This edition of the Deals & Recruiting Roundup covers Beacon Pointe acquiring Sensible Financial, NorthRock buying WGG, Raymond James purchasing GreensLedge, DeVoe and ECHELON reporting record M&A transactions, Cetera recruiting Pillar, LPL landing Paddock and Pine, WealthVest appointing Kevin Beard Chief Strategy Officer, Advyzon naming Kevin Hughes President of Financial Planning, Stratos appointing Charis Jones Chief Operating Officer, Kestra making top executive appointments and Edelman naming Ralph Haberli as Acting CEO.
Larry's Take
DeVoe & Company and ECHELON just released their third quarter M&A reports, and both predict a record-breaking 2025. “RIA M&A is on fire,” said David DeVoe. This should come as no surprise to you, our readers, due to our frequent insights, analysis and coverage of deals on the topic.
These are exciting developments. The broader world sees our industry’s value, and capital is following that value, often on the seller’s terms. M&A can provide a range of solutions and improvements, depending on how you structure the deal.
It’s not a matter of whether you want to participate, but at what point you will be affected by it. If you’re not thinking about it, your business partners probably are, and perhaps your broker-dealer and your wealthtech providers. It’s time to give it some thought.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@ascentix.com.
Mergers & Acquisitions
Beacon Pointe Buys $944 Million RIA Sensible
Beacon Pointe Advisors acquires Sensible Financial Planning, a move that expands Beacon Pointe’s footprint in the Boston area and boosts its assets under advisement to $54 billion. The deal closed Oct. 1.
Based in Waltham, Massachusetts, Sensible oversees $944 million in assets under management (AUM). The firm, which also operates an office in San Diego, offers clients retirement planning, tax strategies, insurance analysis, estate and legacy planning and investment management.
“By welcoming these advisors, we’re enriching the expertise and perspectives that fuel our commitment to clients nationwide,” said Beacon Pointe CEO Shannon Eusey. “We’re grateful to welcome a new team that has chosen alignment with our allWEALTH platform and share our dedication to excellence in comprehensive wealth management.”
NorthRock Acquires $2.7 Billion California Advisor Team
NorthRock Partners purchases WGG Wealth Partners (WGG), an advisory team based in Roseville, California, with 15 advisors and about $2.7 billion in AUM. The transaction strengthens NorthRock’s California presence and expands the reach of its Personal Office model, which provides a customized team for each advisor to cover investments, tax, insurance, estate, legal, business strategies, lifestyle and philanthropy for clients.
WGG represents NorthRock’s third acquisition this year. The Minneapolis-based firm manages over $9.4 billion in assets for more than 3,300 clients.
“At NorthRock, we’re partnering with advisors who share our vision of deeper, more holistic advice,” said CEO Rob Nelson. “WGG saw in us a platform where they could amplify their impact, and we saw in them a team whose values align with ours, who are passionate about serving their clients, and who want to play a bigger role as their clients’ long-term advisors.”
DeVoe: 2025 Dealmaking Likely To Shatter Records
Private equity-backed consolidators and serial buyers continued to snatch up RIAs at a pace that will likely push the number of deals this year past a record 300 transactions, according to DeVoe & Company. The third quarter ended at 94 transactions, the top quarter on record to date, compared to 75 in the first quarter and 73 in the second quarter.
DeVoe said buyers are taking advantage of the Federal Reserve’s decision to cut interest rates, which provides them with cheaper capital to acquire companies. Succession plans, higher valuations and the need to expand are pushing sellers into deals.
“RIA M&A is on fire,” said David DeVoe, the firm’s Founder and CEO. “The activity has been redlining for four quarters. 2025 is set to break a new record and is on track to exceed 300 transactions.”
Raymond James Acquires GreensLedge Investment Bank
Raymond James Financial buys a majority stake in GreensLedge Holdings, a boutique investment bank that specializes in structured credit and securitization. Sumitomo Mitsui Trust Group remains a minority owner.
The deal will allow Raymond James to offer investment banking services across its broader platform, including its Private Client Group’s ultra-high net worth clients. Sullivan & Cromwell and Debevoise & Plimpton law firms advised Raymond James and GreensLedge respectively on the deal.
“We’re excited to take this next step with the GreensLedge team,” said Jim Bunn, President of Capital Markets and Advisory at Raymond James. “Their specialized expertise in structured products, paired with our robust fixed-income distribution and trading capabilities, unites best-in-class strengths, forming a compelling strategic partnership. More importantly, our cultural alignment and collaborative spirit will drive innovation and deliver meaningful value to our institutional clients.”
ECHELON: RIA Dealmaking Continues To Soar, Driven By Private Equity Demand
M&A activity involving RIAs remained robust as the number of transactions for the three quarters this year hit 345, a 44% jump from the same period in 2024, according to ECHELON Partners. Total transacted AUM hit $1.2 trillion in the third quarter, a 45% gain from $828 billion in the previous quarter.
Merit Financial Advisors and Carson Wealth made the most transactions, with 14 deals each, followed at 10 deals each by Wealth Enhancement Group, Mariner Wealth Advisors and Mercer Advisors. PE-sponsored investments so far this year (231) have now surpassed all of 2024 (215).
“ECHELON estimates that the total 2025 announced transactions could reach 440, surpassing 2024’s total by over 100 transactions and positioning 2025 as the most active year in wealth management M&A history,” the report said.
Advisor Transactions
Cetera Lands Pillar Financial From Northwestern Mutual
Cetera recruits Pillar Financial Group, a Seattle-based firm that oversees $1.8 billion in assets under administration including over $500 million in retirement plan assets. Pillar previously worked with Northwestern Mutual Investment Services.
Pillar is led by seven partners, including CEO Luke Madsen, and a 34-member advisory team. Partner and Wealth Management Advisor Keith Foe said, “With advisors ranging from their 20s to their 60s, we can provide retiring advisors with a thoughtful succession plan while ensuring their clients are supported by trusted next-generation professionals.”
“We wanted a firm we could grow with, and Cetera’s leadership team not only shares our vision but has the scale and focus on technology to support our growth for the long term,” Madsen said. “While many large broker-dealers are navigating mergers and acquisitions, Cetera’s measured approach to growth ensures we’ll receive the personalized attention we need to focus on our clients. For us, that was the deciding factor.”
LPL Onboards Advisors From Janney, Debuts Paddock And Pine
LPL Financial recruits advisors Stephen Carleton and Tom Niles from Janney. The duo formed Paddock and Pine Wealth Partners, which oversees $330 million in advisory, brokerage and retirement plan assets.
Based in Saratoga Springs, New York, Paddock and Pine is now a part of Linsco by LPL Financial, LPL’s employee advisor channel. Paddock and Pine offers high net worth individuals and families financial planning, investment management, tax strategies and estate planning.
“When I first meet with clients, I just bring a yellow legal pad and settle in for deep conversation,” said Carleton. “I don’t take a cookie cutter approach with my clients. I understand that each client has a different disposition, personality and risk tolerance. My process is to understand how they got their money, what their views are on money, what kind of risks they’re willing to take and what kind of financial planning method they are most comfortable with.”
Promotions & People Moves
WealthVest Names Kevin Beard Chief Strategy Officer
WealthVest, a Bozeman, Montana-based financial services distribution firm that specializes in annuities and retirement products, appoints Kevin Beard Chief Strategy Officer. Beard will oversee WealthVest’s team of account managers, who support over 900 broker-dealers, banks, credit unions and RIAs.
He will also lead a new business called WealthVest Investment Services, which offers regulatory and compliance help to broker-dealers, RIAs and banks. Beard most recently served as the Chief Growth Officer and Founding Partner at Atria Wealth Solutions, where he led acquisitions, advisor recruitment and business expansion efforts.
“During my career, I’ve seen firsthand the operational hurdles, the increased regulatory burden and increased technology arms race that have stalled growth for broker-dealers and banks,” Beard said. “That’s why I am excited to partner with WealthVest and empower firms with a simpler, smarter way to deliver best-in-class service and high-quality solutions to their clients. I’m ready put my experience driving broker-dealer growth and profitability at Atria to work, helping small and mid-size firms scale with confidence and clarity.”
Advyzon Appoints Kevin Hughes President Of Financial Planning
Chicago-based Advyzon names Kevin Hughes President of Financial Planning, where he will lead efforts to integrate the company’s new AI-powered financial planning offering throughout Advyzon’s platform. The offering features goal-based investing, cash flow planning and “smart conversation” engagement tools.
Hughes previously served as Chief Growth Officer for Due Diligence Works and MoneyGuidePro, according to his LinkedIn page. Advyzon also added Tony Leal, Co-Founder of MoneyGuide, as an Executive in Residence.
“After almost two decades in the financial planning technology space, I’m excited to join Advyzon,” said Hughes. “Building and embedding the AI-enabled planning experience seamlessly throughout the Advyzon platform is truly a thrill. Advyzon clients have been asking for a planning experience that fully aligns with the ecosystem they already use every day. The opportunity to deliver one look, one feel, and one consistent way for advisors to engage with every aspect of their technology platform is incredibly unique in our industry.”
Stratos Names Charis Jones Chief Operating Officer
Stratos Wealth Holdings in Beachwood, Ohio, appoints Charis Jones Chief Operating Officer, Head of Supervision. She will oversee the company’s Advisory Operations Department, Supervision Department and its affiliated sub-advisor, Stratos Investment Management.
Jones most recently served as Chief Compliance Officer of Hightower Securities and Executive Director of Compliance at Hightower Advisors. She also held roles at LPL Financial, Morgan Stanley and Citi Private Bank.
“I’m honored to join Stratos at such an exciting time of growth,” Jones said. “The firm’s culture of collaboration, innovation, and advisor-focused support deeply resonates with me, and I look forward to helping advance its strategic vision.”
Kestra Makes New Executive Appointments
Kestra Holdings in Austin, Texas, names Angela Xavier as Client Experience Officer. She will oversee daily operations at the company’s new second headquarters in Tempe, Arizona. Kestra also appointed Jeremy Carr General Counsel and Jim Collins as Head of Business Development for Kestra Financial.
Xavier served at LPL Financial for six years, most recently as Executive Vice President of Client Experience. Carr most recently served as Deputy General Counsel for Cetera Financial Group while Collins worked for 12 years as a business development leader for Kestra.
“It’s an exciting time for growth and expansion here at Kestra,” said James Poer, CEO of Kestra Holdings. “The addition of these key hires, and our expansion into Tempe, reflects our commitment to sustainable growth, operational excellence, and investing in great people. Austin will remain a vital hub of innovation and leadership for our company, and Tempe will serve as a complementary center of talent and opportunity.”
Edelman CEO Steps Down, Company Names Acting CEO
Edelman Financial Engines (EFE) CEO Jay Shah, who helped modernize the company’s business operations and improve client experience, resigns and will serve as an advisor until the end of the year. In his place, Edelman names Ralph Haberli as Acting CEO.
Haberli is currently President of EFE, in charge of its wealth planning and workplace investment advisory businesses. He was previously President of the Institutional and Retirement Client Group at Capital Group and worked at BlackRock and Boston Consulting Group.
“Ralph has already proven himself a strong leader at Edelman Financial Engines, using his vast retirement and industry leadership experience to deliver even more value to our clients,” the company’s Board of Directors said. “Ralph is fully empowered to lead EFE forward as the Board evaluates the company’s long-term needs for the CEO role. We thank Jay for stewarding the firm’s continued growth and transformation over the last few years.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
