This edition of the Deals & Recruiting Roundup covers Beacon Pointe acquiring Hemington, Carson buying Total, GTCR purchasing Fiduciary Trust, Merit acquiring Blueprint, LPL staking Private Advisor Group, Osaic recruiting True Wealth, Cresset landing a former Goldman Sachs team, AmeriFlex onboarding Blue Hills Wealth Management and Converge Wealth Partners, Kestra recruiting Grandview, former UBS advisors Denis Cleary and Greg Devine launching 71 West Capital, Merit appointing new executives and Bogart hiring a Chief Operating Officer.
Larry's Take
As Cerulli pointed out, women will control a tremendous portion of the nation’s wealth as the Great Wealth Transfer proceeds, creating both a need and opportunity for advisors and asset managers. Wise firms are rising to the occasion.
This week, Shannon Eusey’s Beacon Pointe acquired female-founded and led Hemington Wealth Management. We also report on Merit and Cresset, both with women presidents. This is not unusual. Week after week, we see a gradual increase of women in senior leadership and successful advisory roles.
Of course, this must continue, and more must be done to serve women clients, but I am thankful this Thanksgiving for the progress we’ve made so far. The future is taking shape now.
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 Purchases $1.2 Billion Female-Led RIA Hemington Wealth
Beacon Pointe Advisors acquires Hemington Wealth Management, a female-founded and led RIA with offices in Chicago and Falls Church, Virginia, that oversees $1.2 billion in assets under management (AUM). The deal closed Nov. 15.
Hemington is led by CEO and Founder Eileen O’Connor and Owner and Managing Director Jen Dawson. The deal, which represents Beacon Pointe’s 15th acquisition this year, boosts the Newport Beach, California-based firm’s AUM to $55 billion. Advisor Growth Strategies acted as the advisor to Hemington.
“Our collaboration with Hemington celebrates the continued rise of women shaping the future of wealth management,” said Beacon Pointe President Matt Cooper. “Eileen, Jen, and their team embody our vision of client care and thoughtful guidance, and together, we’re expanding opportunities for women to lead, inspire, and make a lasting impact in our industry.”
Carson Acquires $1.45 Billion Total Wealth Planning In Ohio
Carson Group in Omaha, Nebraska, buys Cincinnati-based Total Wealth Planning, which oversees $1.45 billion in AUM. Total, led by Managing Partners and Wealth Advisors Robert Lemmons, Robert Siegmann and David Wilder, rebrands as Carson and becomes its 34th wholly owned office.
Carson said it was attracted to Total’s record in developing next generation advisors. Echelon Partners served as the exclusive M&A advisor to Total. The deal is Carson’s largest to date.
“As we continue to bring on exceptional talent, we are thrilled to welcome the Total Wealth team to the Carson community,” said Burt White, CEO of Carson Group. “With Rob, Rob and Dave, we’re adding leadership from a firm that has built something truly special in Cincinnati and across Ohio while also expanding its impact through growth in the Indianapolis market.”
LPL Stakes Private Advisor Group
LPL Financial purchases a minority stake in Private Advisor Group, based in Morristown, New Jersey. The RIA plans to use the new capital to help advisors improve practice management and succession planning.
Merchant Investment Management remains a minority owner in Private Advisor Group. The deal closed on Nov. 18. Private Advisor Group will continue to operate independently with its own brand. Katz Teller, Alston & Bird and Ropes & Gray provided legal counsel.
“This investment deepens Private Advisor Group’s alignment with LPL and strengthens the collaboration among all three firms,” said Tim Bello, Co-Founder and Managing Partner at Merchant. “What excites us most is the power of partnership—combining Private Advisor Group’s entrepreneurial spirit, Merchant’s growth-oriented support, and LPL’s scale to build a lasting foundation for advisors today and create pathways for the next generation of leaders to thrive.”
Private Equity Firm Purchases $34 Billion Fiduciary Trust In Boston
Private equity firm GTCR in Chicago acquires Fiduciary Trust, which manages $34 billion in client assets as of Sept. 30. Founded in 1885, the Boston-based firm plans to use the capital to boost its investment platform offerings, develop technology and hire more employees.
GTCR already holds stakes in Allspring, AssetMark, CAPTRUST, FMG Suite, Foundation Source, R&T, Ultimus Fund Solutions and Winged Keel. The deal is expected to close in the first quarter of next year; Kirkland & Ellis provided legal counsel to GTCR while Debevoise & Plimpton advised Fiduciary.
“The Fiduciary team has built an exceptional business that is committed to serving its clients with differentiated wealth planning capabilities and comprehensive investment advice,” said Michael Hollander, Managing Director at GTCR. “We share (CEO Austin Shapard’s) focus on providing best-in-class service and look forward to working with him and the team to build upon Fiduciary’s strong foundations.”
Merit Buys Blueprint, Adds $1.2 Billion In Assets
Merit Financial Advisors acquires Blueprint Wealth Advisors, an RIA with offices in Chicago, Rockford, Illinois, and Fitchburg, Wisconsin, that manages $1.2 billion in assets. The deal closed Nov. 14.
Blueprint focuses on high and ultra-high net worth clients. Managing Directors and Wealth Advisors Ryan Evans and Nick Wilkins will join Merit as Regional Directors and Partners, along with their teams.
“Bringing Nick, Ryan, and the Blueprint team into our organization represents a pivotal moment in our growth strategy,” said Zach Mersberger, Managing Principal and Partner at Merit. “They bring top talent, experience serving high-net-worth clients in the Chicago and Madison, WI areas, and proven leadership to help us continue growing Merit’s impact.”
Advisor Transactions
Former $6 Billion UBS Team Goes Independent With RIA Launch
Former UBS advisors Denis Cleary and Greg Devine launch new RIA, 71 West Capital Partners (71 West). While Managing Directors at UBS, Cleary and Devine oversaw approximately $6 billion in assets with clients in 35 states.
With offices in Boston and Los Angeles, 71 West will focus on working with entrepreneurs, business owners, C-suite executives, families and philanthropic organizations. Boston-based Cleary is the CEO of the new firm; Devine leads its Los Angeles office.
Cleary and Devine have worked together for almost 20 years. Prior to moving to UBS in 2020, they began working together at Goldman Sachs in 2006. Devine’s first worked in Silicon Valley’s technology sector before starting a career in wealth management in 2004.
Osaic Onboards True Wealth, Rolls Out PlanningHub
Osaic recruits True Wealth Advisors, a $705 million RIA based in Englewood, Colorado, that previously affiliated with LPL Financial. Led by Mason Samuels, the five-advisor group includes Alex Goldstein, Lloyd Sprague, Sam Grizzle and Ryan Nuu, supported by Sami Merrick, Jake Rolin and Ruth Leyerle.
Osaic also debuts PlanningHub, an online platform that helps advisors craft financial plans that better match their clients’ goals. PlanningHub includes templates, educational videos and guides and will later offer interactive learning modules and AI tools tailored to each advisor’s learning curve.
“At Osaic, we’re committed to supporting our advisors with the resources, support and technology they need to grow their businesses and better serve their clients,” said Joe Gaeckle, Senior Vice President of High-Net-Worth and Financial Planning Solutions at Osaic. “PlanningHub empowers our advisors to align their business goals with their clients’ goals—deepening relationships and unlocking new growth opportunities.”
Cresset Adds Advisor Team With $1.8 Billion From Goldman Sachs
Chicago-based RIA Cresset lands a wealth advisory team led by Jamie Gilbert, Jean Wright and Max Ripans, formerly of Goldman Sachs, where the team oversaw over $1.8 billion in AUM. The team joins Cresset’s Atlanta office and establishes its presence in Jackson Hole, Wyoming.
At Goldman Sachs, the team specialized in advising ultra-high net worth families, entrepreneurs and C-suite executives, with a focus on tax and estate planning. At Cresset, Wright is serving as Managing Director, Private Wealth Client Services, and Ripans is Associate and Investment Analyst, according to their LinkedIn profiles.
“We couldn’t be more pleased to welcome Jamie, Jean, and Max to Cresset,” said Cresset President Susie Cranston. “They share our steadfast commitment to helping entrepreneurs and ultra-high-net-worth families create enduring wealth and lasting legacies.”
AmeriFlex Lands Two RIAs With A Combined $280 Million In Assets
The AmeriFlex Group onboards Plymouth, Massachusetts-based Blue Hills Wealth Management and Fairport, New York-based Converge Wealth Partners, which manage a combined $280 million in client assets. Both RIAs were previously affiliated with Commonwealth Financial.
Blue Hills, which oversees $170 million in client assets, is led by Founder and Financial Advisor Daniel Romaine, Vice President and Financial Advisor Sara Kappos and Jake Bevilacqua. Converge, which oversees $110 million in client assets, is led by John Skomski and Dan Jeffery.
“As advisors consider how best to position themselves to best serve their clients in the future, they need a partner that is truly independent and committed to providing them with a strong foundation for future growth and the flexibility to run their business as they see fit,” said Thomas Goodson, CEO and Founder of The AmeriFlex Group. “We are thrilled to welcome Blue Hills and Converge to our team and look forward to supporting their continued expansion.”
Kestra Onboards $800 Million RIA Grandview
Kestra Financial in Austin, Texas, recruits Grandview Partners, a Westwood, Massachusetts, RIA that oversees $800 million in AUM. Founded in 2019, Grandview provides retirement planning, asset allocation and philanthropy services to individuals, families and business owners.
The team includes Founding Partners Douglas Mavilia, Timothy Ryan and Peter Smith along with Advisors Dan Sparta and Peter Donohoe. Lindsey Hardy, Director of Operations, oversees onboarding, asset transfers and client service coordination.
“Grandview Partners reflects the kind of firm that excels at Kestra: relationship-driven, growth-minded, and committed to client care,” said James Collins, Head of Business Development at Kestra Financial. “We’re proud to welcome them and look forward to supporting their continued success.”
Promotions & People Moves
Merit Makes Executive Appointments
Atlanta-based Merit Financial Advisors named Alex Hansen to the newly created role of Chief Success Officer. The company also appointed Brian Brashaw Vice President of Employer Plan Solutions.
In his role, Hansen serves as the link between advisors and the executive team, advocating for resources, technology and support to help advisors scale their business.
“To have someone of Alex’s experience and stellar reputation with advisors join our team in this critical new role, is a key piece to how we plan to execute on our growth plan for the future,” said Kay Lynn Mayhue, President of Merit.
Brashaw oversees the expansion of Merit’s 401(k) and employer-sponsored plan opportunities.
“This is a growing area of need for our clients and Brian will empower our advisors to provide the knowledge, support and services to best serve them,” said Rick Kent, CEO of Merit.
Bogart Appoints Allen Eickelberg As Chief Operating Officer
Bogart Wealth in McLean, Virginia, names Allen Eickelberg Chief Operating Officer. In this role, he oversees operations and leads efforts to strengthen efficiency, technology integration and overall client experience.
Eickelberg previously served as Managing Director, Operations, Capital Markets for Redbrick LMD in Washington, D.C., according to his LinkedIn profile. He also held several positions at Spire Investment Partners in McLean.
“Allen has the ability to connect people, technology, and process in ways that drive real results for clients and the firm,” said Bogart President Jeff Fuhrman. “His leadership will ensure our systems and teams remain aligned as we continue to deliver tailored financial planning for the clients we serve.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
