This edition of the Deals & Recruiting Roundup covers CW Advisors’ acquisition of Delta and Leathe, Waverly’s purchase of GGM Wealth Advisors, Bluespring’s acquisition of Charter Capital Management, Wealth Enhancement’s purchase of Marcum, AlphaCore’s acquisition of Callan Capital, Integrity’s purchase of The Quantum Group, People & Co. joining Commonwealth Financial, Stratos recruiting $3.5 billion in assets last year, LPL onboarding Austin Greer, Dynasty partnering with Goldman Sachs for custody, BridgePort’s alliance with NewEdge Wealth and Cambridge’s appointment of Sean Van Moorleghem as CTO.
Larry’s Take
According to Joel Bruckenstein and Bob Veres’ latest survey, the three juggernauts of custodial services – Schwab, Fidelity and Pershing – reign in terms of market share. But if you linger on the data further, their satisfaction scores sit in the middle of the pack. Their survey also showed that many advisors are considering switching or adding new custodians in the next 18 months.
Goldman Sachs, with a brand name that appeals to high net worth clients, is growing its share, and opened a significant door in the partnership with Dynasty that we cover below. Many other names also have a foothold, including TradePMR, which was acquired by Robinhood.
Custodian recruiting doesn’t make as many headlines as M&A or advisor recruiting, but it is still a space very open to disruption and bold moves by the smaller firms. The dominant players have stickiness and repapering difficulties to hold their share, but can’t afford to rest on their laurels. Robinhood made waves with its recent surge into wealth management. Can it or another firm make a similar move in the custody space?
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
CW Advisors Buys Delta And Leathe
Boston-based CW Advisors acquires Delta Financial Group, a fee-only RIA in Basking Ridge, New Jersey, which manages $1.3 billion in assets under management (AUM), and Leathe & Associates of Eliot, Maine. Both transactions closed in March.
Leathe & Associates was founded by Jeffrey Leathe in 2004. CWA operates 15 offices, employs 125 people, and manages more than $12 billion in AUM. Gladstone Group advised on the acquisition of Delta.
“We are excited to welcome another excellent group of professionals to our firm,” said CWA Chief Executive Officer Scott Dell’Orfano. “The Delta team brings further expertise to our organization; enhances our greatest asset – our people; and expands our robust presence in the Mid-Atlantic region, which now includes six offices, from metro New York City to Richmond, Virginia.”
Waverly Advisors Acquires GGM Wealth Advisors
Waverly Advisors purchases Baltimore-based GGM Wealth Advisors, a move designed to strengthen Waverly’s presence in Maryland and Virginia. Waverly, headquartered in Birmingham, Alabama, manages $16.9 billion in assets as of March 21, the date the transaction closed, including the assets onboarded through GGM.
Founded in 1996, GGM is led by Jeff Johnson and Michael Little, and manages over $400 million in AUM. The deal marks Waverly’s 22nd acquisition since private equity firm Wealth Partners Capital Group and HGGC’s Aspire Holdings platform purchased a stake in December 2021.
“With the first quarter of 2025 nearly complete, Waverly has already moved into three new markets,” said Nick Trepp, Partner and Head of Corporate Development at WPCG. “This is exciting for Waverly. We expect the firm will continue to experience strong growth as the year progresses.”
Bluespring Wealth Partners Acquires Charter Capital Management
Austin, Texas-based Bluespring Wealth Partners, buys Charter Capital Management, a wealth management and financial advisory firm based in Brookfield, Wisconsin, that manages over $400 million in AUM.
Led by Principals Joel Hassler and Dan Glaser, Charter provides wealth management, investment management, retirement planning, tax planning and preparation, estate planning and debt management services to clients in the Milwaukee area.
“We’re pleased to welcome CCM to the Bluespring family,” said Pradeep Jayaraman, president of Bluespring Wealth Partners. “It’s our passion to support the entrepreneurial spirit of high-performing firms, especially those with significant multigenerational talent, and we see those things in CCM. Their high standard of excellence, client commitment, and succession-forward approach are well-aligned with Bluespring’s core values.”
Wealth Enhancement Purchases Marcum Wealth
Minneapolis-based Wealth Enhancement acquires Marcum Wealth, a Cleveland-based firm that manages $4.3 billion in assets. In addition to its Cleveland headquarters, Marcum operates ten offices in the Midwest, Mid-Atlantic, New England and Southeast regions. It is led by CEO Eric Wulff.
Once the deal closes in May, Wealth Management will oversee nearly $112 billion in assets. Founded in 1997, the company boasts 146 offices across the United States. Berkshire Global Advisors was the exclusive financial advisor to Marcum Wealth for this deal.
“As we continually strive to help more individuals achieve their financial goals, this partnership will allow us to tap into new markets nationwide,” said Jim Cahn, Chief Strategy Officer of Wealth Enhancement. “We’re excited to begin this next chapter of growth together.”
RIA AlphaCore To Acquire $2.4 Billion Callan Capital
La Jolla, California-based independent RIA AlphaCore Wealth Advisory is acquiring Callan Capital, a San Diego-based wealth management firm with $2.4 billion in assets under advisement, in a transaction the firms said is expected to close in the second quarter of 2025. Callan Capital was founded in 2007 by Ryan, Tim and Trevor Callan, its Managing Partners.
The transaction is expected to enhance AlphaCore’s ultra-high net worth (UHNW) and family office capabilities, strengthen its presence in San Diego and Denver, and open a new market for the firm in Austin, Texas, it said.
“Callan Capital will adopt the AlphaCore brand upon the close of the transaction,” Dick Pfister, CEO and Founder of AlphaCore, told WSR. “As with prior mergers, the business will be fully integrated into AlphaCore’s brand, technology, investment process, and culture. The Callan brothers will play a key role in building out and officially launching AlphaCore Family Office Services.”
Integrity Acquires The Quantum Group
Dallas-based life and health insurance distributor Integrity Marketing Group purchases insurance distributor The Quantum Group, based in Scottsdale, Arizona. The Quantum Group specializes in providing advisors and broker-dealers with fixed indexed annuity and life insurance products.
Quantum provides custom designed products, marketing and business development for advisors, and education and training on over 400 fixed index annuity and 200 life insurance products. Ron Shurts, Chairman and Co-Founder of Quantum, and Jim Maschek, Managing Partner of Quantum, will continue to operate the company.
“The best relationships are those where you trust the other person implicitly — I’ve known Ron Shurts for many years and have tremendous respect for him and the impressive organizations he has built,” said Bryan W. Adams, Co-Founder and CEO of Integrity. “As we are expanding our holistic platform to provide more comprehensive offerings, it is evident that the Quantum team shares Integrity’s passion for service.”
Advisor TransactionsCommonwealth Financial Network Onboards Peoples & Co.
Commonwealth Financial Network recruits Allentown, Pennsylvania-based Peoples & Co. Private Wealth Stewardship to its network of independent advisors. Peoples advised on more than $213 million in client assets as of Jan. 9. The Peoples advisory team includes Duane Peoples, Patricia Peoples, and Craig Peoples, all formerly with Morgan Stanley.
Commonwealth, with headquarters in both Waltham, Massachusetts, and San Diego, partners with approximately 2,345 independent financial advisors overseeing more than $344 billion in assets as of Dec. 31.
“Commonwealth is thrilled to welcome the Peoples & Co. team and provide a smooth landing in its transition to independence,” said Becca Hajjar, Managing Principal and Chief Business Development Officer. “Peoples & Co. has specific business goals that our people and infrastructure will support throughout each stage of the team’s growth.”
Stratos Wealth Holdings Recruits $3.5 Billion In Client Assets
Stratos Wealth Holdings of Beachwood, Ohio, says its three affiliated companies recruited a combined $3.5 billion in client assets last year, nearly tripling the total of in 2023.
Stratos Wealth Partners recruited seven advisors representing an estimated $1 billion of total client assets last year. Stratos Wealth Advisors welcomed eight advisors, representing an estimated $2.1 billion in client assets. Stratos Wealth Management added four advisors, representing an estimated $247 million in client assets.
“We are thrilled with the impressive results Stratos has achieved over the past year,” said Stratos Founder and CEO Jeff Concepcion. “Our strong momentum this past year is a testament to our attractive value proposition in the market. We are excited to continue implementing our strategic growth plans in 2025.”
LPL Financial Lands Advisor Austin Greer From UBS
LPL Financial recruits Austin Greer from UBS to its Linsco by LPL Financial employee advisor channel to launch Oxford Oaks Capital. As of Dec. 31, he reported advising on over $600 million in advisory, brokerage and retirement plan assets. He and his team will be based in Franklin, Tennessee.
A 17-year industry veteran, Greer focuses on retirement income planning and tax and estate planning for high net worth clients, including business owners and doctors.
“Our practice is very familial and holistic, with a friendly feel in our communications and approach,” Greer said. “We ask a lot of questions before putting together personalized, strategic financial plans and portfolios designed to help take the stress off our clients. We often tell clients, ‘We love investments, so you don’t have to.’”
Strategic Partnerships
Dynasty Selects Goldman Sachs As A Preferred Custodian For Its RIA Network
Dynasty Financial Partners announced a strategic collaboration with Goldman Sachs in which Goldman Sachs Custody Solutions (GSCS) has become one of the preferred custodians to Dynasty’s independent RIA network. Dynasty and GSCS developed technology that integrates with Dynasty’s TAMP as part of the collaboration. Dynasty and GSCS will also provide transition teams to offer custody, TAMP, trading services and billing solutions to RIAs.
Prior to the partnership, which became effective on March 26, advisory firms in the Dynasty network could select BNY Pershing, Fidelity or Schwab as custodians, a Dynasty spokesperson told WSR. These custodians were offered as custodial options since Dynasty’s launch, she noted.
Calling Goldman Sachs “one of the premier global brands in financial services,” Shirl Penney, CEO and Founder of Dynasty Financial Partners, said: “By integrating Goldman Sachs’ custodial services, asset management, lending, and capital markets expertise into Dynasty’s full suite offering for RIAs, we are significantly enhancing the breadth and quality of services available to our network” of independent advisors.
BridgePort Partners With NewEdge Wealth
Financial tech firm BridgePort Financial Technology in San Diego says it’s partnering with NewEdge Wealth. BridgePort will provide NewEdge with digital solutions that focus on helping households, institutions and family offices explore alternative investment opportunities.
NewEdge Wealth, based in Stamford, Connecticut, is a unit of NewEdge Capital Group, which managed $60 billion in client assets as of Dec. 31. BridgePort, provides tailored technology and infrastructure solutions across the private markets value chain.
“Providing clients with access to private markets is imperative, though it requires experienced wealth advisors to steward those efforts and robust technology and infrastructure to support them,” said BridgePort’s founder and CEO Christopher Nero. “We are excited to partner with high-caliber organizations such as NewEdge, who embrace the impact and dynamics of private market investing.”
Promotions & People Moves
Cambridge Names Schwab Veteran Sean Van Moorleghem CTO
Fairfield, Iowa-based Cambridge Investment Research adds former Charles Schwab and TD Ameritrade executive Sean Van Moorleghem as Executive Vice President and Chief Technology Officer, where he is tasked with overseeing the development and execution of products, services and systems to support firm and advisor growth. In addition to his duties overseeing the firm’s technology initiatives, Van Moorleghem joins Cambridge’s Executive Council.
Van Moorleghem spent almost four years at Schwab and over nine years at TD Ameritrade, which merged into Schwab. At Schwab and TD Ameritrade, he led multiple software engineering departments, worked in platform modernization and AI-based automation efforts, and helped the firm transition from project-based to product-focused investment strategies. Prior to that, he also worked at West Corporation, First Data Corporation and Deloitte.
“Sean is an experienced technologist with an impressive track record of leading successful digital transformations at some of the largest companies in our industry,” said Colleen Bell, President of Innovation and Experience at Cambridge. “As we continue our mission to build an industry-leading technology platform, Sean’s experience leading technology, digital transformation, and AI personalization will be invaluable. I’m thrilled to have him join our Cambridge family.”
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at julius.buchanan@wealthsolutionsreport.com.
