This edition of the Deals & Recruiting Roundup covers Elevation Point staking Waycrest Wealth; NorthRock acquiring Parkside; DeVoe and ECHELON reporting record M&A transactions; LPL recruiting Waznik Heike Group from Osaic; NewEdge landing Patrick McGlothin from Morgan Stanley; Envestnet naming Sue Quackenbush as Chief People Officer; Hightower appointing Scott Hadley as Chief Advisory Officer, Scott Holsopple as Chief Strategy Officer and Jenn Anderson as Chief Marketing Officer; Gregory FCA hiring journalists; SFA naming Inman Porter Senior Vice President of Advisor Solutions; and Wealth Consulting Group creating an advisory board.
Larry's Take
Both DeVoe and ECHELON just released their half year M&A reports. Though the numbers vary because they use different methods, both are announcing records. DeVoe noted the record first half and ECHELON predicts a record full year.
The DeVoe report made an optimistic but contrarian observation: “Periods of macroeconomic uncertainty aren’t slowing activity; they appear to be sharpening it.” Indeed, if sellers are feeling uneasy about the environment and would rather move towards security, M&A can provide that security through preparing an exit or offering a capital cushion for the future.
It's not that buyers are sanguine about economic and geopolitical instability, it’s that they see the value in investing in wealth management firms regardless. At this point, it would take gale force headwinds to force the M&A ship back to port.
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
Elevation Point Stakes $1 Billion RIA Waycrest Wealth
Elevation Point buys a minority stake in Waycrest Wealth, a newly established Southfield, Michigan-based RIA that oversees $1 billion in assets under supervision. The seven-person team serves physicians, business owners, attorneys and philanthropic families primarily across Michigan and Florida.
Jay Hack and Lowell Weiss, both Raymond James veterans, founded Waycrest, which specializes in intergenerational wealth transfer, business succession and legacy planning. The team also features Paul Hack, Jay Hack’s father, and Leonard Weiss, Lowell Weiss’ father.
“Welcoming Jay, Lowell, and their multigenerational family teams, including their fathers, is a meaningful milestone,” said Jim Dickson, CEO and Founding Partner of Elevation Point. “Their client-focused approach perfectly aligns with our mission to empower advisors to grow while maintaining their independence and core values.”
NorthRock Purchases Parkside Advisors, Adds $800 Million In AUM
NorthRock Partners acquires Parkside Advisors, a deal that boosts NorthRock’s presence in the Bay Area. Berkeley, California-based Parkside oversees $800 million in assets under management (AUM). Managing Principals Charlie Benziger and Audrey Grubman, along with their team of advisors and staff, will join NorthRock and establish its Berkeley office.
Parkside focuses on serving high net worth clients, including corporate executives, tech professionals, entrepreneurs and business owners. NorthRock manages over $8.6 billion in assets for more than 2,800 clients.
“Parkside shares our passion for delivering comprehensive, relationship-driven advice,” said Sean Baenen, Managing Partner at NorthRock Partners. “Their expertise and deep roots in the Bay Area further strengthen our ability to serve clients in one of the nation’s most dynamic markets.”
M&A For RIAs Continues At A Record Pace: DeVoe
Deal activity involving RIAs hit a new high in the first six months of the year, according to a report by DeVoe & Co. The first half of 2025 delivered 148 transactions (75 in the first quarter, 73 in the second quarter), a new record for a January-through-June period and a 17% jump over the same period last year.
What makes these numbers even more remarkable, the report says, is that M&A continues to accelerate even in the face of headwinds like volatile equity markets, an uncertain interest rate environment and major global geopolitical conflicts. Since the start of 2025, not a single firm has reported a decline in deal pipelines while 77% of companies say their deal pipelines have grown.
“Periods of macroeconomic uncertainty aren’t slowing activity; they appear to be sharpening it,” the report said. “Many of the most active buyers report that challenging environments bring stronger conviction from sellers and greater alignment in partnerships.”
2025 On Target For A Record Year In Deals: ECHELON
M&A activity for RIAs will likely hit 380 transactions this year, well above the old record of 341 deals in 2022, according to a new report by ECHELON Partners. According to the report, second quarters are normally but slow but this year’s April to June period witnessed 102 transactions, the third most active quarter overall. Assets transacted were $828 billion for the second quarter.
Strategic acquirers, led by Merit Financial Advisors, Wealth Enhancement Group and Carson Wealth, drove most of the deal activity, with such companies accounting for more than 87% of all transactions. Private equity deal volume decreased while average deal size increased.
“Many of the most active buyers in this group (strategic acquirers) have already surpassed their full-year 2024 dealmaking totals or are on pace to do so, another sign of the fervent dealmaking pace so far in 2025,” the report said.
Advisor Transactions
LPL Draws $750 Million Advisor Team From Osaic
LPL Financial recruits a team of 11 advisors from Waznik Heike Group, who previously affiliated with Osaic. The group oversaw about $750 million in advisory, brokerage and retirement plan assets as of Dec. 31.
Waznik Heike, based in Menomonie, Wisconsin, is led by Partners Brad Waznik and John Heike. The firm also includes Gene Larock, Steve Helling, Kyle Thorpe, Jon Storing, Tyler Schroyer, Coltin Brehm, Jerry Hagman, Bryan LaVoy and Sam Ferch.
“We welcome Brad, John and their team to the LPL community,” said Scott Posner, LPL Managing Director, Business Development. “Just as the Waznik Heike Group walks in lockstep with their clients to help them build lasting financial confidence, we are committed to helping our advisors differentiate themselves and enhance their client experience. We look forward to supporting the Waznik Heike Group for years to come.”
NewEdge Wealth Onboards Patrick McGlothin From Morgan Stanley
NewEdge Wealth recruits Patrick McGlothin, with two decades of experience as a wealth manager for Morgan Stanley, with a primarily ultra-high net worth, family office and institutional clientele.
McGlothin, who founded The McGlothin Group at Morgan Stanley in 2004, joins NewEdge as a Managing Director in Knoxville, Tennessee. He began his career in financial services with Smith Barney, which was acquired by Morgan Stanley.
“Patrick brings a wealth of experience advising affluent families, making him a valuable asset to our firm,” said Rob Sechan, Co-Founder and CEO of NewEdge Wealth. “As the financial lives of ultra-high net worth clients grow increasingly complex, we continue to invest in top talent who can help navigate those challenges with clarity and precision.”
Promotions & People Moves
Envestnet Appoints Sue Quackenbush Chief People Officer
Envestnet names Sue Quackenbush as Chief People Officer, effective July 14. She is tasked with building a unified workplace culture that attracts talent and aligns with the company’s business goals.
She was most recently CPO at Dynatrace, where she led a 250-member team responsible for over 5,200 professionals. Prior to that, she was Chief Human Resource Officer at Vonage and Presidio. Quackenbush’s approach emphasizes both data-driven human resources and human connection.
“Sue is a proven transformational leader who understands how to align people strategies with a growth-oriented culture,” said Chris Todd, Chief Executive Officer of Envestnet. “As we continue to evolve our business and invest in our future, Sue’s track record of fostering employee engagement, operational excellence, and cultural cohesion will help us scale with purpose. I am thrilled to welcome her to Envestnet’s executive leadership team.”
Hightower Makes Top Executive Appointments
Hightower Advisors appoints Scott Hadley Chief Advisory Officer, a newly created position responsible for how Hightower engages and supports its advisor community. The company also promoted Scott Holsopple to Chief Strategy Officer and Jenn Anderson to Chief Marketing Officer.
Hadley was previously Senior Vice President of RIA Solutions at Osaic and spent more than 17 years at Goldman Sachs. Holsopple, who will oversee enterprise strategy and internal and external M&A, worked at Focus Financial Partners before joining Hightower in 2020. Anderson, responsible for Hightower’s marketing, communications and brand efforts, also joined Hightower in 2020.
“Scott Hadley brings a fresh, advisor-first perspective to our field engagement model, and underscores our continued commitment to supporting outsized growth for our advisors,” said Larry Restieri, CEO of Hightower Advisors. “Scott’s addition reflects the momentum we are seeing across our community and the future vision of Hightower.”
Gregory FCA Hires Journalists From Fox Business, Barron’s And CNBC
Financial public relations agency Gregory FCA hires prominent journalists, including Brenda Hentschel, a former Producer at CNBC; Bill Morgan, a former Booking Producer at Fox Business; and Emily Dattilo, former Reporter at Barron’s.
Hentschel joins Gregory FCA as an Associate Vice President, Morgan as a Senior Account Executive and Dattilo as a Senior Account Executive. Twenty percent of the firm’s staff are newsroom veterans, following a firm strategy of “embedding newsroom expertise into every client team.”
“Media pros are the best storytellers of all. They set global agendas. Cut through the noise and impact lives,” said Greg Matusky, CEO and Founder of Gregory FCA. “Brenda, Bill, and Emily bring institutional knowledge from inside the control room, the editorial desk, and the journalist’s notebook. They don’t guess what makes a great story. They know.”
SFA Partners Names Inman Porter Senior Vice President Of Advisor Solutions
SFA Partners appoints Inman Porter to the newly created role of Senior Vice President of Advisor Solutions. He is tasked with merging the firm’s Advisor Relations and Investment Solutions teams into a cohesive unit.
The firm hopes this move will increase alignment between advisor service, investment strategy and business growth. Porter joined SFA Partners in 2019 and has since held a series of leadership roles with the company.
“Inman brings a unique blend of strategic insight and deep relationship management experience,” said Jamie Mackay, President and COO of SFA Partners. ”By bringing Advisor Relations and Investment Solutions together under his leadership, we’re better positioned to deliver a truly integrated experience—helping advisors connect business strategy, client needs, and practice growth in a much more seamless way.”
The Wealth Consulting Group Adds Industry Veterans To Guide Growth Initiatives
Shortly after appointing former LPL Financial Divisional President Andy Kalbaugh to the role of President, The Wealth Consulting Group (WCG) announced the creation of a non-fiduciary Advisory Board to help guide the firm’s strategic growth initiatives.
Comprised of wealth management industry executives, the inaugural members of the Advisory Board are Stuart DePina, former President of Envestnet; Jason Ehrlich, former Managing Director and Head of Investments at Emigrant Partners; Paul Kim, CEO and Co-Founder of Simplify Asset Management and Kalbaugh. In a statement, the firm added that the Board will continue to expand “on a highly selective basis.”
“I’m honored to have such a distinguished group of industry veterans agree to join our Advisory Board,” said Jimmy Lee, Founder and CEO of WCG. “Each is a respected executive, thought leader and influencer in different areas of our industry. We will draw on their insights, hard-won expertise, and unique perspectives to guide our efforts in creating a platform that prioritizes advisor independence, supports seamless business transitions and puts client relationships at the center of everything.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
