In this week’s roundup, Emigrant Partners invested in Keen Wealth Advisors and Mutual Group, Hightower acquired Lexington Wealth Management, Wealthspire’s Fiducient Advisors acquired Axia Advisory, Soltis added GDM Private Financial Solutions, Corient acquired Vivaldi Capital Management, Merit acquired Strategic Retirement Plans, Jason Stephens and Mic Lundon launched Evertern Wealth, Prudential recruited Keith Loegering and Brian Montalbano, Sanctuary recruited Kyle Vasel, RFG added Ivy Pierson and Perigon named Rory T. Shusted Chief People Officer.
Editor in Chief’s Take:
Lead generation provider WealthReach made an interesting move this week by acquiring the intellectual property of consultancy Model FA, which specializes in coaching, marketing and advisor development. Both operate in competitive spaces, and the combination may generate an edge by connecting consulting with lead generation to provide advisors with more services from a single provider along the chain of organic growth creation.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Emigrant Partners Invests In Keen Wealth Advisors And Mutual Group
Emigrant Partners announced a minority investment in Keen Wealth Advisors, an Overland Park, Kansas-based independent RIA with $1.3 billion in assets. Keen was founded in 2014 by CEO Bill Keen and provides retirement, tax, estate planning, investment management and risk management services.
The firm also announced it had made a strategic investment in Mutual Group, a national platform serving independent financial advisors and RIAs. Mutual supports more than 270 advisor teams and independent RIAs overseeing more than $15 billion in assets. InCap Group served as Mutual’s exclusive investment banker and Stradley Ronon Stevens & Young was legal counsel.
Keen said, “The people we serve today are the reason we’re here, and nothing about this partnership changes that. Our team, our process, and our commitment to the families we work with are all staying exactly the same.”
Hightower Signature Wealth Acquires Lexington Wealth Management
Hightower acquired Lexington Wealth Management, which has joined Hightower Signature Wealth, the firm’s national direct-to-consumer advisory practice. Lexington, based in Lexington, Massachusetts, had about $3.2 billion in AUM as of Dec. 31, bringing Hightower Signature Wealth to more than $29 billion in AUM across more than 25 locations.
The acquisition has closed and a Hightower spokesperson said the transaction followed Hightower’s strategic investment in Lexington in 2019. Lexington has 25 professionals, including 16 advisors.
Kristine Porcaro, Senior Managing Partner at Lexington Wealth Management, said, “We established Lexington on the principle that effective wealth management combines thoughtful financial guidance and a genuine understanding of what clients are experiencing in their lives. With HTSW, we’ll continue to deliver that balance, with increasing scale and resources to support the needs of our clients for years to come.”
Wealthspire’s Fiducient Advisors Acquires Axia Advisory
Wealthspire said Fiducient Advisors completed its acquisition of Axia Advisory, an Indianapolis-based retirement plan consulting and investment advisory firm with $1.9 billion in assets under management or advisement.
Axia was founded in 1992 by President and Senior Consultant Keith Shadrick and provides retirement plan design, fee analysis, QDIA consulting, employee education, provider oversight, investment selection and monitoring, fiduciary governance, investment consulting and discretionary management.
Shadrick said, “I’ve spent my career helping retirement plan sponsors and participants navigate an increasingly complex landscape. As part of Wealthspire, we can build on that foundation while enhancing our capabilities across retirement and private wealth and positioning the firm for long-term growth.”
Soltis Acquires GDM Private Financial Solutions
Soltis Investment Advisors, an RIA with about $13 billion of client assets, said it purchased GDM Private Financial Solutions, led by Alan Dance. Soltis said the move expands its accounting, tax preparation and tax planning capabilities so it can offer clients a more integrated wealth and tax advisory model.
GDM serves individuals, small businesses and medium-sized businesses and their owners. Dance will become Director of Tax at Soltis Tax Solutions, an affiliate of Soltis, and he and his 11-person team will be tasked with integrating tax planning with Soltis’ broader wealth management services.
Dance said, “In my 20 years of working alongside individuals, families and business owners, I’ve seen the impact of aligning tax strategy with broader financial decision-making. Soltis shares our belief in proactive planning and long-term partnership, and together we will help new and existing clients navigate complexity with greater confidence.”
Corient Will Acquire $5.6 Billion Vivaldi Capital Management
Corient announced the acquisition of Vivaldi Capital Management, a Chicago-based RIA with $5.6 billion in AUM. Founded by David Sternberg and Randal Golden, Vivaldi serves high and ultra-high net worth individuals and families, combining wealth planning and traditional investment management with alternative investments.
The transaction is expected to close in the second quarter, and Vivaldi’s principals are expected to become Corient partners at closing. Corient managed about $227 billion as of Jan. 31.
Sternberg said, “Joining Corient enables us to continue delivering highly personalized service, enhanced by an expanded suite of Corient’s wealth management and family office capabilities. We’re also excited about the collaborative nature of the Corient Partnership and the opportunity to work alongside other advisors and firm experts for the benefit of our clients.”
Merit Financial Advisors Acquires Strategic Retirement Plans
Merit Financial Advisors acquired Strategic Retirement Plans (SRP), an independent wealth management firm based in Billings, Montana, with an additional office in Gillette, Wyoming. SRP manages about $586 million in total client assets, including roughly $582 million in AUM and $4 million in retirement plan assets under advisement, and serves about 800 households.
As part of the transaction, Owners and Financial Advisors Gabe Lapito and Ryan Gomendi joined Merit as Area Directors, Wealth Managers and Partners, and all SRP employees will transition to Merit. Merit said this is its 57th acquisition. The transaction closed March 27.
Josh Mersberger, Managing Principal and Partner at Merit Financial Advisors, said, “Strategic Retirement Plans is an exceptional firm with a talented and growing team that shares our commitment to client relationships and long-term stewardship. Gabe, Ryan and their team have built a practice rooted in trust, community engagement and a deep understanding of their clients’ financial lives.”
Advisor Transactions
$2.4 Billion Evertern Wealth Launches With Dynasty And Goldman
Evertern Wealth launched in Naples, Florida, as an independent wealth and family office advisory firm. The team previously oversaw about $2.4 billion in client assets at UBS, and the new firm said it will focus on high net worth families, founders and executives through a boutique model.
Evertern partnered with Goldman Sachs Custody Solutions for custody and is operating on the Dynasty Financial Partners platform. It provides services including investment management, liquidity-event planning, concentrated equity, lending, estate planning and family office coordination.
Stephens said, “We built Evertern Wealth to deliver institutional-level capabilities within a highly personalized advisory model. Our clients require coordinated guidance across investments, liquidity events, and generational planning — not fragmented advice.”
Prudential Advisors Adds Two Advisors With More Than $300 Million
Prudential Advisors said it recruited Keith Loegering and Brian Montalbano, who bring more than $300 million in combined client assets. Loegering joined through Pacific Financial Group after leaving RBC Wealth Management and will open an office in San Rafael, California, while Montalbano joined through Greater Florida Financial Group from Synovus Securities and will open an office in Port Charlotte, Florida.
Prudential Advisors is the retail arm of Prudential Financial. Prudential Advisors supports over 3,000 financial advisors. Prudential Financial had approximately $1.6 trillion in assets under management as of Dec. 30.
Patrick Hynes, President of Prudential Advisors, said, “Building on the momentum we saw last year, we continue to bring well-established, successful advisors to Prudential Advisors. Keith and Brian were both looking for the high level of service, support and independent flexibility that defines our operating model and culture.”
Sanctuary Recruits $260 Million Breakaway From Merrill
Hybrid RIA Sanctuary Wealth said it recruited Kyle Vasel and his new firm, OPT Wealth Management. Vasel, who is based in the Chicago area, previously oversaw $260 million in client assets at Merrill Lynch before launching OPT Wealth Management on Sanctuary’s partnered independence platform.
OPT serves high net worth individuals and families nearing retirement, and includes financial services executives among its clientele. Vasel began his career at Merrill Lynch in 2011, later becoming Senior Vice President and Senior Financial Advisor.
Adam Malamed, CEO of Sanctuary Wealth, said, “Like many wirehouse advisors today, Kyle reached a point where the employee model could no longer support the business he wanted to build. Supporting that transformation has always been at the core of Sanctuary’s business and continues to be a primary focus for our firm.”
Ivy Pierson Launches Pierson Wealth Management With RFG
RFG Advisory said Ivy Pierson joined the firm and launched Pierson Wealth Management, an independent advisory firm overseeing more than $230 million in client assets. According to RFG, the move reflects a shift away from the traditional broker-dealer model toward a structure focused on ownership, client experience and long-term enterprise value.
RFG said Pierson selected the firm for its integrated infrastructure and technology, including ClickONE, its unified operating system.
Pierson said, “I wanted the freedom to build a business that reflects my values and allows me to truly tailor the experience for each client. RFG stood out because it offers the right combination of independence, technology and support.”
Strategic Initiatives
WealthReach Acquires Model FA IP, Launches Consulting Practice
WealthReach said it acquired the intellectual property assets of Model FA and launched a consulting practice aimed at helping RIAs and wealth management firms build organic growth. The company said it will combine its AI-based prospecting tools with Model FA’s coaching, marketing and development resources to help advisory firms improve referral generation, marketing execution and prospect conversion.
The acquisition brings together referral and growth methodologies associated with Dan Allison and David DeCelle, who is Model FA’s CEO and a Co-Founder of WealthReach. WealthReach said the consulting offering is designed to help firms build organic growth strategies while addressing AI implementation with SEC and FINRA considerations in mind.
Michael Barrasso, CEO of WealthReach, said, “Most advisory firms have pieces of a growth strategy—a referral program here, some content there, maybe a social media presence—but nothing that connects into a cohesive system for consistently attracting, converting and multiplying ideal clients. What we’ve built changes that.”
Promotions & People Moves
Perigon Appoints Rory T. Shusted As Chief People Officer
RIA Perigon Wealth Management said it appointed Rory T. Shusted as Chief People Officer. Shusted will report to CEO Arthur Ambarik and is based in the Atlanta area. Perigon said Shusted will focus on culture, mission and firm philosophy, while building programs tied to engagement, performance and long-term development.
She most recently served as Executive Vice President of Global Talent at RGP and previously held senior roles at CarterBaldwin and Larson-Juhl, a Berkshire Hathaway subsidiary. Perigon had about $11.2 billion in client assets as of Dec. 31.
Shusted said, “Independent wealth management firms present a unique challenge to build a meaningful and cohesive company culture, especially as they achieve scale. I’m thrilled to join the Perigon team at this pivotal moment in its growth journey.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
