This edition of the Deals & Recruiting Roundup covers Cerity acquiring Graypoint, Creative Planning purchasing Grassi, SEIA buying Select Money Management, GTCR completing its acquisition of FMG Suite and hiring Mark Casady, Beacon Pointe purchasing three RIAs, BharCap staking GCG Advisory, LPL onboarding Decorum, Sanctuary recruiting Richard LeSavoy, Betterment partnering with Vanilla, Altruist forming new custody relationship with Ritholtz, Realta appointing Scott Smith as President and AssetMark naming Alyson Tucci as Senior Vice President.
Larry's Take
I am excited for my friend, Mark Casady, who was appointed as Executive Chairman at marketing and martech firm FMG. Appointing someone of his experience and capability to this role at a marketing firm demonstrates the potential that its new owner, private equity firm GTCR, sees in the firm and in wealth management marketing.
FMG is one of several marketing firms dedicated to financial services that is applying new technologies to the space to generate growth for advisors. With organic growth harder to achieve and the Great Wealth Transfer already underway, marketing will play an increasingly important role in our industry.
We are still in early innings on the growth of marketing in wealth management. As private capital continues to set records with RIAs, it’s no surprise to see an industry marketing firm change hands between private investors. The surprise would be if it stops there.
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
Cerity To Buy $4.5 Billion Albany Advisory Firm Graypoint
New York City-based Cerity Partners is acquiring Graypoint, an Albany, New York-based RIA with $4.5 billion in assets under management (AUM). The deal, which is expected to close Sept. 30, will boost Cerity’s AUM to $137.5 billion.
The merged companies will operate under the Cerity Partners name. Following the closing, Daniel Nolan, CEO and President of Graypoint, will take on the role of Partner and Vice Chairman of Cerity Partners.
“We’re truly excited to welcome our new partners and colleagues from Graypoint to our firm,” said Kurt Miscinski, CEO and President of Cerity. “Their breadth and depth of expertise are a wonderful complement to our firm. We look forward to building a world class firm with them.”
Creative Planning Purchases Grassi Investment, Expands California Presence
Creative Planning acquires Grassi Investment Management, a Santa Clara, California-based RIA that oversees $1.3 billion in AUM. The deal closed Aug. 28. Grassi, with its five employees, gives Creative Planning a greater foothold in Silicon Valley.
Creative Planning, headquartered in Overland Park, Kansas, oversaw more than $370 billion in combined in AUM and assets under advisement across 50 states and 90 countries as of June 30.
“Grassi Investment Management’s commitment to personalized client service and expertise in customized portfolio solutions make them exactly the kind of client-first firm we seek in our partnerships,” said Peter Mallouk, President and CEO of Creative Planning. “We’re excited to welcome their experienced team and continue the exceptional service their clients have trusted for generations.”
BharCap Stakes GCG Advisory, Recapitalizes The Company
BharCap Partners, a Greenwich, Connecticut-based private investment firm, makes a strategic investment into GCG Advisory Partners (GCG) resulting in a recapitalization of the financial services company. GCG said its management team retained “significant equity” and continues to lead the firm.
GCG says it will use the new capital to make more acquisitions and further enhance the firm’s Monetize & Scale platform. GCG, based in Charlotte, North Carolina, is the parent company of GCG Wealth Management and oversees more than $3 billion in assets.
“We are thrilled to partner with BharCap as we enter this next stage of growth,” said Joel Burris, President and Managing Partner of GCG. “With BharCap, GCG can continue to build out a platform that not only includes our strategic relationship with Osaic but also gives GCG the ability to develop an RIA platform for a dynamic world being reshaped by technology—without the legacy constraints. Our goal is not to be all things to all people, but to be the right place for the right partners.”
SEIA To Buy $1.6 Billion California RIA
Los Angeles-based wealth management firm Signature Estate & Investment Advisors (SEIA) plans to acquire Select Money Management (SMM), an Aliso Viejo, California, RIA with about $1.6 billion in AUM. The deal is expected to close by Oct. 15.
The transaction represents SEIA’s second-largest acquisition to date and expands its Southern California presence with a new Orange County office and 10 additional advisors and staff, the firm pointed out. With the acquisition, SEIA said it will grow to 28 offices and over 200 employees and add AssetMark as a new custodial partner.
“Select Money Management shares our vision of holistic wealth management and long-term client care,” said Matt Matrisian, President of SEIA. “Like SEIA, they have achieved impressive growth by combining sophisticated financial strategies with a full-service platform that supports clients across investments, planning, and beyond.”
GTCR Completes Acquisition Of FMG, Mark Casady Appointed Executive Chairman
Chicago private equity firm GTCR closes its purchase of FMG Suite from Auora Capital Partners. As part of the deal, Mark Casady, former Chairman and CEO of LPL Financial, will join FMG as Executive Chairman.
Founded in 2011, FMG provides automated marketing solutions to over 50,000 financial advisors and over 3,500 insurance professionals. Casady will help drive FMG’s strategy and growth initiatives, including developing AI-enabled products that serve the changing needs of advisors and wealth managers.
“I’m thrilled to join FMG as Executive Chairman during such a pivotal time for innovation in wealth management,” Casady said. “Throughout my career, I’ve been focused on helping financial advisors deliver smarter, more efficient ways to serve their clients and build lasting financial freedom. This includes witnessing the transformative impact of AI in financial services, which I believe will be key to future growth. I’ve known FMG for years, and its platform presents an exceptional opportunity to advance that mission and empower the next generation of agents and advisors to thrive.”
Beacon Pointe Buys Three RIAs, Onboarding Over $1 Billion In Client Assets
Beacon Pointe Advisors acquires three RIAs, boosting its total assets under advisement to $48 billion. The RIAs are Alderfer Bergen in Warsaw, Indiana; Moser Wealth Advisors in Bellevue, Washington; and Amore Ambro in Jericho, New York.
Led by Partners and Managing Directors Alan Alderfer, Michael S. Bergen and Jason Gergely, Alderfer Bergen oversees $650 million in AUM. Moser Wealth, which oversees $270 million in client assets, is led by Partner and Managing Director Scott Moser. Founded by Louis Ambrosio in 2018, Amore Ambro manages $165 million in client assets.
“Beacon Pointe has become a home for advisors who appreciate our collaborative culture and platform, and we are proud to welcome these new teams who fit the mold,” said CEO Shannon Eusey. “Our Beacon Pointe mission has always been to serve people with excellence and integrity, and these new teams strengthen that mission.”
Advisor Transactions
LPL Nabs Decorum Wealth Management Team From UBS
Decorum Wealth Management debuts in Merced, California. Its team, which joined LPL Strategic Wealth, the firm’s supported independence model, from UBS, oversees $1.8 billion in advisory, brokerage and retirement plan assets.
Decorum’s team includes Founders and Managing Partners Ronald Ewing, Edward Macha and Alex Pittz; Partners Brian Gudgel and Andrew Curiel IV; Advisors Clinton Moore, Nicholas Pistoresi and Thomas Ochinero; Senior Client Associates Melissa Frazier and Suzanne Smith and Client Associate Holly Jeppesen.
“We welcome the Decorum Wealth Management team and congratulate them on going independent with LPL Strategic Wealth,” said Scott Posner, LPL’s Managing Director of Business Development. “LPL is proud to support the team as they build their ideal practice by delivering the innovative technology and sophisticated capabilities that lead to an elevated client experience. We look forward to a long-lasting and successful relationship with the team and seeing them continue to grow and thrive at every step.”
Sanctuary Recruits Lincoln Advisor Through Enterprise Partner Program
Sanctuary Wealth recruits Richard LeSavoy to Centeras Private Wealth through its Enterprise Partner Program. LeSavoy joins Centeras from Lincoln Investment, where he operated a solo practice in Massachusetts for 11 years.
Centeras will have $175 million in client assets after adding assets brought by LeSavoy. Founded by Travis Grieb, Centeras joined Sanctuary from Ameriprise in 2020.
“We are thrilled that Richard has decided to join our firm as we continue to execute our strategic growth plan,” Grieb said. “We appreciate the encouragement, guidance and support we received through Sanctuary’s Enterprise Partner Program, which helped us get this deal done.”
Strategic Partnerships
Betterment Advisor Solutions Launches Partnership With Vanilla
Betterment Advisor Solutions partners with Vanilla, based in Bellevue, Washington, to provide estate planning services to clients. Advisors who custody assets with Betterment can access estate planning services on Vanilla’s platform and leverage insights from Vanilla experts through webinars and workshops.
Founded in 2019, Vanilla investors include Venrock, Insight Partners, F. William McNabb III, former CEO of Vanguard Group, Michael Jordan, NBA legend and businessman and Jason Wenk, Founder and CEO of Altruist. Based in New York City, Betterment offers a custodial platform for independent RIAs that combines custody, portfolio management and tax planning.
“Having the right technology in place can make or break an advisory firm, and we want advisors to have the best possible tools at their fingertips to grow their businesses,” said Alison Considine, Director of Strategy & Operations at Betterment Advisor Solutions. “That’s why we’re partnering with Vanilla to offer complementary estate planning tools, making it even easier for advisors to deliver comprehensive, personalized advice.”
Altruist Partners With Ritholtz Wealth Management
Altruist forms a new custody relationship with Ritholtz Wealth Management (RWM), a New York City-based RIA that oversees more than $6 billion in assets. RWM clients can now open accounts on Altruist’s platform, which combines onboarding, reporting, trading, billing and custody services.
Based in Los Angeles, Altruist serves more than 5,000 advisors who are independent or work at established and enterprise RIAs. Ritholtz offers asset management, insurance services and estate plan consulting to high net worth clients and institutions.
“Ritholtz has led the way in breaking down barriers for clients,” said Jason Wenk, Founder and CEO of Altruist. “We share the belief that everyone deserves access to great financial advice, and together we’re offering a new way forward for the industry. It’s one where accessibility drives growth at every level—growth in client assets, growth for advisors, and growth for firms.”
Promotions & People Moves
Realta Wealth Appoints Scott Smith As President
Realta Wealth, based in Wilmington, Delaware, names Scott Smith as President. In this role, Smith will oversee efforts to grow the firm’s advisor network, strengthen compliance and supervisory systems and expand its alternative investments platform.
Smith previously served as CEO and Chairman of the Board at FactRight. He also served on the board of the Institute for Portfolio Alternatives and directed Ameriprise’s alternative investment strategy, with a focus on private real estate opportunities.
“Realta is at a pivotal moment, combining the entrepreneurial independence advisors’ value with the institutional-grade resources they need to thrive,” Smith said. “I am excited to work alongside our advisors, employees, partners, and leadership team to deliver innovative solutions, deepen our compliance culture, and build a platform that positions Realta as the destination of choice for growth-minded advisors.”
AssetMark Appoints Alyson Tucci Senior Vice President
AssetMark, based in Concord, California, names Alyson Tucci as Senior Vice President, Corporate Strategy & Corporate Development. She will manage M&A and drive AssetMark’s expansion into RIA channels and private markets.
Tucci previously worked at Alvarez & Marsal, where she served as Director in the Financial Services Industry Group, specializing in strategic partnerships and business management. She will report to Chairman and Group CEO Lou Maiuri and be based in Charlotte, North Carolina, AssetMark’s newly designated East Coast hub.
“Alyson’s appointment reflects our commitment to building the leadership capacity needed to execute with speed and precision,” Maiuri said. “Her deep experience in wealth management and strategic consulting will be invaluable as we scale our platform, strengthen our advisor relationships, and deliver on our bold growth ambitions.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
