This edition of the Deals & Recruiting Roundup covers Apella Wealth’s acquisition of Marrella Private Wealth, Americana Partners’ purchase of Boulevard Family Wealth, LPL’s acquisition of The Investment Center’s wealth business, ECHELON Partners’ 2024 RIA M&A Deal Report, Alaris’ AI-Driven M&A matchmaking, Edward Jones’ service launch for HNW clients, LinePoint Partners’ UHNW affiliation model, Five Eleven Partners’ launch, Mosaic Advanced Planning’s launch, Oppenheimer’s naming Gilbert Dychiao as Co-Head of Investment Banking, Triad Partners’ appointment of a new CTO and COO, and Carson Group’s new CTO.
Larry’s Take
This week four of our featured stories involve firms servicing UHNW clients: Americana Partners’ acquisition of Boulevard Family Wealth, Edward Jones’ new services for clients with $10 million, and family office launches of LinePoint Partners and Five Eleven Partners. It’s as if the industry is doubling down after I wrote about family offices two weeks ago.
I firmly believe that in the not-so-distant future, we’ll see significant growth in the mass affluent segment, as does Angie Herbers, but for today, there’s a push towards UHNW clients. The same technologies that are unlocking the mass affluent segment are enabling new resources in the UHNW and family office space.
Five Eleven’s founder says he launched the firm because of M&A trends. I would take that one step further and say that the dry powder in private equity hands can push firms in this space to the front of the line in services to the ultra-wealthy, but not just to gain new clients. This is a red ocean space, so much of what we observe today is simply keeping pace with the competition to retain these coveted clients.
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
Apella Wealth Acquires $518 Million Marrella Private Wealth In Pennsylvania
West Hartford, Connecticut-based Apella Wealth has acquired Marrella Private Wealth a boutique wealth management RIA based in Wyomissing, Pennsylvania, with $518 million in AUM. The firm is led by led by Managing Directors and Wealth Advisors Samuel Marrella, Sr. and Paul Marrella.
Apella was founded in 2014. The Marrella deal is Apella’s twenty-first transaction, and tenth since it received investment from Wealth Partners Capital Group in September 2021.
“We’re excited to welcome Marrella Private Wealth as a partner,” said Apella CEO Patrick Sweeny. “Their focus on individualized planning and advice aligns with our commitment to tailored financial solutions. We look forward to a successful collaboration.”
Americana Partners Acquires Boulevard Family Wealth In California
Houston-based Americana Partners, with over $10 billion in assets under management (AUM), expanded its presence in California with the acquisition of Boulevard Family Wealth, which serves ultra-high net worth (UHNW) clients. This is Americana’s first expansion outside of Texas and will result in combined assets of $12 billion. Both Americana and Boulevard are Dynasty Financial Partners affiliates.
The Boulevard team will operate under the Americana name. Boulevard specializes in investment strategies, institutional lending solutions, tax-advantaged wealth planning and tailored insurance strategies.
“This is an important milestone for our firm, and it further establishes our commitment to enhancing the level of service and resources available to the most successful entrepreneurs, executives and business owners,” said Jason Fertitta, CEO and Partner of Americana Partners.
LPL Financial Acquires The Investment Center’s $7 Billion Wealth Business
LPL Financial announced it acquired the wealth business of The Investment Center, a broker-dealer and RIA based in Bedminster, New Jersey, with approximately $7 billion in brokerage and advisory assets.
The Investment Center is an independent broker-dealer founded in 1986 that provides back-office support services, investment tools, technology and non-proprietary products to its national network of more than 160 independent financial advisors.
“We are incredibly proud of our advisors and their unwavering commitment to the best outcomes for our clients,” said Ralph DeVito, President and Chief Executive Officer at The Investment Center. “Our deliberate approach to growth has allowed us to maintain a 'small firm' feel for our advisors. Joining LPL is the next step that will empower them to deliver exceptional service and achieve even greater heights.”
ECHELON Partners’ 2024 RIA M&A Deal Report: ‘Aggressive’ Dealmaking Continues
ECHELON Partners’ 2024 RIA M&A Deal Report said that 2024 saw 366 transactions, an increase of 14% from 2023 and a new record, while the average deal size fell to $1.4 billion, which the firm said indicates a greater number of smaller transactions.
Sponsor-backed buyers and private equity firms continued “aggressive” dealmaking, according to the report, as private equity was involved in 71% of transactions, up from 62% in the prior year. The leading buyers were Wealth Enhancement Group, Waverly Advisors, Allworth Financial and MAI Capital Management, which collectively closed 48 acquisitions in 2024. Wealthtech M&A deals rose from 104 in 2023 to 138 in 2024, a 37.2% increase.
“With many interested buyers and ongoing investment inflows, sellers can still expect to receive high multiples, reflecting the strong demand for their businesses,” the report stated. “ECHELON anticipates that the deal count in 2025 will surpass the levels seen in 2024 but is likely to remain within the established range of 300-400 total transactions, indicative of a stable and maturing market.”
Alaris Introduces AI-Driven M&A Matchmaking Solution For Advisors
Alaris Acquisitions announced the release of the Alaris Lens Application, an AI-driven matchmaking platform for buyers and sellers that the Charlotte, North Carolina-based wealth management sell-side M&A consultancy said was developed to meet the needs of RIAs.
Lens uses an AI-based algorithm to “analyze hundreds of objective data points to generate a compatibility score that matches RIAs with potential buyers,” according to the firm. The platform analyzes various points of alignment between companies, including cultural fit, initial valuation and post-acquisition economics for the seller.
Allen Darby, CEO and Founder of Alaris, told WSR that Lens “addresses common frustrations we hear from sellers,” adding, “Many struggle with understanding who the buyers are, how the process works and how to vet potential partners.”
He explained, “Traditional marketplaces provide a basic listing with no real matching. Lens, on the other hand, is a dynamic, two-way screening tool that evaluates compatibility between buyers and sellers.”
Advisor Transactions
Edward Jones Introduces Private Client Service For HNW Clients
Edward Jones announced that it will launch its first private client services offering specifically designed to meet the needs of U.S. high net worth (HNW) clients who have a minimum of $10 million in investable assets – Edward Jones Generations.
Generations is expected to provide the firm’s HNW clients with financial planning, investment management, more products and services, dedicated service and operations support, and an elevated experience. The program will provide clients with cash flow analysis, trust and estate considerations, philanthropic strategies and business owner planning. Tax and estate planning services will include analysis, advice, estate planning and tax filing preparation.
“The high net worth space is not new to Edward Jones,” David Chubak, Head of U.S. Business Unit and Branch Development at Edward Jones, told WSR. He added “Now, however, we’re making significant investments in capabilities that will enable us to serve high net worth clients in new, specialized ways across multiple service models.”
LinePoint Partners Launches Affiliation Model For UNHW Advisors And Family Offices
Robertino Coury, CEO, and Andrew Sternlight, President and CIO, announced the launch of LinePoint Partners, a privately held family office firm for UHNW financial advisors and single family office executives.
LinePoint’s affiliation model enables breakaway financial advisors to retain ownership of their client relationships and revenue payouts while accessing infrastructure, investment opportunities and resources. The firm also provides single family office executives with an operating platform designed to improve tax efficiency, reduce costs, and streamline complex financial and administrative functions.
"Surprisingly, no true affiliation model exists for single family offices and their key executives. We identified an unmet need and built a solution for them: a ready-to-use operating platform that streamlines day-to-day family office functions, enhances tax efficiency, and significantly reduces both startup and ongoing costs,” Coury said.
Five Eleven Partners Launches Family Office
Five Eleven Partners announced its launch as a family office serving UHNW families, business owners and executives. It will be led by Founder and Managing Partner Andrew Crofton and Co-Founder and Managing Partner Scott Essex.
The firm offers a range of services including investment advisory, tax and estate planning, wealth advisory, family office administration and private investments. Headquartered in New York City, Five Eleven will have a presence in Chicago, West Palm Beach, Florida, and San Francisco.
“I decided to launch Five Eleven Partners when I observed the increasing trend toward firm growth driven by mergers and acquisitions,” said Crofton. “Wealthy families deserve an intimate, single family office experience. With this vision, we established Five Eleven Partners as a centralized platform offering comprehensive tax and estate advisory, unique private investments and bespoke family office services.”
Strategic Partnerships
Industry Veteran Partners With Merchant To Launch Mosaic Advanced Planning
Heather Kelly has partnered with Merchant Investment Management to launch Mosaic Advanced Planning (MAP), and will serve as its CEO. The Minneapolis-based firm provides estate planning, tax strategies, business succession and wealth planning solutions to the Merchant ecosystem and the wealth management industry.
As former Head of United Capital’s risk management team, Kelly will leverage her expertise educating advisors on effectively integrating insurance-based solutions into financial planning.
“We created Mosaic Advance Planning to address a critical need in the industry —enhancing the client experience with a strategic, high-touch planning approach that integrates advanced strategies, risk management, insurance, and family office services, enabling firms and advisers to grow with confidence,” said Kelly.
Promotions & People Moves
Oppenheimer & Co. Names Dychiao Co-Head Of Investment Banking
Oppenheimer & Co., a subsidiary of Oppenheimer Holdings, announced that Gilbert Dychiao, Managing Director and Head of the Financial Institutions Group, will now also serve as Co-Head of Investment Banking.
In expanded role, Dychiao will oversee several investment banking industry verticals and product groups. He will lead the division alongside Oppenheimer's President, Robert Lowenthal, who will become CEO in May.
“It’s a privilege to take on this role at one of Wall Street’s most dynamic investment banks,” Dychiao added. “I’m excited to contribute to Oppenheimer's ongoing commitment to delivering insightful and strategic guidance as well as top-tier execution for our clients, while also fostering an exceptional workplace for our employees.”
Triad Partners Appoints New CTO And COO
Lawrence, Kansas-based financial services organization Triad Partners announced the appointment of Jessica Daniels as Chief Operating Officer and Quin Kilgore as Chief Technology Officer.
Daniels will oversee Triad’s day-to-day operations. Her goal is to streamline processes, improve cross-functional collaboration and implement scalable systems to support Triad’s continued growth.
Kilgore, who spent the previous 11 years at Carson Group, most recently as its Head of Technology, will lead the development of Triad’s proprietary technology and product strategy, overseeing platform development, internal infrastructure and innovation.
“Triad is at a pivotal juncture—ready to scale rapidly and build technology that transforms the advisor experience,” said Kilgore. “My goal is to unify wealth management and insurance technology, creating a seamless, AI-driven platform that makes data more actionable, workflows more intuitive and advisors more efficient.”
Carson Group Hires CTO From Envestnet
Omaha, Nebraska-based advisory firm Carson Group appointed Ramesh Vaswani to serve as its Chief Technology Officer, to develop and execute the firm’s technology strategy and align its technology and business goals.
Vaswani brings more than two decades of technology leadership experience to Carson Group. He has led digital transformation, product leadership and executing global technology strategies across the financial services sector, the firm noted. As Global Head of Group Engineering for Envestnet, he led a team of more than 250 analysts, architects and developers.
“I’m energized to be joining Carson Group at this pivotal moment in the company’s growth trajectory,” Vaswani said. “I’m passionate about aligning business and technology to drive results and I see an incredible opportunity to integrate technology in a way that promotes growth and creates ease and confidence for our advisors.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
