Golden State Equity Partners. The company said it has 43 advisors in 16 states and more than $2 billion in client assets.
Ascentis Holdings said it intends to offer fee-based advisors multiple affiliation options, practice management resources and structured investment processes supported by shared infrastructure. Michael Mansur serves as CEO of Ascentis Wealth Management, while Clint Sorenson serves as CEO and Chief Investment Officer of Ascentis Asset Management.
Sorenson said, “Ascentis Holdings is built for the second half of this decade. We strengthen investment capabilities through AAM, expand planning and operational support across the platform and provide continuity options that help advisors evolve their practices over time.”
Strategic Partnerships
LPL Selects Wealth.com For Estate Planning Platform
LPL Financial selected Wealth.com to provide estate planning tools to more than 32,000 advisors on its platform, as well as wealth planning teams. Wealth.com’s tools will give LPL advisors access to model estate plans, help them create documents and facilitate secure collaboration with clients.
The partnership includes Wealth.com’s AI-based legal assistant for estate planning, Ester, which reads and interprets wills and trusts to extract information and present it in a way the firms say is clear and actionable.
Tim White, Co-Founder and Chief Growth Officer of Wealth.com, said, “We’re thrilled to enter this relationship with LPL to bring scalable estate planning to advisors across its entire ecosystem–for LPL advisors and Advanced Planning professionals. This agreement reflects the growing importance of integrated, technology-forward estate planning in the client experience.”
Promotions & People Moves
Collaborative Capital Advisors Names Michael Moriarty As CIO
New York City-based multi-family office Collaborative Capital Advisors named Michael Moriarty as Chief Investment Officer, charging him with leading investment activities, building out the firm’s investment platform and investment team development.
Moriarty previously served as Chief Investment Officer at Wealthspire Advisors and as Head of the Investment Platform at Dynasty Financial Partners, and held prior roles at Surveyor Capital, a unit of Citadel; J.P. Morgan; Bear Stearns; and GE Capital.
Nathan Romano, Co-Chief Executive Officer of Collaborative Capital, said, “We are pleased to welcome Michael as we continue to invest in exceptional, experienced talent and expand our platform. Michael and I have known each other since 2002 and have worked closely together in the past. We will leverage our shared expertise and extensive networks to provide our clients a more sophisticated investment perspective and solutions that meet their complex financial needs.”
Oppenheimer Adds Michelle Jacobi To Global Fund Placement Group
Oppenheimer & Co. named Michelle Jacobi a Managing Director in its Global Fund Placement & Advisory Group, based in New York. The firm said Jacobi will report to Charles Buisseret and Tanya McHale, the group’s Co-Heads, and will advise alternative investment managers on fundraising and strategic priorities.
Jacobi has more than 15 years of private markets experience, including private equity fundraising, GP seeding and stakes and leveraged finance. She most recently served as a Managing Director at Gatewood Capital Partners and previously held roles at Cebile Capital, VCP Advisors and Jefferies Finance.
Jacobi said, “I am excited to join Oppenheimer and continue to work with alternative investment managers on fundraising and strategic advisory initiatives. The firm’s integrated platform and collaborative culture are well-suited to support clients as they scale.”
CFP Board Names K. Dane Snowden As CEO
The CFP Board appointed K. Dane Snowden as Chief Executive Officer, effective March 16. He will succeed Kevin R. Keller, who is retiring after nearly two decades, and the organization said the selection followed a year-long national search conducted by executive search firm Spencer Stuart. Snowden joined the CFP Board as Chief Operating Officer in 2023.
Prior to the CFP Board, he served as President and CEO of the Internet Association and Chief Operating Officer of the National Cable & Telecommunications Association. He was appointed during the George W. Bush administration as Chief of the FCC’s Consumer & Governmental Affairs Bureau.
Snowden said, “It is an honor to be selected to lead CFP Board, serve the public and work alongside the incredibly talented and dedicated staff who advance and support the CFP professional community.” He added, “My focus is straightforward: build on what works, sharpen what needs improvement and find new opportunities to strengthen impact.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
