This edition of the Deals & Recruiting Roundup covers Cresset acquiring Monticello, Merit buying Global Wealth Advisors, Mariner buying Forté Capital And Ultra Financial, Sequoia acquiring The Martin Worley Group, RWA buying Moirai, Merchant staking Meridian, Sanctuary recruiting Dial Square, Dynasty onboarding Clear Trail Advisors, Osaic landing Schaible Russo, Cetera recruiting Michael Zawatsky and Oasis, Lincoln appointing Jason Estes and Dan Alexander to its C-suite and Envestnet naming John Hofmann as Chief Financial Officer.
Larry's Take
August is typically a slow month, but this August has seen many M&A transactions of all sizes, including this week’s Cresset acquisition of $124 billion Monticello. If August is “slow” in comparison to the fall, then this fall will be a blockbuster.
Economic uncertainty, trade negotiations and the Fed’s hesitancy to lower interest rates have not slowed the pace of dealmaking. In fact, if the Fed lowers interest rates into the fall as widely expected, it may add oxygen to the M&A fire.
There’s already plenty of fuel for that fire from the “dry powder” of private equity cash looking for solid investments and the attractiveness of RIAs to those investors. There’s a good possibility that M&A will soar into the year end.
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
Cresset Acquires Denver Consulting Firm; Combined Assets Near $200 Billion
Cresset purchases Monticello Associates, a Denver-based independent investment consulting firm. The deal, expected to close late this year, will give the combined firm almost $200 billion in client assets.
In addition, the company will have access to fund managers in both the public and private markets, said Chicago-based Cresset, a client- and employee-owned multi-family office with over 20 offices in 15 states. Monticello is employee owned and oversaw about $124 billion of non-discretionary assets under advisement as of Dec. 31.
“We’re thrilled to join forces with the team at Monticello Associates, a firm we’ve long respected for its deep expertise and sterling reputation in institutional investment advisory,” said Avy Stein, Founder and Co-Chairman of Cresset. “Together, we’re creating a platform that not only expands access to premier investment opportunities across public and private markets but also strengthens our vision to build a 100-year firm dedicated to serving families and institutions with purpose, care, and innovation.”
Merit Purchases Global Wealth Advisors, Adds $860 Million In Client Assets
Atlanta-based Merit Financial Advisors buys Global Wealth Advisors (GWA), a deal that gives Merit $860 million in assets and an expanded national footprint across Texas, Pennsylvania and Florida. The acquisition closed August 18.
GWA President Kris Maksimovich and Managing Partner Chris Powers join Merit as Regional Directors and Partners alongside a team of 14 advisors and client support staff. The deal represents Merit’s 41st acquisition in nearly five years. Earlier this month, Merit purchased Second Half Financial Partners in Florida.
“This partnership is especially meaningful to me,” said Kay Lynn Mayhue, President of Merit. “Kris and I started our careers together more than 25 years ago. I’ve witnessed him build a firm rooted in client service, integrity, and true leadership. It is a full-circle moment for us to now be working together under the Merit brand, and a powerful step forward toward our shared commitment to clients.”
Mariner Acquires Forté Capital And Ultra Financial, Adds $1.7 Billion In AUA
Mariner, based in Overland Park, Kansas, purchases Forté Capital and Ultra Financial Partners, a deal that gives Mariner an additional $1.7 billion in assets under administration (AUA) and deepens its expertise in advising individual clients and complex family relationships. The Forté Capital and Ultra Financial deals will close on August 31, and September 30 respectively, with both firms adopting the Mariner name and branding.
Founded in 1996 and based in Rochester, New York, Forté Capital provides portfolio management and wealth planning services to nonprofits, individuals, families and institutions with clients in over 20 states. Scottsdale, Arizona-based Ultra Financial Partners, established in 2021, specializes in advising federal employees, physicians and business owners.
“The firms that stand out are the ones that anticipate how client needs will evolve over time,” said Marty Bicknell, CEO and President of Mariner. “We are honored to welcome each of these passionate and dedicated teams to the Mariner family.”
Sequoia To Acquire The Martin Worley Group In Utah
Sequoia Financial Group plans to buy The Martin Worley Group (MWG), an RIA in Cottonwood Heights, Utah, that oversees $430 million in assets under management (AUM). MWG Managing Partner Brian Worley and Partners Terra Thurgood and Barry Watson will become equity owners in Sequoia Financial once the deal closes on Aug. 31.
MWG, established in 2014, employs eight people and provides personalized investment advisory services to individuals, multi-generational families, entrepreneurs, foundations and trusts. Akron, Ohio-based Sequoia Financial employs more than 400 people and oversaw $27.6 billion in AUM as of June 30.
“Brian, Terra, Barry and the entire team at The Martin Worley Group have built a strong business, and we’re excited to combine our resources as we further expand Sequoia’s national footprint,” said Tom Haught, Founder and CEO of Sequoia Financial.
Merchant Investment Management Stakes $4.2 Billion Kentucky RIA
Merchant Investment Management purchases a minority stake in Lexington, Kentucky-based Meridian Wealth Management, which managed more than $4.2 billion in client assets as of June 30. The deal closed in the second quarter.
Meridian, founded in 2010 by CEO Greg Couch, has nine offices in six U.S. states: Arizona, California, Florida, Kentucky, Louisiana and Texas. The investment provides Meridian with resources, capital and access to Merchant’s network of independent firms and service providers.
“In this industry, relationships matter, and this one started the way many great partnerships do, through mutual connections and shared values,” said Tim Bello, Co-Founder and Managing Partner at Merchant. “What began as a friendship quickly evolved into something bigger, with institutional alignment and a shared long-term vision. Partnering with Greg and the Meridian team felt natural. It’s a relationship built on trust, collaboration and a joint commitment to growth.”
RWA Buys Moirai Wealth Management, Expands West Coast Presence
RWA Wealth Partners in Boston purchases Moirai Wealth Management, a San Francisco-based RIA that oversees $344 million in AUM. The deal closed Aug.15.
Karen Schmid founded Moirai in 2000 to serve high net worth and ultra-high net worth individuals and families. The acquisition strengthens RWA’s presence on the West Coast: three offices and 14 employees in California, which includes a new location in downtown San Francisco slated to open this fall.
“I knew from the moment I met Karen and her team that we were meant to be partners,” said Michelle Knight, CEO of RWA Wealth Partners. “We are both aligned strongly in our values and in our dedication to providing a high-touch client experience. Acquisitions like Moirai will be a key part of our growth strategy as we continue to build RWA into one of the consequential boutique wealth management firms in the country.”
Advisor Transactions
Sanctuary Wealth Recruits $1.2 Billion UHNW UBS Breakaway
Sanctuary Wealth adds Orange County, California-based Dial Square Private Wealth to its network. Led by Founders and Managing Partners Jim Chiate and Tony Guinane, who were formerly with UBS, the firm focuses on ultra-high net worth (UHNW) clients and has $1.2 billion in client assets.
Chiate and Guinane originally partnered in 2003 at Merrill Lynch before moving to UBS in 2013. Joining the founders at Dial Square are Vice President, Registered Operations Manager Owen Galasso and Vice President, Wealth Associate Nazgol Nekoomaram.
“After building a remarkable practice in wirehouses, Jim and Tony, like many highly successful wealth managers limited by the employee model, decided to start their own firm, unlocking the valuable asset they have worked so hard to build while removing restrictions on what they can offer to their clients,” said Vince Fertitta, President of Wealth Management at Sanctuary.
Clear Trail Advisors Debuts With $850 Million In Client Assets
Clear Trail Advisors launches as an independent practice with $850 million in client assets. The Houston-based team, formerly with Steward Partners, is relying on Dynasty Financial Partners for middle and back-office support.
Led by Chairman Randy Price, CEO Matt Price and President Matthew Kerns, the firm serves a clientele of high net worth families with a focus on retirement planning, income-focused portfolios and tax-efficient strategies for the “millionaire next door.”
“Clear Trail Advisors is exactly the type of firm we built Dynasty to support,” said Shirl Penney, Founder and Chief Executive Officer of Dynasty Financial Partners. “They serve a clearly defined client base, have strong leadership, and are deeply committed to independent, client-first advice.”
Osaic Transitions Schaible Russo Financial To W-2 Model
Osaic transitions Schaible Russo Financial to its “Supported Independence” W-2 model. Led by Tom Schaible and Al Russo, the Whitehouse Station, New Jersey-based firm has $450 million in client assets. The firm previously had a 1099 affiliation with Osaic.
Schaible Russo Financial is the latest in a growing number of advisory teams to join Osaic’s Supported Independence model, following the recent acquisition of CW Advisors and majority investment in Innovative Wealth. The model provides RIAs with succession planning tools, human resources support and real estate services.
“Tom and Al are a prime example of an experienced advisory team entering the next stage of their entrepreneurial journey, seeking the most suitable business model for their needs,” said Jamie Price, CEO at Osaic. “Their move to Supported Independence reflects our ongoing investment in providing advisors with flexible ways to partner with us, so clients can continue to benefit from personalized, high-quality advice.”
Cetera Lands Oasis Asset Management Group With $600 Million In AUA
Cetera recruits Michael Zawatsky and his seven-person team at Oasis Asset Management Group from B. Riley Wealth Advisors. Based in Mayfield Heights, Ohio, the RIA oversaw $600 million in AUA as of March 3.
Oasis joins Summit Financial Networks within the Cetera Advisor channel. Cetera, based in San Diego, managed approximately $590 billion in AUA and $263 billion in AUM as of June 30.
“Mike and his team personify devotion in every way when it comes to client service,” said Cetera Advisor Channel Leader Tom Halloran. “These are veteran advisors whose practice management and commitment to growth could be a blueprint for other advisors. Plus, treating clients the same regardless of their wealth shows such strong character – it’s one of the many reasons we’re proud that Mike and Oasis Asset Management found a home with Summit and Cetera.”
Promotions & People Moves
Lincoln Investment Names New Chief Information And Technology Officer And Chief Business Development Officer
Lincoln Investment Planning appoints Jason Estes as Chief Information and Technology Officer and Dan Alexander as Chief Business Development Officer. Estes will oversee the company’s digital transformation initiatives, including modernizing IT platforms. Alexander is charged with driving the firm’s revenue growth and building out its branches.
Estes most recently served as Chief Information and Digital Officer at First Command Financial Services, where he was in charge of infrastructure, application development, enterprise architecture and cybersecurity. Prior to Lincoln, Alexander co-founded RetireAware in 2017, a firm providing consulting services to retirement plans, record-keepers, registered investment advisers and third-party administrators.
“This is an exciting time for Lincoln,” said President and Chief Operating Officer Kathy Leckey. CEO Ed Forst “and I know that this field-facing leadership team has the talent and drive to take Lincoln into the future.”
Envestnet Appoints John Hofmann As Chief Financial Officer
Envestnet names John Hofmann as Chief Financial Officer starting Sept. 1. He will be in charge of the firm’s finance, M&A and transformation teams. He will report to CEO Chris Todd and succeeds Josh Warren, CFO since 2023.
Previously, Hofmann served as CFO of Omnitracs and CFO of Infogroup (now Data Axle). He also gained technology investment management experience from Silver Lake Sumeru and GTCR, both private equity firms.
“With approximately $7 trillion in assets, and best-in-class technology used by one-third of U.S. wealth advisors, Envestnet is well positioned to extend its leadership position in the industry,” said Todd. “John has a proven ability for turning opportunity into growth and building operational strength as organizations scale. His experiences and leadership will be instrumental as we embark on Envestnet’s next stage of growth.”
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