In this week’s roundup, Carlyle will acquire a majority stake in MAI, Modern Wealth bought Legacy Wealth Management, Mercer bought Charter Oak Capital Management, Savant announced transactions with Exencial Wealth Advisors and Heller Wealth Management, NorthRock acquired Vantage Financial Partners, Integrated added Brick by Brick Wealth Advisors, Cambridge acquired WealthPlanners, EP Wealth entered Maryland through Divergent Planning, Lincoln Investment added Curtis Wilcox and Paul Niemiec, LPL recruited Five Star Wealth Planning and Trey Pope, Moneta hired marketing leaders and Oppenheimer added Managing Directors.
Editor in Chief’s Take:
The days of firms rushing to acquire a firm and then figure out how to make it fit are over. Behind this week’s large numbers is a group of buyers that are executing acquisitive strategies with a blueprint in hand. Instead of buying asset numbers as commodities, they’re buying a footprint in Maryland or Florida, benefits consulting or ultra-high net worth expertise. Strategic purchases never went away, but this week shows they are on the uptrend.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Carlyle Agrees To Buy Majority Stake In MAI
Funds managed by Carlyle have agreed to acquire a majority stake in MAI Capital Management, a Cleveland-based RIA, at a valuation of more than $2.8 billion. The transaction is expected to close in the second quarter, after which Carlyle will become the majority owner while Galway Holdings, Oak Hill Capital and funds managed by Harvest Partners exit their investments.
MAI said it will continue operating autonomously with the same leadership team and priorities, and employees will retain a minority equity stake. As of Jan. 1, MAI and affiliate Evoke Advisors had 40 offices, and MAI had $50.9 billion in assets under management (AUM) and $5.6 billion in assets under advisement. Ardea Partners advised MAI, Houlihan Lokey advised Carlyle, Kirkland & Ellis represented Harvest Partners and MAI, and Simpson Thacher & Bartlett represented Carlyle.
Rick Buoncore, CEO and Chairman of MAI Capital Management, said, “As we looked for a long-term partner to help us achieve that vision, Carlyle stood out for its alignment with our culture and values along with their deep industry knowledge and expertise. Deepening our partnership with Carlyle will unlock the next chapter for MAI, enabling us to expand our resources while maintaining the firm’s commitment to being a preeminent destination for clients and the fiduciary-minded advisors who serve them.”
Modern Wealth Enters Florida With Legacy Deal
RIA Modern Wealth Management bought Legacy Wealth Management, a South Florida advisory firm with about $1.2 billion in client assets. The deal gave Modern its first Florida office and marked the firm’s 20th acquisition since its April 2023 launch.
Legacy’s eight-person team, including seven financial advisors, is led by Tony DuBose and Joel Palatnik, who join Modern as Managing Directors. Legacy also brought a retirement-plan business with about $300 million in retirement plan assets. Gladstone Associates served as Legacy’s exclusive financial advisor on the transaction.
DuBose said, “If you had asked me three years ago about merging or selling the firm, it would have been a hard no. From the start, they treated this not as a transaction, but as the next phase of growth for our firm, our clients, and our team. Their high level of execution, shared values and commitment to a long-term vision made them the perfect fit—especially as they expand their footprint here in Florida.”
Mercer Adds Charter Oak In New Hampshire
Mercer Advisors, a Denver-based RIA, said it acquired Charter Oak Capital Management, a Portsmouth, New Hampshire-based wealth management firm with more than $1.5 billion in AUM. The transaction expands Mercer’s presence along the New Hampshire seacoast while adding to its footprint in New England.
Charter Oak also has an office in Kennebunk, Maine, and serves clients in Massachusetts. The firm was founded in 2002, has 19 team members, and is led by Jeffrey Troiano, Sarah Serling, Emma Bean, Todd Cesca, Lena Wyand and Karen Zaramba, with the partner group and key advisors joining Mercer as Senior Wealth Advisors as the Charter Oak brand transitions to Mercer. Hue Partners was the exclusive financial advisor to Charter Oak.
Dave Welling, CEO of Mercer Advisors, said, “Charter Oak exemplifies the type of high-quality, fiduciary firm that strengthens our ability to serve clients and be deeply connected to their communities in meaningful ways. Their established presence along the New Hampshire seacoast expands our reach in an important New England market and adds a talented, next-generation team committed to comprehensive planning.”
Savant Adds $6 Billion Exencial In Oklahoma City And Heller In New York
Savant Wealth Management, a fee-only RIA, announced two transactions: a partnership with Exencial Wealth Advisors, a national RIA with $6 billion in assets, and a separate partnership with Heller Wealth Management, a Melville, New York-based RIA with about $550 million in assets. Savant said Exencial is its largest deal to date.
Exencial is based in Oklahoma City, has about 115 employees and 15 offices, and expands Savant into Texas, Oklahoma, Connecticut, North Carolina and Ohio. Heller was founded in 1992 and has six employees. Advisor Growth Strategies assisted on the Exencial deal and advised Heller.
Brent Brodeski, Founder and CEO of Savant, said, “These partnerships reflect our continued focus on aligning with firms that share our fiduciary mindset, culture, and long-term vision. Exencial represents a milestone partnership for Savant, while Heller Wealth Management adds depth in an important market. Together, these firms strengthen our ability to deliver integrated wealth, tax, and planning services to clients nationwide.”
NorthRock Buys Vantage And Extends Midwest Reach
NorthRock Partners said it acquired Vantage Financial Partners, an RIA with six offices across Ohio, South Dakota and Wisconsin, 19 team members and about $950 million in assets managed by seven advisors. The transaction expands NorthRock’s reach across the Midwest.
Vantage has offices in Cincinnati, Columbus and Youngstown, Ohio; Huron and Watertown, South Dakota; and Elm Grove, Wisconsin. NorthRock said the team joined through its Personal Office model, which includes support for business services, estate planning, insurance, investments, legal, philanthropy and taxes. The Vantage brand is expected to transition over time as integration proceeds.
Jeremy Gardner, Partner and Director of Financial Planning at Vantage Financial Partners, said, “Joining NorthRock is an exciting next step for our team and our clients. We have always viewed growth as a promise, an opportunity to bring more effective and innovative solutions to the people we serve. NorthRock’s Personal Office model reflects that same belief in deep, coordinated advice, and it gives our advisors access to the resources and expertise that help support clients in making informed financial decisions.”
Integrated Adds Brick By Brick In Denver
Integrated Partners, a financial planning firm and RIA, said Brick by Brick Wealth Advisors has joined the firm from Ameriprise. The Denver-based team brings about $609 million in AUM and helps Integrated expand its work with high net worth and ultra-high net worth clients.
Brick by Brick is led by Kent Zeidman and also includes Financial Advisors Darren Levinthal, Erica Hinrichs and Cody Bartusiak, as well as five additional professionals spanning investment, planning and client service roles.
Zeidman said, “We’ve built a well-respected and trusted practice designed to serve clients for generations, and now we’re ready to unlock our next chapter of growth. Integrated provides the perfect balance of partnership and independence we need to move up market while preserving the personalized service our clients expect.”
Cambridge Buys $800 Million WealthPlanners
Cambridge Investment Research said it acquired WealthPlanners, a Des Plaines, Illinois-based wealth planning and benefits consulting firm with nearly $800 million in assets. WealthPlanners has operated as a Cambridge-affiliated ensemble since 2010.
The acquired firm will become part of Cambridge’s employed advisor structure. The newly formed Cambridge WealthPlanners includes seven advisors and additional associates managing more than $1 billion in assets, and former owner Denny Gustin-Piazza will lead the team.
Jeff Vivacqua, President of Growth and Development at Cambridge, said, “Cambridge has always had an advisor-first approach in how we design our solutions. The acquisition of WealthPlanners reflects the thoughtful evolution of our continuity and succession solutions that began with our founder, Eric Schwartz, more than 20 years ago. Cambridge brings the delivery of advice, leadership, and resources to the table, while staying true to the values that are key to both firms.”
EP Wealth Enters Maryland With Divergent Acquisition
EP Wealth Advisors, a fee-only RIA, said it acquired Divergent Planning, a Bethesda, Maryland-based firm with about $418 million in AUM. The transaction gives EP Wealth its first regional foothold in Maryland.
Divergent was founded in 2010 by Ara Abrahamian and Matt Brock and became a fee-only fiduciary RIA in 2017. Seven team members are joining EP Wealth, Alaris Acquisitions advised on the transaction, and the buyer said this is its fourth partnership of 2026.
Ryan Parker, CEO of EP Wealth Advisors, said, “Divergent Planning represents exactly the kind of team we want to grow with at EP Wealth—planning-led, fiduciary-minded, and deeply committed to earning client trust. This partnership expands our presence in the Mid-Atlantic and reflects our strategy of expanding with firms that strengthen our culture, deepen our capabilities, and enhance what we can deliver to clients over the long term.”
Advisor Transactions
Lincoln Investment Adds Blue Harbor Team
Lincoln Investment said Financial Advisors Curtis Wilcox and Paul Niemiec have joined its broker-dealer and RIA platform. The pair do business as Blue Harbor Wealth Management and joins from Corebridge Financial, where it reported advising on about $250 million in client assets.
The team will focus on comprehensive financial planning, retirement planning and investment management. Lincoln said Wilcox has more than 18 years of industry experience, while Niemiec works with clients on tailored wealth management strategies designed to meet changing financial goals.
Wilcox said, “The firm’s mission is to bring clarity, confidence and comfort to all clients. Being independent allows us to focus on our clients’ needs by offering quality client service and providing tailored strategies to each of our client’s goals. We were drawn to Lincoln Investment’s advisor-focused culture and existing relationships with other advisors who’ve made successful transitions.”
LPL Adds Five Star Wealth Planning And Trey Pope
LPL Financial said it added two separate advisory businesses this week to its broker-dealer and RIA platform: Five Star Wealth Planning, led by Tasha Coleman in Minnesota, and Trey Pope, based near Huntsville, Alabama. Five Star reported about $185 million in advisory, brokerage and retirement plan assets, while Pope reported about $160 million, for a combined total of roughly $345 million.
Coleman joined from Osaic and brought a team that includes Andrew Bjorklund, Roberta Porter and Raelyn Segre, while Pope joined from Edward Jones.
Tasha Coleman, Founder of Five Star Wealth Planning, said, “At its core, this transition isn’t about platforms — it’s about people. For more than 20 years, I’ve had the privilege of walking alongside families through retirement, life transitions and generational planning. Clients often tell us we feel like a boutique firm with big firm resources, and this move reinforces that — preserving the relationships they value while strengthening the infrastructure behind them.”
Promotions & People Moves
Moneta Adds Two Marketing Leaders
Moneta Group Investment Advisors, a fee-only RIA, said it hired Kristin Messey as Vice President of Marketing and Carolyn Dalle-Molle as Organic Growth Lead. The firm said the hires will support advisor development, practice support and organic growth capabilities.
Messey joins from Edward Jones, where she most recently served as Director of Branch Experience, and Dalle-Molle most recently led the Advisor Accelerator offering at Ficomm after earlier work with XY Planning Network. Moneta said Messey will oversee marketing strategy and brand initiatives, while Dalle-Molle will focus on helping advisor teams grow organically through marketing programs, coaching and systems.
Eric Kittner, CEO of Moneta, said, “Moneta’s growth has always been driven by the success of our advisors. As the industry becomes more competitive, firms that want to attract and develop excellent advisors have to invest in the infrastructure, resources, and leadership that enable advisors to grow their businesses while continuing to deliver exceptional client outcomes. Kristin and Carolyn each bring exactly the kind of expertise that will strengthen our ability to support our advisors and the clients they serve.”
Oppenheimer Hires Three Managing Directors
Oppenheimer & Co. said it hired three Managing Directors to expand its municipal capital markets platform: Matt Davis as Head of Competitive Municipal Underwriting, Lauren Carter in competitive municipal underwriting and Brendan Shanahan in municipal trading.
Davis most recently led municipal trading and underwriting at Janney Montgomery Scott and brings nearly 30 years of fixed-income experience. Carter also joins from Janney and has nearly 25 years of municipal underwriting experience, while Shanahan brings more than three decades of institutional municipal trading experience and also most recently worked at Janney.
Robert Lowenthal, President and CEO of Oppenheimer, said, “These hires meaningfully expand our capabilities across both Public Finance and Municipal Capital Markets. We have been building this platform over several years, and adding professionals of this caliber strengthens our ability to support issuers and investors while further deepening our municipal market capabilities. Our growth strategy in these areas is disciplined but deliberate, focused on thoughtful expansion while maintaining strong execution and a sharp focus on clients.”
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