This edition of the Deals & Recruiting Roundup covers DayMark receiving a minority investment from Constellation, Wealth Enhancement acquiring two firms, EP Wealth buying Clearview, MCF Advisors acquiring Accredited Wealth, Mercer buying McConnell, Osaic adding Veator Financial, Prospera recruiting Alphera Wealth, AmeriFlex expanding by $1 billion and 11 advisors, Osaic hiring Shannon Reid as President and Head of Advisor Growth and Engagement, Equity Services appointing Alex David as President and CEO, Focus Financial naming Adam Birenbaum as incoming CEO, and SEI Founder Alfred West Jr. stepping down as Director and Board Chair.
Larry's Take
The inorganic growth trend isn’t just for aggregators. MCF Advisors announced its first acquisition since receiving capital backing from HGGC’s Aspire and Wealth Partners Capital Group in March. Post-deal, the firm has $3.9 billion in assets, small in comparison with the major players.
As I wrote in July, RIA M&A activity has the wind at its back. Although hundreds of RIAs are acquired each year, dozens of new RIAs are formed every month, replenishing the industry. Many of them will eventually seek a buyer.
MCF demonstrates that medium-sized firms can become buyers. If your firm needs to grow in a strategic direction, whether by niche, services or – as in the case of MCF – in a key geography, don’t automatically count your firm out as “too small.” It’s a path worth exploring.
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@ascentix.com.
Mergers & Acquisitions
DayMark Receives Minority Investment From Constellation
Cincinnati-based DayMark Wealth Partners announces a minority investment from alternative asset management platform Constellation Wealth Capital (CWC). The investment will fund DayMark’s growth and expansion into new markets, the firm said.
DayMark, an affiliate of Dynasty Financial Partners founded in 2022, has offices in Connecticut, Florida, Illinois, Ohio and Utah. The firm has more than $4.5 billion in assets under management (AUM). CWC’s legal counsel for the deal was Simpson Thacher & Bartlett, while DayMark’s legal counsel was Katz Teller.
“The capital and strategic resources provided by CWC will allow our firm to continue on our ambitious growth path and, most importantly, extend our reach to help even more clients benefit from independent advice,” said Mike Quin, Co-Founder and Managing Partner of DayMark. “This partnership underscores our belief in the future of the industry and in DayMark as the premier landing pad for elite wirehouse breakaway teams.”
Wealth Enhancement Acquires Two Firms: $476 Million Wealth Advocates And $468 Million AEGIS Financial
Minneapolis-based Wealth Enhancement announces it is acquiring Wealth Advocates and AEGIS Financial. The first — Logan, Utah-based Wealth Advocates — is led by Wealth Manager John Mickelson and had approximately $476 million in client assets as of Aug. 8. The firm serves business owners, retirees and the employees of the State of Utah, Intermountain Healthcare, Northop Grumman and Utah State University. The deal is expected to close on Dec. 31.
“Wealth Advocates embodies the principles of holistic planning that are central to Wealth Enhancement’s Roundtable approach to wealth management,” said Jeff Dekko, CEO of Wealth Enhancement. “We are pleased to welcome John and his team as we continue to broaden both our national footprint and presence in Utah - a high-growth market - in service of helping more families achieve their financial goals.”
Wealth Enhancement’s second acquisition is Wisconsin-based AEGIS Financial. Led by President William Bowman, the firm has five advisors and 10 support staff. It had over $468 million in client assets as of Sept. 30. AEGIS was founded in 1993 and focuses on long-term investment planning and tax strategies. Wise Rhino acted as the advisor to AEGIS, and the deal is expected to close on Dec. 31.
EP Wealth Buys $218 Million Clearview Wealth
Torrance, California-based EP Wealth Advisors announces the acquisition of Clearview Wealth Advisors. The firm is led by Michael and Corbin Coursey, who are a father-and-son team based in Phoenix. They also serve clients in the Pacific Northwest. Clearview has almost $218 million in AUM. The Clearview team joins EP Wealth’s Phoenix region, overseen by Regional Directors M.J. Nodilo and Adrian Larson.
The deal is EP Wealth’s ninth transaction in 2025. EP Wealth is led by Chairman and CEO Ryan Parker, along with Co-Founders and Managing Directors Derek Holman and Brian Parker. EP Wealth had more than 61 offices in 22 states and over $40.5 billion in assets under management (AUM) as of Sept. 30.
“Clearview has built strong, planning-led relationships we want every EP client to experience,” said Ryan Parker, CEO of EP Wealth. “Bringing their team into our Phoenix region allows us to surround their clients with deeper resources while keeping advice personal, local and aligned with the values that matter most to the families they serve.”
MCF Advisors Acquires $178 Million Accredited Wealth
Lexington, Kentucky-based MCF Advisors announces the acquisition of Louisville, Kentucky-based Accredited Wealth Management (AWM), a fee-only RIA with $178 million in AUM. AWM was founded by Managing Partners Steve Giacobbe and Shawn Clark. They become Senior Financial Advisors and Partners at MCF.
The deal, which closed on Dec. 12, increases MCF’s AUM to $3.9 billion, the firm said. The transaction is MCF’s first since receiving backing from Wealth Partners Capital Group and the Aspire Holdings platform of HGGC in March.
“The acquisition of AWM marks a pivotal milestone for MCF as the firm embarks on a path of intentional and purpose-driven growth,” said Dave Harris, CEO and Partner at MCF. “AWM’s steadfast dedication to personalized financial guidance and exceptional client service aligns seamlessly with MCF’s values.”
Mercer Global Advisors Acquires Women-Focused McConnell Financial Advisors
Denver-based Mercer Global Advisors announces the acquisition of Boise, Idaho-based McConnell Financial Advisors. The firm, founded by Renée McConnell, has a strong focus on financial planning for women and oversees approximately $130 million in AUM.
The acquisition expands Mercer’s presence in Boise and Sun Valley and strengthens its Women & Wealth initiatives, the firm said. Mercer had $90 billion in client assets as of Sept. 30.
“A financial plan is more than just numbers, it’s the foundation for a life you’ll cherish,” said Renée McConnell, Founder and CEO of McConnell Financial Advisors. “I was looking for a partner that believed in doing the right thing for clients and understood that when you lead with purpose, success follows. Mercer Advisors stood out for its deep bench of planning expertise, strong culture and ability to help us scale our impact without losing what makes us special.”
Advisor Transactions
Osaic Adds $1.1 Billion Veater Financial Group To Its W-2 Network
Osaic announces the addition of Veater Financial Group (VFG). VFG has approximately $1.1 billion in assets under advisement and is led by President George Veater. The firm’s three financial professionals will transition to W-2 employees under Osaic’s Empowered Independence model.
VFG — which has offices in Fresno and Brea, California — has been affiliated with Osaic Wealth in a 1099 capacity since 2020. It will continue to operate under the VFG brand, and its brokerage, direct business and advisory relationships with Osaic Wealth remain in place.
“The transition of Veater Financial Group represents the continued momentum and appeal of Osaic’s flexible operating model for advisors, including our Empowered Independence channel,” said Jamie Price, President and CEO of Osaic. “George and his team built a high-quality, planning-centric practice that fits seamlessly within our ecosystem. We’re excited to partner with them as we deliver the scale, support and strategic resources that will accelerate their next chapter.”
Prospera Financial Adds Alphera Wealth Advisors To Its Platform
Prospera Financial announces that Alphera Wealth Advisors is joining its network of independent advisors. Alphera was founded by Christina McCaughey and oversees $51 million in client assets.
As Financial Advisor, McCaughey’s practice includes personal financial planning, retirement, tax efficient strategies, alternative investments and more. Earlier in her career, McCaughey worked in investment banking at Salomon Brothers, Credit Suisse and Barclays.
“For over twenty years, I worked on Wall Street supporting major financial institutions with complex projects, always focusing on detail, excellence, and results,” said McCaughey. “I apply the same dedication to my advisory practice, aiming for lasting value for clients and their families. When considering how to operate independently at this level, Prospera was clearly the right fit.”
AmeriFlex Adds 11 Advisors And Over $1 Billion In Client Assets During Second Half Of 2025
The AmeriFlex Group announces that it has added 11 advisors and more than $1 billion in client assets since July. At that time, the Las Vegas-based hybrid RIA partnered with Cambridge as its broker-dealer.
The advisor-owned firm noted that it launched a succession platform, SuccessionFully, last summer. The program is designed to help financial advisors who are retiring from their practices or need support with succession planning. The recruited advisors joined AmeriFlex from a variety of large firms including Osaic, Commonwealth and Cetera, AmeriFlex said.
“Our partnership with Cambridge enhances our ability to support advisors planning for retirement or long-term continuity while becoming a top destination for independent-minded advisors across the industry,” said Thomas Goodson, Founder and CEO of The AmeriFlex Group. “We value true independence, operational excellence and continuous improvement and innovation. We have found the right partner to achieve our goals in Cambridge.”
Promotions & People Moves
Osaic Hires Shannon Reid As President And Head Of Advisor Growth And Engagement
Osaic appoints Shannon Reid as President of Osaic and Head of Advisor Growth and Engagement, effective Jan. 12. She reports to CEO Jamie Price.
Reid joins from Raymond James, where she spent nearly 20 years. She recently served as President of the firm’s independent contractor division. Prior to that, she was a Vice President at Goldman Sachs.
“I was drawn to Osaic by the strength of its leadership team and a culture defined by clarity, accountability and execution—combined with the agility and flexibility of a nimble organization built to drive results,” said Reid. “We are aligned in our commitment to doing the right thing for advisors and their clients, which makes this opportunity especially compelling.”
Equity Services Hires Alex David As President And CEO
National Life Group announces that Alex David is the next President and CEO of its broker-dealer and RIA Equity Services, effective Dec. 16. Meanwhile, prior President and CEO Ata Azarshahi retires after serving in those positions since 2020.
David recently held the position of Northeast Division Director at Raymond James Financial Services, overseeing more than $100 billion in AUM and 895 wealth managers. Before that, he served as CEO and President of Stifel Independent Advisors. He also previously held the position of Managing Director, Head of U.S. Branch Development, Marketing and PR at Wells Fargo Advisors.
“Alex is an exceptional leader whose experience, vision, and commitment to advisor success and firm growth make him the ideal person to guide ESI into its next chapter,” said Matt Frazee, Executive Vice President and Chief Marketing Officer at National Life Group. “We are excited to welcome him to the National Life Group family.”
Focus Financial Names Adam Birenbaum Its Next CEO And Successor To Michael Nathanson
St. Louis-based Focus Financial names Adam Birenbaum the firm’s incoming CEO. Effective Feb. 1, he will succeed Michael Nathanson, who will become Chairman. Birenbaum is currently President of Focus Financial and CEO of Focus Partners Wealth.
At age 31, Birenbaum took the helm of the RIA now known as Buckingham Strategic Wealth. He guided its growth to nearly $75 billion in assets, starting from less than $1 billion when he joined, Focus said. Focus has a total of more than $520 billion in client assets in its network of firms.
“Adam is a greatly admired and highly respected leader with an impeccable track record of building and leading key strategic initiatives at Focus. His unique skillset, combined with his strong character and commitment, will serve Focus well in the years ahead,” said Nathanson. “It has been an honor to serve as CEO, and I look forward to supporting this transition and continuing to contribute to our mission in my new role as Chairman.”
SEI Founder Alfred West Jr. Steps Down As Director And Board Chair, Becomes Chairman Emeritus
Oaks, Pennsylvania-based SEI announces that Alfred West, Jr. steps down as Director and Executive Chairman of the Board, to become Chairman Emeritus of the firm that he founded in 1968. West served as CEO of SEI for 54 years and became Executive Chairman in 2022.
Independent Director Carl Guarino will assume the role of Chairman of SEI’s Board, effective Jan. 1. Guarino was previously CEO of SaaS company WizeHive, and before that, CEO of procurement outsourcing company Procurian. SEI had approximately $1.8 trillion in assets under management, advisement or administration as of Sept. 30.
“Over 50 years ago, I founded SEI with the mission to use technology to transform the financial sector and create a dynamic, team-oriented work environment. In the decades since, I’m proud to say I have had the privilege of working with thousands of talented employees, clients, and partners, all of whom have helped make this ambitious dream a reality,” said West.
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