This edition of the Deals & Recruiting Roundup covers Hightower investing in Charles D. Hyman & Company, Confluence Financial Partners acquiring Cashdollar & Associates, Cerity Partners acquiring Abbrea Capital, Commonwealth partnering with Legacy Capitals on inheritances, Carolyn Armitage leading the new group RIA Circle, Diamond Consultants CEO Mindy Diamond releasing a book, Ritholtz Wealth Management CEO Josh Brown releasing another book, Cresset appointing Amy Hong as Chief Compliance Officer, Robertson Stephens hiring Mike Barnes as Head of Operations, Compound Planning expanding its leadership team, Homrich Berg hiring Joanna Irwin as CMO, and Morgan Stanley losing people to three rivals.
Larry’s Take

This might be the first week in wealth management history when two CEOs in the independent space published their own books and a third CEO launched an organization with a veritable Who’s Who of the industry. It’s comforting to see that our entrepreneurial spirit is alive and well!
Mindy Diamond of Diamond Consultants and Josh Brown of Ritholtz Wealth Management cover very different topics in their new reads, but advisors are bound to find something interesting in both publications. After all, along with serving clients to the best of one’s ability, discussing advisory firm recruitment strategies and Wall Street antics are the lifeblood of this industry.
Meanwhile, Carolyn Armitage’s new venture, RIA Circle, is intriguing both for what it aims to accomplish and who’s involved. Facilitating best practices among a diverse group of financial advisors is a worthy goal. Strategic Collaborators ranging from David DeVoe, Founder and CEO of DeVoe & Co.; to Susan Theder, Chief Marketing and Experience Officer at FMG; to Gabe Garcia, Managing Director at SEI, is an impressive start.
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
1. Hightower Invests In $2.3 Billion Charles D. Hyman & Company

Chicago-based Hightower Advisors made a strategic investment in Ponte Vedra Beach, Florida-based Charles D. Hyman & Company, which has been in business for 30 years. It had $2.3 billion in assets under management (AUM) as of June 30, and manages assets for individuals, families, trusts, charitable interests and foundations.
Jessica Polito, Founder of Turkey Hill Management, advised Charles D. Hyman & Company on the transaction. Hightower consists of 140 advisory businesses in 35 states and Washington, D.C. It provides back office and investment management services, as well as M&A support, for advisory teams. As of June 30, Hightower had approximately $156 billion in AUM.
“Charles D. Hyman & Company has a strong reputation and long history of serving as trusted wealth advisors to families across generations in Ponte Vedra Beach and beyond,” said Bob Oros, Chairman and CEO of Hightower. “Those relationships, built on integrity of purpose and excellence in portfolio management over 30 years, will continue to thrive as part of our new Hightower partnership.”
2. Confluence Financial Partners Acquires Cashdollar & Associates

McMurray, Pennsylvania-based Confluence Financial Partners, which has over $3 billion in AUM as of its September SEC ADV filing, acquired Grove City, Pennsylvania-based Cashdollar & Associates, a team formerly affiliated with Cetera Holdings that reportedly oversees approximately $1.9 billion. The deal is poised to take Confluence to over $5 billion in assets.
The firm’s Founder, Dave Cashdollar, has more than 40 years of financial services experience. He joins Confluence along with Tim Cashdollar, who has 20 years of industry experience, and Eric Montgomery, who has 12 years of experience. Confluence now has an advisory team of more than 30 financial professionals, according to its website.
“We are really looking forward to this partnership with Cashdollar & Associates. I’ve known Dave for a long time and I can’t think of a better firm to come together with to serve families,” Greg Weimer, CEO and Chairman of Confluence Financial Partners, said in a video announcing the deal. “One of the things I’ve always enjoyed about working with Cashdollar & Associates is they treasure relationships, and so do we.”
3. Cerity Acquires $1.2 Billion Abbrea, Appoints Todd Cassler As Chief Growth Officer

New York-based Cerity Partners acquired Abbrea Capital, a San Francisco Bay Area-based investment management firm serving high net worth individuals and families. Abbrea had nearly $1.2 billion in AUM as of its March SEC ADV filing. It was founded in 2015 and has been led by Steven Cutcliffe, William Osher, David Hudson and William Hageboeck. In April, Cerity announced it would manage about $100 billion after acquiring Denver-based Agility.
Separately, Todd Cassler was appointed the first Chief Growth Officer at Cerity. Cassler has over 20 years of industry experience. He most recently served as Chief Strategy & Growth Officer at Mariner Wealth Advisors. Earlier, he was President of Financial Institutions and Advisory Solutions at John Hancock Investments, and Head of U.S. and EMEA Institutional Distribution at Manulife Investment Management.
“I am incredibly excited to join Cerity Partners, a firm that stands out for its strong culture, dedication to its colleagues, and unwavering commitment to excellence,” Cassler said. “The firm’s impressive growth and best-in-class advice offerings reflect the hard work and passion of its team.”
Strategic Partnerships
4. Commonwealth Partners With Legacy Capitals On Inheritance And Wealth Transfers

Commonwealth Financial Network launched an advisor education program with Legacy Capitals, a boutique provider of inheritance and wealth transfer training, coaching and consulting services for high net worth families, family businesses, wealth advisors, family offices and financial institutions.
The pilot consists of 25 advisors participating in live virtual classes, completing coursework and sharing legacy planning experiences. Commonwealth plans to offer the program to groups of that size, with Legacy Capitals’ consultants available to assist advisors with the management of family meetings and complex family dynamics. Commonwealth supports approximately 2,200 advisors, who as of Dec. 31 oversaw more than $296 billion in assets.
“For many high net worth families, the leading advisory challenge is navigating complex family dynamics, protecting wealth, and passing both values and wealth down through multiple generations,” said Karen McColl, Senior Vice President, Wealth Management, at Commonwealth. “We believe Legacy Capitals’ Whole Family Advisor program is uniquely positioned to help our affiliated advisors meet nuanced needs as they deepen their intergenerational planning services to high- and ultra-high net worth clients.”
5. Carolyn Armitage Leads RIA Circle, A New Peer-To-Peer Membership Community

RIA Circle launched as a membership organization to advisors, owners of RIAs and hybrid firms, as well as of wealth management C-suite executives, with the goal of creating a secure and confidential environment to facilitate growth. Founder and CEO Carolyn Armitage previously held leadership positions at Thrivent, Echelon, LPL Financial, ING Advisors Network and HD Vest.
The group launches with 20 Strategic Collaborators from across technology, media, marketing, client communication, M&A and other fields. At inception, RIA Circle has accepted advisors representing $106.3 billion in AUM who collectively use 11 different custodians and 11 independent broker-dealers. Members will share ideas and best practices in monthly Peer Roundtable Meetings, which are scheduled to start in October.
“Growth takes insight and experience, and RIA Circle was formed as a vehicle to allow growth-minded advisors and executives to have access to shared ideas to better run their firms and serve clients,” Armitage said. “Over the past 35 years, I have personally seen collaboration can be a true laboratory for great ideas. RIA Circle will foster these ideas to have a real impact on wealth management leaders and their firms.”
6. Mindy Diamond Releases New Book For Advisors, ‘Should I Stay Or Should I Go?’

Mindy Diamond, Founder and CEO of Diamond Consultants, a recruiting and consulting firm that works with financial advisors to find a fitting home office for their businesses and clients, wrote a book designed to help them address what she argues is the biggest professional question that they will face. And it’s all in the title: “Should I Stay or Should I Go?” According to Diamond, the book does not simply encourage advisors to transition to another firm or model.
Instead, it provides an industry overview, questions advisors can ask whether or not they are looking to change firms, as well as guidance on due diligence, economics, the negotiation process and how to conduct moves effectively. The book features praise from Ron Carson, Founder and Chair of Carson Group; Robert Sechan, CEO and Co-Founder of NewEdge Wealth and Co-Managing Partner of NewEdge Capital Group; and Brian Hamburger, President and CEO of MarketCounsel Consulting and Chief Counsel of the Hamburger Law Firm.
“For advisors to make smart decisions about their business lives, I believe that it’s critical
they are armed with objective information about not just the options available in the everchanging industry landscape, but also how to think through those options and the impact
on their businesses,” Diamond said. “There are key questions they must ask themselves, and they also need to know how to process their answers.”
7. Josh Brown Releases Fourth Book, ‘You Weren’t Supposed To See That’

Josh Brown – CEO of Ritholtz Wealth Management, author of The Reformed Broker financial blog and on-air contributor to CNBC television – has released his fourth book, titled “You Weren’t Supposed to See That: Secrets Every Investor Should Know,” published by Harriman House. It covers the path to generational wealth, as well as his firsthand perspectives on finance, investing and Wall Street.
Brown also is onsite at the annual Future Proof Festival, held Sept. 15 to Sept 18 in Huntington Beach, California. Ritholtz Wealth is a co-organizer of the event. Future Proof brings together thousands of attendees, hosts thousands of one-on-one scheduled meetings, has dozens of panels with industry-leading executives, and features an outdoor music festival headlined this year by Third Eye Blind.
“I’ve learned by observing others’ behaviors – both the good and the bad – and it’s shaped my understanding of what to do and what to avoid,” Brown said. “I hope people find value in that, whether they’re reading something I wrote years ago or my current thoughts on the same topic. I want it to resonate because it’s genuine, even if it doesn’t always cast me in the best light.”
Promotions & People Moves
8. Cresset Appoints Amy Hong As Chief Compliance Officer

Chicago-based Cresset appointed Amy Hong as Chief Compliance Officer, Executive Managing Director and a member of Cresset’s Management Committee. She succeeds Bob Pagliuco, who is retiring after serving as CCO since 2018. Cresset, a multi-family office and private investment firm with 19 offices nationwide, had over $50 billion in AUM as of June 6.
Hong has 25 years of financial services experience. Most recently, she served as Managing Director, Asset & Wealth Management Operations, at JPMorgan Chase & Co. Before that, she ran an operations team of approximately 150 employees for First Republic Bank’s wealth management business. Earlier, Hong served as Chief Compliance Officer at Personal Capital Advisors and as Vice President, Compliance, at Voya Investment Management.
“I have admired Cresset’s client-first vision to reinvent the way clients experience wealth, and am excited to join Susie Cranston, Avy Stein, Eric Becker, and the rest of the Cresset team in their commitment to building a business to serve clients for over 100 years,” Hong posted on LinkedIn. “I look forward to working with my new colleagues at Cresset and thank them for welcoming me so warmly.”
9. Robertson Stephens Hires Mike Barnes As Head Of Operations

San Francisco-based Robertson Stephens hired Mike Barnes as Head of Operations. He will be responsible for client onboarding, account management, transaction processing, as well as helping to develop and implement policies and procedures to enhance efficiency and ensure regulatory compliance.
Barnes has 18 years of experience. Most recently, her served as Head of Financial Operations at Ellevest. Barnes also has held senior level positions at EPAM Systems, Lenox Advisors and Neuberger Berman. Robertson Stephens has over $6.5 billion in AUM and more than 100 employees across 23 locations nationwide.
“I am thrilled to join the Robertson Stephens family and to help support their rapid growth,” Barnes said. “I look forward to working with our advisor teams and management to scale the Robertson Stephens business efficiently and help deliver a transformative wealth management experience to our clients.”
10. Compound Planning Recruits Three Industry Vets To Leadership Team

Compound Planning, a digital family office with over $2 billion in AUM and more than 30 financial advisors, recruited three executives to its leadership team. Eric Flynn joins as EVP, Head of Wealth Management; Marc Primiani joins as General Counsel; and Brent Myers joins as Head of Advisory Operations.
Flynn, who has over 23 years of wealth management experience, previously was Director of Alliance Management at Wipfli. Primiani, who has over 22 years of industry experience, previously was Co-Founder and General Counsel at Aspiriant, an advisory firm with nearly $15 billion in AUM. Myers, who has over 20 years of experience, previously was VP – Global Alternatives Operations at J.P. Morgan Asset Management and before that was VP – RIA Custody Operations at Goldman Sachs.
“Eric, Marc and Brent bring invaluable experience and strategic insight to Compound Planning at a critical time in our growth journey,” said Christian Haigh, Co-Founder and CEO of Compound Planning. “Their expertise and leadership further validates the value that our AI and tech-enabled platform brings to advisors and their clients.”
11. Homrich Berg Brings On Joanna Irwin As Chief Marketing Officer

Atlanta-based Homrich Berg brought on Joanna Irwin as Chief Marketing Officer. She replaces Bill Bolen, who had been serving as both CMO and Wealth Advisor in the HB Family Office division and is returning to client service. Irwin will develop and lead the marketing strategy, which encompasses building brand awareness, driving new digital marketing initiatives and supporting organic growth.
Irwin has 22 years of experience and 15 years of financial services experience. Previously, she served as Global CMO for the talent staffing company Randstad. Before that, she was CMO, North America at Invesco. Earlier, Irwin was Vice President, Product Strategy and Development at Merrill Lynch. Homrich Berg manages over $17 billion for more than 3,600 family relationships nationwide.
“I’m energized to be at a people- and client-first company. HB has done an excellent job building a strong reputation and growing organically, and it’s in a prime position for continued growth,” Irwin said. “We have a great opportunity to leverage increased digital marketing and broader brand-building efforts as the fuel to take HB to the next level.”
Wirehouse Activity
12. Morgan Stanley Loses People To Merrill Lynch, Wells Fargo And RBC

Morgan Stanley lost people to three rivals. A $2.2 billion team led by Jim Oberheide and Brandon Schlesinger joined Merrill Private Wealth Management. Barak Raviv, Managing Director, Investments Senior PIM Portfolio Manager, was accompanied by Senior Associate Vice President Kevin Campano at Wells Fargo Advisors.
Tobbie Walter joined RBC Wealth Management as Managing Director-Branch Network Director. She leads its Chicago-area offices in Oakbrook Terrace, North Shore and Lake Forest. Walter began her career 20 years ago at Morgan Stanley, most recently serving as Branch Manager of its Orland Park and Joliet offices in Illinois. She also co-founded Her Way Chicago, a group of women advisors who seek to foster financial education and empowerment for women.
“That’s what did it for me – seeing people in their element, collaborating and proud of the work they were doing to support financial advisors and associates in the field. It came down to the culture,” Walter said. “I’m excited to be a part of RBC Wealth Management’s growth trajectory and building the firm’s presence in the Chicago area.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.