This edition of the Deals & Recruiting Roundup covers EP Wealth buying AlphaMark, Pure Financial acquiring Fairhaven, Bleakley Financial adding two teams from Northwestern Mutual, Creative Planning acquiring Monterey Private Wealth, Stifel Financial recruiting two Merrill Lynch teams in Dallas, Raymond James recruiting advisors from Morgan Stanley and Edward Jones, Schwab making a minority investment in Wealth.com, Constellation Wealth investing in Procyon Partners, Perigon granting partnership to four advisors, Savvy Wealth hiring a Head of Legal and Compliance, InvestCloud hiring its first APL COO and RBC Wealth Management recruiting a $5 billion team from J.P. Morgan.
Larry's Take
At a time when buyers and home office recruiters frequently court advisors, firms need to develop not only a good offense for their recruiting game, but also a good defense in preventing attrition. Various techniques can make the home firm “stickier,” including minority stakes in affiliated advisory businesses.
Another way to hold onto advisors is to offer them equity. This week, Perigon conferred partnership on four 1099 advisors. According to Perigon’s CEO, a new partner can “earn an ownership stake in Perigon over time.” Equity stakes are – in a sense – a mirror reflection of minority stakes, in which the advisor owns a share in the home office rather than the other way around.Of course, there are other ways to incentivize advisors to stay, but equity holding does help align people around common goals. Firms that try other methods, such as legal action against advisors who leave, may harm their reputation. It’s better to stay with positive methods in the recruiting and M&A game, whether playing offense or defense.
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
EP Wealth Advisors Enters Greater Cincinnati Market With $385 Million AlphaMark
Torrance, California-based EP Wealth Advisors announces that it expanded its Midwest presence with the acquisition of AlphaMark Advisors of Fort Wright, Kentucky. Founded in 1999 by Partner Michael Simon, AlphaMark specializes in retirement planning, small business services and helping clients navigate financial aspects of major life transitions, including divorce.
One of AlphaMark’s “defining strengths” is its Women & Wealth initiative, started by Partner Kelly Owens, that EP Wealth says was “designed to empower women navigating financial decisions during major life changes.” The deal adds about $385 million in AUM and is EP Wealth’s fourth acquisition of 2025, following deals with Peninsula Wealth in San Francisco, The Holben Group of Denver and Criterion Capital Advisors in Nashville, Tennessee.
“Joining EP Wealth allows us to continue doing what we do best—offering thoughtful, individualized advice—while gaining access to a deeper bench of resources to support our clients’ evolving needs,” according to Simon. “We believe this partnership can strengthen our ability to guide clients through major transitions and deliver even more value across their full financial picture.”
Pure Financial Acquires $900 Million Fairhaven Wealth In Chicago Area
San Diego-based Pure Financial Advisors announces its acquisition of Fairhaven Wealth Management of Wheaton, Illinois. Fairhaven was founded 10 years ago by Founder Marc Horner with a focus on fee-only advice. It has nearly $900 million in client assets.
Pure is a fee-only financial education, planning and investment advice company founded in 2007. The firm has 11 offices and manages over $8.02 billion in client assets as of March 27. The deal is its second acquisition this year and increases its presence in the Chicago area and the Midwest market. It is backed by Lee Equity Partners and Emigrant Partners.
“We’re excited to welcome the Fairhaven team to the Pure family,” said Brian Perry, Chief Investment Officer of Pure. “Both teams are grounded in financial planning, tax-efficiency, prudent investment advice and share a passion for financial education. But what really sets this partnership apart is the cultural fit — it’s a strong foundation for long-term success for both our clients and team.”
Monterey Private Wealth Is The Latest Acquisition For Creative Planning Since Receiving TPG’s Investment In September
Creative Planning continues to add firms, with Monterey Private Wealth the latest to join its platform. The Monterey, California-based firm has more than $1 billion in client assets, according to a news release. The firm’s CFO Gary Alt and CIO Steven Merrell co-founded Monterey Private Wealth, and Cristofer Cabanillas is the President and CEO. The deal closed on March 31.
The transaction is Creative Planning’s largest deal to date in 2025. In January it acquired Maxwell Wealth Strategies, a Pleasanton, California, firm managing over $290 million, and it announced the acquisitions of Kowal Investment Group and Krivoshein | McDaniels Financial.
“The Monterey Private Wealth team exemplifies the relationship-focused approach that has been the primary driver of Creative Planning’s success, and we’re thrilled to welcome them to the team,” said Peter Mallouk, President and CEO of Creative Planning. “Their established reputation for client-centered financial guidance and their deep community connections perfectly complement our approach to comprehensive wealth management.”
Minority Stakes
Schwab Invests In Wealth.com For Estate Planning Capabilities
Charles Schwab announces a minority investment in Wealth.com. The funding will allow Wealth.com to scale its estate planning capabilities for financial advisors. As part of the deal, the firms are developing opportunities for Schwab’s clients to access Wealth.com’s estate planning tools.
Wealth.com’s platform provides estate planning solutions that enable advisors to assist their clients with estate plans, wills, revocable trusts and other legal documents. Providing such services lets clients complete more of their financial tasks through their advisors, at a lower cost than engaging an estate attorney, according to a news release.
“Investors want to conduct more of their financial lives in one place, and advisors are increasingly looking for tools and platforms that enable them to scale their business and grow,” said Rick Wurster, President and CEO of Schwab. “Wealth.com is an important first step in building out a support ecosystem for our advisor clients as they respond to investors’ needs, while also providing a scalable and easy-to-use solution for our retail clients to meet more of their financial needs at Charles Schwab.”
Constellation Wealth Stakes Procyon Partners
Alternative asset management platform Constellation Wealth Capital acquires a minority stake in RIA Procyon Partners. The investment will fund Procyon’s expansion plans to broaden its capabilities, increase advisor resources and open offices in new markets, the firm said.
Shelton, Connecticut-based Procyon has over $8 billion in client assets. It focuses on institutional retirement consulting and private wealth management, with offices in Connecticut, New York, Tennessee and Maryland. It will continue to operate independently. Dynasty Investment Bank provided transactional support to Procyon, which is an affiliate of Dynasty Financial Partners.
“This is a transformative moment for our firm,” said Phil Fiore, Procyon Partners CEO and Co-Founder. “CWC shares our commitment to client-first values, innovation, and long-term partnership. With their support, we’re positioned to accelerate our growth while continuing to deliver the exceptional, independent advice our clients have come to trust.”
Advisor Transactions
Bleakley Recruits Two Teams From Northwestern Mutual, Adding $1 Billion
Bleakley Financial announces the addition of two advisory teams from Northwestern Mutual, bringing a total of more than $1 billion in client assets. Miller Financial Services joins with advisors Jeff Miller, Chris Glasscock and Colin Smith. The firm, founded by Miller, has offices in Richmond, Virginia, and St. Petersburg, Florida. Meanwhile, a Boise, Idaho-based advisory team, led by Max Wilson and Sean McCarthy, also joins Bleakley.
Founded in 1985, Bleakley has nearly $10 billion in advisory assets as of June 30, 2024. Last August, the firm received a minority investment from Rise Growth Partners. Bleakley is planning a rebrand with a new name and identity later this year.
“Bleakley is a firm built by advisors, for growth-oriented advisors, and our growth strategy is rooted in identifying individuals and teams that align with our mission and values,” said Andy Schwartz, CEO of Bleakley. “These two teams represent the very best of the profession—deeply committed to client success, culturally aligned with our community and ready to grow with us in this next chapter.”
Stifel Financial Adds Almost $3 Billion With Pair Of Teams From Merrill Lynch
Stifel Financial announces it recruited two advisory teams from Merrill Lynch at its Dallas division, Stifel Nicolaus. Melissa Transier and Chris Green join Stifel as Managing Directors/Investments. At Merrill, the two were responsible for $1.5 billion in client assets. Ryan Bell, who is also joining as Managing Director/Investments, oversaw $1.4 billion in client assets while at Merrill.
Transier and Green are supported by Laura Martin-Bernard, Senior Registered Client Service Associate, and Stacey Jacobson, Senior Client Service Associate, while Bell is supported by Deborah Griffith, Senior Registered Client Service Associate.
“We are excited to announce our move to Stifel, a firm whose client-first culture and streamlined structure will enhance our ability to serve our high-net-worth clients,” said Transier. “Stifel offers world-class resources and has demonstrated an exceptional commitment to supporting our team and our clients – from senior leadership to local management.”
Raymond James Recruits Advisors From Morgan Stanley And Edward Jones
Raymond James adds two advisors, bringing a total of approximately $475 million to the firm. Tom Kreuzer joins the employee advisor channel, Raymond James & Associates, in Beverly Hills, California. He comes from Morgan Stanley, where he oversaw approximately $250 million in client assets. At Raymond James, he will work with Managing Director Frank Epinger.
Also this week, Joel Mitchell joins the firm’s independent advisor channel, Raymond James Financial Services (RJFS), in Spokane, Washington. Mitchell is the founder of Leading Light Wealth Management. He was previously affiliated with Edward Jones, managing approximately $225 million in client assets.
“Raymond James is an ideal fit for this next phase of my practice,” said Mitchell. “Not only have I gained the autonomy to run and grow the business solely based on my clients’ best interests, but it also offers sophisticated, high-net-worth capabilities which will help bring additional depth to their financial plans.”
Promotions & People Moves
Perigon Appoints Four Advisors To Partnership
Perigon Wealth Management, a San Francisco-based RIA with approximately $8.7 billion in client assets as of Dec. 31, has granted four advisors a partnership stake in the firm. Wealth advisors Mary Ballin, Beth Bosworth, Eric Jardine and Doug Wheat were named partners after completing Perigon’s Path to Partnership Program.
The firm’s multi-week program is available to certain 1099 advisors and designed to “reinforce the firm’s advisor-led, advisor-owned philosophy and structure,” the company said in a news release. In January, Perigon expanded its relationship with Goldman Sachs by engaging Goldman Sachs Custody Solutions. In December, it recruited Robert and Evan Harrigan from UBS. In November, the firm hired Jonathan Robbins as General Counsel and Chief Compliance Officer, and Michael Mignosi as Director of Organic Growth.
“Perigon provides each advisor a lot of autonomy to drive individualized success, along with the support needed to be successful,” said Ballin. “We don’t just talk about growth — we make it happen. The firm’s Path to Partnership program is just one way Perigon turns ambition into opportunity.”
Savvy Wealth Hires Lisandra Wilmott As Head Of Legal And Compliance
Savvy Wealth hires Lisandra Wilmott as Head of Legal and Compliance, a newly created position. Wilmott was formerly General Counsel at Pathstone, a position she held for nearly five years. She also held leadership roles at LPL Financial and J.P. Morgan.
Savvy has over $1.5 billion in AUM and recently added five new advisors. Wilmott is Savvy’s third leadership hire in recent months. In February, Eric Hurkman joined as the firm’s first Chief Technology Officer, while David Weiner joined as Chief Growth Officer.
“Savvy Wealth has become the leading tech-forward platform for entrepreneurial independent advisors seeking to scale their practices,” said Wilmott. “This is a massive opportunity for me to leverage my vast experience in the wealth management industry and build a legal and compliance operation from the ground up. With a strong culture and talented team already in place, I’m eager to help us achieve our mission of modernizing human advice.”
InvestCloud Names Josh Mayer COO For APL Platform
Los Angeles-based InvestCloud hires Josh Mayer as the first COO of its APL business. He reports to APL President Cheryl Nash. With over 25 years of experience, Mayer formerly served as COO of Envestnet during a period that included its IPO, according to a news release.
Last year, InvestCloud launched its Private Markets Account and Private Markets Account Network, which allows advisors to manage both public and private market assets from a single unified managed account. InvestCloud’s APL managed accounts platform has more than $3 trillion in assets on the platform and nearly 10 million accounts.
“APL is a high-quality data and information governance platform that is uniquely powering innovation,” said Mayer. “I’m energized by the team’s commitment to elevating this time-tested platform as we define and develop the industry standard for private asset management infrastructure.”
Wirehouse/Big Bank Activity
RBC Recruits $5 Billion Team From J.P. Morgan And $1 Billion Advisor From U.S. Bank
RBC Wealth Management announces the addition of The Degenaars Babb Group in New York City. The team joins from J.P. Morgan Wealth Management, bringing over $5 billion in client assets. The Degenaars Babb Group is one of the largest teams to be recruited to RBC, the firm said. RBS also recruited advisor Jim Kirk to its Minneapolis branch. Kirk advised on over $1 billion in AUM at U.S. Bank.
The Degenaars Babb Group is led by Glenn S. Degenaars and Jason L. Babb — both Managing Directors - Financial Advisors, Senior Portfolio Managers - Portfolio Focus — along with Kristin J. Ashman who is Managing Director - Financial Advisor, Wealth Strategist.
“We tailor clients’ plans to support their life journey,” said Degenaars. “We go beyond selecting investments by crafting a strategy that fits clients’ objectives and risk tolerance.”
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