This edition of the Deals & Recruiting Roundup covers F2 Strategy’s acquisition of MD Solutions, Merit’s purchase of Safeguard, Modern Wealth’s acquisition of OFM Wealth, CW’s purchase of Wolf Group Capital Advisor and Parsons Capital Management, Great Hill’s minority stake in Mission Wealth, Integrated’s partnership with RISR, Summit joining forces with SEI, Arkadios’ recruitment of KRM advisors, IFG’s appointment of Kevin Keefe as President, Sowell naming Scott Dooley and Sabrina Freeman to top positions and Docupace’s appointment of Mary Nelson as Chief Client Officer. Plus, a report by DeVoe on the red-hot M&A market in the first quarter.
Larry's Take
Merit Advisors’ acquisition of Safeguard Wealth Management included a unique aspect – Safeguard’s YouTube channel with 67,500 subscribers. It’s not just an extra appendage that came with the purchase: Merit’s Josh Mersberger openly speaks of plans to use the channel for financial education and amplify its content.
We don’t often hear about wealth management firms acquiring a YouTube channel, but maybe we should. The industry is looking to connect with the Next Gen, and they like digital platforms. Acquiring a fitting YouTube channel makes sense, whether or not it’s attached to an advisory firm.
Like many M&A decisions across industries, buying is often easier and more budget-friendly than building. The extensive resources of a large firm can propel a social media account to new heights. This may be just what some acquirers need to reach a new audience.
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
F2 Strategy Buys Wealthtech And Managed Services Firm MD Solutions
F2 Strategy acquires MD Solutions (MDS), a Fort Myers, Florida-based wealthtech firm and operations managed services provider that offers a wide variety of investment operations and technology solutions. MDS is led by Steve Mars and Bill Navarro, who founded the firm in 2004. All MDS employees and projects are integrating into F2.
F2 said the addition strengthens its presence in the emerging RIA and single-family office (SFO) markets, and allowed F2 to launch a service in which the firm will partner with wealth management software providers to provide implementation and support for technology adoption.
The integration of MDS into F2 will allow F2 to provide a “full suite of end-to-end services—extending beyond vendor selection and strategy to also include implementation and ongoing support in partnership with best-in-class wealthtech providers,” said Doug Fritz, Co-Founder and Executive Chairman of F2.
DeVoe: First Quarter RIA M&A Makes Records
Demand for RIAs continues to soar as M&A activity for the three months of the year far outpaced the same period in 2024, according to a report by consulting firm and investment bank DeVoe & Company. The first quarter of 2025 witnessed 75 transactions, about 15% more than the comparable year ago period. The figure also represents the most active first quarter ever and the third most active on record.
Private equity-backed firms primarily drove the M&A market. More mid- and large-sized RIAs sold, overcompensating for a slowdown among mega-sized and small sellers. Notably, multi-family offices and firms catering to ultra-high net worth clients accounted for 21% of the deals in the first quarter.
“While the historic reasons for M&A have naturally differed for buyers and sellers, the industry is experiencing an unusual convergence. Both parties now prioritize one goal above all others: They are seeking to achieve faster growth through a transaction,” the report said.
Merit Advisors Acquires Safeguard, With Significant YouTube Presence
Atlanta-based Merit Advisors purchased Safeguard Wealth Management, a deal that gives Merit $597 million in additional assets and a large social media presence. The deal was finalized April 25.Safeguard, which focuses on retirement, income, investment and legacy planning, operates a successful YouTube channel that’s a major source of organic growth.
Merit has bought 36 companies after a minority investment in December 2020 from Wealth Partners Capital Group and a group of investors led by HGGC’s Aspire Holdings platform. Merit operates 40 offices and managed $12.27 billion in assets as of Dec. 31.
“We are eager to integrate Safeguard’s financial education via their YouTube channel,” said Josh Mersberger, Managing Principal and Partner at Merit. “Financial education is at the core of Merit’s mission, and we’re excited to amplify the excellent content the team at Safeguard has been producing.”
Modern Wealth Enters Chicago Area Via 16th Acquisition
RIA Modern Wealth Management acquires OFM Wealth in the Chicago suburb of Orland Park, Illinois, a deal that enables Modern Wealth to enter the Chicago market for the first time. The acquisition, which closed April 25, adds $310 million in assets under management (AUM) and a team of six professionals to Modern Wealth and boosts its total AUM to more than $7.5 billion. OFM was represented in the transaction by DeVoe & Company.
Modern Wealth launched in April 2023 with an equity investment from Crestview Partners. With the latest transaction, Modern Wealth has made 16 transactions. The firm has also established a presence in 13 states and grown its network to 18 client-facing offices with over 50 financial advisors and 150 other professionals. Jason Gordo, Co-Founder and President of Modern Wealth, told WSR that the company plans to make about eight deals a year for the foreseeable future.
“It’s important to note that we remain selective in our acquisition process, and we are not in business to simply grab assets,” Gordo said. “We’re focused on identifying and integrating firms that align with our cultural values and operational standards, while simultaneously enhancing internal capabilities and broadening our footprint nationwide.”
CW Advisors Boost AUM By $1.4 Billion With Acquisition Of Two RIAs
CW Advisors (CWA) buys Wolf Group Capital Advisors and Parsons Capital Management. The companies add more than $1.4 billion in assets under management (AUM) to CWA, pushing the Boston-based firm’s AUM to more than $13 billion.
Wolf Group, an RIA based in Fairfax, Virginia, serves high net worth clients. It will become CWA’s second Virginia office. Parsons, headquartered in New Hope, Pennsylvania, is a fee-only RIA specializing in investment management and financial planning. It will become CWA’s third Pennsylvania office.
“We are thrilled to welcome two more exceptional teams and their talents to CW Advisors,” said CWA Chief Executive Officer Scott Dell’Orfano. “The team from Wolf Group is a terrific group of seasoned professionals and brings a deep expertise in tax planning to CWA. They will be a tremendous resource. The Parsons team, another outstanding addition, will be integral to our ongoing focus on organic growth.”
Great Hill Partners Makes Minority Investment In Mission Wealth
Private equity firm Great Hill Partners took a minority stake in Santa Barbara, California-based RIA Mission Wealth. Mission Wealth remains independent and majority-owned by its employees. The investment is expected to promote the RIA’s organic growth, enhance its client services and support its expansion plans.
The RIA was founded in 2000 and provides financial planning, investment management, estate planning, tax planning, retirement planning, asset protection, charitable giving and support for personal life goals to more than 4,100 high net worth clients.
Matthew Adams, CEO of Mission Wealth, said, “This partnership brings vital resources and additional intellectual capital to our firm, enabling us to serve clients in new ways, accelerate our organic growth initiatives, bolster our mergers and integrations team, and further invest in our technology stack.”
Advisor Transactions
Arkadios Recruits Advisors Away From Wintrust To Form KRM Investment Counsel
Hybrid broker-dealer Arkadios Capital and advisors formerly with Wintrust Wealth Management form KRM Investment Counsel. Founded by J.P. Morgan veterans, KRM advisors manage more than $350 million in AUM and serves an ultra-high net worth clientele. The firm operates offices in Chicago, as well as Sarasota and Naples, Florida.
Arkadios, headquartered in Atlanta, now manages more than $13 billion in assets under advisement, with 250 advisors across 75 offices.
“KRM exemplifies the caliber of institutional-quality firms we are proud to support,” said Paul Pilcher, Director of Corporate Strategy for Arkadios Capital. “Their transition underscores the value of our platform for elite advisors seeking the freedom to tailor solutions and deepen relationships.”
Strategic Partnerships
Integrated Partners With RISR To Target Business Owners
Integrated Partners says it will use technology from RISR to meet the needs of business owners. Specifically, RISR’s platform will allow advisors and accountants to consolidate data from tax returns and business financials into a single, actionable plan.
Integrated says its partnership with RISR will help business owners navigate tax and financial planning, especially as businesses confront uncertain market conditions. Founded in 1996, Integrated serves more than $21 billion in assets under advisement. Based in Philadelphia, the firm has 216 advisors, over 200 CPAs and 116 regional offices.
“As a firm specializing in serving high-net-worth and ultra-high-net-worth individuals and families, we’re uniquely positioned to address the most complex financial planning needs,” said Peter Kaplan, Executive Vice President, Planning and Insurance Solutions at Integrated Partners. “This collaboration enhances our ability to integrate tax, financial and business planning, solidifying our relationships with business owners and providing even greater value to meet their unique needs.”
$2.1 Billion Summit Wealth Pursues RIA Model Via SEI Partnership
Summit Wealth Group says it will use SEI technology as it transitions to becoming its own RIA. Based in Colorado Springs, Colorado, Summit says embracing an independent RIA model will provide it with “improved flexibility and greater control over the business’ future, while enabling enhanced capabilities and solutions for clients.”
Summit, founded in 1985 by Founder and CEO Randy Morris, operates 10 offices across five states. The company will move its $2.1 billion in AUM to the SEI Wealth Platform, which provides infrastructure, operations and administrative support to wealth management firms. SEI, a publicly traded firm headquartered in Oaks, Pennsylvania, manages, advises or administers approximately $1.6 trillion in assets as of March 31.
“Not only does SEI’s stability, scale, and top-notch service provide the operational efficiency we need to achieve our growth aspirations, but their differentiated ecosystem—combining open-architecture technology with integrated custody and investment management services—can deliver an end-to-end wealth management experience for our clients and help power our growth,” said Morris.
Promotions & People Moves
IFG Names Kevin M. Keefe President And COO To Enhance Growth
San Diego-based independent broker-dealer Independent Financial Group appoints industry veteran Kevin M. Keefe as its President and Chief Operating Officer to help shape its growth strategy and oversee its compliance, operations, supervision and product marketing. He replaces Founder and CEO Scott Heising, who will now “focus exclusively on his CEO role,” the firm said.
Keefe joins IFG after more than 30 years of experience in the independent broker-dealer and RIA space, including First Allied Securities, where he served as CEO and President, and Advisor Group (now Osaic), where he was Head of Wealth Management. Most recently, Keefe served as CEO of Realta Wealth from March 2023 until this past January, according to his LinkedIn profile.
“With more than three decades of experience in the financial services industry, we are very pleased to welcome Kevin to the IFG leadership team,” Heising said. “Kevin is a proven leader with a strong vision for how to elevate our offering and help our advisors thrive in an evolving landscape.”
Sowell Management Expands Leadership Team To Drive Growth And Expansion
Sowell Management names Scott Dooley as Managing Director of Investment Management Sales and Sabrina Freeman in dual roles of Director of Finance for the firm and Director of Trek Wealth Solutions, the firm’s financial advisory retail division.
With over 20 years’ experience, Dooley will focus on organic growth, expanding market presence and strengthening advisor relationships in his newly created role. Freeman is tasked with helping the firm achieve its expansion and operational efficiencies goals. Both will report to Daryl Seaton, President of Sowell Management. Based in North Little Rock, Arkansas, the RIA manages $5.5 billion in client assets.
“Scott brings a strong track record in investment management and a passion for helping advisors deliver impactful solutions to their clients,” Seaton said. “Sabrina’s expertise in finance and strategic planning will be critical as we navigate new opportunities, including strategic mergers and acquisitions.”
Docupace Appoints Mary Nelson As Chief Client Officer
Docupace names Mary Nelson as Chief Client Officer, part of the company’s broader strategy of helping RIAs to eliminate friction and empower advisors to spend more time with clients.
Nelson boasts more than 20 years of experience, including leadership roles at software firms Alkami and Aircall.
Her appointment follows Docupace’s recent hiring of J.T. Petrilli to lead mergers and acquisitions. Based in Holmdel, New Jersey, Docupace provides back-office software to streamline operations of wealth management enterprises and financial advisors.
“We’re building a client experience that reflects the diversity and complexity of the firms we serve,” said Docupace Chief Executive Officer David Knoch. “Mary’s leadership will ensure we deliver personalized, value-driven support at every stage of a firm’s journey — whether they’re a solo advisor or a national enterprise. Her passion for client outcomes and operational excellence makes her the perfect fit as we continue to scale.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
