This edition of the Deals & Recruiting Roundup covers CW Advisors’ acquiring Rovin Capital, Arax purchasing GFP, OnePoint BFG acquiring Voyage, Summit purchasing Premiere, FMG buying Testimonial iQ, Waverly acquiring Pure Portfolios, Osaic recruiting Meyers Wealth, Raymond James onboarding Thrift, LPL landing Wealth Innovations, Prospera appointing Paul Keeton Chief Investment Officer and Sanctuary naming Marissa Fox-Foley as Chief Marketing Officer.
EDITOR IN CHIEF’S TAKE:
On the surface recruiting sometimes looks like firms are just swapping, such as LPL and Osaic recruiting similarly sized firms from each other this week. But that is only the surface. Advisory firms are unique in a myriad of ways, and home office firms offer many options. It’s about finding the right fit for both the recruiter and the recruited, and as time goes by, sometimes the better fit is found in a new place.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
CW Advisors Buys Rovin Capital, Establishes First Utah Office And Second Arizona Office
Boston-based CW Advisors (CWA) acquires Rovin Capital, an RIA that oversees $849 million in assets under advisement and AUM. Rovin operates offices in Lehi, Utah, and Mesa, Arizona.
The deal marks CWA’s second acquisition since Osaic purchased the company last August. It operates 23 offices nationwide, employs more than 160 professionals and oversees more than $16 billion in assets under management (AUM).
“We are excited to welcome the Rovin team to CW Advisors,” said Scott Dell’Orfano, CEO of CWA. “Like CWA, delivering a superior client experience is their top priority. Their unwavering commitment to exceptional customer service along with their history of robust growth, make them a perfect complement to our firm.”
Arax Acquires GFP Private Wealth, Adds $1.5 Billion In AUM
Arax Investment Partners purchases GFP Private Wealth, a Cleveland-based RIA that oversees $1.5 billion in AUM. GFP will join Arax Advisory Partners, Arax’s Denver-based RIA.
Led by Carina Diamond, GFP serves high net worth individuals, families and institutions. Sally Gries founded the company in 1978 as Ohio’s first wholly woman-owned RIA, according to a news release. Colchester Partners served as financial advisor to GFP Private Wealth on this transaction.
“GFP Private Wealth has built a legacy of trust, quality and principled leadership,” said Haig Ariyan, CEO of Arax Investment Partners. “That legacy, which continues today, aligns perfectly with Arax’s values. We are excited to partner with GFP as the team continues to deliver enduring impact for clients across generations.”
OnePoint BFG Purchases Voyage Wealth Architects, Adds $700 Million In AUM
OnePoint BFG Wealth Partners in Parsippany, New Jersey, acquires Minneapolis-based Voyage Wealth Architects, which oversees $700 million in AUM. Voyage will keep its name for now and eventually transition to the OnePoint BFG brand.
Voyage is led by Brian Eder, Managing Partner and Private Wealth Advisor; Jesse Bergland, Partner and Private Wealth Advisor; Chris Crubaugh, Partner and Private Wealth Advisor and Chris Koenig, Partner and Private Wealth Advisor. Founded in 1985, OnePoint BFG managed over $15 billion in advisory assets as of Dec. 31.
“Voyage exemplifies the planning-led, client-first philosophy we seek in our partnerships,” said Andy Schwartz, CEO of OnePoint BFG. “Their emphasis on life outcomes over transactions, deep planning expertise and strong team culture make this a natural fit. Clients will benefit from enhanced clarity, sophistication and long-term support – while continuing to work with the trusted advisors they value.”
Summit Merges With Premier Private Wealth, Launches Family Office
Summit Wealth Group in Colorado Springs, Colorado, merges with Premier Private Wealth (PPW), a Nashville-based RIA that oversees $470 million in AUM. With this deal, the company launches Summit Wealth Group Family Office Services, which provides ultra-high net worth and high net worth clients with services like investment oversight, estate and wealth transfer planning, advanced tax planning, family governance, multi-generational engagement and education, philanthropy and legacy planning.
Founded in 2022, Summit oversees $3 billion in AUM. The merger follows additions to Summit’s executive team, including Scott Wilkinson as Chief Compliance Officer, Chelsea Ganey as Chief Investment Officer and Seamus O’Brien as Head of Advisor Success.
“Our clients have always been at the center of every decision we make,” said Randy Morris, CEO of Summit Wealth Group. “The merger with PPW strengthens our commitment to our clients by bringing on deeper knowledge, broader capabilities, and a shared vision for delivering an exceptional client experience.”
FMG Buys Reputation Manager Testimonial iQ
San Diego-based FMG purchases Testimonial iQ, a company that helps advisors manage their online reputations. Denver-based Testimonial iQ will rebrand as FMG Testimonials.
Testimonial iQ allows advisors to collect client surveys and Google Reviews and post them on their websites that meet regulatory disclosures and requirements. The company’s platform also helps boost advisors’ presence in traditional search engines, social media and AI-powered searches.
Dave Christensen, CEO of FMG, said, “Our expanded capabilities will help advisors stay visible in AI and local search, earning the trust of potential clients quickly and turning that visibility into organic growth opportunities. The industry has a heightened focus on compliant client communication, and this acquisition is a direct and timely response to the evolving regulatory guidance on testimonials and reviews.”
Waverly Acquires Pure Portfolios, Adds $437 Million In AUM
Waverly Advisors in Birmingham, Alabama, purchases Pure Portfolios, an RIA in Lake Oswego, Oregon, that oversees $437 million in AUM. The deal marks Waverly’s debut in Oregon.
Pure Portfolios is led by Nik Schuurmans, Founder, President and Chief Investment Officer and Toby Weber, Chief Financial Officer. Both executives join Waverly as Partners and Wealth Advisors. The entire Pure Portfolios team also joins the company.
“For a firm established within the last decade, Pure has demonstrated exceptional growth and built a strong presence in its regional market,” said Justin Russell, President and CEO of Waverly. “The professionalism, discipline and intentional approach Nik, Toby and their team bring to the business are exactly the qualities Waverly looks for in new partners.”
Advisor Transactions
Osaic Recruits Meyers Wealth Management From LPL
Osaic onboards Meyers Wealth Management Group, an advisory firm in Wenatchee, Washington, that oversees $285 million in client assets. The company was previously affiliated with LPL Financial.
Founded by Tim and Mitch Meyers, the company said it moved to Osaic for greater autonomy, modern technology and hands-on support. Meyers primarily serves high net worth clients through a fee-based model.
“Meyers Wealth represents exactly the kind of entrepreneurial, client-focused firm we are proud to support in serving their clients their way,” said John DiMonda, Co-head of Advisor Engagement at Osaic.
Raymond James Recruits Thrift Private Wealth Team From Merrill Lynch
Raymond James onboards the Thrift Private Wealth team, whose advisors previously managed $1 billion in client assets for Merrill Lynch. The team, based in Easton, Maryland, serves business owners, families, individuals, family offices and retirees. It joined Raymond James’ employee advisor channel, Raymond James & Associates.
Thrift Private Wealth’s advisors include Garrett Thrift, Kara Burt, Blake Saulsbury and Wade Oursler. They are joined by Client Service Associates Chris Gostomski and Blair Goodrich.
“After extensive due diligence, we found Raymond James to be our ideal fit – a place where advisors are empowered, respected and supported in building practices centered on authentic teamwork and long-term relationships,” Thrift said. “Raymond James’ private wealth resources and capabilities were an essential part of our decision-making process in addition to the unique element of direct access to senior leadership. The firm’s leadership is truly invested in our success, and we feel that our voices matter here.”
LPL Onboards Wealth Innovations, Adds $200 Million In Client Assets
LPL Financial recruits Wealth Innovations from Osaic, where it managed $200 million in advisory, brokerage and retirement plan assets. Wealth Innovations, based in Richmond, Viriginia, specializes in retirement planning for people at or near retirement, including life insurance, annuities and IRA rollovers.
The company is led by Managing Partners Jim LaNeave, Marian Crawford and Samuel LaNeave. The team also includes Ashley LaNeave, Director of Operations and Client Services, Jeffery Brallier, Client Services Specialist, Diane Norris and Janyce LaNeave.
“We welcome Jim, Marian, Samuel and the entire Wealth Innovations team to the LPL community,” said Scott Posner, Managing Director of Business Development. “Just as they prioritize delivering personalized service and thoughtful planning for their clients, at LPL we empower advisors to run thriving, independent practices designed their way. With our integrated technology and comprehensive business solutions, we look forward to supporting their growth and success for many years to come.”
Promotions & People Moves
Prospera Promotes Paul Keeton To Chief Investment Officer
Prospera Financial Services in Dallas appoints Paul Keeton as Chief Investment Officer. He will oversee the company’s bespoke investment services, including alternatives, fixed income and annuity offerings and proprietary research.
Keeton is a nine-year veteran of Prospera, most recently serving as Managing Director, Investments & Advisory Solutions. He previously spent 20 years at Dorsey, Wright & Associates, rising to the position of Senior Vice President.
“Paul has played a key role in shaping our product platform and advisory offerings, and I’m confident in his expanded leadership as Chief Investment Officer,” said Tarah Williams, President and COO. “His deep industry experience has helped our advisors deliver the investment solutions their clients need, and he will continue to lead our equity and fixed income desks while developing custom models and product strategies.”
Sanctuary Names Marissa Fox-Foley As Chief Marketing Officer
Sanctuary Wealth in Miami appoints Marissa Fox-Foley as Chief Marketing Officer. She will lead the company’s enterprise marketing strategy, including efforts to advance the firm’s growth priorities, strengthen its brand and enhance value for Sanctuary’s partner firms.
Fox-Foley most recently served as Chief Marketing and Communications Officer at Choreo. She was also Chief Strategy and Marketing Officer at Mass General Hingham Health Plan and Head of Corporate and Brand Marketing for Cetera Financial Group, according to her LinkedIn page.
“Our Partner Firms represent some of the most sophisticated and accomplished financial advisors in the industry, and our responsibility is to ensure they have marketing capabilities that match their level of expertise,” Sanctuary CEO Adam Malamed said. “Marissa brings a combination of strategic vision, operational rigor and hands-on experience building enterprise-grade marketing organizations. She understands how to translate brand, technology and data into growth outcomes that will help Partner Firms tell their story more powerfully, win new relationships and deepen trust with existing clients.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
