In this week’s roundup, Merit acquired Pradel Financial Group, Wealthspire agreed to acquire Fi3 Advisors, Sowell partnered with Merchant to launch an equity program, ECHELON reported record M&A volume, Steward Partners acquired Wisdom Rock and Jazz Wealth, Sanctuary recruited Iron North, Arax added The Oak Group, LPL added Capital Investment Services and Paxara Wealth Partners, Apollon added Senglaub Financial, Prosperity unified five firms under one brand, Lido named Brian Haloossim President and elevated Ken Stern to Co-CEO, and OnePoint BFG appointed Sam Cari Chief Strategy Officer.
Editor in Chief’s Take:
Firms continue to build pathways for advisors to manage succession with a middle road between selling everything and staying fully independent. Sowell is offering advisors access to capital, resources and equity. Acquisitions by Wealthspire, Merit and Steward demonstrate founders and advisory teams seeking larger platforms that can provide continuity, broader resources and a durable home for clients and staff. For many advisors, the middle road may become the right path.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Merit Acquires $420 Million Pradel Financial Group
Atlanta-based Merit Financial Advisors acquired Seattle-based Pradel Financial Group, a wealth management firm founded and led by Paul Pradel that serves about 110 client households with almost $420 million in assets under management (AUM). The transaction, finalized April 24, is Merit’s 58th acquisition. Pradel Financial Group will immediately rebrand to Merit Financial Advisors and Paul Pradel will become a Wealth Advisor and Partner at Merit.
Pradel Financial Group was founded in 2002 and focuses on comprehensive financial planning, especially for clients with concentrated stock positions and complex wealth scenarios. Pradel was affiliated with Commonwealth Financial Network for more than 23 years. He is joined at Merit by Jessica Moore, who becomes Client Relationship Manager after working with Pradel for more than 20 years.
Pradel said, “From the beginning, this decision was about finding the right long-term partner for our clients, Jessica and me. I wanted a firm that felt nimble, collaborative, and growth-oriented, where I could continue to deliver the same high-touch experience while also expanding what’s possible for our clients. Merit checked every box.”
Wealthspire To Acquire $1.2 Billion Fi3 Advisors
Wealthspire entered into an agreement to acquire Fi3 Advisors, an Indianapolis-based advisory firm with approximately $1.2 billion in AUM. Wealthspire said the transaction supports Wealthspire’s expansion in high net worth and ultra-high net worth family services following the launch of Wealthspire Family Office earlier this year.
Fi3 will continue operating with its existing leadership team, including Managing Partner Ivan Hoffman, Partners Matt Simpson and Sam Muse, and Senior Advisor Amy Hlavacek. Wealthspire said the transaction, together with its recent acquisition of Axia Advisory, will give it about $3 billion in assets under management or advisement in the Indianapolis market.
Mike LaMena, CEO of Wealthspire, said, “Over the past 13 years, Fi3 has built a distinguished reputation serving clients through a deeply personal family office experience. Their approach aligns closely with how we serve clients, combining personalized guidance with the scale and resources needed to support more complex needs over time. We’re pleased to welcome their team and support their continued growth.”
Sowell Partners With Merchant To Launch Advisor Equity Program
North Little Rock, Arkansas-based RIA Sowell Management launched an Advisor Partnership Program to provide new and existing advisors with resources, capital and the opportunity to participate in firm equity and long-term enterprise value. Sowell will partner with New York-based Merchant, which will provide capital to fund the program, enhance capabilities and support Sowell’s M&A strategy.
The program is designed to support succession, continuity planning, growth and operational scale. Merchant has over 130 partner firms and RIA practices in six countries representing more than $340 billion in assets. Sowell Management, founded in 2001 by Bill Sowell, had over $6.5 billion in assets as of April.
Daryl Seaton, CEO of Sowell Management, said, “As we considered the next chapter of our growth, we wanted to demonstrate our appreciation for our advisors’ loyalty and their dedication to serving clients with distinction, while giving them additional incentive to support the ongoing success of the firm.”
ECHELON Reports Record RIA M&A Quarter
ECHELON Partners reported 142 RIA M&A transactions announced in the first quarter of 2026, making it the most active quarter for RIA M&A deals ever. The total surpassed the prior high of 125 transactions announced in both the third quarter of 2025 and the fourth quarter of 2024. It said total transacted AUM reached $1.67 trillion.
Average assets per transaction reached $1.8 billion, excluding transactions involving more than $20 billion in AUM. ECHELON said private equity involvement continued to shape deal activity, with 71.8% of transactions including some PE backing, and projected about 475 transactions for 2026.
Dan Seivert, CEO and Managing Partner of ECHELON, said, “The highest-performing outcomes are coming from sellers who partner with platforms that materially improve their businesses. That includes offloading non-core functions like compliance, HR, and finance, while gaining institutional-grade capabilities in areas like growth, client acquisition, and practice management.”
Steward Acquires Wisdom Rock And Jazz Wealth
Steward Partners acquired Rochester, New York-based Wisdom Rock Financial Advisory Group and Tampa Bay, Florida-based Jazz Wealth in separate transactions, adding more than $950 million in combined client assets to its M&A Channel. Wisdom Rock has over $500 million in assets. Jazz Wealth adds approximately $450 million in assets.
Wisdom Rock is led by Michael Keys and Christopher Neitz and includes seven advisors. Jazz Wealth’s eight-person team includes Wealth Advisors Dustin Tibbitts, Eric Powell, Haley McKay-Daily Tibbitts and Christopher Klenk. Jazz previously custodied at Goldman Sachs and will continue that relationship through Goldman Sachs Advisor Solutions.
Neitz said, “Steward didn’t just present to us, they felt like a partner from our first meeting. They came in with energy, with ideas and exciting developments on the horizon, and that enthusiasm was contagious. With the back-office weight lifted, our advisors can focus on what they do best and keep growing. We now have the infrastructure and the partnership to take our client experience to an entirely new level.”
Advisor Transactions
Sanctuary Adds $350 Million Iron North From UBS
Hybrid RIA Sanctuary Wealth recruited Iron North Private Wealth, a UBS breakaway team responsible for $350 million in assets. Iron North was founded by CEO Brad Desormeaux and President Abigail Allsup and will establish an office in Coeur d’Alene, Idaho. Sanctuary said the team will become its first partner firm in Idaho.
Iron North works with individuals, families, college and professional athletes, and institutions. Desormeaux served 12 years in the Air Force and has 18 years of wealth management experience, joining UBS in 2008. Allsup has more than 12 years of financial services experience and started at UBS in 2015.
Desormeaux said, “We’re passionate about service and up until this point have been able to overcome obstacles to serve our clients at a high level. As we educated ourselves on independence … Sanctuary stood out because they understood our business, our vision and the kind of support we needed to grow. They give us the flexibility, resources and scale to serve clients at an even higher level while building for the future.”
Arax Adds $1.5 Billion The Oak Group
Arax Advisory Partners, an independent RIA, added The Oak Group, a Hudson Valley wealth management practice with close to $1.5 billion in client assets. The Oak Group joins Arax from Wells Fargo Advisors.
Founded in 2003 by Ryan Peek and Gary Ben-Ezra, The Oak Group is based in Poughkeepsie, New York. Arax said the team is its second New York-based wealth management team addition of 2026.
Peek said, “This is an exciting new chapter for The Oak Group. In Arax, we were pleased to find a partner that is as dedicated to delivering excellent client service as we are. We look forward to exploring the new opportunities that this move creates for our clients and advisory practice overall.”
Apollon Adds $650 Million Senglaub Financial
Apollon Wealth Management added Senglaub Financial Group, a Delafield, Wisconsin-based financial planning firm overseeing approximately $650 million in client assets. Senglaub Financial is led by Jeff and Christy Senglaub, both Wealth Management Advisors and Managing Directors.
Its team includes Craig Rusch, Jamie McCourt, Brett Nowatske, Gail Bellman, Rea Krivohlavek, Kim Seymour and Ben Weltzien. Apollon Wealth Management and affiliate Apollon Financial manage approximately $15 billion in client assets.
Jeff Senglaub said, “We’ve always believed that putting clients first is the foundation of everything we do. We also have an amazing team that is constantly looking for ways to help our incredible clients flourish. Joining Apollon allows us to preserve that philosophy while gaining access to enhanced resources, operational support, and a broader platform that we believe will help us better serve our clients today and into the future.”
LPL Adds Capital Investment Services And Paxara Wealth Partners
LPL Financial added two advisor groups representing about $1.1 billion in combined advisory, brokerage and retirement plan assets. Capital Investment Services, with Financial Advisors Bobby Lumpkin, Cindy Little and Allina Bell, joined LPL’s broker-dealer and RIA platform from Raymond James, reporting about $775 million in assets. Paxara Wealth Partners joined Linsco by LPL, the firm’s employee advisor channel, from UBS, reporting about $330 million in assets.
Capital Investment Services is based in LaGrange, Georgia, and serves entrepreneurs, business owners, multigenerational households and retirement clients. Paxara, based in Winter Haven, Florida, is led by Conley Thornhill, Doug Rathbun and Nikki Rathbun and serves business owners, physicians, executives and retirees. LPL supports more than 32,000 financial advisors and custodies about $2.3 trillion in brokerage and advisory assets.
Doug Rathbun, Vice President and Financial Advisor at Paxara, said, “Clients value our strategic, individualized approach that’s grounded in disciplined planning and decades of experience. Ultimately, our role is to bring clarity and confidence to important decisions, helping families protect what they’ve built and plan thoughtfully for what comes next. Our move to LPL was driven by a desire for better technology, greater independence and the freedom to serve our clients fully and objectively.”
Strategic Initiatives
Prosperity Unifies Five Firms Under One Brand
RIA Prosperity Capital Advisors unveiled a unified vision that brings JL Smith Holistic Wealth Management, Alison Wealth Management, OneTeam Financial, Hammer Financial Group and FSC Wealth Advisors together under the Prosperity brand. The combined organization represents 152 professionals, including 98 advisors, under a Prosperity umbrella totaling $4.7 billion in AUM as of Dec. 31.
Prosperity said the unified model integrates financial planning, asset management, tax management, protection planning and legacy planning. The firm also highlighted a fully integrated technology platform, use of AI and support for niches including business owners, medical professionals, federal employees, high-income professionals and women.
Stan Milovancev, CEO of Prosperity, said, “Prosperity’s evolution has always been about building a destination advisory firm, a place where clients, advisors, and team members feel at home, aligned, and fully supported in pursuit of exceptional outcomes. For us, this is not an endpoint, but the beginning of the next chapter in a firm where people can stay, grow, and lead together.”
Promotions & People Moves
Lido Names Brian Haloossim President, Elevates Ken Stern To Co-CEO
Lido Advisors appointed Brian Haloossim President and elevated Founding Partner Ken Stern to Co-CEO. Lido, an independent RIA headquartered in Los Angeles, said it has over $42.5 billion in regulatory AUM and more than 40 offices. Haloossim will focus on organic growth, brand development and infrastructure for the firm’s next expansion phase.
Haloossim brings more than two decades of experience, including work with clients and business owners at Bernstein Private Wealth Management. Stern joins Jason Ozur as Co-CEO. The firm said it has grown from $24 billion to more than $42.5 billion in regulatory AUM over the past 18 months.
Haloossim said, “What drew me to Lido was a combination of the entrepreneurial spirit that has led to their enviable growth, a platform that is genuinely built for complexity and a culture that puts the clients first in everything it does.”
OnePoint BFG Appoints Sam Cari As Chief Strategy Officer
OnePoint BFG Wealth Partners appointed Sam Cari as Chief Strategy Officer as the firm surpassed $16 billion in AUM. Cari will lead corporate strategy, oversee advisory delivery functions and spearhead M&A and inorganic growth initiatives as OnePoint BFG scales its integrated, planning-led platform.
Cari joins from NorthRock Partners, where he spent more than a decade helping grow the firm from $600 million to $11 billion in AUM. He led acquisitions, directed enterprise risk management and founded NorthRock’s trust and estate planning practice. Cari will be based in OnePoint BFG’s Minneapolis office and report to CEO Andy Schwartz.
Cari said, “I’m excited to join OnePoint BFG at a time when the firm is experiencing such strong growth and momentum. The platform that’s been built – centered on planning, partnership and client outcomes – is incredibly compelling. I look forward to helping expand that foundation through strategic acquisitions and continued investment in the advisor and client experience.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
