This edition of the Deals & Recruiting Roundup covers Hightower staking $2 billion Smith Anglin, Summit Financial investing in Parsons Broach, HPS staking Lido Advisors, Cary Street’s acquisition of IFS, Raymond James recruiting Jason Hancock, QTR launching an RIA, &Partners’ recruitment of 26East Private Wealth, three ex-Procyon advisors launching Third View Private Wealth, Raymond James recruiting Trustmark, Summit Trail appointing Jeff Ringdahl as President, Caprock naming Frank Giuliano as Head of Corporate Development and Angeles Wealth Management appointing Cameron Rogers as Partner.
Larry's Take
This week almost half of our Roundup comes from firms that focus on the high and ultra-high net worth space. Angeles, Caprock and Summit Trail, all focused on ultra-high net worth clientele, made strategic management hires, while Third View and 26East set sights on the same space.
Operating in the ultra-high and high net worth space has the obvious advantage of economies of scale, but there is a hidden advantage: The words “family” and “multi-generational” hint at this advantage – client retention.
In an industry where client attrition is a constant threat, the upper tiers of wealth management lock in clients much better than the lower tiers with a business model that serves the full family, including the heirs. Advisors in the mass affluent space: Take note.
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
Hightower Stakes $2 Billion Aviation Sector-Focused RIA Smith Anglin
Chicago-based Hightower invests in RIA Smith Anglin, a financial planning and wealth management practice based in Dallas with about $2 billion in assets under management (AUM). The deal will be completed at the end of the second quarter.
Founded in 1967, Smith Anglin and its 34-person team provides retirement and tax preparation services for the aviation industry. This is Hightower’s second deal of this year, following its recent investment in RIA Lindbrook Capital. Hightower expects to make six strategic investments in 2025, similar to last year.
“The storied organization has built a distinct business model and client focus, with deep experience serving the airline industry, and has demonstrated impressive organic growth over the last few years,” Bob Oros, Hightower CEO and Chairman, said of Smith Anglin. “We’re looking forward to helping them accelerate their growth as a respected aviation brand in the wealth management space.”
Summit Financial Acquires Minority Stakes In Parsons Broach And Grandview Square
Summit Financial purchases minority stakes in RIA Parsons Broach Financial Services, which manages more than $250 million in assets, and Grandview Square Financial, an RIA with $313 million in assets under management (AUM). The Parsons Broach team broke away from Raymond James, and the Grandview team broke away from Northwestern Mutual.
Parsons Broach was started in 2011 by Founding Partners and Wealth Advisors Todd Parsons and Robbie Broach. Grandview Square was founded in 2001 by John Rusciano, the RIA’s Principal. Since early 2024, Summit has invested in 27 firms including the latest two partnerships.
“For over 40 years, we’ve championed advisors who embrace independence as a better way to serve clients and take ownership of their life’s work,” said Stan Gregor, Chairman and CEO Summit Financial Holdings, Summit Financial’s parent company. “We’re thrilled to bring such high-quality advisors as Todd Parsons and Robbie Broach into the Summit family. They serve values-driven clients who wish to grow, protect, and use their wealth meaningfully.”
HPS Stakes Lido Advisors
Lido Advisors sells a stake to HPS Investment Partners, a move Lido hopes will fuel its long term growth plans. The deal is expected to close in the third quarter this year. Charlesbank Capital Partners also owns a stake in Lido, along with more than 135 employee-owners.
Based in Los Angeles, Lido manages over $30 billion in AUM and operates 40 offices. HPS, headquartered in New York, is an alternative investment firm with over $150 billion in AUM as of March.
“This partnership with HPS marks an exciting new chapter for Lido, and we are extremely well positioned to continue our momentum delivering for our clients and team,” said Jason Ozur, CEO of Lido. “I’m incredibly proud of the growth we’ve achieved the past four years while staying true to our client-first values.”
Cary Street Partners Buys IFS Advisors
Cary Street Partners (CSP) acquires IFS Advisors, a move designed to strengthen Cary Street’s presence in the Southeast. Based in Sarasota, Florida, IFS managed $257 million in assets as of February, according to its Form ADV. The company is led by advisor Daniel Wolff.
With the addition of IFS Advisors, CSP now operates offices in Virginia, Florida, Texas, New Jersey, Tennessee, North Carolina and South Carolina. The company, headquartered in Richmond, Virginia, manages $10.7 billion in assets.
“We’re incredibly proud to welcome Dan and the IFS Advisors team to CSP,” said Joseph R. Schmuckler, Chief Executive Officer of Cary Street Partners. “Dan’s values, client-first mindset, and deep roots in the community perfectly align with our mission. This partnership represents not just growth, but meaningful alignment around service, trust, and long-term value for clients.”
Advisor Transactions
Raymond James Lands Ex-Morgan Stanley Advisor
Raymond James recruits Jason Hancock, who previously managed $185 million in client assets for Morgan Stanley, to Raymond James Financial Services, its independent advisor channel. Hancock joined through Voyager Wealth Advisors, based in Salt Lake City.
Prior to Morgan Stanley, Hancock worked at Goldman Sachs. At those firms, he specialized in developing tax strategies to help clients maximize wealth from stock awards.
“The unparalleled culture at Raymond James is in natural alignment with how I have always run my practice – by prioritizing clients and their financial wellbeing above all else,” Hancock said. “Additionally, the freedom to take ownership of my business will enable me to ensure clients are receiving the excellent service they deserve for the long-term.”
Brother Team Launches $1.8 Billion Independent RIA QTR Family Wealth
QTR Family Wealth debuts its own RIA, a move Founders and brothers Wes and Chad Hunter. The two previously led the QTR team at Bison Wealth. Based in Orlando, Florida, QTR advises on $1.8 billion of balance sheet wealth. The firm focuses on serving entrepreneurs, business owners and multi-generational families.
QTR uses a balance sheet and cash flow-centric planning model and a team-based approach, rather than the traditional one-advisor model. The brothers have over 40 years of combined experience in financial management.
“Launching our own RIA is a natural evolution for us,” said Chad Hunter, CEO and Managing Partner of QTR Family Wealth. “We’ve always prioritized listening to our clients’ needs. Now, we have the independence to solve their most complex challenges without the limitations of a large institution.”
&Partners Adds 26East Private Wealth To Advisor Roster
&Partners recruited a team from 26East Private Wealth according to its LinkedIn Page. 26East includes Founder and Managing Director Doug Walters, Managing Director and Private Wealth Advisor Patrick Hoene and Senior Relationship Manager Julie Rapp.
Based in Jupiter, Florida, 26East serves high net worth individuals, multi-generational families, entrepreneurs and business owners. Walters, Hoene and Rapp were previously affiliated with Wells Fargo.
& Partners manages over $14 billion in client assets according to its April Form ADV. The firm is based in Nashville, Tennessee.
Trio Of Advisors Exit Procyon Partners, Found RIA Third View Private Wealth
A group of advisors who formerly worked at Procyon Partners launch Third View Private Wealth, according to the firm’s website and LinkedIn page.
Co-Founders and Managing Partners Frank McKiernan, Jerry Sneed and Zoltan Pongracz were Senior Vice Presidents at Procyon, an affiliate of Dynasty backed by Constellation Wealth Capital that manages over $8 billion in client assets.
Third View, based in Westport, Connecticut, aims to serve high net worth individuals, institutional investors, trusts, estates and charitable organizations, according to its Form ADV Part 2 filing in April.
Raymond James Financial Institutions Division Recruits Trustmark
Raymond James’ Financial Institutions Division announced that Raymond James Financial Services will provide investment and wealth management services to clients of Trustmark National Bank’s Trustmark Financial Services (TFS).
TFS, based in Jackson, Mississippi, employs 33 professionals, including 18 advisors, who manage approximately $2.7 billion in client assets from offices in Alabama, Florida, Mississippi, Tennessee and Texas.
"We chose Raymond James for its continued investment in technology and resources, its strong reputation for stability and growth, and its tailored service approach — all delivered with the feel of a boutique firm backed by the scale and capabilities of a large, diversified institution,” said Mike Zito, President of TFS.
Promotions & People Moves
Summit Trail Appoints Jeff Ringdahl As President
Summit Trail Advisors names Jeff Ringdahl President, Chief Operating Officer and Partner. He will focus on enhancing the firm’s client experience and ensuring that its family office products and services match the needs of ultra-high net worth clients.
Ringdahl previously served at Resolute Investment Managers as CEO and President. He also worked at Touchstone Investments, Fidelity Investments and Western & Southern Financial Group. Based in New York, it operates 10 offices with $23.6 billion in AUM and $26.2 billion in assets under advisement.
“Jeff has a longstanding reputation as a leader and innovator within the investment management industry, and we are thrilled to welcome him to the Summit Trail team,” said Jack Petersen, Co-Founder and Managing Partner at Summit Trail. “Our firm is committed to serving the complex needs of UHNW individuals and families who have outgrown traditional investment management and the addition of Jeff to our senior leadership team reinforces this commitment.”
Caprock Taps Frank Giuliano To Lead M&A Efforts
Caprock, an RIA based in Boise, Idaho, serving ultra-high net worth clients, appoints Frank Giuliano as Head of Corporate Development, in which he will spearhead the company’s inorganic growth through M&A and advisor recruitment.
Giuliano was most recently Vice President of Corporate Development for LPL Financial. Founded in 2005, Caprock serves 400 wealthy families with a total of more than $13 billion in assets under advisement.
“While Caprock is committed to growing, we are relentlessly focused on finding firms or individual professionals who enhance the quality of our offering to our clients,” said Bill Gilbert, Caprock’s Co-CEO. “Frank shares our vision and mindful approach. He has experience in evaluating opportunities that align with our client’s needs, and we look forward to working closely with him.”
Angeles Wealth Management Appoints Cameron Rogers As Partner
Angeles Wealth Management names Cameron Rogers as Partner. She will focus on serving the firm’s high net worth and ultra-high net worth clients, operating from the firm’s New York office. Rogers has over 15 years of experience in professional investing and wealth management.
Rogers was most recently a Client Advisor at Ellevest. She also spent nearly a decade at J.P. Morgan in the firm’s institutional investment and private banking businesses. Angeles serves generationally wealthy families.
“As a woman in the wealth management industry, it’s important for me to be part of a firm that not only values diversity as part of its leadership and advisory team but also believes in the power of educating and empowering women in their financial lives,” said Rogers. “Angeles Wealth’s thoughtful and comprehensive approach to the stewardship of family wealth is one I’ve admired for years. I’d like to thank Jon and the rest of the Angeles Wealth team for such a warm welcome.”
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