This edition of the Deals & Recruiting Roundup covers AlphaCore acquiring SPC, Rothschild buying Siligmueller & Norvid, Creative Planning purchasing Financial Abundance, Rise staking Krilogy, Raymond James onboarding seven advisors, LPL recruiting Shawn Gentle, Concurrent landing Keaton & Sams, Dynasty and Diamond launching an investment banking initiative, Sowell and Rayliant partnering on outsourced investment management, DeVoe naming Hoyt Stastney as Managing Director and General Counsel, Essential Edge appointing Todd Spillane as President and Bluespring making three executive and two business development hires.
Larry's Take
Every story in the Promotions & People Moves section this week is related to legal and compliance: Regulatory outsourcing firm Essential Edge hired a president with an extensive compliance background. Bluespring appointed a chief compliance officer. And DeVoe & Company hired a general counsel.Legal and compliance may not be revenue generating functions, but ignoring them will create future costs. Firms must get these right by outsourcing, building internal expertise, or relying on home office or enterprise support.
As our industry increases in the complexity of investment products, portfolio construction, client communications, M&A and capital raising, succession needs and more, legal and regulatory issues have become increasingly prominent. Technology is part of the solution, but the novel issues that come to every firm require human expertise.If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@ascentix.com.
Mergers & Acquisitions
AlphaCore To Buy SPC, Adds $1.5 Billion In Client Assets
AlphaCore Wealth Advisory in La Jolla, California, plans to acquire SPC Financial, a deal that will boost its client assets by $1.5 billion and expand its footprint to the East Coast. The deal will close at the end of the fourth quarter.
Led by President and CEO Edward “Jeff” Sella, SPC was founded in 1970 and specializes in tax planning and preparation. The combined firms will oversee more than $8.5 billion in client assets and over 100 employees in Denver; Austin, Texas; Greenwich, Connecticut; and Rockville, Maryland.
“When we founded AlphaCore, our vision was to build an enduring boutique wealth management firm that delivers a premium client experience through both scale and comprehensive services,” said Dick Pfister, Founder and CEO of AlphaCore. “This partnership with SPC, following our acquisition earlier this year with Callan Capital, is transformative for our firm, our advisors and the clients we serve.”
Rise Growth Stakes Krilogy In St. Louis
Rise Growth Partners in Austin, Texas, purchases a minority stake in Krilogy, a St. Louis-based RIA that oversees more than $4 billion in assets under management (AUM). Founded in 2009, Krilogy offers financial planning and investment management services to high net worth individuals, families and business owners.
Krilogy has long focused on coaching and developing advisors, fostering collaboration among specialists and pairing younger talent with experienced mentors. Its 85-person team includes 40 wealth advisors.
“Exceptional firms aren’t built on metrics alone—they’re built on values, people and a vision for the future,” said Joe Duran, Managing Partner at Rise. “We believe Krilogy is uniquely positioned to support advisors approaching the next or final chapter of their careers who want to thoughtfully transition their work and preserve their legacy—creating a great home for clients and a powerful runway for the next generation.”
Rothschild Acquires Siligmueller & Norvid, Adds $300 Million In Client Assets
Chicago-based Rothschild Wealth Partners buys Siligmueller & Norvid Wealth Advisors (SNWA) in Glen Ellyn, Illinois, which manages $300 million client assets. Founded in 1998 by Dale Siligmueller, SNWA offers financial advice to business owners, families and high net worth individuals across the region.
Rothschild Wealth Partners employs 70 professionals, including 25 advisors, that serves affluent families and business owners with investment management, tax and estate planning, business succession strategies and generational wealth transfer. The company, founded in 1908, has an RIA and a hybrid broker-dealer/RIA that oversees more than $7 billion in assets under administration, according to its website.
“Siligmueller & Norvid illustrates the type of firm we seek to partner with, one that is deeply rooted in their community, client-centric, and built on integrity,” said Phil Johnson, President and Partner at Rothschild Wealth Partners. “Together, we will bring clients an even broader suite of planning, tax, and investment capabilities that are supported by a platform designed to empower advisors and elevate the client experience.”
Creative Planning Purchases $275 Million RIA Financial Abundance
Creative Planning acquires Financial Abundance, an RIA with offices in State College and Lewisburg, Pennsylvania, that oversees $275 million in AUM. The deal closed Sept. 30.
Financial Abundance marked Creative Planning’s 14th acquisition in two years. The company, based in Overland Park, Kansas, oversees more than $390 billion in combined AUM and assets under advisement as of Sept. 30.
“Financial Abundance shares our values and client-centered approach,” said Peter Mallouk, President and CEO of Creative Planning. “Their vast knowledge and expertise will be a welcome addition to the Creative Planning team, boosting our presence on the East Coast.”
Advisor Transactions
Raymond James Onboards Advisors Managing A Combined $657 Million In Client Assets
Raymond James Financial Services, the independent advisor channel of Raymond James, recruits seven advisors from Commonwealth Financial Network who manage a combined $657 million in client assets. Advisors Brian Keister, Jody Chiapelli, Sara Hinthorne and Joshua Keister of KCH Financial in Bethalto, Illinois, managed $357 million in client assets.
Pittsburgh-based Touchstone Capital, led by Advisor Ted Kerr and including Advisor Markus Williams, and Eagle Peak Wealth Management of Longmont, Colorado, headed by Advisor Tim Menefee, manage a combined $300 million in client assets.
“Our mission has always been simple: to improve the quality of our clients’ lives.” Kerr of Touchstone Capital said. “In Raymond James, we’ve found a partner who shares our commitment to independence, integrity and a collaborative philosophy. With their resources behind us, we can focus even more on what matters most – guiding clients with clarity and conviction so they can live with freedom and confidence.”
LPL Lands Shawn Gentle From Raymond James
LPL Financial recruits Shaw Gentle of Gentle Family Wealth Partners from Raymond James Financial Services. Based in Birmingham, Alabama, Gentle Family manages $280 million in advisory, brokerage and retirement plan assets.
With 37 years of experience, Gentle serves clients throughout the Southeast, including retirees, business owners preparing to transfer their companies to the next generation, defense contractors and entrepreneurs. He emphasizes philanthropy with his clients and partners with multiple charities to faciliate that.
“I chose to transition my practice to LPL’s corporate RIA because it offers the support and resources of a leading financial organization while allowing me to maintain the independence and personalized approach of a boutique firm,” Gentle said. “In today’s environment, where cybersecurity and advanced technology are crucial, it’s essential to partner with a very large, sophisticated financial services company that is deeply invested in these areas.”
Concurrent Onboards Keaton & Sams, Adds $1.3 Billion In Client Assets
Concurrent Investment Advisors in Tampa, Florida, recruits Keaton & Sams Wealth Management, a Savannah and Sea Island, Georgia-based RIA that oversees $1.3 billion in clients. Keaton & Sams previously affiliated with Raymond James.
The firm boosts Concurrent’s total AUM to over $15 billion. Keaton & Sams, led by founding Managing Partners Bill Keaton and Alfred Sams, also chose Goldman Sachs as its custodian.
“Concurrent was created to empower advisors like Bill and Alfred to build businesses on their own terms, with the resources and flexibility required to deliver at the highest level,” said Nate Lenz, CEO and Co-Founder of Concurrent. “Their focus on transparency and client service reflects exactly what we strive to foster across our network.”
Strategic Partnerships
Dynasty Teams With Diamond Consultants On Breakaway Investment Banking
Dynasty Financial Partners and Diamond Consultants launch initiative to meet the investment banking needs of U.S. broker-dealer and wirehouse advisor teams managing $1 billion or more in client assets. The Breakaway Investment Banking Initiative is designed to help advisors transition to independence, raise growth capital, change wirehouses, find an employment model structure and merge or sell to RIAs.
Dynasty Investment Bank advised on 15 M&A deals and capital raises in 2024, including cross-border public company M&As, domestic sell-side transactions, strategic recapitalizations, valuations and capital-raising mandates, according to the firm. Over the past decade, Diamond Consultants has transitioned more than $400 billion in AUM.
Dynasty and Diamond were “seeing the same market shift where $1B+ wirehouse teams now face more complex choices than ever, including independence, transitioning to another W-2 firm, and now transacting their businesses,” said Louis Diamond, CEO of Diamond Consultants. Dynasty CEO Shirl Penney and “I recognized that no single firm was equipped to guide them objectively across all three paths,” he said.
Sowell Partners With Rayliant To Expand OCIO Offering
Little Rock, Arkansas-based RIA Sowell Management partners with asset management firm Rayliant to expand Sowell’s Outsourced Chief Investment Officer platform. The move is expected to enhance Sowell’s asset management capabilities by combining it with Rayliant’s research and global perspective.
As part of the partnership, Jason Hsu, Founder and Chairman of Rayliant, will assume the role of Chief Investment Strategist for Sowell, where he will collaborate with the firm’s OCIO team to develop an enhanced investment process. Founded in 2001, Sowell is a privately held RIA with $6 billion in client assets as of September. Rayliant, founded in 2016, specializes in dynamic asset allocation, systematic ETFs and alternative investments.
“The most successful financial advisors realize that their greatest value to clients is devoting time to financial planning and relationship building, not on the ever-increasing complexities of investment management,” said Bill Sowell, CEO of Sowell Management. “Outsourcing this time-consuming yet vital process has been central to our philosophy since our founding.”
Promotions & People Moves
DeVoe Names Hoyt Stastney Managing Director And General Counsel
DeVoe & Company appoints Hoyt Stastney Managing Director and General Counsel. He will oversee the investment bank’s engagements with clients from the firm’s business consulting, M&A and valuation practices.
Stastney most recently served as General Counsel and Head of M&A at Wealthspire Advisors, helping grow the firm from $1 billion to over $30 billion in AUM. He was also Partner at Quarles & Brady, where he chaired the Investment Management Practice Group, advising RIAs, broker-dealers and private equity firms.
“We’re excited to welcome Hoyt to DeVoe & Company,” said David DeVoe, Founder and CEO. “He brings exceptional expertise at the intersection of M&A, business strategy, and law. His deep understanding of the RIA ecosystem and his proven track record of helping firms grow and navigate complex transactions will be invaluable as we continue to expand our client base and capabilities.”
Essential Edge Appoints Todd Spillane As President
Essential Edge Compliance Outsourcing Services of Santa Fe, New Mexico, names Todd Spillane to the newly created role of President, where he will oversee the firm’s daily operations and implement its growth strategy. He reports to Co-Owner and Managing Director Sander Ressler.
Spillane most recently served as CCO of CIBC US Wealth Management. He previously served as U.S. Chief Compliance Officer (CCO) at Invesco and Deputy General Counsel and COO at AIG. He is also a board member at Ferox Group and Dance Wave, a non-profit group in New York.
“As the wealth management industry evolves and faces increasingly complex regulatory stipulations, a truly unique firm like Essential Edge is more important than ever,” Spillane said. “The need for outsourced compliance support is, for many, an economic and operational necessity. Essential Edge is growing to meet that need and I’m honored to work with Sander to lead the team into the future.”
Bluespring Makes Multiple Executive Appointments In Leadership And Bus Dev
Bluespring Wealth Partners appoints three people to its leadership team and makes two strategic hires to its business development team. The company said the moves will boost growth and innovation and provide better support to advisors and their clients.
The three executive hires are Adam Sokolic as Head of Business Operations and Integrations, Rochelle Levy as Chief Compliance Officer, and William Salmen as Head of Mergers and Acquisitions. The two strategic hires are Jonathan Ballenger and Tyler Schlater, both as Regional Business Development Director.
“This group of new team members brings the kind of expertise that will take Bluespring to the next level,” said Pradeep Jayaraman, President of Bluespring. “Their leadership – along with the teams they are building – will drive growth, elevate advisor support, and accelerate our vision for the future of wealth management.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
