This edition of the Deals & Recruiting Roundup covers Lido acquiring BluePointe, Altruist raising Series F funding, ECHELON Partners releasing its Q1 RIA M&A Deal Report, Elevation Point taking a minority stake in Fortage Capital Advisors, RFG adding advisors in North Carolina and Oregon, Raymond James recruiting Biss Wealth Partners in Alaska, DayMark adding a $200 million team in Chicago and Park City, Utah, Strategic Blueprint recruiting three firms from Osaic, Kestra recruiting Turas, SEIA appointing Matt Matrisian as President, Sound Income Group hiring Scott Clarke and Daniel Sheehan, and RBC recruiting a $500 million team from Merrill Lynch.
Larry's Take
In their first quarter report, ECHELON makes a prediction that 2025 will set new records for wealth management M&A activity, with a record-setting first quarter already under our belts. “Amid the S&P 500’s 4.6% decline in 1Q25 … the wealth management M&A market remained remarkably resilient,” the report stated. Then the trade wars began, but didn’t deter their prediction.
I’m not saying to take the trade wars lightly, but just a few years ago the pandemic filled our future with uncertainty. Before that, we faced the Great Recession and the dotcom bubble. The markets and our industry not only overcame those events, but excelled beyond them. The trade wars pale in comparison.
I am encouraged that M&A, advisor recruiting and other transactions continue, and that ECHELON is predicting a banner year for M&A. Like a ship built for turbulent waters, our industry always rights itself and keeps going. We’ve advised clients to focus on the long term – and we should do the same.
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
Lido Advisors Acquires $870 Million BluePointe Capital Management
Los Angeles-based Lido Advisors announces a partnership with BluePointe Capital Management. The Menlo Park-based RIA focuses on Silicon Valley clients, offering specialized wealth management services such as pre-liquidity event planning and alternative investment strategies. The firm had over $870 million in regulatory assets under management (RAUM) as of Dec. 31.
BluePointe’s entire team joins Lido, and its Founder and CEO, Sanjeev Sardana, will become a Partner. Lido has over $29 billion in RAUM and 40 offices around the U.S.
“Our mission is to work with thriving tech entrepreneurs and executives to relish their successes while safeguarding their financial futures,” said Sardana. “By leveraging Lido’s deep bench and comprehensive family office approach to wealth management, we are excited to enhance our impact on our clients' financial lives and enter an exciting new chapter of growth.”
Altruist Raises $152 Million In Series F Funding Led By Singapore’s GIC
Los Angeles-based RIA custodian Altruist announces it has raised $152 million in a Series F funding round led by GIC, a Singapore-based firm. GIC, established in 1981, manages Singapore’s foreign reserves and has investments in over 40 countries. Participants in the funding round include Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth and others, Altruist said.
The deal brings Altruist’s valuation to approximately $1.9 billion. Earlier this year, the firm expanded its leadership team through appointing Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer.
“Altruist’s track record of building best-in-class, innovative products has positioned them to serve a large and growing market, bringing modern infrastructure to advisors who have long been underserved,” said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC. “GIC looks forward to supporting Altruist in their mission to democratize access to financial advice through our long-term, flexible capital.”
ECHELON Partners’ Q1 RIA M&A Deal Report: Second-Highest Quarter For RIA M&A Deals On Record
A total of 118 RIA M&A deals were announced in the first quarter, marking the second-highest quarterly deal count on record, according to ECHELON Partners’ first quarter RIA M&A Deal Report. Deal volume was 31.1% higher than in the first quarter of 2024.
The report also found that RIAs maintained their relative market share and increased their target size for M&A deals. RIAs announced 86 transactions in the first quarter of the year, representing 73.7% of deal volume. Meanwhile, private equity and other financial sponsors counted 15 M&A transactions in Q1.
The volume of M&A deals suggested “heightened dealmaking optimism among buyers and sellers,” the report said. “If the current pace holds, ECHELON estimates that the total number of announced deals in 2025 will exceed 2024’s total, making 2025 the most active year in wealth management M&A history. The 370 announced transactions in 2025E represent a 21.6% discount to the 1Q25 annualized total, given that, in each year since 2020, Q2 deal volume was lower than Q1 deal volume as acquirers refill their M&A pipelines in preparation for year-end closings.”
Elevation Point Stakes Fortage Capital Advisors Of Michigan
Minneapolis-based Elevation Point announces a minority investment in Fortage Capital Advisors, a newly-launched firm in Bloomfield Hills, Michigan. Fortage’s Founder and Managing Partner, Andrew Moss, was previously Partner at Transcend Capital Advisors. Prior to that he worked for more than 25 years at Merrill Lynch. He is joined at Fortage by Matthew Harbarcuk as Director and Carrie Angott as Senior Client Service Associate.
Elevation Point is a growth accelerator for independent advisors that uses a minority stake model to partner with advisors and support their transition to independence, the firm said.
“As wirehouse veterans, Andrew and I understand how the journey from the wirehouse model to independence offers greater flexibility and client focus — which is at the core of our mission at Elevation Point,” said Jim Dickson, Founding Partner and CEO of Elevation Point. “Embodying the same mindset, the team at Fortage is committed to meeting the evolving needs of their clients, while staying focused on growth and aiming to deliver the best possible outcomes.”
Advisor Transactions
RFG Advisory Adds Advisors In North Carolina And Oregon
RFG Advisory recruits Tyler Brown, an advisor from Edelman Financial Engines in Raleigh, North Carolina. Brown partners with RFG to launch TurnPoint Wealth, where he is Founder and Wealth Advisor. RFG had over $4.9 billion in assets under management (AUM) and almost $6 billion in assets under advisement (AUA) as of March 31.
“When I decided the time was right to start my own business, RFG Advisory stood out as the perfect platform,” said Brown. “The support I have now is on an entirely different level — from modern tech tools and efficient back-office systems to a marketing team that actually understands how to help me grow.”
RFG also recruited Portland, Oregon-based Claudia Porter in March. She expands the firm’s footprint in the Pacific Northwest, joining as a Wealth Advisor. Prior to joining RFG, Porter was registered as a broker with Cambridge Investment Research. She is the author of the books “Women, Wealth, and Winning” and “On the Other Side.”
Raymond James Adds $325 Million Alaska Advisor From Edward Jones
Longtime Edward Jones financial advisor Al Biss joined Raymond James and its independent advisor network as Biss Wealth Partners, based in Anchorage, Alaska, the firm said. Before joining Raymond James Financial Services (RJFS), Biss managed about $325 million in client assets with Edward Jones, where he was an advisor for more than 25 years, according to the Biss Wealth Partners website.
He is joined by Registered Representative Vanessa Carpenter. The Biss team reports to Sanjiv Shukla, Western Assistant Division Director for RJFS. The firm has other RJFS advisors in Anchorage, as well as a Raymond James & Associates (RJA) employee advisor channel office there that it established in June.
“Raymond James provides a home for my practice where I can remain independent while leveraging access to its advanced resources,” said Biss. “The firm’s robust investment solutions and home office support enable me to engage in even deeper and more holistic financial planning for my clients.”
DayMark Adds $200 Million Team In Chicago And Park City, Utah
Cincinnati-based DayMark Wealth Partners adds a $200 million team led by John Kaufman, who is based in Park City, Utah. Kaufman brings over three decades of wealth management experience, including in alternative investments. Also joining DayMark are Portfolio Manager and Partner Gregg Kaplan and Director of Client Relations Hilary Bryson, both of whom are based in Chicago.
DayMark, founded in 2022, manages about $3.7 billion in client assets. Three years ago, it became a member of the Dynasty Financial Partners’ Network of independent advisors.
DayMark’s “flexible platform and commitment to client-first, tax-efficient strategies is exactly what we need to grow our business,” said Kaufman. “The firm’s multi-generational approach and deep bench of resources provide us with the tools we need to serve clients while building long-term relationships.”
SFA Partners’ Strategic Blueprint Recruits Advisory Firms With $200 Million From Osaic
Strategic Blueprint, an RIA in the SFA Partners family, recruited three firms representing $200 million in client assets combined. Two of the firms, AdvicePoint and The Wealth Plan Company, are located in Wilmington, North Carolina. The other, Clarity Financial Advisors, is based in Bothell, Washington, near Seattle. All three firms transitioned from Osaic.
Launched in 2017, Strategic Blueprint has over $2.8 billion in assets. The announcement comes after the firm named Michael Bryan Chief Growth Officer last May.
“Advisors appreciate our simplified pricing model, smooth transition process and resources that enable them to enjoy the benefits of having their own RIA while being able to rely on a trusted partner to relieve some of the compliance and regulatory pressures associated with running a business in this industry,” Bryan said.
Kestra Private Wealth Services Recruits $175 Million Turas Wealth Partners Father-Son Team
Austin, Texas-based Kestra Private Wealth Services (Kestra PWS) announces that Worthington, Ohio-based Turas Wealth Partners is joining its platform. Located near Columbus, Ohio, Taurus is led by its founders, father-and-son team John and Shea Marmion. The firm has over $175 million in client assets.
Kestra PWS is a hybrid RIA with a platform that is designed to support advisors transitioning to independence from a wirehouse or W-2 model. It has supported more than 125 advisors in becoming independent, the firm said. Kestra PWS is a subsidiary of Kestra Financial, which also includes Kestra Advisory Services and Kestra Investment Services. Kestra Financial oversees $142 billion in AUA. In the first quarter, Kestra Financial added a total of 26 advisors with combined AUM of more than $2.4 billion.
“We’re excited to support Turas Wealth Partners as they take this next step in their journey,” said Brian Campos, Vice President of Business Development at Kestra PWS. “Their client-first mindset and entrepreneurial spirit are exactly what we look for in our advisor partners.”
Promotions & People Moves
Signature Estate & Investment Advisors (SEIA) Appoints Matt Matrisian As President
Los Angeles-based Signature Estate & Investment Advisors (SEIA) names Matt Matrisian as President, effective April 28. Matrisian previously held positions at AssetMark and Raymond James. Together with Co-Founder and CEO Brian Holmes, he will co-lead SEIA’s expansion efforts as well as focusing on enhancing advisor services.
Founded in 1997, SEIA reached more than $30 billion in client assets in 2024. SEIA also promotes Eric Rosen to Chief Growth and Strategy Officer and Howard Chen to Chief Operating Officer.
“SEIA has the industry's best kept secret and one of the industry’s most compelling growth stories, and I’m excited to help spread the story,” said Matrisian. “Leveraging my experiences across M&A, technology, and advisor engagement to accelerate SEIA’s national expansion is incredibly exciting.”
Sound Income Group Hires Scott Clarke And Daniel Sheehan For Leadership Team
Fort Lauderdale, Florida-based Sound Income Group announces the hiring of Scott Clarke as Chief Experience Officer and Daniel Sheehan as Director of Life Insurance and Primary Advisor Coach. Clarke was previously Executive Creative Director at Advisors Excel, while Sheehan was most recently Vice President of Sales at Simplicity Group.
Sound Income Group operates three firms that support advisors in building income-focused practices. Sound Income Strategies is an RIA with more than $3.5 billion of AUM, Sound Income Academy is a coaching and marketing firm, and Retirement Income Source is a network of income-focused advisors.
“Scott Clarke and Daniel Sheehan bring deep industry knowledge and leadership experience that will directly benefit the advisors we serve,” said Patrick Farrell, President and COO of Sound Income Group. “These hires signal the next chapter in our growth and reinforce our commitment to providing best-in-class practice management, marketing, and business development services to our advisors.”
Big Bank & Wirehouse Activity
RBC Wealth Management Recruits $500 Million Team From Merrill Lynch
RBC Wealth Management announces that The MK Group, from Merrill Private Wealth Management, is joining its Austin, Texas, branch. The team brings nearly $500 million in AUM. It includes Nancy McDonald and Jason Khawaja, who are both Senior Vice President – Financial Advisor, Private Wealth Advisor. McDonald and Khawaja have 13 years of shared experience working with high net worth clients. Alexandria Hardcastle also joins as Senior Client Associate.
RBC Wealth Management, founded in 1909, had $667 billion in client assets as of Jan. 31 in the U.S. It has more than 2,200 advisors across 42 states, the firm said. It is a subsidiary of Royal Bank of Canada.
“We were searching for a firm that values our varied skillsets and will allow us to give our clients the attention they deserve,” said McDonald. “Leadership at RBC has been very accessible, open to our ideas and is supportive of how we run our business.”
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