This edition of the Deals & Recruiting Roundup covers GTCR buying FMG Suite from Aurora, Mercer acquiring Family Wealth, Cetera adding three new affiliates, AmeriFlex recruiting Summit Financial, Savvy recruiting Perspective 6, LPL adding ProsperLane, Raymond James adding a trio of advisory teams, Cresset promoting three in its C-suite, AssetMark appointing Phill Rogerson as Head of the RIA Channel, Cherry Creek hiring the former CIO of Johns Hopkins University, VestGen hiring a National Head of Advisors and a Director of Insurance, and Choreo appointing Keith Kotfica as Chief Growth Officer.
Larry's Take
Advisory firms continue transitioning to new affiliations as we move through the dog days of summer, and many of them have relatively modest asset numbers. Of course, advisors with less assets are always transitioning, but so many transitioning now brings it into focus.
There’s much value in recruiting advisors like these, regardless of modest asset figures. Some of these advisors are early in their careers with a potential to grow much larger. Some of them may be the right fit for a particular home office’s culture and tech stack, meaning the home office can “unlock” their potential. And some of them may have very “sticky” clients.
Just looking at top-line numbers ignores lots of metrics and hard-to-measure qualities underneath. Many advisory businesses with modest asset figures are very valuable and are highly sought after by insightful recruiters.
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
PE Firm GTCR Buys FMG Suite From Aurora Capital
Private equity firm GTCR acquires martech firm FMG Suite from Aurora Capital Partners. The acquisition, which is expected to close in the third quarter, will allow FMG to expand AI capabilities, the firms said.
Founded in 2011, FMG provides marketing automation solutions to wealth advisory and insurance professionals, including a content library and integrated compliance workflows. The firm serves over 50,000 financial professionals and, through its Agency Revolution brand, more than 3,500 property and casualty insurance agencies. Chicago-based GTCR manages about $50 billion in equity capital, it said.
“GTCR’s deep knowledge in wealth, marketing and insurance combined with a long track record of scaling category leaders, makes them an ideal strategic partner,” said Scott White, CEO of FMG. “This transaction is a powerful endorsement of our vision, our team and the role FMG plays in fueling growth for financial and insurance professionals and enterprises.”
Mercer Acquires Family Wealth Planning Group In Florida
Denver-based Mercer Global Advisors acquires Naples, Florida-based Family Wealth Planning Group along with its affiliate, Family Wealth Tax Advisory. Family Wealth’s nine team members will continue with the firm after the acquisition.
Family Wealth oversees $1.2 billion in client assets. The deal marks Mercer’s third addition of an RIA with over $1 billion in assets in three months. It also notes that Family Wealth is the 20th women-led partner firm to join Mercer Advisors and that women make up nearly half of its client-facing team.
“Mercer Advisors’ extensive resources, especially in tax, estate and investment planning, will help us increase our impact while preserving the long-term continuity of the business,” said Nadia Keric, Principal and Owner at Family Wealth.
Advisor Transactions
Cetera Adds Three Affiliates With $450 Million In Combined Assets
San Diego-based Cetera adds three new affiliates to its broker-dealer network in the second quarter. Together, they bring a total of about $450 million in assets under administration (AUA) to the firm.
Dennis Hellwig moves to Cetera Networks from Osaic, while Andrew Focht joins Cetera Wealth Management Group from Wells Fargo. Meanwhile, Frank DePaola brings a team of advisors to Cetera Wealth Partners from Osaic Wealth. Cetera manages approximately $590 billion in AUA and $263 billion in assets under management (AUM), as of June 30.
“Cetera’s interest in seeing our team grow the business, in proactively rolling up their sleeves to help drive growth and in understanding what growth actually means to us set Cetera apart from other broker-dealers,” said DePaola. “Plus, the transition team worked with us and did a great job getting business over.”
AmeriFlex Recruits $280 Million Summit Financial In California
Las Vegas-based AmeriFlex Group announces that Summit Financial & Insurance Services is joining its network. The Brea, California-based advisory practice manages approximately $280 million in client assets.
Summit is led by Jerry Kleber, Raz Bracha and Leah Pattison. It focuses on transitional wealth planning, advising clients with events such as retirement, the sale of a business, or family changes. AmeriFlex is a hybrid RIA consisting of The AmeriFlex Group RIA and Cambridge Investment Research as its broker-dealer partner.
“The transition of the Summit team further supports that a truly independent and advisor-owned entity, such as The AmeriFlex Group, will continue to attract and win top-tier independent-minded financial advisors, now and into the future,” said Thomas Goodson, CEO & Founder of The AmeriFlex Group. “Jerry, Raz and Leah are incredible additions to our team, and we are thrilled we continue to serve as the home for hybrid advisors.”
Savvy Advisors Recruits $270 Million Minneapolis Team
Savvy Advisors picks up Perspective 6 Wealth Advisors, a Minneapolis-based team with about $270 million in AUM, from Focus Financial. The Savvy Wealth RIA subsidiary also recruits 12 additional advisors, boosting its total advisor headcount to 68.
Perspective 6 is led by Wealth Managers Matt Nelson, Managing Partner; Matthew J. Finley, Senior Partner; and Jacob LaRue, Partner. It serves clients nationwide, with strong concentrations in California, Florida, Minnesota and Wisconsin, Savvy said. The team specializes in advising professionals in the medical technology and medical device industries, with services that include business owner succession planning, complex benefits strategies, equity compensation planning and retirement planning.
“We saw joining Savvy as an opportunity to be part of a firm that’s changing the client experience and redefining what a modern RIA can offer,” said Nelson. “Savvy offers the rare combination of modern infrastructure, strong marketing support and a long-term vision for where financial advice is headed.”
LPL Recruits $250 Million ProsperLane Team In Minnesota
LPL Financial adds a mother-and-son team of advisors from ProsperLane Financial of Prior Lake, Minnesota. Sheri Johnston joins LPL from Edward Jones, while her son, Jason Hotzler, comes from Thrivent Investment Management.
The duo have over 25 years of industry experience and served approximately $250 million in client assets as of Dec. 31. Their focus is serving young professionals, small businesses and family firms.
“Our client philosophy is simple. We stand by our values of personalized customer service, quality products, reasonable expenses and always doing what is best for the client,” said Hotzler. “My family has owned businesses throughout my lifetime, so I’m excited to finally have a small business that I can share with my mother. We connect well with other family business clients, because it just speaks to where we’ve come from and what we’ve been doing for generations.”
Raymond James Adds Trio Of Advisor Teams With Over $1 Billion Combined Assets
Financial Advisors Thomas Ray and Matt Broch join Raymond James’ employee advisor channel in Springfield, Illinois. They come from Wells Fargo Advisors, where they managed approximately $300 million in client assets. The two are Co-Founders of Heartland Capital Wealth Management, and their team includes Michelle Roher.
In Laredo, Texas, Raymond James Financial Institutions Division partners with Texas Community Bank (TCB) to provide investment and wealth management services. TCB Financial Advisors Luis Gonzalez III and Carlos Chapa manage approximately $605 million in client assets.
Jonathan Stanley, President of Legacy Capital Group, joins Raymond James Financial Services, the firm’s independent advisor channel, in Myrtle Beach, South Carolina. He comes from Edward Jones, where he managed approximately $140 million in client assets. His team includes Michelle Haas, Anna Stanley and Kira Hamilton.
Promotions & People Moves
Cresset Elevates Three Within Its C-Suite
Chicago-based Cresset announces three promotions within its C-suite. Mike Silverman takes the role of CIO, while Jack Albin becomes Chief Investment Strategist. Also, current Chief Compliance Officer Amy Hong assumes the additional role of Chief Operating Officer.
Albin is a Founding Partner at Cresset and has been with the multi-family office since 2018. Prior to that, he was the CIO of BMO Harris Bank. Silverman was the Co-President and CIO at CH Investment Partners, which Cresset acquired. Hong previously served as Managing Director of Asset and Wealth Management at JPMorgan Chase.
“Amy, Mike, and Jack are exceptional leaders with a long and distinguished track record of helping to lead growing financial firms,” said Susie Cranston, President of Cresset. “These changes reflect Cresset’s growth, and we believe will further position us for long-term success.”
AssetMark Appoints Phill Rogerson As Head Of The RIA Channel
Concord, California-based AssetMark announces the appointment of Phill Rogerson as Senior Vice President and Head of the RIA Channel. Based in Charlotte, North Carolina, he will lead AssetMark’s expansion and investment in its new East Coast hub. He reports to Michael Kim, the firm’s President and CEO.
Rogerson has over 30 years of industry experience and joins AssetMark from Envestnet, where he was the Head of the RIA Channel. Prior to that, he was at Russell Investments. AssetMark had over $139 billion in platform assets as of Dec. 31.
“I couldn’t be more excited to join AssetMark at such a pivotal time,” said Rogerson. “The team has already made significant progress with the Adhesion and Voyant acquisitions, and with a suite of integrated services that allow RIAs to focus less on operational tasks, and more on growth and client relationships.”
Cherry Creek Hires Former CIO Of Johns Hopkins University To Chair Investment Committee
Denver-based Cherry Creek Family Offices appoints Jason Perlioni as Senior Partner and Chairman of the firm’s Investment Committee. Perlioni was previously the CIO of Johns Hopkins University, where he oversaw its $9 billion endowment and related investments. Perlioni will work with closely with Cherry Creek’s CIO Corey McKiernan and Managing Partners Kevin Burke and Tim Ulfig.
Before joining Johns Hopkins, Perlioni was CIO at the single family office of Pritzker Group, leading asset management. Prior to that, he served as a Director and Portfolio Manager at UBS Global Asset Management and Manager of Hedge Fund Investments at Northwestern University. This latest move by Cherry Creek follows the addition of Brad Sprong from KPMG as Partner, Tax and Estate Planning in late 2024, and the formation of a new strategic partnership with Midwest Trust Company earlier this year.
“I look forward to working closely with Kevin, Corey and the entire organization to offer leadership insights and help shape the customized investment strategies we build for clients, while also amplifying our access to top institutional alternative investments that reinforce intergenerational wealth preservation and growth,” said Perlioni.
VestGen Appoints National Head Of Advisors And Director Of Insurance
Chicago-based VestGen Wealth Partners hires Rob Bondiman to the role of National Head of Advisors, a newly created position. Bondiman recently served as Executive Director, Market Director of Wealth Management at J.P. Morgan Securities. He also previously held roles at Fidelity Investments and TIAA.
VestGen also appoints Matt LaLonde as its first Director of Insurance. As the principal of VestGen’s insurance division, VestGen Insurance Partners, LaLone will oversee insurance integration within the firm’s financial planning process.
“Our focus remains on identifying services and solutions that revolutionize the way our advisors can serve our clients and drive growth across the generations,” said Josh Gerry, Founder and CEO of VestGen. “And as we’ve grown, we have been able to attract incredible talent to help us build and deliver these solutions to our advisors. I’m thrilled that Rob and Matt have joined our team and look forward to their contributions to our firm.”
Choreo Hires Keith Kotfica As Chief Growth Officer
Chicago-based Choreo appoints Keith Kotfica to the role of Chief Growth Officer. He will report to Jason Van de Loo, who was named CEO in July. The firm said Kotfica will work with Larry Miles, Executive Vice President of Strategic Partnerships, on expanding the Choreo Partner Alliance.
Kotfica comes from Edelman Financial Engines, where he was Senior Vice President and Head of Employee Planning. He previously held leadership positions at HealthEquity, Xerox HR & Outsourcing Solutions and CitiStreet. At Choreo, he will focus on strengthening CPA partnerships.
“The firm’s client-centric approach to wealth management and commitment to CPA collaboration is distinctive within the market,” said Kotfica. “I look forward to working closely with Jason, and the broader Choreo team to build closer connections with existing partners and to strengthen the opportunity to bring our value proposition to more firms through a targeted, relationship-driven approach.”
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