This edition of the Deals & Recruiting Roundup covers LPL completing its acquisition of Commonwealth, Arax purchasing Summit Wealth Strategies, Aspen buying MG Financial, GeoWealth raising $38 million in venture capital, Carson buying office in Pennsylvania, EdgeCo completing its acquisition of Axios Advisory Group, Sanctuary recruiting Fossil Rock, Ameriprise onboarding ChoiceOne, Cetera landing Wilkinson Wealth Management and CPW Advisors, Merchant partnering with Sterling Trustees, LPL’s appointment of Emily Field as Chief People Officer and Oppenheimer naming David Wright as Managing Director and Co-Regional Manager of the Pacific Northwest.
Larry's Take
As readers know well, M&A is surging throughout wealth management. This week LPL closes its acquisition of Commonwealth, Aspen makes a fourth acquisition over $1 billion since its founding last year and Apollo invests in GeoWealth – just to name some highlights.
At the same time, the IPO markets are beginning to show an uptick. As we covered last year, the linear view of capital structures, which proceeds from VC to PE to IPO, isn’t necessarily the default approach anymore, but if IPO markets continue to strengthen, we may see capital structures start moving in that direction.
It’s too early to tell at this point whether this will impact the wealth management industry, but we should monitor the situation as it unfolds. Capital that makes it to the exit often comes back in and starts the journey again, which could provide a further boost to M&A.
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
LPL Closes Commonwealth Deal
LPL Financial Holdings completes its acquisition of Commonwealth Financial Network, a wealth management firm that oversees $305 billion in assets. Commonwealth CEO Wayne Bloom joins the LPL management committee as a Managing Director and will continue to lead Commonwealth.
The deal, announced in late March, raised questions about how many financial advisors would stay with Commonwealth after the acquisition. LPL says it remains “on track” to achieve its 90% retention target and that Commonwealth advisors will join the LPL platform by the fourth quarter of 2026.
“Advisor success is woven into every aspect of the Commonwealth business, and we’re proud to welcome an incredible community of Advisors and the talented team at Commonwealth,” said Rich Steinmeier, LPL Financial CEO. “With Commonwealth joining LPL, we’re creating the best-in-class firm for financial Advisors through customized experiences and a breadth of wealth management solutions that enable Advisors to achieve sustainable success.”
Arax Buys $1 Billion Missouri RIA
New York City-based Arax Investment Partners acquires Summit Wealth Strategies, an RIA based in Chesterfield, Missouri, with $1 billion in assets under management (AUM). The deal closed July 31.
Summit operates 11 offices across Missouri and Texas. The company provides personalized, multigenerational financial planning to individuals, families and business owners. Summit represents Arax’s fifth expansion this year, according to Arax. Arax is backed by RedBird Capital Partners.
“We’re building a platform for accomplished advisors who combine an entrepreneurial mindset with an unwavering commitment to client outcomes,” said Haig Ariyan, CEO of Arax. “The team at Summit exemplifies that spirit. Their culture of integrity, professionalism and growth makes them a natural fit for our model.”
Aspen Acquires MG Financial, Continues Expansion In New England
Aspen Standard Wealth in New York City purchases MG Financial, a Braintree, Massachusetts-based RIA that oversees $1.1 billion in AUM. Founded in 1996, MG Financial provides tax and estate planning and asset allocation services to entrepreneurs, business owners, CEOs and their families.
MG Financial marks Aspen’s third RIA acquisition in New England since its launch in 2024. Aspen previously bought SKY Investment Group in Hartford, Connecticut, and New England Private Wealth Advisors in Boston. Aspen also recently acquired Summitry in the San Francisco Bay Area.
“We are honored to partner with the incredible team at MG Financial and to work together to build on their long-term vision to serve sophisticated families with complex wealth management needs,” said Aly Kassim-Lakha, CEO of Aspen.
GeoWealth Raises $38 Million In Latest Funding Round, Led By Apollo
GeoWealth raises $38 million from investors led by alternative asset manager Apollo. The round also includes $18 million investment by BlackRock, J.P. Morgan Asset Management and Kayne Anderson Capital Advisors, which was announced a year ago.
GeoWealth said it plans to use the capital to expand its public-private model capabilities, as well as invest in product development and human capital to meet increased demand for broader assets in unified managed accounts (UMA). GeoWealth also partners with Apollo to combine its UMA technology with Apollo’s private markets “building blocks” to help clients build multi-asset portfolios.
“With Apollo joining as a strategic investor and partner, we’re accelerating our commitment to building unified public-private model portfolios and supporting advisors with the flexible technology, investment choice and resources they need to deliver customized solutions,” said Colin Falls, CEO of GeoWealth.
Carson Group Acquires Pennsylvania Carson Wealth Location
Carson Group fully acquired a Carson Wealth office in Doylestown, Pennsylvania. The Doylestown team, with $353 million in AUM, is led by Managing Partner and Wealth Advisor Mick Edwards.
The office also includes Partners and Wealth Advisors Janet Barrett and Scott Wetherbee, Director of Wealth Planning Kevin Oleszewski, Wealth Advisors Jonathan Moyer and Jimmy Cuorato and Associate Wealth Advisor Connor White. Doylestown is Carson’s 30th wholly owned office. Carson Group, based in Omaha, Nebraska, manages over $45 billion in assets.
“Doylestown represents everything we look for in a team—deep community ties, a multigenerational perspective and an unwavering commitment to putting clients first,” said Burt White, CEO of Carson Group. “As a wholly owned location, they’ll now have access to the full ecosystem of Carson resources, including holistic tax and estate planning, advanced investment strategies and robust technology—all while maintaining the heart and soul of what makes their client relationships so special.”
EdgeCo Holdings Completes Acquisition Of Axios Advisory Group
EdgeCo Holdings finalizes its deal to buy Pittsburgh-based Axios Advisory Group, which also includes the purchase of American Pension Benefit’s retirement plan administration and recordkeeping services, as well as the investment advisory services of Axios Wealth Management.
Axios Advisory Group is now a part of EdgeCo’s AmericanTCS Holdings business unit. AmericanTCS comprises American Trust Retirement, American Trust Wealth, American Trust Custody, AmericanTCS Fiduciary Services and American Technology Automation, all the trust custody and retirement operations EdgeCo has bought since 2018.
“Our mission at AmericanTCS is to help create financial security for all Americans by bringing together industry-leading technology, investment solutions and, most importantly, people with deep experience in the retirement industry,” said Tim Friday, CEO of AT Retirement Services and American Trust Custody. “The addition of Axios Advisory Group aligns with our simple goal of making sure our business partners’ time is best spent in front of the client creating excellent outcomes, not dealing with operational challenges.”
Advisor Transactions
Sanctuary Partner mFORCE Adds $400 Million Team From Truist
A Fort Worth, Texas-based team managing $400 million in client assets forms Fossil Rock Private Wealth and joins the Sanctuary Wealth network through mFORCE Capital, one of its largest partner firms.
Fossil Rock was founded by former Merrill Lynch wealth advisor Larry Milton, who was most recently affiliated with Truist Investment Services. mFORCE, with client assets totaling $2.3 billion after adding Fossil Rock, was established when Bradley Bruce, a former Managing Director at Merrill Lynch, formed it as a partner firm of Sanctuary.
“Brad and his group have seen tremendous growth since launching mFORCE as part of the Sanctuary network four years ago, when they left Merrill Lynch,” said Vince Fertitta, President, Wealth Management at Sanctuary. “Attracting a partner of the caliber of Fossil Rock is further proof of mFORCE’s compelling value proposition and its incredible future as a home for elite breakaway practices looking to partner with an established firm.”
Ameriprise Recruits ChoiceOne Bank From Osaic
Ameriprise Financial’s Ameriprise Financial Institution Group in Minneapolis lands the investment program of ChoiceOne Bank, a Sparta, Michigan-based bank holding company, from Osaic Institutions. The program, ChoiceOne Wealth Management, manages approximately $780 million in assets.
ChoiceOne Wealth Management includes 10 financial advisors and two support staff members. ChoiceOne Bank oversees more than $4.3 billion in assets with 56 branches in Michigan. Ameriprise Financial has a network of approximately 10,000 advisors.
“We’re excited to welcome ChoiceOne Bank to Ameriprise Financial and support their continued effort to deliver outstanding investment and advisory services to clients,” said Jay McAnelly, Group Vice President, Ameriprise Financial Institutions Group. “ChoiceOne has a strong legacy of serving communities with excellence across the state of Michigan, and we’re proud to partner with them to deliver an exceptional wealth management experience backed by industry-leading capabilities.”
Cetera Recruits Two Advisor Teams With Combined $493 Million In Assets
Cetera Financial Group onboards Wilkinson Wealth Management from LPL Financial and CPW Advisors from United Planners Financial Services of America. The former, led by Advisor Susan Wilkinson, oversees $380 million in assets under administration (AUA). The latter, led by Christopher Crosby, managed approximately $113 million in AUA as of May 21.
Wilkinson founded Wilkinson Wealth Management in Charlottesville, Virginia, firm 17 years ago with a focus on financial planning, including estate planning and tax planning. Cetera managed approximately $590 billion in AUA and $263 billion in AUM as of June 30.
“Susan is a terrific, hard-working financial advisor and business owner who has created a phenomenal practice filled with great people,” said Cetera Advisor Channel Leader Tom Halloran. “With approximately 80% of his business being advisory services, Chris offers his clients personalized service,” Halloran said, “so knowing he’ll have a Cetera Regional Growth Team of five to 10 people regularly working with him, that’s a significant value-add from the beginning.”
Strategic Partnerships
Merchant Partners With Sterling Trustees To Expand Global Trust Capabilities For RIAs
Merchant, a New York City capital provider, announces an alliance with Sterling Trustees. The collaboration allows Merchant to offer Sterling’s trust administration services to RIAs along with a network of experts in estate law, tax advisory, investment management and philanthropic planning.
Sterling, based in Sioux Falls, South Dakota, administers over $11 billion of client trust assets globally. Founded in 2008, the company supports clients in over 25 countries and specializes in domesticating foreign trusts.
“The demand for high-quality, independent trust services has never been greater—both within the Merchant community and across the broader independent wealth management space. Our partnership with Sterling is a direct response to that demand and reflects our ongoing commitment to connecting advisors with essential service providers who elevate the client experience,” said Tim Bello, Co-Founder and Managing Partner at Merchant.
Promotions & People Moves
LPL Hires Ex-McKinsey Partner As New HR Head
LPL Financial appoints Emily Field, a former Partner at McKinsey, to serve as Chief People Officer and Group Managing Director. She joins LPL’s Management Committee and will lead all Human Resources departments including Talent Management; Total Rewards; Learning, Culture and Engagement; and HR Business Partners, with oversight for talent strategy and employee experience for more than 9,000 employees.
Before joining LPL, Field served as a Partner at McKinsey in its People and Organizational Performance Practice since January 2023 and held other leadership roles in the firm since 2017, according to her LinkedIn profile. She also held leadership roles at Accenture for over six years.
“Emily has earned deep trust from her clients by consistently bringing a data-driven, people-first approach to talent strategy,” said LPL CEO Rich Steinmeier. “Her expertise aligns perfectly with our priorities at LPL—elevating the employee experience to build a high-performance culture.”
Oppenheimer Names David Wright Managing Director In The Pacific Northwest
Oppenheimer & Co. appoints David Wright as Managing Director and Co-Regional Manager for the Pacific Northwest. The investment bank and wealth management firm said the move reflects Oppenheimer’s commitment to expanding in the region, which includes Oregon and Washington. Mark Trafford was promoted to co-lead the region with Wright.
Wright most recently served as Senior Vice President and Seattle Market Director at D.A. Davidson Companies. He also held management roles at Wells Fargo Advisors, Raymond James, Morgan Stanley and TD Ameritrade.
“We are thrilled to welcome David to Oppenheimer,” said Ed Harrington, Executive Vice President and Head of Private Client Division at Oppenheimer. “He brings the right energy, deep market knowledge and leadership experience to the firm, which will help us accelerate growth in an area of the country that is teeming with opportunity.”
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