This edition of the Deals & Recruiting Roundup covers Stifel acquiring part of B. Riley Financial’s wealth management division, Aspen Standard Wealth acquiring Summitry, Emigrant Partners reinvesting in F.L.Putnam, GYL Financial Synergies merging with The Colony Group, EP Wealth Advisors acquiring Gather Financial Planning and Riley Private Client, Wealth Enhancement Group acquiring M&R Capital Management, ex-Merrill Lynch head John Thiel planning to launch Indivisible Partners, Corient Capital Partners Co-Founder Jon Tenney preparing to launch THECE Wealth Management, Cyndeo Wealth Partners recruiting Shawn Jiles, Wilmington Trust appointing Lisa Roberts as Head of Wealth Management, Bison Holdings appointing James McTiernan as Senior Advisor and Rockefeller Global Family Office recruiting advisors from Morgan Stanley.
Larry’s Take
The entries in this week’s roundup demonstrate that RIA startups continue to hold great appeal even for highly experienced industry leaders. John Thiel brings deep wirehouse leadership expertise to his upcoming venture, Indivisible Partners, while Jon Tenney brings firsthand knowledge of what it takes to launch and successfully build out an independent firm as he now readies THECE Wealth Management.
They add to the trend that includes former Raymond James advisor Travis Alexander launching Crux Wealth Advisors in August, former Certuity partner Kara S. Boccella launching Serenus Wealth Advisors in July, former Northwestern Mutual advisor David Eisenhauer launching Greykasell Wealth Strategies in February and former Goldman Sachs Personal Financial Management executives launching Modern Wealth Management in April 2023.
This is encouraging in an era when private equity firms and national wealth management firms acquire smaller RIAs on a regular basis. New RIA startups prove that the industry still has ample room for entrepreneurial advisors at every stage of their careers. There also is the possibility that these new firms – and others like them sure to follow – will begin making M&A deals of their own in the years ahead.
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@rlrstrategicpartners.com.
Mergers & Acquisitions
1. Stifel To Acquire Portion Of B. Riley Financial’s Wealth Management Business
Los Angeles-based B. Riley Financial signed a deal to transfer a portion of its traditional W-2 based wealth management business to Stifel Financial. The transaction is valued at an estimated net consideration of $27 million to $35 million in cash and excludes B. Riley’s approximately 190 independent advisors and 90 tax professionals.
The final consideration will depend on the number of advisors who join Stifel at closing, expected to occur in early 2025, and includes 40 to 50 advisors along with associated customer accounts estimated at $3.5 billion to $4.5 billion in assets under management (AUM) as of Sept. 30.
“We decided to take a proactive approach for those who wanted a fresh start and found a well-respected partner in Stifel,” said Bryant Riley, Chairman and Co-CEO of B. Riley. “The individuals leaving will be able to transfer their accounts in a point-to-point transaction, with no impact on their day-to-day responsibilities upon closure. We respect the contributions of the Advisors who are leaving and are pleased they have found a great home at Stifel.”
2. Aspen Standard Wealth Acquires $2.8 Billion AUM Summitry
New York-based Aspen Standard Wealth, a newly registered holding company that purchases wealth management platforms, acquired Summitry, a San Francisco Bay Area-based RIA with over $2.8 billion in AUM as of Nov. 1.
Founded in 2003, Summitry is led by CEO Colin Higgins, who, along with the executive team, will remain with the firm. Aspen’s framework represents a permanent approach to partnering with RIAs, with plans to build for the long-term and not resell. Aly Kassim-Lakha, CEO of Aspen, was an investor with private equity firm Advent International from August 2017 to March of this year, according to his LinkedIn profile.
“Aspen offers what successful, leading RIAs like Summitry have long been looking for: a deeply knowledgeable, permanent partner who is there to support them indefinitely,” Kassim-Lakha said. “We are the sorely needed alternative to traditional investment firms in that we enable our partners to thrive long term.”
3. Emigrant Partners Reinvests In F.L.Putnam To Fuel Strategic Expansion
Emigrant Partners, a minority investor in RIAs, plans to reinvest into Lynnfield, Massachusetts-based F.L.Putnam Investment Management Company (FLP), with the firms continuing their strategic growth collaboration. Emigrant first announced its minority investment in FLP back in 2022. Emigrant is supplying incremental capital to facilitate additional inorganic growth of FLP’s business.
Emigrant cited FLP’s recent acquisition of Darwin Trust Company of New Hampshire as a sign of its positive strategic expansion. Emigrant has 19 partner firms representing more than $100 billion in aggregate client assets. FLP had $10.2 billion in assets under advisement as of Sept. 30, across approximately 2,500 clients.
“F.L.Putnam has grown significantly since our initial investment in December 2022 and under Tom Manning’s leadership,” said Jenny Souza, CEO of Emigrant Partners. “In addition to acquiring several high quality wealth advisory firms and teams, FLP continues to diversify its business, both deepening and broadening the services and expertise provided to clients.”
4. Focus Partner Firms Colony And GYL Financial Synergies Merge
Two Focus Financial Partners firms completed a merger on Nov. 1, with West Hartford, Connecticut-based GYL Financial Synergies formally joining Boston-based The Colony Group, which gained $6.6 billion in AUM and doubled the size of its institutional practice. As a result of the deal, Colony has a total of 100 offices across the U.S.
As part of the merger, Gerry Goldberg, former CEO of GYL, will join Wendy Hartman as a Division President of Colony, to support advisors nationwide. In July, Relative Value Partners Group joined Focus subsidiary firm Kovitz Investment Group Partners, and Focus agreed for Gratus Capital to merge into Colony. In August, Focus agreed for HoyleCohen to join Colony. In September, Custom Portfolio Group joined Focus partner firm Transform Wealth. In October, Focus agreed for Fort Pitt Capital Group to join Kovitz.
“This deal marks the 8th merger into Colony this year, a milestone that underscores the continued momentum of Focus Financial Partners’ forward-looking strategy,” said Michael Nathanson, CEO of Focus. “Bringing together two like-minded Focus firms that offer a wealth of talent, experience, and scale is exactly the kind of strategic alignment needed to drive innovation, accelerate growth, empower advisors, and create additional value for clients.”
5. EP Wealth Advisors Announces 2 Acquisitions Adding Over $240 Million In AUM
Torrance, California-based fee-only RIA EP Wealth Advisors acquired Bangor and Falmouth, Maine-based Gather Financial Planning and Graham, Texas-based Riley Private Client, adding over $240 million in AUM. Michael Goldman, co-leader of Gather Financial, will join EP as a Vice President and advisor, bringing along a team of five with him.
Doug Jones, who took over Riley Private Client after the passing of founder Bill Riley in 2022, also will join EP as a Vice President and advisor, supported by a client relationship associate. This is EP’s seventh acquisition of 2024. EP managed over $28.9 billion in assets as of Sept. 30. It provides financial, tax and estate planning, and investment management services to individuals and businesses.
“Partnerships with firms like Gather Financial and Riley Private Client enable us to extend our reach, offering clients the personalized attention of a boutique firm while benefiting from the resources and capabilities of the larger organization EP has built,” said Ryan Parker, CEO of EP Wealth Advisors.
6. Wealth Enhancement Group Acquires M&R Capital Management In New Jersey
Wealth Enhancement Group (WEG) acquired Summit, New Jersey-based M&R Capital Management, which has $536 million AUM. The deal raises WEG’s total client assets to over $96.6 billion. It is WEG’s 15th transaction closed in 2024.
Founded in 1993, M&R Capital Management is led by Chairman and CEO John Maloney, who, along with a team of three financial advisors and three support staff, specializes in offering personalized financial strategies to high net worth clients, business owners, and nonprofit organizations. The team will operate as The Maloney Team.
“John and his team are an excellent addition to our firm,” said Jeff Dekko, CEO of Wealth Enhancement Group. “We are pleased that they’ve chosen to join Wealth Enhancement Group. Through our partnership, they can access our extended suite of central services and free up more time to invest in strengthening client relationships and growing their practice.”
Advisor Transactions
7. Ex-Merrill Lynch Head John Thiel Unveils Plans To Open RIA Indivisible Partners
Eight years after stepping down as the head of Merrill Lynch Wealth Management, John Thiel is joining the growing wave of former wirehouse leaders launching independent firms. Thiel recently announced via LinkedIn his plans to establish Indivisible Partners, a new RIA slated to launch in early 2025 alongside several former Merrill executives and field leaders.
Indivisible’s founding team includes John Hogarty, Merrill’s former Chief Operating Officer, who left in 2018 and will assume the same role at Indivisible. Paul T. Lambert and Bill Lorenz, both former Merrill Division Executives, will be Co-Presidents overseeing advisor teams. Tom Fickinger will serve as a Co-President of Advisor Teams, according to their LinkedIn profiles.
The new firms website reads: “Imagine a firm laser-focused on the advisor/client relationship. Believing in it. Investing in it. Enhancing it. Imagine ultra-wealth services for every client. And clients understanding how their money aligns with their lives. Imagine the very latest in technology enabling better quality decision-making. And entrepreneurial advisor teams empowered by leading insights and support.”
8. Co-Founder Of Corient Capital Partners Launching THECE Wealth Management
Jon Tenney, Co-Founder of Corient Capital Partners, a predecessor firm to CI Financial’s Corient, is joining the movement of seasoned wealth management leaders launching independent firms. Tenney recently announced via LinkedIn his plans to establish Newport Beach, California-based THECE Wealth Management, a new RIA set to launch in early 2025.
Named to reflect a commitment to “THE Client Experience,” THECE aims to provide a highly personalized approach to wealth management and family office services. Tenney and former Corient partner Jake Halladay have taken on roles as Founding Partners at THECE. Corient Capital Partners launched in 2015 and was acquired by CI Financial in 2022.
“We are driven by a vision to deliver the ultimate experience for each individual client, and this new firm, which is built to last for generations, embodies our commitment to this cause,” Tenney posted on LinkedIn. “Our mission is to provide a tailored wealth management and family office approach for each client we serve.”
Promotions & People Moves
9. Dynasty Network Member Cyndeo Adds $200 Million Advisor In Florida
St. Petersburg, Florida-based Cyndeo Wealth Partners, an RIA in the Dynasty Financial Partners network with $2.4 billion AUM, added Shawn Jiles as an advisor and Director. With approximately $200 million in client assets, Jiles brings expertise in balance-sheet efficiencies for ultra-high net worth clients, with a focus on entrepreneurs and executives.
Jiles works with external tax and legal advisors to deliver financial planning, portfolio design, business succession and liquidity strategies for clients. Prior to joining Cyndeo, Jiles served as a Private Wealth Advisor and Partner at Bison Wealth. Before that, he was Senior Vice President and Senior Financial Advisor at Merrill Lynch from 2006 to 2022 and an advisor at UBS Wealth Management from 2004 to 2006.
“Shawn is a great addition to our Central Florida strategy,” said Matt Kilgroe, President and CEO of Cyndeo. “He provides deeply customized advice and guidance to help his accomplished clients unwind the complexities that significant wealth frequently entails. Most important, his unwavering commitment to his clients aligns with the approach we take at Cyndeo.”
10. Wilmington Trust Names Lisa Roberts As Head Of Wealth Management
Wilmington Trust named Lisa Roberts as Head of Wealth Management and a member of M&T Bank’s Enterprise Leadership Team. Roberts will focus on setting strategic direction for Wealth Management, enhancing client services and aligning with the bank’s overall goals. Wilmington Trust’s Wealth division, a segment of M&T Bank Corporation, provides tailored advice to high net worth and ultra-high net worth clients, entrepreneurs and foundations.
Roberts joined Wilmington Trust in May 2023 as Head of U.S. Markets for Wealth, bringing over 30 years of experience in banking and wealth management. She previously held senior roles at Union Bank, Citi Private Bank, Bank of America and Wells Fargo Private Bank. New York-based Roberts succeeds Doris Meister, who led the Wealth division for eight years.
“I’m very excited about this opportunity to lead our Wealth business,” Roberts said. “We have a tremendous reputation built by our high-touch client experiences and our excellent team. We are in an exceptionally strong position to grow this business.”
11. Bison Names Former BNY Mellon Principal James McTiernan As Senior Advisor
Atlanta-based Bison Wealth appointed New York-based James McTiernan as Senior Advisor. Formerly a Principal at BNY Mellon Wealth Management, where he served for over 25 years, McTiernan has experience in personalized client strategies and portfolio construction, with a focus on high net worth individuals, retirees and small business owners. He previously managed $450 million in AUM.
Bison brought on Tom Scaturro as Senior Managing Director and Partner late last year to help drive growth through expansion and acquisition. Bison Wealth is a boutique wealth management firm backed by East Asset Management, the family office of Terry and Kim Pegula, along with the operating partner Teton Capital Partners. Bison Holdings acquires, merges and restructures RIAs.
“Jim is an excellent addition to our firm and brings a wealth of knowledge and experience to the Bison family,” said Bison Holdings Founder Brad Ball. “We’ve brought some exciting new teams on board this year and are excited to add a New York office for Bison Wealth.”
Wirehouse / Big Bank Activity
12. Rockefeller Global Family Office Recruits Advisors From Morgan Stanley
Rockefeller Capital Management added four former Morgan Stanley professionals to its Rockefeller Global Family Office team. Josef Najar joins as a Private Advisor and Managing Director, Brian Malloy joins as a Private Advisor and Senior Vice President, while Stephen Schwab and Kate Hudson come on board as Client Associates and Associate Vice Presidents.
Together, they operate as the Partners Wealth Group, which provides specialized guidance and customized investment strategies for multi-generational families. Najar has 23 years of financial services experience. He previously worked at BNY, Goldman Sachs, Barclays and Credit Suisse. Malloy has 13 years of financial services experience. He previously worked at Credit Suisse.
“We’re pleased to welcome Josef, Brian, Stephen, and Kate to Rockefeller Global Family Office,” Rockefeller posted on its LinkedIn page. “We look forward to partnering with this deeply talented group to deliver Rockefeller’s distinct platform to the growing network of discerning individuals and families they serve.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
