This edition of the Deals & Recruiting Roundup covers DeVoe’s report on RIA M&A, Logic Capital’s merger with Mission Wealth, Sequoia’s acquisition of Carlson Capital, Arax’s acquisition of Cedrus Financial, The Wealth Alliance receiving a minority stake investment, Osaic partnering with Navy Federal, AlphaCore merging with enTrust Wealth Advisors, LPL recruiting father-and-son advisors, NewEdge’s Southeast recruits, EP Wealth’s Rosenberry returns in new role, Carson’s new California advisors, and Dynasty’s latest recruiting.
Larry’s Take
More evidence is pointing to a banner year for RIA M&A in 2025. DeVoe & Company’s latest RIA Deal Book is in line with recent reports from Berkshire and ECHELON, all revealing a record 2024 for wealth management M&A that shows no signs of slowing.
DeVoe said that 2024 was on track for a pace similar to the past several years until an explosive fourth quarter pushed it to a record. Lower interest rates may be a factor, as DeVoe noted, but the liftoff of interest rates we experienced since 2022 barely slowed the M&A train. While economic and global events can still derail it, the trend for wealth management M&A clearly points upward with strong forces behind it.
Though all eyes are following how AI will reshape our industry, M&A is just as profoundly altering the landscape beneath us. Advisors and leaders across our industry must reimagine what their firms and roles will look like after a few more years of acquisitions, rollups, bolt-ons and minority stakes, and proactively move toward the outcomes they want.
If you would like to discuss Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.
Mergers & Acquisitions
Logic Capital Merges With Mission Wealth
Houston-based Mission Wealth Management is merging with Logic Capital Management. The agreement is the first of the year for Mission Wealth and its largest acquisition to date. The integrated company will keep the same advisors working with clients to aid in the transition, Mission Wealth noted in a statement.
Also based in Houston, Logic Capital Management manages over $400 million in assets under management. Mission Wealth will also add Logic’s Founder, Toby Whitby, and Senior Wealth Advisor, Donnie Roberts, as the firm’s 50th and 51st equity partners.
“We are thrilled to welcome Toby and the entire Logic Capital Management team to the Mission Wealth family,” said Matthew Adams, CEO and Managing Partner at Mission Wealth. “This merger marks an exciting chapter as we expand our footprint into Houston, one of the nation’s most vibrant and economically dynamic cities.”
Sequoia Acquires Carlson Capital
Sequoia Financial Group will acquire Minnesota-based Carlson Capital Management, which had $3.8 billion in client assets as of Dec. 31. The acquisition is expected to close on March 31. Since 2023, Sequoia Financial has made nine acquisitions. With Carlson’s four Minnesota locations, Sequoia Financial will have 34 offices in 19 states.
Carlson has 30 wealth advisors and provides financial advisory services to approximately 1,300 clients, primarily in the greater Minneapolis-St. Paul area. Once the deal is completed, Carlson Co-Founders Gregory Carlson and Jeffrey Carlson will become Senior Strategic Advisors. CEO Justin Stets will be Executive Vice President of Integrated Wealth Services, reporting to CEO Tom Haught.
“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades. We are thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service,” said Tom Haught, CEO of Sequoia Financial. “CCM expands our growing national presence, has a deep bench of innovative advisors, and adds a highly regarded tax planning and compliance capability to our practice.”
Arax Acquires Cedrus Financial
New York City-based Arax Investment Partners, backed by RedBird Capital Partners, acquired RIA Cedrus Financial. Littleton, Colorado-based Cedrus, which holds about $1 billion in assets, will operate within Arax Advisory Partners, an Arax-operated coalition of independent advisory firms focused on specialized services, investment advice and supervisory solutions for institutions, high net worth families and athletes.
Founded in 2014 by Gerry Cardinale, RedBird Capital Partners manages $10 billion in assets.
“Our multi-boutique wealth management strategy continues to attract the best in the business, supporting the growth and expansion of the Arax platform,” said Haig Ariyan, CEO of Arax. “In Cedrus, we found a partner firm with a unique and personalized approach that prioritizes integrity and collaboration in service of clients – in other words, a natural fit for our platform.”
AlphaCore Merges With RIA enTrust Wealth Advisors
La Jolla, California-based AlphaCore Wealth Advisory is bolstering its presence in Southern California’s UHNW realm through a strategic partnership with enTrust Wealth Advisors, an RIA with over $420 million in assets under advisement as of Dec. 31. Michael Crawford and Daniel Conners, who co-founded enTrust, will join AlphaCore as Principals and Senior Wealth Advisors, alongside the San Diego-based team’s Tara Dekel, Gillian Vapnek and Brennan Cobb. The deal is set to close in the first quarter of 2025.
This announcement follows AlphaCore’s recent merger with All Season Financial Advisors in Denver.
“At AlphaCore, cultural alignment is a top priority for every partnership, as it is essential to long-term success,” said Dick Pfister, CEO and Founder of AlphaCore. “I believe the enTrust team has built a remarkable reputation for client service and sustainable growth. By joining forces, we are equipping them with expanded resources to scale efficiently while maintaining their high standards, ultimately benefiting both the team and their clients.”
DeVoe & Company’s Latest Report Shows Record RIA M&A Activity
According to DeVoe & Company’s Q4 2024 RIA Deal Book, M&A activity in the RIA sector “set records” for the most active year, quarter and month in history. Overall, 272 M&A transactions were announced in 2024, breaking the previous record of 264 in 2022.
“This historic level of activity provides significant momentum going into 2025 after nearly three years of steady deal flow,” the report said. “2024 ended with a quarterly high mark of 81 transactions, pushing the year into record territory.”
The study noted that succession planning needs, the demand for comprehensive financial services, and high valuations and attractive deal structures were instrumental in fueling M&A growth. DeVoe expects that trend to continue.
Advisor Transactions
LPL Recruits UBS Father-Son Duo
LPL Financial recruited a father and son financial advisory team from UBS. William “Bill” Bruen, Jr., and Andrew Bruen have joined LPL’s broker-dealer, aligned with existing firm Paradigm Partners. The Bruens reported serving approximately $1.3 billion in advisory, brokerage and retirement plan assets.
In 1922, family patriarch James Bruen opened a wealth management firm in Morristown, New Jersey. His son, William Bruen, Sr., joined the business in 1950, retiring in 2020 after 70 years of service, and now Bill and Andrew continue the family legacy.
“We are so pleased to welcome Bill and Andrew to Paradigm Partners,” said Andrew Koltunowicz, Managing Partner at Paradigm Partners. “Their longstanding history in their community, commitment to clients, multigenerational wealth management expertise, and focus on delivering personalized advice make them an ideal fit for our firm.”
NewEdge Expands Into Southeast With Two New Advisors
Stamford, Connecticut-based RIA NewEdge Wealth is adding wealth managers William deButts and Jimmy Patrick as Managing Directors. DeButts joins NewEdge’s Atlanta location, while Patrick is NewEdge Wealth’s first advisor in North Carolina. Both served as Partners and Senior Wealth Advisors with Edge Capital Partners.
DeButts served as Managing Director at Convergent Wealth Advisors, and prior to that, helped establish Morgan Stanley’s regional office in Atlanta. Patrick previously held senior roles at Lehman Brothers, Credit Suisse and Morgan Creek Capital Management.
“We are thrilled to have William and Jimmy as part of our growing team as NewEdge continues to attract elite wealth managers seeking a firm that understands their needs to support a discerning client base while providing clear growth opportunities,” said Rob Sechan, Co-Founder and CEO of NewEdge Wealth. “William’s experience working with family offices and foundations and Jimmy’s experience working with private and institutional clients will enhance the services that NewEdge provides.”
Carson Adds Two New California Advisors
Carson Group is adding financial advisors Jerod Wurm, Managing Partner, Wealth Advisor, and Casey Frye, Managing Partner, Wealth Advisor, based in Roseville, California, with $365 million in AUM. The advisors will rebrand to Carson Wealth.
Carson Group manages over $40 billion in assets and serves more than 51,000 client families with over 150 partner offices. In January, Carson Group fully acquired Carson Wealth Cedar Rapids. In November, MAG Wealth Management acquired Ovation Wealth Advisors and rebranded to Carson Wealth as Carson Group took a 30% stake.
“Our partnership with Jerod and Casey exemplifies our entire philosophy in terms of how we partner with our advisors to meet their needs,” said Burt White, CEO of Carson Group. “As strategic planners, they came to Carson Group looking for support in providing continuity to clients. Now, not only will they be able to provide that continuity, but they will also have access to our extensive ecosystem of tools and resources.”
Dynasty Recruits Goldman Sachs Team And $6.4 Billion SageSpring
Dynasty Financial Partners announced Wednesday that Chevy Chase, Maryland-based independent RIA TritonPoint Wealth, with about $1.6 billion in assets under management (AUM), joined its advisor network. According to Dynasty, the 16-person, ex-Goldman Sachs team also has offices in San Diego, California, and Scottsdale, Arizona, and selected Fidelity and Schwab as its custodians.
“We are honored the TritonPoint team chose to join Dynasty’s family of liberated, self-sufficient firms,” said Shirl Penney, CEO of Dynasty Financial Partners. “They understand the advantages of true independence and the pride that comes with working authentically with their clients.”
Just before the TritonPoint announcement, Dynasty announced that independent RIA SageSpring Wealth Partners ended its affiliation with Raymond James Financial Services and joined Dynasty’s advisor network. SageSpring has over 45 advisor teams that manage about $6.4 billion for more than 10,000 clients, with nine offices across Alabama, Iowa, Nebraska, Tennessee and Texas, and plans to expand further, Dynasty said.
Strategic Partnerships
The Wealth Alliance Links Up With Wealth Partners And HGGC
The Wealth Alliance, a New York-based RIA, is rolling out a new strategic partnership with financial services holding company Wealth Partners Capital Group (WPCG) and partnership investment firm HGGC. WPCG and HGGC’s Aspire Holdings made a minority investment in The Wealth Alliance, in which its management team retains majority shareholder status and will continue to control the decision-making and operations of the firm.
Founded in 2019 by CEO Rob Conzo and President Eric Diton, The Wealth Alliance oversaw $2.0 billion in managed and brokerage-based assets as of Dec. 31. Turkey Hill Management was the investment banker for The Wealth Alliance on the transaction.
“WPCG shares our core value – the client always comes first. This partnership will accelerate our growth path and provide greater financial planning solutions in the future,” said Conzo. “WPCG’s breadth and experience will empower The Wealth Alliance to attract top-tier advisors, ushering in a new era of excellence,” added Diton.
Osaic Announces Institutions Partnership With Navy Federal
Osaic is expanding its institutional channel via a new partnership pact with Navy Federal Investment Services, the largest credit union in the U.S., according to Osaic, and part of Navy Federal Financial Group, a subsidiary of Navy Federal Credit Union. Navy Federal serves more than 14 million members, bringing 69 advisors to the Osaic Institutions platform, which serves banks and credit unions.
Navy Federal is implementing a strategic growth plan, bringing aboard full-time advisors as well as assets under management. Osaic works with more than 230 institutions.
“Osaic offers unmatched expertise in the institutional space, positioning us to continue to achieve our long-term objectives of providing exceptional value to our members,” said Diane Young, COO of Navy Federal Financial Group. “Leveraging the specialized team and service model at Osaic Institutions, we aim to enhance our ability to expand the range and depth of services we can offer to our members.”
Promotions & People Moves
EP Wealth Rehires April Rosenberry As Managing Director
Torrance, California-based EP Wealth Advisors announced April Rosenberry has re-joined the firm as Managing Director, Advanced Planning. Rosenberry, who previously served as EP’s Director of Estate Planning, will focus on building EP’s offerings, specifically tax and estate planning and others geared toward ultra-high net worth clients. Rosenberry will report to Managing Director, Wealth Management Services, Erin Voisin.
Rosenberry spent a year as Director of Estate, Tax, and Financial Planning at Signature Estate & Investment Advisors. She was also Managing Attorney at Antonyan Miranda LLP, and Vice President, Estate Advisory Specialist at Wells Fargo Private Bank.
“The client is at the center of everything we do,” said Jorge Bernal, EP Wealth COO. “April not only shares that commitment, she brings valuable experience and skills to our wealth management team that I know will contribute to our clients and team. The combination of Erin and April is a formidable leadership team for our deep roster of experts.”
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at julius.buchanan@wealthsolutionsreport.com.
