This edition of the Deals & Recruiting Roundup covers Coldstream Capital Management merging with Arnerich Massena, Wealth Enhancement Group acquiring Peak Financial Services, Cerity Partners acquiring Keating Wealth Management, a Bain-led group buying Envestnet, Rockefeller Global Family Office recruiting Titus Wealth Partners, Farther announcing 32 strategic hires and its assets under management (AUM) surpassing $3 billion, Cetera onboarding advisor Steven Dalton, LPL recruiting father-daughter duo Dan and Olivia Countiss, Corient hiring David Frankfort from Rockefeller, Dynasty crossing the $100 billion asset threshold, Trilogy Financial hiring Michael Serio as CIO and UBS recruiting Joshua Cummins from Merrill Lynch.
Larry’s Take
Large asset levels are surely an advantage when acquiring RIAs and recruiting advisors, but what often gets overlooked is the importance of efficient internal business development processes. That’s what sets apart juggernaut serial acquirers and recruiters like Wealth Enhancement Group and LPL Financial from other firms with comparable asset levels. Strong processes do not emerge spontaneously, or through luck. Firms must hire key personnel who are skilled at determining the right combination of support services to attract and retain ideal advisors, minimizing obstacles to dealmaking, expediting transition management, and persuading teams to make the leap – all while avoiding legal and regulatory missteps.
Since it is people who make these things happen, firms that aim to stay ahead of the pack with RIA acquisitions and advisor recruitments also need to keep their business development stars happy (money talks) while making sure to cultivate the next generation of that internal talent. 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
1. Coldstream Merges With Arnerich Massena, Set To Surpass $10 Billion In AUM
Coldstream Capital Management merged with Portland, Oregon-based Arnerich Massena, an investment advisory firm with approximately $2 billion in client assets. Reegan Rae and Bryan Shipley lead Arnerich Massena, which was founded over 30 years ago.
As a result of the deal, Coldstream will have over $10 billion in AUM. Both firms are employee-owned. In June, Coldstream launched Coldstream Risk Management, formerly known as FIT Insurance. Coldstream, which was founded in 1996, has offices in seven locations across four states.
“We are delighted to merge with Reegan, Bryan and the rest of the Arnerich Massena team,” said Kevin Fitzwilson, Managing Shareholder at Coldstream. “Joining forces with them is consistent with our longtime mergers and acquisitions strategy, which is laser-focused on aligning ourselves with partners who not only share our values and approach to service but are committed to remaining independent and employee-owned.”
2. Wealth Enhancement Group Acquires $123 Million Peak Financial Services
Wealth Enhancement Group (WEG), which has over $85.4 billion in client assets, acquired Northborough, Massachusetts-based Peak Financial Services. Founder & President Kevin O’Brien leads the hybrid RIA, which launched in 1995 and has over $123 million in client assets.
The deals marks WEG’s fourth location in Massachusetts. As of July 9, WEG had announced nine acquisitions in 2024 representing over $4 billion in client assets. Earlier this month, WEG announced the acquisition of The Woodlands, Texas-based Starfox Financial Services. The firm serves more than 61,000 households across 115 offices.
“We extend a warm welcome to Kevin O’Brien and the team at Peak Financial Services,” said Jeff Dekko, CEO of Wealth Enhancement Group. “Given their integrated approach to wealth management and their focus on client relationships built on trust, we are confident Peak Financial Services will be an excellent partner.”
3. Cerity Partners Acquires $200 Million Keating Wealth Management
New York-based Cerity Partners acquired Denver-based Keating Wealth Management, which had over $200 million in AUM as of its May SEC ADV filing. Timothy Keating joined Cerity as a Partner. He previously was the Founder and President of Keating Investments and the CEO of Keating Capital, a publicly traded closed-end fund focused on pre-IPO investing.
Keating has nearly 40 years of financial services experience. Before running his own firms, he was Head of Proprietary Equity Arbitrage Trading for Bear Stearns in London. Previously, Keating founded and ran the European Equity Derivative Products Department of Nomura International, also in London. Earlier, he was an institutional salesman in the Financial Futures and Options Department of Kidder Peabody.
In April, Cerity announced it would manage about $100 billion in client assets after acquiring and merging with Denver-based Agility, the investment outsourcing business of investment bank Perella Weinberg Partners.
4. Envestnet To Go Private At $4.5 Billion With Capital From Bain, Reverence, Others
Envestnet has agreed to be acquired by Bain Capital at a valuation of $4.5 billion. Reverence Capital Partners is also participating, and BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors will become minority holders. Envestnet manages over $6 trillion, oversees almost 20 million accounts, and serves over 109,000 advisors. It supports over 800 managers on its wealth management platform.
The transaction will pay shareholders $63.15 for each share of common stock and is expected to close in the fourth quarter of this year. After closing, the firm will be privately held and no longer publicly listed. Morgan Stanley is the exclusive financial advisor to Envestnet, and J.P. Morgan Securities is the lead advisor for Bain.
“This is a great outcome for Envestnet's clients and employees, and one that maintains its entrepreneurial spirit,” Envestnet Co-Founder Bill Crager said. “Envestnet is exceptionally well positioned to continue to build a gateway to the future of financial advice. I couldn’t be more excited about the company going forward, its continued success and ability to serve more advisors – enabling them to deliver more holistic financial advice.”
Advisor Transactions
5. Rockefeller Recruits $574 Million Titus Wealth Partners
Rockefeller Global Family Office recruited Boston-based Titus Wealth Partners. The team, led by Private Advisor and Managing Director Jeffrey Titus, oversaw $574 million at J.P. Morgan, according to Forbes. He joins alongside Daniel O’Neill, the team’s Chief Investment Officer, and Haley Pink, the team’s Chief Wealth Strategist, both of whom are Vice Presidents.
Titus has 19 years of wealth management experience. He also has worked at Bernstein Global Wealth Management, Credit Suisse and First Republic. O’Neill has nine years of industry experience and Pink has five years of industry experience. Rockefeller Global Family Office is a subsidiary of Rockefeller Capital Management, which had $133 billion in client assets as of March 31.
“We’re pleased to welcome Titus Wealth Partners, based in Boston, MA, to Rockefeller Global Family Office,” Rockefeller Capital Management posted on LinkedIn. “With deep experience in serving specialized guidance and sophisticated solutions to clients across multiple generations and stages of wealth, the team will be instrumental to our continued growth in the Northeast.”
6. Farther Makes 32 Strategic Hires, Surpasses $3 Billion In AUM
New York-based Farther, a technology-centric wealth management firm that serves high net worth professionals, announced making 32 new strategic hires this year and its AUM surpassing $3 billion. The hires include 10 advisors from Goldman Sachs’ former Personal Financial Management unit, who added $649 million in AUM.
Farther, which was founded in 2019, also placed on Inc.’s Best Workplaces of 2024. Last year, the firm secured $31 million in investments during its Series B capital raising round, which was led by Lightspeed Venture Partners. Pre-existing investors included Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures and Moneta Venture Capital.
“These individuals all bring unique and deep expertise and perspectives to our talented roster, which allows us to deliver insightful financial advice and tailored investment opportunities to our clients across the country,” said Taylor Matthews, CEO and Co-Founder of Farther. “We look forward to continuing to build and enhance our firm with world-class talent.”
7. Cetera Onboards $146 Million Steven Dalton In New Hampshire
Cetera Financial Group onboarded Bedford, New Hampshire-based Senior Wealth Manager Steven Dalton to Cetera Advisor Networks through Cetera Wealth Partners. He had more than $146 million in assets under administration as of Jan. 24.
Dalton, who previously worked at Cambridge Investment Research and Brophy Wealth Management, has 16 years of industry experience. Cetera oversaw more than $505 billion in assets under administration and $213 billion in AUM as of March 31.
“As I’ve transitioned to Cetera, I’ve been impressed with the firm’s ability to make the big feel small,” Dalton said. “I’ve appreciated partnering with a broker-dealer that makes me feel like more than a number, while still providing me with a far-reaching infrastructure of services and products to help me not only maintain close client relationships, but also to grow my business.”
8. LPL Adds $200 Million Father-Daughter Duo In Mississippi
LPL Financial recruited the Flowood, Mississippi-based father-daughter duo Dan Countiss and Olivia Countiss, who launched Countiss Wealth Management. They previously managed approximately $200 million at Edward Jones.
Dan Countiss is a U.S. Army veteran who owned and sold a business before becoming an advisor. The duo have nearly 25 years of combined industry experience. They are joined by Investment Analyst Chandler Duke and Client Services Associate Christy Walker. Earlier in July, LPL also brought on the father-daughter duo James and Amanda Zack in Washington, D.C.
“By forming Countiss Wealth Management, we can create a new practice that allows us to work together in serving clients long into the future,” Dan Countiss said. “We see ourselves as now being a multigenerational family serving multigenerational families. By working with and beside Olivia, we can deliver more expertise together to our clients.”
9. Corient Hires David Frankfort As UHNW-Focused Partner In Texas
Corient hired David Frankfort as a Partner and Wealth Advisor in its Houston office. He serves ultra-high net worth individuals, athletes, family offices, and institutional clients including private foundations and endowments. Frankfort also specializes in asset allocation, investment management, wealth transfer management and next generation education.
He has over 25 years of industry experience. Most recently, Frankfort served as a Managing Director for Rockefeller Capital Management and was a founding partner of its Sports & Entertainment Group. Previously, he was a Managing Director at Alex. Brown. Before that, Frankfort worked at Deutsche Bank, Merrill Lynch, Goldman Sachs and Morgan Stanley, according to BrokerCheck.
In June, Corient acquired Paragon Advisors, a Shaker Heights, Ohio-based firm with $3.1 billion in AUA according to its website, and Socius Family Office, a Fort Lauderdale, Florida-based firm with $915 million in AUM as of its May SEC ADV filing. Corient had $164 billion in client assets as of March 31, and more than 240 partners nationwide. CI Private Wealth rebranded as Corient in August 2023.
Strategic Partnerships
10. Dynasty Crosses $100 Billion Asset Threshold
Dynasty Financial Partners announced that it crossed the threshold of $100 billion in platform assets, with a network of 55 independent firms and over 400 advisors. The firm announced growth and milestones in various areas. Its TAMP holds $49 billion in assets, its managed model program is expected to surpass $7 billion by the end of the year, and its investment bank, which launched in May 2023, has advised on 18 recruiting and M&A deals representing $21 billion in AUM.
The firm has 42% female employment, and according to a survey with F2 Strategy, its RIA affiliates achieved an average 5-year CAGR of 14.3% versus 6.4% for their peers.
“Now is an incredible time to be an independent financial advisor,” said Dynasty CEO Shirl Penney. “The perfect storm of supply and demand imbalance, the democratization of advice, and the growth of the ecosystem supporting independent advisors has resulted in a rapid professionalization of the space. In the midst of all of this change, we see opportunity and Dynasty is committed to helping financial advisors serve their clients better than ever before.”
Promotions & People Moves
11. Trilogy Financial Appoints Michael Serio As Chief Investment Officer
Irvine, California-based Trilogy Financial hired Michael Serio as Chief Investment Officer. Serio has over 30 years of financial services and investment experience. Most recently, he was Chief Investment Strategist at Ashton Thomas Private Wealth. Previously, Serio was a Regional Chief Investment Officer and Managing Director at Wells Fargo. Before that, he was a General Partner at Wolf Creek Energy Partners. Earlier, Serio was a Managing Director and Market Team Leader for J.P. Morgan’s Colorado market investment team. He also worked at Citi Private Bank and Bernstein.
In March, Trilogy Financial Services received a strategic investment from the Toronto-based private equity firm Peloton Capital Management. Trilogy also then completed its acquisition of Boston-based Flagship Wealth Management and Westlake Village, California-based Horizon Wealth Management. At the time, Trilogy’s AUM was approximately $4 billion.
Wirehouse Activity
12. UBS Recruits $1 Billion Advisor Joshua Cummins From Merrill Lynch
UBS recruited California-based advisor Joshua Cummins from Merrill Lynch. Cummins Wealth Management oversees more than $1.1 billion in client assets for corporate executives, entrepreneurs and people in the entertainment industry.
Cummins worked at Merrill for 15 years. Before that, he was Vice President – Investments at UBS for over four years. Earlier, Cummins spent two years at Credit Suisse First Boston. He began his wealth management career with more than three years at Donaldson, Lufkin & Jenrette.
“As a highly talented advisor in the Westlake Village area, Josh works with many of the most successful business owners and families in the Los Angeles area and across the U.S.,” said Kate Daniels, Los Angeles Market Director at UBS. “He and his team have deep expertise in guiding clients through the financial planning process and we’re excited to welcome them to our team.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
