This edition of the Deals & Recruiting Roundup covers CAPTRUST acquiring Campbell Wealth Management and TruNorth Wealth Partners; Corient agreeing to acquire H.M. Payson & Co.; CWC closing its inaugural fund; Cerity merging with Fishman Block + Diamond; Summit investing in Midway Wealth Partners; Merit acquiring Roth Asset Management and Trinity Financial Partners; Beacon Pointe acquiring Artemis Financial Advisors and WhiteRock Wealth Management; Apella acquiring Young Wealth Management; LPL recruiting advisor Jeffrey Grange and promoting executive Marc Cohen; Commonwealth recruiting Full Spectrum Financial Solutions and NXT Phase Financial Services; NewEdge recruiting over $9.5 billion in 2024; and Concurrent appointing David Montgomery to lead Retirement Plan Services.
Larry’s Take
According to DeVoe & Company, 2024 set a new record for RIA M&A activity with 269 deals as of Dec. 19. That represents a healthy rebound from last year’s dip to 251 deals and surpasses the full-year 2022 previous peak of 264 deals.
What’s more, Q4 2024 has already set a new quarterly record for RIA M&A with 78 transactions as of Dec. 19, above the previous peak of 76 deals set in Q4 2021. The abundance of M&A deals featured in this week’s roundup is a sign that even more may come before year-end.
One immediate question is how total and average deal values will compare, on both an annual and a quarterly basis. Given that billion-dollar acquisitions have become common, it’s possible that RIA deal values will set new records as well.
A longer-term question is how M&A activity will fare in 2025. Private equity is likely to continue playing a major role in deal flow, as will the many retiring advisors in need of succession planning. It’s way too soon to call for another record breaking year. But don’t count it out.
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. CAPTRUST Acquires Firms In Virginia And Minnesota, Adding Nearly $2 Billion
Raleigh, North Carolina-based CAPTRUST Financial Advisors acquired Alexandria, Virginia-based Campbell Wealth Management and St. Paul, Minnesota-based TruNorth Wealth Partners, adding nearly $2 billion in combined assets. CAPTRUST had over $852 billion in assets under management (AUM) as of its Dec. 11 SEC ADV filing.
Campbell, founded in 2003, provides holistic financial and retirement planning services. CEO Kelly Campbell leads a team of 33 who join CAPTRUST and bring $1.4 billion in assets. TruNorth, founded in 2005, provides estate planning and multigenerational wealth planning, family education, and retirement planning for executives and professionals, and also serves institutions, including community and religious entities. CEO Peter Rekstad leads a team of 10 who bring more than $570 million in assets.
“Campbell is unapologetically a growth-minded organization, just like CAPTRUST. We are excited to see what the future has in store for it in a market like northern Virginia, where we already have a substantial number of clients,” said Rick Shoff, Managing Director at CAPTRUST. “TruNorth’s philosophy is ‘the more complex the client, the better,’ which complements the approach of our existing teams in the Minneapolis region.”
2. Corient To Buy $7.9 Billion H.M. Payson & Co. In Maine
Miami-based Corient agreed to acquire H.M. Payson & Co. (HMP), Maine’s largest RIA, with $7.9 billion in AUM. The purchase will be Corient’s first Maine location and expand its footprint in northern New England. HMP, founded in 1854, focuses on high net worth individual investors and families, and also serves as a Maine chartered trust company, managing about $1.2 billion in trust assets.
HMP provides investment management, financial and estate planning, and trust and fiduciary services. Corient, a fee-only firm with more than 250 partners and 1,000 employees managing about $184 billion, is a subsidiary of Toronto-based CI Financial, which had about $377.3 billion in assets as of Oct. 31. On Nov. 25, CI Financial agreed for an affiliate of Mubadala Capital, a division of Abu Dhabi’s Mubadala Investment Company, to take CI private.
“HMP’s position as Maine’s largest RIA and its legacy of exceptional service make it a natural fit for Corient,” said Kurt MacAlpine, Partner and CEO of Corient. “Their team-based approach and deep commitment to client success align perfectly with our mission to put our clients at the center of everything we do. We look forward to building on their impressive foundation to deliver even greater value to clients across Maine and the Northeast.”
3. CWC Closes On Inaugural Fund, Exceeding $1 Billion In Capital Commitments
Chicago-based Constellation Wealth Capital, an alternative asset manager that provides capital solutions to wealth management firms, announced the final closing of its inaugural fund, the Constellation Wealth Capital Fund, which aims to deliver risk-adjusted returns for investors through structured minority investments in wealth management firms. The fund was oversubscribed with capital commitments exceeding $1 billion.
Karl Heckenberg founded Constellation in 2023. It strives to help wealth management firms expand their platforms organically and inorganically. Since inception, CWC has made investments out of its fund in AlphaCore Wealth Advisory, AlTi Tiedemann Global, Avior Wealth Management, Cresset Capital Management, CV Advisors, Lido Advisors, Perigon Wealth Management and Requisite Capital Management.
“There is a significant market opportunity to serve as a strategic partner to wealth management firms that are at inflection points in their lifecycles and looking to successfully grow their platforms,” said Karl Heckenberg, President and Managing Partner of CWC. “We believe our deep sector knowledge, experience and ability to provide tailored capital and advisory solutions make us an ideal partner for wealth managers focused on building profitable businesses over the long term.”
4. Cerity Merging With California Tax Firm Fishman Block + Diamond
New York-based Cerity Partners is merging with Encino, California-based Fishman Block + Diamond (FBD), a full-service accounting, tax and business advisory firm. As a result, Cerity will gain 46 experienced professionals and will provide high net worth clientele with enhanced tax, family office and business management capabilities. Republic Capital Group advised FBD on the transaction.
Earlier this year, Cerity announced M&A deals with Arlington, Texas-based Paladini Financial Management, which had nearly $169 million in AUM as of its March SEC ADV filing; Indianapolis-based SBC Wealth Management, which has approximately $1 billion in AUM, and Denver-based Janiczek Wealth Management, with over $1.1 billion in AUM, according to its March SEC ADV filing. Back in April, when Cerity announced that it would merge with Denver-based Agility, the firm anticipated reaching total combined assets of approximately $100 billion.
“When it comes to accounting and tax services, our colleagues at FBD bring an unparalleled level of service to meeting high net worth clients’ complex needs,” said Kurt Miscinski, CEO of Cerity Partners. “Their team’s collaborative approach to working with individuals and families make them an ideal partner to carry out our client-first commitment, and strengthen our offering in Los Angeles, a key market for Cerity Partners.”
5. Summit Takes Minority Stake In Chicago-Area Midway Wealth Partners
Parsippany, New Jersey-based Summit Financial acquired a minority stake in Arlington Heights, Illinois-based Midway Wealth Partners and added it to Summit’s advisor network. The investment was made by affiliate Summit Growth Partners (SGP), Summit Financial’s partnership model, and represents the RIA’s 17th strategic investment of 2024.
Midway will have access to Summit’s investment solutions including alts, technology, financial planning, insurance and operational support. Midway, which will continue to operate with its original leadership and core team, is led by Co-Founder, Partner and Manager Richard Babjak and Partner Dennis Ryan. The firm offers financial planning, investment management, insurance solutions, trust and estate tax planning, business transition and succession planning.
“We’re thrilled to expand Summit’s presence in Illinois by bringing together two organizations united by a shared vision of dynamic wealth management,” said Stan Gregor, CEO of Summit Financial Holdings. “Richard, Dennis and the entire Midway team embody the entrepreneurial excellence we seek, delivering personalized financial solutions that go beyond asset management and forge long-lasting relationships.”
6. Merit Acquires Firms In Oregon And Pennsylvania, Adding Nearly $1.4 Billion
Atlanta-based Merit Financial Advisors acquired Lake Oswego, Oregon-based Roth Asset Management, with $773 million in client assets, and Berwyn, Pennsylvania-based Trinity Financial Partners, with $603 million in client assets.
Roth Asset Management specializes in corporate 401(k) plans, investment advisory and portfolio management. Its President, Steven Roth, will become a Wealth Manager at Merit. Trinity provides financial planning, encompassing investment management, retirement planning, legacy planning, risk protection and charitable giving strategies. sites President, Robyn Jameson, will become a Managing Director, Partner and Wealth Manager at Merit.
“When I was evaluating acquisition partners, Merit stood out for its team-based, collaborative approach,” Roth said. “We are thrilled to join Merit, as this partnership will provide us with enhanced resources and support for the next phase of our growth,” Jameson said.
7. Beacon Pointe Acquires Firms In Boston And Dallas, Adding $613 Million
Newport Beach, California-based Beacon Pointe Advisors acquired Boston-based Artemis Financial Advisors and Dallas-based WhiteRock Wealth Management, adding approximately $613 million in AUM and marking seven transactions for Beacon Pointe in 2024. Beacon Pointe has assets under advisement of approximately $40 billion, more than 580 employees and 64 offices across the country.
Artemis, which has $350 million in AUM, is a fee-only firm that helps clients with their financial, charitable and retirement goals. It supports retirees, affluent women, physicians, young professionals, and clients navigating life transitions and complex compensation structures. WhiteRock, which has $263 million in AUM, is a family-owned RIA providing investment management, retirement planning, tax and estate planning, and broader spending guidance.
“Beacon Pointe’s people-first culture and client-centric approach align perfectly with our own values and mission,” said Leigh Bivings, Founder and CEO of Artemis. “Our team is excited to join Beacon Pointe knowing the philosophy we followed for three decades is aligned with the company’s core values,” said David Gurun, President and CIO of WhiteRock.
8. WPCG-Backed Apella Acquires $144 Million Young Wealth Management In California
West Hartford, Connecticut-based Apella Wealth acquired Davis, California-based Young Wealth Management, which has $144 million in AUM and has been led by Founder and Principal Kevin Young for 18 years.
This is Apella’s 20th acquisition, and its ninth since accepting an investment from Wealth Partners Capital Group (WPCG) in September 2021. Apella, which has $4.86 billion in AUM, was founded in 2014 by financial advisors Patrick Sweeny and David Connelly.
“We are thrilled to welcome Kevclient relationships coupled with his proven track record of success aligns with Apella’s mission. Together, we look forward to expanding our impact and continuing to deliver exceptional financial guidance.”
Advisor Transactions
9. LPL Adds $300 Million Advisor Jeffrey Grange, Promotes Marc Cohen
LPL Financial recruited Santa Barbara, California-based Jeffrey Grange to its employee advisor channel, Linsco by LPL Financial, to launch Grange Wealth Management of LPL Financial. He has approximately $300 million in client assets and joined from D.A. Davidson & Co. Grange is supported by Client Service Associate Debora McKenzie-Jakushak.
LPL also promoted Marc Cohen from Executive Vice President to Managing Director, Business Strategy and Innovation, and he joined its management committee. In addition to continuing to lead development of corporate strategy, Cohen now leads business line and affiliation strategy for independent advisors, large enterprises and institutional channels, as well as LPL’s business services offerings and innovation lab for emerging solutions. Cohen joined LPL in 2018.
“We welcome Jeff to the Linsco community,” said Scott Posner, LPL EVP, Business Development. “We are committed to delivering the strategic support, innovative technology and business resources advisors need to build thriving practices and provide elevated experiences for their clients. We look forward to supporting Jeff for years to come as he continues to grow his practice and provide valuable financial guidance to his clients.”
10. Commonwealth Recruits Two Long Island Teams From Osaic
Commonwealth Financial Network recruited two Jericho, New York-based firms formerly affiliated with Osaic to its network of independent advisors. Full Spectrum Financial Solutions reported advising on $329 million as of Sept. 4 and NXT Phase Financial Services reported advising on $166 million as of Sept 5. Full Spectrum includes Pat Lanotte, Christopher Jones and Paul Michaluk. NXT Phase includes John Carbonara and Michael Murray.
The two firms share office space. NXT Phase provides financial solutions for educators, including 403(b) retirement plan advice. Full Spectrum serves retirees and clients close to retiring through a “chief financial officer” approach using scenario analysis and coordinated with clients’ other outside professionals. Commonwealth partnered with about 2,200 independent financial advisors overseeing more than $296 billion in assets nationwide as of Dec. 31, 2023.
“To choose our community after decades elsewhere is a special honor for us, and in this case, that’s doubly true,” said Becca Hajjar, Managing Principal and Chief Business Development Officer at Commonwealth. “There are many paths to joining Commonwealth. This is a great example of how we can make the process easy for two firms transitioning side by side.”
11. NewEdge Capital Group Recruits Over $9.5 Billion In Expected AUM So Far In 2024
NewEdge Capital Group, a division of EdgeCo Holdings, has recruited over $9.5 billion in expected AUM so far in 2024. In 2022, the firm added $9.1 billion in expected AUM. Last year, it added $9.3 billion. At the end of 2023, the firm oversaw $44 billion in AUM. As of Nov. 30, NewEdge Capital Group managed over $65 billion in total client assets.
NewEdge Capital Group includes two RIAs. NewEdge Wealth serves ultra-high net worth clients. NewEdge Advisors offers multiple affiliation models, from independent practice ownership and branding to the W2 structure NewEdge Advisors Pillar Channel. NewEdge Capital Group also provides brokerage services to both RIAs through NewEdge Securities.
“Many advisors are now proactively approaching us, recognizing NewEdge Capital Group as the solution to their current platform limitations,” said Rob Sechan, Co-Managing Partner of NewEdge Capital Group and CEO of NewEdge Wealth. “Our rapid growth from industry newcomer to sought-after platform in less than four years demonstrates the strength of our advisor-first approach,” said Alex Goss, Co-Managing Partner of NewEdge Capital Group and CEO of NewEdge Advisors.
Promotions & People Moves
12. Concurrent Appoints David Montgomery As Head Of Retirement Plan Services
Tampa, Florida-based Concurrent Investment Advisors appointed David Montgomery to Managing Director of Retirement Plan Services. He will focus on optimizing processes and providing strategic guidance to help expand the multi-custodial, hybrid RIA.
Montgomery has nearly two decades of experience in retirement planning advisory services. Most recently, he served as Director of Retirement Investment Services at OneDigital. Montgomery previously co-founded Fidelis Fiduciary Management, a boutique 3(38) fiduciary firm specializing in tailored retirement solutions that OneDigital acquired in 2020. Concurrent also recently reached $9.7 billion in AUM after adding six new advisors who collectively bring $885 million in AUM.
“I’m honored to join Concurrent and build a retirement platform that empowers advisors to focus on making a meaningful and lasting impact for their clients,” Montgomery said. “By providing the tools and resources advisors need to reduce daily obstacles, we can enhance outcomes for plan sponsors, participants, and their families, creating a ripple effect of financial wellness that spans generations.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
