This edition of the Deals & Recruiting Roundup covers World Investments’ acquisition of Freeman & Vannauker, Corient’s acquisition of Geller & Co., Mariner’s purchase of three wealth management firms, Perigon’s deal with Goldman Sachs, Snowden Lane’s new ownership changes, Integrated Partners’ new pact with RetirementDNA, Newday Impact’s new product offerings, Carson Group’s latest tax strategy, Kestra Financial’s new president, Janus Henderson’s new institutional chief, Raymond James’ new financial advisory hire and RBC Wealth Management’s new asset management team.
Larry’s Take
News of Carson Group investing in tax planning strategies shines a light on how advisory firms are pushing tax management to the top of the client priority list.
According to a recent survey from RIA Intel, 51% of wealth management clients say they have “great interest” in tax planning and optimization services. Establishing a specialized tax service operation and partnering with an experienced team of tax specialists, as Carson has done, are strategies that we may expect more of in the future as firms have increasingly better tax tech while clients increasingly look for tax-aware advice.
While advisors used to provide simple tax return services or stand by and allow clients to reach out to external CPAs, increasingly, wealth managers are steering clients to in-house tax specialists who offer holistic tax planning that encompasses tax-efficient investment strategy, more efficient withdrawals from retirement accounts, frank advice on capital gains and tax-loss harvesting and estate planning.
Comprehensive tax services are good for client prospecting and retention, and, like most services, you can either build it or buy it.
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
World Investments Acquires Freeman & Vannauker
Freeman & Vannauker, a $190 million Freehold, New Jersey-based firm, has been acquired by World Investments. The independent financial services practice is the latest to leave the Osaic network, and will migrate its RIA and broker-dealer accounts to World Investments, the broker-dealer affiliate of World Investment Advisors that rebranded from TFS Securities in June.
“We are thrilled to have the Freeman & Vannauker team become part of the World community,” said Troy Hammond, CEO of World Investment Advisors. “They are an impressive group of advisors, and their addition to World continues our recruiting momentum and expands our footprint in the New York City metro area. We look forward to the advantages our partnership will bring all our clients.”
This acquisition is the 11th transaction for World Investment Advisors since October 2023. World Investment Advisors named Kevin Ryan as its new Chief Financial Officer in August. In July, it acquired Boston Harbor Wealth Advisors, with $3.5 billion in assets under management (AUM).
Corient Acquires Multi-Family Office Geller & Co.
Corient Private Wealth, a division of CI Financial, has acquired Geller & Co.’s $10.4 billion multi-family office business. The deal brings Corient’s total managed assets to about $182 billion.
Founded in 1984 by Martin Geller, Geller & Co. rolled out its RIA business in 2005. According to Citywire, the firm counts Michael Bloomberg among its clients. It entered into a relationship with Dynasty Financial Partners in 2017.
“We have been incredibly impressed with Corient and how its core strengths and culture align closely with our own,” Geller said. CI Financial is in the midst of a take-private transaction by Mubadala Capital, which is set to close in Q2 2025.
Mariner Lands Three Wealth Management Firms With A Combined $1.87 Billion
Mariner, an Overland Park, Kansas-based leading financial services firm, has acquired three wealth management firms – Cincinnati-based Cassady Schiller Wealth, Englewood, Colorado-based Jenkins Wealth, and Marlborough, Massachusetts-based Triton Financial Group – in three separate deals that add a combined $1.087 billion in assets under management.
The three new acquisitions will join Mariner starting in the first quarter of 2025, with their current locations and teams in place. Founded in 2006, Mariner operates 124 offices and advised on more than $258 billion in assets as of Nov. 30.
“At Mariner, we value partnerships with firms that demonstrate exceptional client focus and a proven track record of success,” said Marty Bicknell, CEO and President of Mariner. “Cassady Schiller, Jenkins Wealth, and Triton Financial Group embody the principles our clients have become accustomed to and will be instrumental in building the holistic ecosystem that redefines how wealth is managed in this country.”
Snowden Lane Redeems Ownership Stake
Snowden Lane, a New York City-based independent, advisor-owned wealth advisory firm, has redeemed a significant portion of the ownership stake held by its private equity sponsor, Estancia Capital Partners. Under the terms of the deal, remaining company shareholders, including Snowden Lane advisors and employees, now own approximately two-thirds of the firm.
Snowden Lane also provided partial liquidity to its vested advisor owners. Founded in 2011, the firm comprises 82 advisors across 16 offices in 10 states. In December, the firm rolled out a new retirement program for advisors.
“We’re thrilled to open 2025 with this announcement, as this transaction demonstrates our sustained commitment to operating as an independent and employee-centric enterprise,” said Rob Mooney, Managing Partner and CEO of Snowden Lane. “While we have always maintained and prioritized an advisor-centric culture, this is another step forward in reaffirming those values. Ultimately, our record profitability and growth would not be possible without our advisor teams.”
Advisor Transactions
RetirementDNA Joins The Integrated Advisor Network
Integrated Partners, a Waltham, Massachusetts-based financial planning and registered investment advisory (RIA) firm overseeing more than $20 billion in advisory assets, announced RetirementDNA is set to become the latest firm to join the Integrated advisor network. Under the terms of the deal, RetirementDNA, with $1 billion in AUM, joined the network as an affiliate partner.
The partnership will significantly expand each firm’s retirement plan services and wealth management capabilities. Joining the Integrated network will also provide RetirementDNA advisors with access to support solutions and create new opportunities through Integrated’s CPA alliance program. Additionally, RetirementDNA will expand access to corporate-sponsored retirement plan services to better support Integrated-affiliated advisors, who will now have the ability to offer clients a comprehensive variety of services.
“This partnership represents a natural evolution for both organizations,” said Robert Sandrew, Chief Growth Officer at Integrated, founded in 1996. “With the combination of our wealth management infrastructure and RetirementDNA’s deep expertise in retirement plan services, we’re creating a more robust platform to better serve clients nationwide, with a particular focus on the West Coast.”
Raymond James Recruits Schwab’s Kristin Sullivan For Independent Advisor Channel
Longtime Charles Schwab financial advisor Kristin Sullivan joins Raymond James and its independent advisor network. Sullivan, who brings $500 million in AUM with the move, launched her financial services career in 1995.
She joined Summit Financial Group, an advisory team in San Ramon, California. The Summit team reports to Sanjiv Shukla, Western Assistant Division Director for Raymond James Financial Services, the firm’s independent advisory channel. Sullivan brings more than 30 years of financial planning experience to Summit.
“As a financial advisor, my top priority has always been to provide my clients with tailored advice and a comprehensive planning experience,” Sullivan said. “I chose to join Raymond James and Summit Financial Group because it aligns with my client-first philosophy, my commitment to high-level, personalized service, and offers the utilization of robust planning tools. This transition allows me to leverage new resources and offer an even greater depth of support to help my clients as they pursue their financial goals.”
Strategic Partnerships
Perigon Expands Its Goldman Sachs Alliance
Perigon Wealth Management, a San Francisco-based independent RIA managing $8.7 billion in assets, is bolstering its advisor support under a new deal with Goldman Sachs Custody Solutions (GSCS). Perigon currently has a relationship with Goldman Sachs Asset Management.
“As we continue to grow and attract elite advisors from across the wealth management landscape, it’s critical that we continuously improve our services and solutions that enable our advisors to serve their client's needs,” said Perigon CEO Arthur Ambarik.
“We are excited to expand our relationship with Goldman Sachs through the engagement of Goldman Sachs Custody Solutions. Our advisors will have access to more investment options to support their clients’ needs and interests.”
Newday Links Up With Reflection Asset Management In Investment Offering Deal
Fintech firm Newday Impact is expanding its product offerings and values-based analytics capabilities to individual investors and will offer current investment products from asset management firm Reflection Asset Management (RAM) and leverage Reflection Analytics’ user values-assessment and portfolio audit tools, the firms said.
As part of the partnership, which started on Jan. 6, Jason Britton, founder of RAM and Reflection Analytics and developer of the Reflect software platform, has been named chief investment officer (CIO) of Newday Impact and has joined its board of directors. The firms said that Britton will lead the buildout of Newday’s proprietary investment offerings in its expanding Newday Impact One Platform (NIO). He will also continue to oversee RAM’s investment products and “lead the exploration of new product development for the joint venture,” Doug Heske, Newday Impact CEO and Founder.
With Britton as CIO and “through this collaboration, Newday will expand its product set and values-based analytics capabilities to individual investors while continuing to serve values-driven institutional clients,” according to Heske. The firms noted that Britton’s experience in financial services has included advising on over $10 billion in assets under advisement (AUA) throughout his career.
Carson Rolls Out New Tax Strategy Program With New Jersey RIA Firm
Omaha, Nebraska-based Carson Group announced Carson Tax Strategy, a new investment that expands the company’s tax planning services. Simultaneously, Carson announced a strategic partnership with Taylor Financial Group, which represents Carson’s 10th deal of 2024. Debbie Taylor, a CPA and tax expert with 25 years in the industry, will helm the 10-person team newly named Carson Wealth Franklin Lakes. With $385 million in assets, the new venture will continue to serve its clients from Franklin Lakes, New Jersey.
Carson Tax Strategy, launching in the first quarter of 2025, emphasizes tax alpha as a critical part of comprehensive wealth management that many advisors do not incorporate into their practice today. The program will include tools and resources that integrate with Carson's tech stack and add expertise around complex tax scenarios, such as distribution planning, retirement account optimization, tax-loss harvesting and estate planning.
“We’re defining the future of wealth management and how advisors approach tax planning,” said Burt White, CEO of Carson Group. “This initiative equips our advisors with expertise in tax strategy, creating opportunities to deepen client engagement and practice growth. By taking a holistic approach to financial health, advisors can help clients work towards their goals beyond relying solely on market-driven returns.”
Promotions & People Moves
Kestra Financial Taps Amore To Serve As Company President
Austin, Texas-based Kestra Financial is promoting John Amore, Kestra Financial’s current Head of Wealth Management, to the role of President starting April 2025. Kestra also announced current president Stephen Langlois will retire at the end of this year.
As Head of Wealth Management, Amore led efforts to build and grow wealth management capabilities including portfolio construction, investment products, advisory services, financial planning, retirement plans, alternative investments and insurance solutions.
“As we navigate this transition, our community of advisors can expect the same level of empowerment they’ve come to know with Stephen at the helm,” said Amore. “I’m eager for the opportunity to build on Stephen’s great leadership, continuing to support the needs of our advisors along with their ability to operate as complete wealth managers.”
Kestra Financial holds $103 billion in AUA and supports more than 1,700 independent financial professionals.
Janus Henderson Taps Kelly Cavagnaro As Head Of North America Institutional
Denver-based Janus Henderson Investors appointed Kelly Cavagnaro as Head of North America Institutional within its North America Client Group, with immediate effect as of Jan. 13. Cavagnaro is expected to expand the firm’s institutional presence in North America. She has over 20 years of experience in asset management. Before joining Janus Henderson, she served concurrently as Head of North America Institutional Sales and Head of Global Consultant Relations at Columbia Threadneedle.
“Continuing our momentum in delivering more differentiated investment capabilities and solutions to more people, institutional clients are a significant area of focus for Janus Henderson and represent a high growth opportunity for the firm globally,” said Ali Dibadj, CEO at Janus Henderson. “With Kelly’s appointment, we look forward to further amplifying our institutional capabilities as we put our clients first—always. We welcome Kelly to Janus Henderson and are excited for her to join the team.”
As of Sept. 30, 2024, Janus Henderson had approximately $382 billion in AUM, more than 2,000 employees and offices in 24 cities worldwide.
Big Bank Activity
RBC Wealth Management Brings Aboard $1.2 Billion Asset Management Team
RBC Wealth Management announced that Pensato Slayne Group, a wealth management firm with $1.2 billion in assets, will join RBC. Pensato was previously with J.P. Morgan Wealth Management. The Pensato team specializes in comprehensive wealth planning, including estate planning services, investments and retirement saving strategies, and looks to leverage RBC Wealth Management’s service model and platforms.
“After a great deal of due diligence and careful consideration, the Pensato Slayne Group decided that RBC Wealth Management was the best firm to serve their ultra-high-net-worth clients as well as their practice,” said John Moran, New York Complex Director at RBC Wealth Management – U.S. “This group stands out as one of the most elite New York City wealth management teams and RBC is proud to welcome them.”
RBC Wealth Management was founded in 1909. In the U.S., it had $640 billion in total client assets as of Oct. 31, with more than 2,200 financial advisors operating from 192 locations in 42 states.
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at julius.buchanan@wealthsolutionsreport.com.
