In this week’s roundup, Aquiline agreed to invest in Flourish; Allworth acquired High Falls Advisors and Holistic Financial Partners; Sequoia acquired BSW Wealth Partners; Savant partnered with Socha Financial Group; F.L.Putnam acquired the Red Granite team; New Mountain Capital exited Lincoln Investment; Summit bought an Oregon firm; NewEdge Wealth added a Fort Lauderdale team; Prospera recruited Patrick Sweeney and John Palmer; Cetera added Sierra Ridge Advisor Group; Osaic added Midwest Financial Group; and Merit named John Rajes Chief Technology Officer.
Mergers & Acquisitions
Aquiline Agrees To Take Controlling Interest In Flourish
Aquiline agreed to invest in Flourish, a wealthtech platform owned by MassMutual. After the expected fourth-quarter closing, Aquiline will hold a controlling interest while MassMutual retains a significant stake.
Flourish serves more than 1,300 RIAs, and assets under custody in its advisor-led cash-management solution rose from $1 billion to $8 billion over five years. David Canter, who previously led Fidelity’s RIA and Family Office segments, will join Flourish’s board as Executive Chairman. Wells Fargo acted as exclusive placement agent and financial advisor to Flourish and MassMutual.
“As we enter this next chapter with Aquiline’s strategic backing, we are positioned to move even faster and better to serve the independent advisor market,” Max Lane, CEO of Flourish, said. “This new structure preserves our deep, ongoing relationship with MassMutual while providing the agility to accelerate our roadmap and deliver the next generation of products that independent advisors need to succeed.”
Allworth Acquires Firms With Nearly $950 Million In AUM
Allworth Financial acquired High Falls Advisors, a Rochester, New York, wealth management and tax advisory firm with $665 million in assets under management (AUM), and Holistic Financial Partners, an Indianapolis RIA with approximately $282 million in AUM. The transactions brought Allworth above $40 billion in AUM.
The acquisitions add 23 professionals, including 13 wealth and tax advisors. High Falls brings a 21-person team, a CPA-led in-house tax practice and two private funds. Holistic Financial Partners specializes in financial planning for people navigating divorce, and its leader, Jason Llewellyn, joined Allworth as a Partner Advisor.
“These two firms represent exactly what we look for in a partnership: proven leadership teams, distinctive capabilities, and a shared belief that clients deserve more than a single-discipline approach to financial advice,” John Bunch, CEO of Allworth Financial, said. “Ken and Jen have built a standout advisory practice in Rochester with the kind of integrated tax and planning model that directly strengthens our platform. And Jason brings something we think is genuinely underserved in this industry: a dedicated, expert-led approach to helping people navigate the financial side of divorce.”
Sequoia Acquires BSW With $2.3 Billion In Client Assets
Sequoia Financial Group acquired BSW Wealth Partners, a Colorado RIA that managed about $2.3 billion in client assets as of June 30. The transaction closed Aug. 31. The process of dropping the BSW name and adopting the Sequoia Financial brand will begin this month.
Nineteen of BSW’s 25 team members joined Sequoia as employees, while six are serving as independent contractors during the transition. BSW CEO David Wolf joined Sequoia and will remain active in client service and help guide the firms’ integration. Warner Norcross + Judd served as BSW’s legal advisor, and Hue Partners provided BSW with consulting and strategic guidance.
“The incredible alignment of BSW’s ethos to Make Life Better and Sequoia’s vision of Enriching Lives also extended across our firms’ cultures, clients, and capabilities,” Wolf said. “United, we can better serve families for generations, create exciting career opportunities for our team, and broaden our impact in Boulder, Denver, and throughout the Mountain West.”
Savant Partners With Socha Financial Group With $542 Million In AUM
Savant Wealth Management, a fee-only RIA, partnered with Socha Financial Group, an RIA in Corning, New York, with approximately $542 million in AUM. The partnership closed Aug. 31 and gives Savant its third New York office.
Socha Financial Group was founded in 1983 and has eight team members. Managing Partner and COO Michelle Socha Vang and Managing Partner Jolie McCarthy join Savant as member-owners and employees. CEO and Chief Investment Officer Michael Socha is joining as a member-owner but will not be an employee. FP Transitions served as Socha Financial Group’s M&A consultant and valuation advisor.
“Socha Financial Group has spent more than four decades building a legacy centered on comprehensive financial planning, with a goal of providing exceptional client service and strong community relationships,” Brent Brodeski, Founder and CEO of Savant Wealth Management, said. “Socha’s commitment to helping clients navigate every aspect of their financial lives aligns closely with Savant’s planning-driven approach.”
F.L.Putnam Acquires Red Granite Team With More Than $1 Billion In Assets
F.L.Putnam Investment Management Company, an independent RIA, acquired the Red Granite team from an affiliate of 1251 Capital Group. The Milwaukee team oversaw more than $1 billion in assets for private clients as of Aug. 31 and will continue working from its downtown office.
Co-Chief Investment Officers Joel Vrabel and David Drzadinski lead the six-person team and have jointly managed a large-cap growth equity strategy since 1996. The acquisition establishes F.L.Putnam’s first Wisconsin office and second Midwest location while adding the team’s large-cap growth strategy to its proprietary equity investment platform.
“At FLP, we have built a firm where talented advisory and investment teams can expand their capabilities, access the resources of a larger organization, and continue to deliver highly personalized advice to their clients,” Tom Manning, CEO of F.L.Putnam, said. “The addition of Joel, David, and their team establishes our first presence in Wisconsin and our second location in the Midwest, while adding a differentiated large-cap equity strategy to our investment platform.”
New Mountain Capital Exits Lincoln Investment
New Mountain Capital exited its investment in Lincoln Investment, returning full ownership of the independent broker-dealer and RIA to the Forst family and advisor shareholders. New Mountain invested in Lincoln in 2020.
During the investment period, Lincoln’s fee-based assets grew approximately 75% and total client assets reached approximately $63 billion. The firm appointed Kathy Leckey as CEO in June as part of a multiyear executive succession plan. Ropes & Gray served as New Mountain’s legal counsel, and Morgan Lewis & Bockius served as Lincoln’s legal counsel.
“This milestone reflects the progress our team has made in building a more modern, scalable platform for our advisors and clients,” Kathy Leckey, CEO of Lincoln Investment, said. “With New Mountain’s investment, partnership, and strategic guidance, we strengthened our technology, expanded our capabilities, and positioned the business for continued growth.”
Summit Acquires Oregon-Based Financial Investment Team
Independent RIA Summit Wealth Group announced its acquisition of Financial Investment Team (FIT), a Portland, Oregon-based fee-based financial planning practice that manages approximately $224 million in client assets and served roughly 300 clients. The acquisition establishes Summit’s first Pacific Northwest branch. All seven FIT employees, including three advisors, will join Summit, and the practice will operate under the Summit Wealth Group brand.
The transaction bought out founder Diana Harrison’s ownership stake and gave FIT’s advisors equity in Summit, addressing a succession challenge as Harrison approached retirement and her team could not independently finance a buyout. FP Transitions advised on the deal. Summit said FIT’s advisors will gain access to its investment, marketing, planning, compliance, human resources and growth support. With FIT, Summit now operates 12 offices across six states.
Randy Morris, CEO of Summit, said, “Financial Investment Team represents exactly the kind of partnership Summit was built for. It’s a planning-first firm with deep client relationships and a team that shares our belief that growth should never come at the expense of the client experience. We’re grateful for the opportunity to serve the Portland market with the FIT team.”
Advisor Transactions
NewEdge Wealth Adds Fort Lauderdale Team With $3 Billion In AUM
NewEdge Wealth, an RIA division of NewEdge Capital Group, added Wealth Managers Paul Yates, Alexandra Escobedo, Trace Shapiro and Michael Wohlgemuth, who manage $3 billion in AUM, according to information provided by a PR representative. The group established NewEdge Wealth’s fourth Florida location in Fort Lauderdale.
The team has experience serving ultra-high net worth individuals, families, business owners and professional athletes. Yates previously worked at Bank of America Private Bank. Escobedo previously held roles at Bank of America Private Bank, TradeStation and Franklin Templeton Investments, while Shapiro and Wohlgemuth also worked at Bank of America Private Bank.
Rob Sechan, Founder and Managing Partner of NewEdge Capital Group, said, “I’ve lived in Fort Lauderdale full time since 2023, and I’ve witnessed firsthand how Florida continues to experience strong economic growth. It’s driven by entrepreneurs and individuals who live or have moved to the area like me, and I am excited how this new office will strengthen our presence on the coast between Miami, Coral Gables and Boca Raton.”
Prospera Recruits Pennsylvania And New York Advisors
Prospera Financial Services recruited Patrick Sweeney of Pennsylvania and John Palmer of New York. The two independent advisors are expected to bring a combined $75 million in AUM to the Dallas-based independent broker-dealer and RIA.
Sweeney is President and Wealth Advisor at Chartiers Capital Group in the Pittsburgh area and has more than 20 years of experience, including roles at Wells Fargo Advisors and Merrill Lynch Wealth Management. Palmer, Founder of Palmer Financial in Smithtown, New York, has more than 40 years of experience and previously worked at Prudential Securities, Wachovia Securities and Wells Fargo Advisors.
“The advisors who thrive at Prospera share a commitment to doing what’s right for their clients and building businesses designed to endure,” Tarah Williams, President and COO of Prospera Financial Services, said. “John and Patrick have each built distinct practices that embody that approach. We’re pleased to welcome them both to Prospera and to partner with them as they position their businesses for the future.”
Cetera Adds Sierra Ridge With $2.1 Billion In Assets
Cetera Financial Group added Sierra Ridge Advisor Group, a Roseville, California-based investment practice with about 40 advisors and approximately $2.1 billion in assets under administration as of June 30. Led by Co-Founders James Slaughter and Giancarlo Foti, Sierra Ridge became affiliated with Cetera on Aug. 14 after leaving LPL Financial.
Sierra Ridge joined the Cetera Networks community within Cetera’s Large Enterprise channel. The independently owned and operated firm will retain its name and leadership and intends to maintain a hybrid brokerage and advisory model. Its plans include launching its own RIA on Cetera’s Blueprint multi-custodial platform, adding offices in the Midwest and on the East Coast and recruiting more advisor teams.
“I know there are so many outstanding advisors who want to grow their practices while being client-focused but they’re not getting what they need from their broker-dealer or OSJ, and honestly, they feel abandoned on an island,” Slaughter said. “We’re excited to join Cetera because while other broker-dealers are leaning away from supporting OSJs, Cetera is clearly leaning in with more investments to support the OSJ business model, so we know we’re important to Cetera and its executive team.”
Osaic Adds Midwest Financial Group With $450 Million In Assets
Osaic added Midwest Financial Group, a Madison, Wisconsin-based financial services firm overseeing $450 million in assets under advisement. The firm joined Osaic from Commonwealth following the announced agreement for Commonwealth’s parent company to merge with LPL Financial.
Midwest Financial Group has five advisors and financial planners, along with support staff. CEO and President Matt Cuplin and CIO and Vice President Brandon Masbruch have led the firm for nearly 10 years. The firm serves families through financial planning, wealth management, tax and accounting, insurance, Medicare and employee benefits.
“We’ve spent the last decade building on MFG’s foundation and expanding the ways we can support the families we serve,” Matt Cuplin, CEO and President of Midwest Financial Group, said. “Our team has never been stronger, and our capabilities have continued to evolve. Joining Osaic gives us another opportunity to build for the future while staying true to the relationship-driven approach that has defined our team for nearly 35 years.”
Promotions & People Moves
Merit Names John Rajes As Chief Technology Officer
Merit Financial Advisors named John Rajes as Chief Technology Officer. Rajes, who joined the firm July 13, will oversee enterprise technology strategy, including architecture, integrations, data, AI and development of a more unified digital experience for advisors and employees.
Rajes previously held leadership roles at LPL Financial, UBS, Barclays and Goldman Sachs and most recently operated an independent consulting practice. As Head of Strategic Partnerships at LPL, he was responsible for a fintech ecosystem of approximately 90 providers and investment product partnerships. Merit managed approximately $30.1 billion in assets as of July 20, including $22.982 billion in advisory assets.
“Technology becomes more important as an organization grows, but simply adding more technology isn’t the answer,” Rajes said. “The opportunity is to bring the pieces together in a way that creates a dramatically better experience and allows the organization to scale. Merit already has a strong foundation. Now we can build on it by connecting our data, integrations and AI capabilities in ways that make information more useful, accessible and actionable for advisors and employees.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
