This edition of the Deals & Recruiting Roundup covers Equitable acquiring Stifel, OnePoint BFG buying Spahn, Great Hill acquiring Ren, Ameriprise adding The Atlantic Group, DeVoe reporting on record M&A activity, VestGen recruiting a $662 million advisor from Osaic, Osaic recruiting a $540 million advisor, Prospera adding $200 million Behrle | Bergin, Cetera recruiting a $365 million advisor from Commonwealth, Elevation Point partnering with OnBord, Sowell partnering with Capital Connect, and FSI hiring Andrew Harnett as VP of Regulatory Affairs and Deputy General Counsel.
Larry's Take:
While M&A advice is readily available for advisors who are looking for succession or exit, Sowell Management’s collaboration with Capital Connect is providing a mechanism for advisors to do the same for their business owner clients. Like advisors, clients who own businesses are approaching retirement with the same needs to monetize, pass the reins and secure a bright future for themselves, their customers and their families.
As Sowell said, this move will allow their advisors to stay with clients through the entire life cycle of their businesses. In other words, advisors risk attrition from business owner clients if they can’t find a way to stay relevant and central to client needs when the business changes hands.
Like the Great Wealth Transfer, which receives much attention, there’s also a Great Business Transfer happening that is providing opportunities for advisors, including building deeper relationships with clients as they exit their businesses, as well as prospecting the new business owners.
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@ascentix.com.
Mergers & Acquisitions
Equitable Announces Acquisition Of Stifel Independent Advisors
Equitable announces an agreement to acquire Stifel Independent Advisors, a subsidiary of Stifel Financial. Stifel Independent Advisors has more than 110 independent advisors in its network and approximately $9 billion in client assets. Its advisors join Equitable Advisors, gaining access to its technology, marketing tools, real estate and other resources. The deal does not include Stifel Financial’s employee advisor channel.
Equitable says the transaction is expected to close in the first quarter of 2026. The firm has approximately 4,500 financial professionals in its network and had more than $110 billion in assets under administration (AUA) as of June 30. Eversheds Sutherland is the legal counsel to Equitable, while Bryan Cave Leighton Paisner is the legal counsel for Stifel.
“We are committed to growth in the wealth management space and take a disciplined approach to acquisitions, focusing on opportunities that deliver long-term value and align with our culture,” said Nick Lane, President of Equitable. “Our acquisition of Stifel Independent Advisors does both, and this transaction complements our organic growth strategy to expand our Wealth Management business.”
OnePoint BFG Wealth Acquires $2 Billion Chicago-Area Advisory Firm
OnePoint BFG Wealth Partners acquires Spahn Financial Partners, a Chicago-area firm that manages about $2 billion in client assets. Spahn Financial was founded by Kevin Spahn, who serves as one of its Partners, along with Timothy Funke, Partner and Vice President; Kyle DeRaedt, Partner and Chief Operating Officer; and Nirav Patel, Partner and Director of Investment Services.
The four are now Partners and equity holders in OnePoint as part of the firm’s W-2 advisor model structure. OnePoint BFG was previously known as Bleakley Financial Group (BFG). The entire 17-person Spahn Financial team is transitioning to OnePoint. With the deal, Rise Growth-backed OnePoint advises on $15 billion in client assets.
“For more than three decades, our team has built lifelong relationships grounded in trust and personalized advice,” said Spahn. “Joining OnePoint BFG allows us to deepen those relationships while expanding the ways we can serve our clients through an independent wealth management platform designed specifically for clients like ours.”
Great Hill Buys Ren, Provider Of Philanthropy Technology
Private equity firm Great Hill Partners invests in Ren, which provides technology for donor-advised funds to advisors, wealth management firms and philanthropic institutions. The investment will fund Ren’s product development and expansion of its operations. Houlihan Lokey was the Financial Advisor and Goodwin Procter the legal counsel to Great Hill.
More than 150 donor-advised fund programs use Ren technology, representing over $175 billion in charitable funding or about half of all donor-advised fund assets in the U.S., the firm said. Founded in 1998, Great Hill has locations in Boston and London. It invests in the software, financial services, healthcare, consumer and business services sectors.
“Ren was founded on the idea that giving should be seamless, strategic, and central to people’s financial lives,” said Joe Fisher, CEO of Ren. “As donor-advised funds and other philanthropic vehicles become an increasingly vital part of wealth management, we see a tremendous opportunity – and responsibility – to modernize the charitable giving experience for everyone involved.”
DeVoe Report Confirms M&A Activity Breaks Previous Record High
San Francisco-based DeVoe & Company reports that in 2025, mergers and acquisitions activity in the RIA space reached a record high of 273 transactions as of Oct. 28. This tops the previous high of 272 transactions during the full year in 2024.
The unprecedented deal volume was fueled in large part by the interest rate cuts in late 2024, which lowered borrowing costs. DeVoe said the trend was likely to continue: “The consistency of activity confirms that M&A is now embedded in the DNA of the RIA space. This is not a temporary spike, but a durable element of how leading firms grow and transition.”
“Crossing last year’s record with months still to go reflects both the vitality of the RIA ecosystem and the strategic role M&A plays in the industry’s evolution,” said David DeVoe, Founder and CEO of DeVoe & Company. “The sustained pace of transactions is the result of RIAs increasingly using M&A as a means to achieve their goals.”
Advisor Transactions
Ameriprise Adds The Atlantic Group, With $1.6 Billion In Assets, To Its Branch Channel
Ameriprise Financial adds The Atlantic Group to its branch channel. The Boca Raton, Florida-based advisory firm manages more than $1.6 billion in client assets. It was previously affiliated with Oppenheimer.
The Atlantic Group is led by Founding Partners Andrew Lerner and Logan Shalmi, who met as college roommates and formed their practice together a decade ago. The team includes nine financial advisors and seven support members. Ameriprise has added approximately 1,700 advisors in the past five years, it said.
“We’ve always prioritized delivering a high-touch, personalized experience to our clients,” said Lerner. “Ameriprise offers the advanced planning tools, broad range of investment products, and top-tier technology that allow us to take that experience to the next level.”
VestGen Recruits Osaic Team And Launches Retirement Planning Firm
Chicago-based VestGen Wealth Partners enters the retirement plan market with the recruitment of an advisory team and the launch of VestGen Retirement Services. The Oak Brook, Illinois-based advisor group comes from Osaic and brings approximately $662 million in client assets.
VestGen says the new organization will develop integrated plan design, fiduciary oversight, education and rollover strategies for plan sponsors and participants. Bob Greulich serves as Managing Director, Wealth Advisor. VestGen provides financial planning, tax, wealth management, insurance and legal services.
“Plan sponsors need compliant plans, but they also need a competitive advantage,” said Greulich. “A well-run retirement program helps companies attract and retain top talent, while giving employees the confidence to retire on time and with dignity.”
Osaic Recruits $540 Million Advisor Who Launches Legacy Investments
Osaic announces that financial advisor Brian Collins joined its network and launched an independent firm, Legacy Investment Advisors & Wealth Management. Collins comes from Primerica, where he oversaw approximately $540 million in client assets.
Collins transitions to independence after nearly four decades of industry experience. He is based in Hurricane, West Virginia, where he served clients focusing on investing, income protection, debt management, retirement planning and education planning, Osaic said. Osaic, which has approximately 11,000 financial professionals in its network, is owned by Reverence Capital Partners.
“Brian’s dedication to client education and community service perfectly reflects Osaic’s mission to empower advisors to enhance lives and legacies,” said Kristen Kimmell, Executive Vice President of Business Development at Osaic. “We’re proud to support him as he launches Legacy Investment Advisors & Wealth Management and takes this exciting step toward greater independence.”
Prospera Adds $200 Million Behrle | Bergin To Its Network
Dallas boutique firm Prospera Financial Services announces that Irvine, California-based Behrle | Bergin has joined its network. The firm, with $200 million in AUM, is led by Managing Directors Steven Behrle and Joe Bergin.
Behrle | Bergin specializes in fixed income and bond strategy for high net worth individuals and retirement plan sponsors and trustees. Founded in 1982, Prospera has $28 billion in AUM.
"Steven and Joe are exactly the kind of advisors for whom we built this platform,” said Tarah Williams, President and Chief Operating Officer of Prospera. “They have dedicated their lives to delivering meaningful, personal service to their diverse client base and need a partner who can help them continue to provide this type of hands-on wealth management in the years to come.”
Cetera Recruits $365 Million Financial Advisor From Commonwealth
Cetera recruits Christian Benard to Avantax, its tax-focused network of advisors. Benard’s firm, Innovative Financial, is based in Troy, Michigan, and has approximately $365 million in AUA.
Innovative offers tax-focused financial planning and tax preparation services. Benard said he sought a new broker-dealer affiliation after LPL’s acquisition of Commonwealth. He started his business 15 years ago with $15 million in client assets, Avantax said.
“Our goal is to be a one-stop-shop for clients by going more in-depth, like talking with clients about how we can help improve their tax situation based on their investments. Our more holistic approach to wealth management aligns perfectly with Avantax,” Benard said. “As a fiduciary, I’ve always looked to do what's best from the client perspective, and I feel like we can continue doing that with Cetera and Avantax, plus keeping Fidelity’s NFS for custody and clearing.”
Strategic Partnerships
Elevation Point Partners With OnBord For Advisor Transition Technology
Elevation Point, a minority investor for breakaway advisory firms, partners with Harleysville, Pennsylvania-based OnBord for onboarding and advisor transition technology. OnBord’s platform supports advisors’ transition to independence by automating and streamlining their client onboarding. The company says some users of its platform are able to shorten transition times to as little as 30 days.
The platform sends links to clients for inputting their data, then securely transmits the information to CRM systems and document signing platforms. It also automates client communications, such as reminders. OnBord says it does not store the client data, and it automates compliance with SEC and FINRA requirements.
“The advisors we partner with are doing incredible work with their clients, and OnBord's technology lets them focus on relationships rather than paperwork,” said Caitlin Douglas, Founding Partner and Chief Operating Officer at Elevation Point. “With OnBord, our advisors don't have to spend weeks going back and forth with clients to get their paperwork completed because it all happens automatically, allowing our partners to focus on what they do best: delivering exceptional wealth management services.”
Sowell Management Partners With Capital Connect To Offer M&A Consulting
North Little Rock, Arkansas-based RIA Sowell Management partners with Prospect, Kentucky-based business brokerage and commercial real estate firm Capital Connect to provide advisors with M&A consulting, as well as valuation, commercial real estate and exit services for clients who own small and medium-sized businesses and are considering a sale, strategic partnership or acquisition. With M&A expertise available in Sowell’s network, clients can maintain their relationships with advisors throughout the entire lifecycle of their businesses.
The deal marks the second strategic partnership for the $6 billion RIA in as many weeks. Earlier in October, Sowell announced a partnership with Rayliant, a global asset management firm, to expand its Outsourced Chief Investment Officer platform.
“Our goal is to provide the best possible services for our advisors, and that often involves partnering with elite firms from across the financial services industry,” said Bill Sowell, CEO of Sowell Management. “Since nearly all of our advisors have small-business-owner clients with unique and complex needs, partnering with Capital Connect, a leading M&A specialist, allows our advisors to provide the full spectrum of services these clients deserve.”
Promotions & People Moves
FSI Hires Andrew Hartnett As VP Of Regulatory Affairs And Deputy General Counsel
The Financial Services Institute (FSI) announces the hiring of Andrew Hartnett as Vice President of Regulatory Affairs and Deputy General Counsel. He recently served as Deputy Insurance Commissioner at the Iowa Department of Insurance and Financial Services. Prior to that, he held positions at the Missouri Securities Division, the North American Securities Administrators Association and the Missouri Attorney General’s Office.
In addition to hiring Harnett, FSI announces that Hanna Laver is promoted to Vice President of Legislative Affairs and Senior Counsel. Dan Barry now serves as Associate Vice President of Legislative Affairs, and Matt Landers is Associate Vice President of Political Engagement.
“FSI’s advocacy team is at the heart of our mission,” said Dale Brown, FSI’s President and CEO. “From protecting advisors’ independent contractor status and strengthening safeguards for senior investors to opposing burdensome state financial services taxes and deepening relationships with policymakers, their work has delivered meaningful results. With these promotions and Andrew’s addition, our team is well-positioned to continue championing policies that benefit our members and the clients they serve.”
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