In this week’s roundup, Focus agreed to acquire EverNest; Modern acquired Flaharty; CW added Catalina; MAI acquired Service Academy; Raymond James recruited Financial Strategies; Perennial added advisor Mike Russell; DayMark recruited a four-advisor Ohio team; N10 Holdings launched with Dynasty; Align launched with LPL; Lincoln Investment appointed Kathy Leckey as CEO; RBC Wealth Management – U.S. appointed Kristen Kimmell as West Divisional Director; and Ficomm released research on how investors select advisors.
Editor in Chief’s Take:
Half of the stories in this week’s roundup address high or ultra-high net worth clients. Firms that compete successfully to buy or recruit advisory teams supporting these clients must provide more than simply the benefits of scale: They must build infrastructure that suits the clientele’s more complex needs, including multigenerational relationships, tax and estates planning, specialized investments and more. The attractiveness of the space continues to justify investments in the capacity to serve these clients.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Focus Partners Wealth To Acquire $960 Million EverNest
Focus Financial Partners announced that Focus Partners Wealth will acquire EverNest Financial Advisors, a Carmel, Indiana-based wealth management firm expected to add approximately $960 million (as of Dec. 31) in regulatory assets under management (AUM). The transaction is expected to close in the third quarter of this year. EverNest provides financial planning and investment services to individuals, families, foundations and endowments.
EverNest was founded in 2022. Focus Partners Wealth reported $181.86 billion in regulatory AUM as of Jan. 1, while Focus firms collectively reported more than $500 billion in advised assets as of that date.
“I have developed a strong relationship with the Focus team over many years that affirmed a shared client-first alignment in our businesses,” said Frank Esposito, Managing Partner at EverNest. “As we sought opportunities to expand capabilities for our clients and provide more expansive career pathing for our team members, Focus was a clear fit.”
Modern Wealth Acquires $1.1 Billion Flaharty Asset Management
Modern Wealth Management acquired Flaharty Asset Management, a Clearwater, Florida-based advisory firm managing approximately $1.1 billion in advisory and brokerage assets. The transaction closed May 29. Flaharty had been affiliated with LPL Financial before the acquisition. Shon Flaharty, the firm’s CEO and President, and Hunter Orr, its Chief Investment Officer, joined Modern Wealth as Managing Directors.
The 18-person Flaharty team includes nine financial advisors serving clients from offices in Clearwater and Punta Gorda, Florida. The purchase is Modern Wealth’s 22nd acquisition overall and second Florida acquisition announced this year. Modern Wealth reported more than $14 billion in assets across 20 offices.
“For nearly two decades, we have focused on building a firm that cares deeply about the people we serve and the people we work alongside,” said Flaharty. “As our business has grown, we knew the next chapter required a partner that could help us preserve that culture while continuing to evolve. Modern Wealth understands what makes our firm different and shares our belief that great advice is about much more than investment management alone.”
CW Advisors Adds $655 Million Catalina Capital Group
CW Advisors announced that Catalina Capital Group joined the Boston-based RIA, adding $655 million in AUM and establishing CW Advisors’ first Southern California office. Catalina is a fee-only RIA based in Torrance, California.
CW Advisors, a subsidiary of Osaic Holdings, employs more than 160 professionals and manages more than $16 billion in AUM. It acquired Rovin Capital in February, adding offices in Utah and Arizona. Boardwalk Financial Partners served as M&A consultant for the transaction.
“Catalina has a track record of strong growth and exceptional client service. They will be a tremendous asset to our firm,” said Scott Dell’Orfano, CEO of CW Advisors. “We are delighted to welcome Chris, Philippe, and Bradd and their clients to CW Advisors.”
MAI Acquires Service Academy Capital Management
RIA MAI Capital Management acquired Service Academy Capital Management, a Dallas-based RIA serving ultra-high net worth individuals and families, institutions and family offices. Service Academy Capital Management joined MAI’s ultra-high net worth division, Evoke.
Founded in 2015 by Brian Sears, Service Academy constructs portfolios using private and public market investments. Sears previously served in executive roles at Barclays Wealth America and Neuberger Berman and as a Financial Advisor at Goldman Sachs and Merrill Lynch. He will continue leading client relationships and investment strategy as Investment Advisor and Senior Managing Director at MAI.
“I have known and worked with members of the Evoke leadership team since 1994,” said Sears. “Over the years, we often discussed finding a way to partner, and once Evoke joined MAI last year, the decision was straightforward. After visiting MAI in Cleveland, meeting with leadership and sitting in on research calls, I found a firm that shares a philosophy similar to the one we built at Service Academy Capital Management.”
Advisor Transactions
Raymond James Adds $2.8 Billion Financial Strategies Retirement Partners
Raymond James added Financial Strategies Retirement Partners, a Bedford, New Hampshire-based team of 12 financial advisors, to Raymond James Financial Services, its independent advisor channel. The team was previously affiliated with Commonwealth Financial Network, where it oversaw $2.8 billion in client assets, including $1 billion in private wealth AUM and $1.8 billion in employer-sponsored retirement plan AUA.
Financial Strategies will continue operating under its existing name. It is led by Shawn Monty, CEO, Co-Founder and Managing Partner; Al Gilbert, Co-Founder and Partner; and Sarah Kenda, Partner. The 24-person team also includes 12 branch service professionals and provides financial planning to business owners and families, as well as fiduciary guidance to employer-sponsored retirement plans.
“Joining Raymond James marks an exciting new chapter for our team and the clients we serve,” said Monty. “We were looking for a partner that supports independence, innovation and long-term growth while enabling us to continue delivering the personalized guidance our clients expect. Raymond James empowers us with the platform and resources to build on the foundation we’ve created over the past three decades.”
Perennial Adds Mike Russell And $640 Million Practice
Perennial Financial Services announced that Mike Russell joined its hybrid RIA platform from Edward Jones, where he served approximately $640 million in advisory, brokerage and retirement plan assets. Russell is based in Woodland, California.
Founded in 2004, Perennial provides financial planning and investment management services and a platform for advisors pursuing independence.
“My first priority has always been to deliver the best possible outcomes for my clients,” said Russell. “Perennial provides the flexibility, resources, and technology to enhance that experience, while surrounding me with a team that shares the same commitment to excellence. We don’t just manage money, we help clients move forward with confidence. That starts with listening, understanding their objectives, and building a plan they believe in.”
DayMark Adds $820 Million Ohio Advisor Team
DayMark Wealth Partners announced that Rex Mack, Patrick Petsche, Vince Costanzo and Anthony Costanzo joined the firm from Morgan Stanley. The team, which previously managed $820 million in assets, is based in DayMark’s Pepper Pike, Ohio, office. DayMark, an RIA and member of the Dynasty Financial Partners network, stated that the addition brought the firm above $6 billion in assets.
Founded in 2022 and headquartered in Cincinnati, DayMark reported $5.04 billion in assets as of December 2025, up from $1.4 billion at launch. Constellation Wealth Capital acquired a minority stake in DayMark in late 2025. The firm has expanded through acquisitions in Illinois, Ohio, Connecticut, Florida and Utah and serves high net worth individuals, families and business owners.
“We are thrilled to welcome Rex, Patrick, Vince, Anthony and their entire team to DayMark,” said Mike Quin, Co-Founder and Managing Partner of DayMark Wealth Partners. “They bring meaningful experience in family planning and a client-first mindset that aligns perfectly with our mission and commitment to client service.”
N10 Holdings Launches With Dynasty Financial Partners
N10 Holdings launched through Dynasty Financial Partners with two affiliated firms, N10° Wealth and N10° Assets, focused on high net worth and ultra-high net worth clients. Based in Greenwich, Connecticut, the firm is led by Andrew D. Urbanski, Founder, Managing Director and Chief Investment Officer; Karo Lokmanyan; Lauren N. Urbanski; and Adam D. Urbanski. Andrew Urbanski previously had custody of more than $750 million in assets. The team previously worked at Wells Fargo Advisors.
At launch, N10° Wealth expects to service more than $650 million in assets under advisement, while N10° Assets expects $350 million to be invested in its Growth, Momentum & Profitability stock strategy. The team plans to list a 351 Exchange ETF on the New York Stock Exchange in late 2026. Dynasty will provide technology, investment management capabilities, capital markets support and business services.
Andrew Urbanski said, “We believe in a ubiquitous fiduciary commitment and full disclosure. We plan to continue to engineer incredible value for our long-time wealth clients with the creation of N10° Assets, which is the very vehicle we’ll then use to bring some of that value to the rest of the investing world.”
LPL Welcomes $2 Billion Align Private Wealth
LPL Financial announced that Scott Gilliam and Travis Blessing launched Align Private Wealth through affiliation with LPL Financial’s broker-dealer and RIA platform. The Greenwood, Indiana-based team reported serving approximately $2 billion in advisory plan assets and joined LPL from PNC Private Bank.
Align Private Wealth serves high net worth and ultra-high net worth families, individuals, business owners and multigenerational households. LPL supports more than 32,000 financial advisors and reported approximately $2.3 trillion in brokerage and advisory assets serviced and custodied on behalf of clients.
“Our goal is to build deep, long-term relationships where we truly understand every aspect of our clients’ lives — not just their finances,” said Scott Gilliam, Partner and Financial Advisor at Align Private Wealth. “We’ve intentionally designed our practice to work with a limited number of families so we can be fully embedded in their decision-making, helping them navigate everything from wealth planning to generational transitions.”
Promotions & People Moves
Lincoln Investment Appoints Kathy Leckey As CEO
Lincoln Investment Planning appointed Kathy Leckey as CEO, effective June 1. Ed Forst, who served as CEO since 1992, transitioned to Executive Chairman of the Board on the same date. Lincoln Investment is a broker-dealer and RIA with approximately 1,000 financial professionals and more than $60 billion in client assets.
Leckey joined Lincoln Investment in 2020 and previously served as President and COO. The firm said the appointment completes a multi-year executive succession plan for the company’s approximately 400 employees and network of financial professionals.
“Our primary focus is the success of the ~1,000 financial professionals who trust us with their practices,” said Leckey. “By aligning our leadership across technology, operations, and business development, we are positioned to deliver the most competitive platform in the independent wealth management space.”
RBC Wealth Management Names Kristen Kimmell West Divisional Director
RBC Wealth Management – U.S. appointed Kristen Kimmell as West Divisional Director, effective June 15. Kimmell returns to RBC after five years as Executive Vice President of Business Development at Osaic. RBC said Kimmell becomes the first woman to hold a Divisional Director role at RBC Wealth Management – U.S.
Kimmell began her financial services career at Dain Bosworth, which was later acquired by RBC, and previously held several leadership positions at RBC Wealth Management – U.S. Her former roles include Chief of Staff, Head of Liquidity and Lending Solutions, and Head of Advisor Recruiting and Field Marketing. RBC Wealth Management is an RIA and a division of RBC Capital Markets.
“I’m excited about the opportunity to return to RBC,” said Kimmell. “The West division has tremendous growth opportunities and I am eager to work with RBC’s talented advisors to bring the best of RBC to clients.”
Research
Ficomm Research Examines How Investors Find Advisors
Ficomm Partners released research surveying 1,000 investors who currently work with a financial advisor across three investable asset tiers. The study examined how investors find, evaluate and select advisors, including the roles of referrals, digital channels and AI tools. Among investors with $5 million or more in investable assets, 50% found their advisor without a referral involved, while 31% relied on a referral alone.
The study found that nearly 9% of all respondents used an AI-driven tool to find an advisor, increasing to 25% among respondents under 45 and 15% among investors with $5 million or more. It also found that 18% of all respondents used four or more methods to find an advisor, while 73.8% cited understanding their needs as the most important selection factor.
“These findings challenge one of the most persistent assumptions in the industry that higher net worth investors rely primarily on referrals,” said Meg Carpenter, CEO and Co-founder at Ficomm Partners. “Investors are forming opinions across multiple touchpoints before they ever speak to an advisor. The firms that are growing are the ones showing up consistently across those moments. That's what drives organic growth today.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
