This edition of the Deals & Recruiting Roundup covers EP Wealth Advisors acquiring CornerCap Investment Counsel, Cerity Partners merging with Touchdown Ventures, True North Advisors acquiring Clear Rock Advisors, Sanctuary Wealth recruiting Centel Wealth Advisory, LPL recruiting two teams and opening a new office, Cetera adding two advisors to North Ridge Wealth Planning, Kestra recruiting Erudite Wealth Management and SZC Financial, Equitable Advisors recruiting four advisors, TAG Intel offering geopolitical insights to advisors, Moneta hiring Peter Brown to co-lead its M&A efforts and RBC recruiting a $2.8 billion team from UBS.
Larry’s Take
The Cerity Partners acquisition of Touchdown Ventures is noteworthy both because it opens the door to a major wealth management firm expanding into venture capital, and because it comes on the heels of Mariner acquiring the M&A shop Woodbridge International – which opens the door to a major wealth management firm offering its clients M&A services.
Yes, VC and M&A are fundamentally different services. But they also both are somewhat far afield from the core competencies of wealth management firms. This suggests that as RIAs get large enough, and confident enough in their inorganic growth strategies, their business models stand to evolve beyond what many assumed were the limits of the industry.
In a sense, this should not come as a surprise. Wirehouses have long been parts of big banks that offer an array of tangentially connected services, and RIA owners are entrepreneurial by nature. The question now is what comes next. Although private equity firms have become the dominant backers in RIA M&A, will we soon see a major RIA acquire its own PE shop?
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. EP Wealth Advisors Buys $1.1 Billion CornerCap In Atlanta
Torrance, California-based EP Wealth Advisors acquired Atlanta-based RIA CornerCap Investment Counsel as part of its expansion and goal to become a national RIA. CornerCap’s team has been led by CEO Cannon Carr, who will become Regional Director. The acquisition, which adds almost $1.1 billion in assets under management (AUM) to EP, is its fourth deal announced in 2024 and its 33rd since 2017.
EP has more than 36 offices in 13 states and managed more than $26.2 billion in assets as of July 31. The previous 2024 acquisitions are Sloan Investment Management in Dallas, with $700 million in assets; Wacker Wealth Partners in San Luis Obispo, California, with $1.2 billion in AUM; and Parker Advisory Group in St. George, Utah, with $188 million in AUM. Wealth Partners Capital Group (WPCG) assisted EP in the transaction.
“EP Wealth focuses on people when partnering with firms, and CornerCap is a talented group who will be a great addition to our team,” said Ryan Parker, CEO of EP. “Their values align with ours, and the partnership establishes an important Southeast hub as we continue on our path to becoming a single, nationwide RIA with extensive offerings and resources that allow our advisors across the country to deliver a local, boutique experience for clients who rely on EP.”
2. Cerity Partners To Merge With Touchdown Ventures, Gaining VC Capabilities
New York-based Cerity Partners is merging with Touchdown Ventures, a manager of venture capital for corporations. Touchdown will operate as Cerity Partners Ventures (CPV) and integrate into the firm alongside Cerity’s other services.
The deal has the potential to enhance Cerity’s offerings to companies to include Venture Capital-as-a-Service (VCaaS), broaden access to startups, enhance Cerity’s offerings to its private clients, and expand its presence in markets including Philadelphia, Chicago, Los Angeles and San Francisco. Park Sutton Advisors, a Waller Helms Company, served as the exclusive financial advisor to Touchdown.
“Our partnership with Touchdown Ventures comes during a period of significant growth for Cerity Partners and will be instrumental in deepening our offering to corporate partners,” said Kurt Miscinski, CEO of Cerity Partners. “Touchdown’s best-in-industry VC professionals, coupled with our shared fiduciary commitment to deliver exceptional service in our clients’ best interest, make them an ideal partner.”
3. True North Advisors Acquires Clear Rock Advisors In Texas
Dallas-based True North Advisors, an RIA with $3.9 billion in AUM as of August 31, acquired Clear Rock Advisors, a firm with approximately $470 million in AUM as of the same date, with offices in Dallas, Austin and Kerrville, Texas. Charles Hall, Jr., Ty Sanders and Royce Medlin founded Clear Rock in 2016.
The deal is True North’s first acquisition since receiving an investment earlier this year from WPCG and HGGC’s Aspire Holdings platform. True North also oversees a turnkey alternative investment platform, Western Alternative Strategies. MarshBerry represented Clear Rock in the transaction.
“Clear Rock is a perfect cultural fit for True North. Their robust growth and strong base of private investors align seamlessly with our firm,” said Mark Gehlbach, President and Co-Founder of True North. “Their dedication to comprehensive wealth planning and the inclusion of alternative investments as a critical component of client portfolios mirrors our philosophy.”
Advisor Transactions
4. Sanctuary Recruits $2.2 Billion Centel Wealth In Connecticut
Indianapolis-based Sanctuary Wealth recruited New Haven, Connecticut-based Centel Wealth Advisory, which has over $2.2 billion in individual client and institutional assets. Centel’s Co-Founders, Stephen Fordyce, Robert Bowman and Sam DeGennaro, previously were Managing Directors at Snowden Lane Partners. Sue Lyon and John Giannattasio will support them.
Fordyce and DeGennaro each have approximately 30 years of industry experience, and Bowman has nearly a decade of industry experience. The independent, multigenerational practice provides wealth advisory services and institutional plan management. The Sanctuary Wealth network represents approximately $44 billion in combined assets.
“Centel will benefit from the robust ultra-high net worth platform we built to address the needs of the 120 other partner firms that have launched similar businesses with Sanctuary,” said Vince Fertitta, President, Wealth Management at Sanctuary Wealth. “Our platform’s white-glove support, best-in-class infrastructure and integrated technology make it easier for advisors to serve sophisticated clients.”
5. LPL Onboards Teams In Virginia And Ohio, Opens Office In Arizona
LPL Financial recruited two teams with nearly $1 billion in client assets in the same week the company announced its expansion into Tempe, Arizona, with the opening of a new office. It covers 43,000-square feet, and will accommodate 300 employees by year-end with space to expand in 2025. LPL anticipates bringing an additional 700 jobs to Tempe in the next two years.
Kultar “Sid” Bindra and Steven Alvarez launched Vienna, Virginia-based The Bindra Group by joining the employee advisor channel Linsco by LPL Financial. They previously served approximately $300 million at Truist Financial. Youngstown, Ohio-based Bury Financial Group joined LPL from Osaic. The 12-person team oversees $655 million.
“As one of the fastest growing firms in wealth management, LPL is investing in regions that are respected for cultivating and retaining top talent in our industry,” said Sara Dadyar, Managing Director and Chief Human Resources Officer at LPL. “Tempe was a logical choice for our home office expansion, providing access to highly qualified professionals who share our client-centric approach to service and innovation.”
6. Cetera Adds Two More Advisors To North Ridge Wealth Planning
Cetera Financial Group recruited Bohemia, New York-based Senior Wealth Advisor George Elkin and his nephew Josh Elkin to Cetera Advisor Networks through North Ridge Wealth Planning. The duo oversaw $269 million in assets under administration as of June 20, and joined from American Portfolios, an Osaic company.
North Ridge’s leadership includes CEO Matthew Levy, President Daniel Levy, Executive Vice President Sandra Grinspan and Chairman Emeritus Joseph Clinard, Jr. In June, the team also recruited Michael Volini, whose clientele consists of Fire Department of New York employees, retirees, city workers and privately held businesses.
“At North Ridge, I’ve found a network of professionals experienced at providing me the support I’ll need to maintain and grow the level of service my clients have come to expect,” said George Elkin, who has 32 years of industry experience according to FINRA’s BrokerCheck. “Add to that Cetera’s unparalleled suite of resources and I know I’ve found the best environment for my practice.”
7. Kestra Brings On Teams In New York And Maryland
Kestra Financial added New York-based Erudite Wealth Management, which has $225 million in AUM across more than 140 clients. Its Founder and President, David Weinstock, joined from the wealth management division of Mazars, an audit, tax and advisory firm where he worked for over 16 years.
Kestra also brought on Montgomery County, Maryland-based SZC Financial Planning & Management, which has over $200 million in AUM. David Shober and Steve Collins, previously with Osaic, lead the five-person team. They each have 21 years of industry experience, according to BrokerCheck.
“The depth of industry expertise, personalized support and robust offerings that the Kestra Financial ecosystem provides is exactly what we’re looking for in a partner,” Weinstock said. “As an organization committed to providing tailored service to our clients, we’re thrilled to join a firm that supports our approach to delivering excellence.”
8. Equitable Recruits Four Advisors With Over $500 Million In Michigan
Equitable Advisors – which has more than 4,300 financial professionals, and had $94 billion in assets under administration as of June 30 – brought on the father-son team of Mark and Jeff Spencer along with Jerome Hartl and Kirt Kilbourne. The Traverse City, Michigan-based advisors previously worked at Wedbush Securities, where their practices oversaw more than $500 million in combined client assets.
Mark and Jeff Spencer have more than 50 years of combined experience. They serve approximately $460 million in client assets, and will operate their multi-generational practice as Perennial Wealth Management. Kilbourne, who will help oversee the operations for both the Spencers’ and Hartl’s practices, has over 30 years of experience as a financial advisor and will also continue serving his existing clients.
“Jeff and I value the flexibility to run our own practice, while having the technology and support to ensure a smooth transition,” Mark Spencer said. “It was critical for us to partner with a firm like Equitable Advisors that has the resources and tools to help us continue meeting the financial planning needs of our clients for generations to come.”
Strategic Partnerships
9. TAG Intel Launches To Provide Advisors With Geopolitical Insights
The Arkin Group – a boutique strategic intelligence firm led by Jack Devine, a former Acting Deputy Director of Operations for the CIA – launched TAG Intel as a global developments analysis source for the wealth management industry. The new venture provides geopolitical insights from intelligence professionals with backgrounds in government service and investigative, communications and security fields.
TAG Intel also is publishing “The Intel Director’s Brief.” It includes weekly and quarterly reports, crisis assessments of fast-breaking global events with potential market impact, monthly live Q&A sessions with analysts and Devine’s podcast. Carol “Rollie” Flynn, who became President of The Arkin Group in early September, was a 30-year veteran of the CIA.
“As shepherds of clients’ wealth and wellbeing, advisors deserve unsullied truth,” said Jack Devine, CEO and Founder of TAG Intel and The Arkin Group. “We designed TAG Intel to inform the wealth management community, highlighting geopolitical issues and macroeconomic trends invisible to the public eye, so advisors can read between the headlines and address clients’ most difficult questions with confidence and conviction.”
Promotions & People Moves
10. Moneta Appoints Peter Brown As Senior Managing Director Of M&A
St. Louis-based Moneta, a partner-owned and fee-only firm that had $37.4 billion in AUM at the end of 2023, hired Peter Brown as Senior Managing Director of Mergers and Acquisitions. He will work with Shawn Paulk, whom Moneta hired to the same position last year. Brown previously held executive positions at BMO Wealth Management and Wells Fargo Advisors.
Moneta conducted its first merger in 2019, with Dunston Financial Group in Denver. It then opened offices in Kansas City, Kansas in 2020; the Greater Boston Area in 2021; and Chicago in 2022. Last year, Moneta conducted another merger, with IWP Wealth in Denver, and earlier this year merged with Juniper Wealth Advisors in Boulder, Colorado.
“I’m here because Moneta is committed to M&A efforts and we see tremendous opportunity,” Brown said. “So much M&A activity in our industry has been driven by private equity and outside money. That’s created an opportunity for a firm like Moneta that can offer advisors and practices those kinds of resources but also make them part of the decision-making process.”
Wirehouse Activity
11. RBC Wealth Management Recruits $2.8 Billion Team From UBS
RBC Wealth Management brought on Atlanta-based The 770 Group, a 15-member multi-generational team with nearly $2.8 billion in client assets that came from UBS. It is led by Managing Directors William Pahl, Jr., James Casey Jones, Scott Serafin and Jefferson Pace II.
Pahl has over 36 years of industry experience, Jones has 22 years of experience, Serfain has 18 years of experience and Pace has 30 years of experience, according to BrokerCheck. This summer, RBC also recruited financial professionals from Morgan Stanley, Merrill Lynch and Truist.
“The addition of yet another prestigious and innovative team at RBC Wealth Management demonstrates we continue to be the firm of choice for leading advisors in the industry,” said Tom Sagissor, President of RBC Wealth Management – U.S. “Our unique culture offers financial professionals the power of a global brand coupled with the autonomy and personalized attention they’re looking for to run their business.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
