This edition of the Deals & Recruiting Roundup covers Beacon Pointe acquiring Litman Gregory, Creative Planning purchasing Baseline, Bluespring buying Front Porch, Raymond James acquiring Clark Capital, Elevation Point staking Harbor View, RBC recruiting Ellsworth Fair and Fogarty Hernandez, Cetera onboarding Forward Bank and Kim Ramchandani, Integrating recruiting Pisces, Hightower appointing Bob Lavigne as Chief Compliance Officer, World Investments naming Tyler Mahoney as Chief Financial Officer, FMG appointing Dave Christensen as CEO and LPL naming Ilan Davidovici Executive as Vice President of Corporate Strategy.
Larry's Take
Creative Planning’s acquisition of Baseline, an SEC-registered RIA in Zurich and Geneva, spotlights an angle in wealth management that often flies under the radar – the international space. Creative Planning’s first international move was in 2020 with the acquisition of Thun, a U.S.-based firm advising Americans abroad.
Baseline serves a broader group of international clients than Thun, including Americans, Canadians and citizens of other nations. With these acquired firms, Creative Planning can target millions of wealthy international investors and overseas Americans.
In a time when our industry searches for organic growth, tapping this international clientele may be an unexplored but potentially fruitful avenue for many firms. Creative Planning is using M&A to move quickly, but strategies can also be devised to compete in this space without M&A.
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 Acquires Litman Gregory, Adds $2.7 Billion In Client Assets
Beacon Pointe Advisors buys Litman Gregory Wealth Management, an RIA in Northern California that oversees $2.7 billion in client assets. The deal closed Dec. 31.
Litman, which operates offices in Larkspur and Walnut Creek, California, and St. Louis, specializes in financial scenario analysis, tax strategy, estate and legacy planning, philanthropy and risk management. The transaction pushes Beacon Pointe’s total client assets under advisement to $61 billion and marks the firm’s entry into Missouri.
Piper Sandler served as financial advisor and Seward & Kissel as legal advisor to Litman Gregory.
“We’re proud to welcome an exceptional team whose experience and client-first approach strengthen our firm,” said Beacon Pointe CEO Shannon Eusey. “Their alignment with our platform and institutional-quality investing approach reflects a strong cultural fit and a continued focus on delivering a personalized, relationship-driven client experience.”
Elevation Point Stakes Harbor View Private Wealth
Elevation Point in Minneapolis purchases a minority stake in Harbor View Private Wealth, an Atlanta-based firm that oversaw $1.3 billion in client assets at the team’s prior firm, UBS. The company focuses on estate and legacy planning, tax strategy, risk management and insurance, business and liquidity event planning, family governance and education.
Daniel Emerson, Angelo Esposito and Scott M. Emerson co-founded Harbor View as an affiliate of UBS in 2019. The team also includes Partners James Malatos and David Randall; Kyle Hammond, Director of Client Engagement and Wealth Management Advisor; Stephanie Feaser, Director of Client Experience and Team Administrator; and Natalie Quinn, Director of Wealth Planning and Client Service Associate.
Harbor View will custody its assets with Goldman Sachs, which has an existing relationship with Elevation Point.
“The Harbor View team exemplifies entrepreneurial drive and a growth mindset, with an unwavering focus on their clients’ long-term financial success,” said Jim Dickson, Founding Partner and CEO of Elevation Point. “Our differentiated model provides the cutting-edge resources and support they need to thrive, while empowering them to stay fully in control of their business.”
Creative Planning Acquires Swiss RIA Baseline Wealth, $1 Billion In AUM
Creative Planning buys Baseline Wealth Management in Switzerland, its first international acquisition. The SEC-registered RIA, which operates offices in Geneva and Zurich, oversees $1 billion in assets under management (AUM).
Baseline serves high net worth individuals worldwide, including entrepreneurs, professional athletes and other established professionals. Creative Planning first started to eye the international market with its purchase of Thun Financial Advisors in 2020, an advisory firm that focused on serving Americans living abroad.
“We’re absolutely thrilled to have Baseline join Creative Planning for our initial expansion into Europe,” said Creative Planning President and CEO Peter Mallouk. “We’ve long recognized the large international demand for Creative Planning’s unique financial planning model. In addition to Baseline’s extensive experience serving international and U.S. clients, they also share our core values of integrity, transparency and a strong fiduciary responsibility to clients.”
Bluespring Buys Kestra-Affiliated Firm Front Porch Financial
Austin, Texas-based Bluespring Wealth Partners purchases Kestra Financial-affiliated firm Front Porch Financial, which is merging with existing Bluespring partner firm U.S. Financial Services. Front Porch adds $73 million in AUM to its merger with U.S. Financial, creating a combined $1.7 billion firm.
Front Porch was founded by Elizabeth Blanchard, an advisor with over 30 years of experience in the sector. The company, which operates one office out of Cranford, New Jersey, works with women in transition, advocates for financial literacy and supports underserved communities.
“This deal reinforces Bluespring’s disciplined approach to identifying and partnering with high-performing advisory firms seeking strategic growth and the ability to preserve their client-first values,” said Josh Bartholomew, Head of Business Development. “Recognizing Bluespring’s ability to support continuity, growth, and advisor legacy, Liz decided to move forward with us, working with our M&A team to identify how we could best support her future vision of her firm.”
Raymond James To Acquire Clark Capital, Add $46 Billion In Assets
Raymond James Financial plans to purchase Clark Capital Management Group in Philadelphia, an asset management firm that oversees $46 billion in discretionary AUM and non-discretionary assets as of Dec. 31. The deal is expected to close in the third quarter of this year.
Founded in 1986 by Harry Clark, Clark Capital will maintain its brand and leadership, becoming an independent boutique investment firm under Raymond James Investment Management, a unit of Raymond James that also includes Chartwell Investment Partners, ClariVest Asset Management, Cougar Global Investments, Eagle Asset Management, Reams Asset Management and Scout Investments.
“This new partnership with Clark Capital will bring together two culturally aligned organizations committed to delivering exceptional service and partnership to financial advisors,” said Paul Shoukry, Chief Executive Officer, Raymond James. “Clark Capital’s mission of offering holistic investment solutions and being a trusted partner to financial advisors completely aligns with Raymond James’ ethos and commitment to clients. Our focus remains on deploying capital by identifying quality opportunities, like Clark Capital, for our continued growth.”
Advisor Transactions
RBC Wealth Recruits Advisor Teams In Houston, Los Angeles
RBC Wealth Management onboards advisor groups in Houston and Los Angeles that collectively oversee $1.3 billion in client assets. The Ellsworth Fair Wealth Management Group in Houston, led by Financial Advisors Steve Ellsworth and Marcus Fair, joins RBC from Robert W. Baird, where they oversaw $670 million in client assets.
“We are excited to welcome Steve, Marcus, and their team to RBC Wealth Management,” said Terri Edwards, Director of the Houston Memorial Branch. “They have deep expertise in large-scale retirement plans and employer plan structures, which will benefit from our capabilities in this area.”
The Fogarty Hernandez Wealth Management Group in Los Angeles oversaw $660 million in client assets for UBS. The group is led by John Fogarty,, Managing Director – Financial Advisor and Eric Hernandez, Senior Vice President – Financial Advisor.
“We are excited to welcome John and Eric to our Los Angeles branch,” said Southern California Complex Director Marcel TenBerge. “This duo is incredibly well-respected in the area for cultivating strong client relationships and developing strategies to best meet their individual goals and needs.”
Cetera Financial Onboards Advisors In Wisconsin, Connecticut
Cetera Financial Group lands advisors from Wisconsin and Connecticut who oversee a combined $556 million in assets under administration.
Forward Bank in Marshfield, Wisconsin, rejoins Cetera after spending four years with Osaic, where it oversaw $350 million in assets under administration as of Nov. 30. The team includes six advisors and four support professionals who work in central and northern Wisconsin and southeastern Minnesota.
“We are proud to welcome Forward Bank back to Cetera,” said LeAnn Rummel, President and CEO of Cetera Investment Services. “Financial institutions like Forward Bank play a critical role in the communities they serve, and our team brings decades of experience supporting banks and credit unions with investment programs that are deeply relationship-driven.”
Kim Ramchandani of KSR Financial in North Haven, Connecticut, joins Cetera after overseeing $206 million in assets under administration as of July 21, at LPL Financial.
“Kim’s emphasis on trust, empathy and ongoing client education makes her an excellent fit with Cetera,” Rummel said. “We are eager to support her with our service excellence as she cares for clients while seeking the same outpaced growth results Cetera has helped many other advisors achieve.”
Integrated Recruits Pisces Wealth, Adds $300 Million In AUM
Integrated Partners onboards Pisces Wealth in Lawrence, Kansas, a firm that oversees $300 million in AUM. Founded in 2020 by Greg Hill and James Norton, Pisces provides clients with services in cash management and lending, estate and charitable giving, investment management and risk management.
As part of the transaction, Financial Advisor Josh Hill, who operates under Hillside Wealth, will also join Integrated. Last year, Boston-based Integrated added nearly $2 billion in assets from new advisory relationships.
“Integrated continues to attract entrepreneurial, growth-minded advisors who are building with purpose,” said Andree Mohr, President of Integrated Partners. “Greg and James bring a strong client-first mindset and a clear vision for the future. Their decision to join Integrated reflects our shared belief in thoughtful growth, deep planning and the power of collaboration.”
Promotions & People Moves
Hightower Hires Chief Compliance Officer From Edelman
Chicago-based Hightower appoints Bob Lavigne as Chief Compliance Officer (CCO) for Hightower Holdings, in charge of the firm’s enterprise-wide compliance program, regulatory strategy and risk governance for the firm’s community of advisors. He will report to CEO Larry Restieri.
Lavigne arrives at Hightower with almost 30 years of senior compliance and regulatory leadership experience in wealth management, including the design of scalable compliance programs, implementation of technology-driven oversight tools and partnering with advisors to support transparency and fiduciary excellence. Before joining Hightower, Lavigne served as Vice President and Chief Compliance Officer at Edelman Financial Engines since April 2023, according to his LinkedIn profile.
“Bob is an accomplished leader whose experience, judgment and collaborative approach make him well suited for Hightower’s continued growth,” Restieri said. “His work helping advisors navigate an increasingly dynamic regulatory environment aligns with our intention to modernize our compliance program.”
World Investment Advisors Hires Osaic’s Tyler Mahoney As CFO
World Investment Advisors announces Tyler Mahoney joined the firm as Chief Financial Officer. In this role, she will manage the firm’s financial strategy, capital planning and operating discipline to support growth and acquisitions.
Before joining World, Mahoney was Senior Vice President of Channel Strategy and Operations at Osaic. Prior to that, she served as CFO at Lincoln Financial Network, where she managed M&A activities among other duties.
“Tyler’s proven experience in transformation, M&A and strategic finance makes her an exceptional addition to our leadership team,” said Ed Walters, President of World. “Her ability to connect financial insights to vision and execution will be instrumental as we continue to grow.”
FMG Appoints Co-Founder Dave Christensen As CEO, Makes Other C-Suite Appointments
FMG names Co-Founder Dave Christensen as CEO, succeeding Scott White, who joins the Board of Directors. In addition, the company names Michelle Feinstein as Chief Product and Strategy Officer and Mo Ayadi as Chief Information Officer.
Christensen previously served as FMG’s Chief Product and Strategy Officer. Feinstein previously served as General Manager of Global Financial Services Solutions and Strategy at Salesforce.
“Our clients count on us to help them grow, whether they are individual advisors and agents, multi-advisor firms and agencies, or large enterprises,” said Mark Casady, Executive Chairman of FMG. “Dave has played a central role in FMG’s product and platform evolution, and he is the right leader to guide the company forward. Together, this leadership team, including expanded product, technology, and data leadership, positions FMG to accelerate innovation, and deliver more personalized, AI-enabled growth for advisors, agents and enterprise marketing teams.”
LPL Names Ilan Davidovici As Executive Vice President, Corporate Strategy
LPL Financial appoints Ilan Davidovici as Executive Vice President, Corporate Strategy, where he will help shape the company’s long-term vision and strategic priorities and evaluate growth opportunities. He is based at LPL’s New York office.
Most recently, he was Principal and General Partner at Edward Jones, where he oversaw branch and client experiences. He also held executive positions at Salesforce and Deloitte Consulting.
“Ilan’s deep expertise in strategy, digital transformation and client experience will be instrumental as we advance our long-term vision and accelerate enterprise growth,” said Marc Cohen, LPL’s Chief Growth Officer. “His leadership will help us unlock growth, foster innovation and deliver exceptional experiences for advisors and clients.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
