This edition of the Deals & Recruiting Roundup covers MAI Capital acquiring Summit, Corient purchasing Northeast Financial, Moneta buying Lane Hipple, Waverly acquiring Brass Tax, Pritzker staking Wellspring, Stephens recruiting Carlton Forrester, LPL onboarding Ox Road, Carson landing Wells Trecaso, TradingBlock appointing Dave Gustafson as Director of Networking, World naming Bill Altman Head of Technology Strategy, Oppenheimer Europe hiring London-based credit team and Allworth appointing Jeffrey Green as Chief People Officer.
Larry's Take
While private equity investors often proceed along a linear path of capital investment that approaches an exit, as we discussed with experts previously, there are many variations on capital structures and the ideal end state. This week, The Pritzker Organization (TPO) provides an example of an extended investment horizon.
In the press release announcing its investment in the Wellspring Family Office, TPO says that it provides “permanent capital and a shared long-term vision.” In other words, the ideal end state of the capital structure may not include an exit at all.
Some capital investors are in the market to hold the business for the long haul, and for some RIAs and advisory firms, this may be the optimal choice. If a firm is looking a capital generating event that maintains operations and keeps the advisors, staff and business in place both currently and for successor generations, “permanent” capital may be the right choice.
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@ascentix.com.
Mergers & Acquisitions
MAI Capital Buys $570 Million RIA Summit Financial Advisors
MAI Capital Management acquires RIA Summit Financial Advisors, a San Mateo, California-based boutique advisory firm serving emerging affluent and high net worth clients and their families, with about $570 million in assets under management (AUM) when the deal closed on Sept. 12. The full Summit team will remain in place after the acquisition, with Co-Founder Rafael Velez taking on the role of Regional President, Senior Managing Director within MAI.
Summit was co-founded in 1998 by Velez, who served as its Managing Director prior to the transaction. The RIA, which has “deep roots” in Silicon Valley, specializes in equity-based compensation, concentrated stock portfolios and complex tax strategies.
“Raf and his team share our vision for client-first financial management, and their demonstrated expertise and specialized service offerings will strengthen MAI’s presence in California and beyond,” said Rick Buoncore, CEO and Chairman of MAI.
Corient Acquires Northeast Financial Consultants, Expands Into Connecticut
Corient purchases Northeast Financial Consultants, a Westbury, Connecticut-based RIA that oversees $4.5 billion in AUM. The deal marks Corient’s expansion into Connecticut.
Founded in 1983, Northeast Financial offers its clients investment management and alternative investments, retirement planning, estate planning and insurance analysis, integrating these services for tax reduction and maximized generational wealth transfer. Corient manages approximately $216 billion in client assets for ultra-high and high net worth individuals, families and businesses.
“With a track record built on disciplined planning and fiduciary excellence, Northeast Financial brings real strength to Corient,” said Kurt MacAlpine, Partner and Chief Executive Officer of Corient. “Their client-first philosophy and deep expertise align with our vision to reset the standard for what a modern multi-family office can deliver. We’re excited to welcome them into the Corient partnership.”
The Pritzker Organization Stakes Wellspring Family Office
The Pritzker Organization (TPO), the investment arm of billionaire businessman Tom Pritzker, purchases a stake in Wellspring Family Office. The Cleveland-based multi-family office will use the capital to grow its investment, tax and trust services; strengthen banking and advisory relationships; and upgrade technology and operations.
Tom Pritzker, the cousin of Illinois Gov. J.B. Pritzker, is the Chairman and CEO of the Hyatt hotel chain. Chicago-based TPO invests in a wide range of industries, including Steward Partners, an RIA that oversees $5 billion in AUM.
“We’re excited to enter this long-term partnership with Wellspring based on the core values and vision we share,” said Jason Sussman, Managing Director at The Pritzker Organization. “We were drawn to the way they put people and families at the center of everything they do. We are excited to support them as they continue to innovate on the multifamily office model with that North Star.”
Moneta Purchases $520 Million New Jersey-Based RIA Lane Hipple
Moneta Group Investment Advisors in St. Louis buys Lane Hipple Wealth Management Group, an RIA headquartered in Moorestown, New Jersey, that oversees $520 million in AUM as of Sept. 15. Founded in 2003 by Thomas Lane, Lane Hipple offers clients services in financial planning, investment management and insurance.
The company also works with companies on executive compensation plans and employee retainment programs such as student loans. Moneta currently manages $42 billion in AUM and operates offices in Denver, Kansas City, Boston, Chicago and Boulder, Colorado.
“Lane Hipple exemplifies the kind of partner we seek—advisors who put clients first, value independence, and are committed to building relationships that last,” said Moneta CEO and Chairman Eric Kittner. “We’re excited to support Lane Hipple’s deeply personal commitment to clients with our national platform and world-class resources.”
Waverly Purchases Brass Tax, Adds $465 Million In AUM
Birmingham, Alabama-based Waverly Advisors acquires Brass Tax Wealth Management, an RIA in Blue Ash, Ohio, that oversees $465 million in AUM. The deal closed Sept. 12.
Founded in 2014, Brass Tax provides clients with wealth planning, investment management and tax strategies. The deal, Waverly’s 25th transaction since Wealth Partners Capital Group and HGGC’s Aspire Holdings platform invested in 2021, increases Waverly’s total AUM to $19.9 billion.
“Partnering with the talented Brass Tax team advances Waverly’s vision of becoming a world-class RIA,” said Justin Russell, President and CEO of Waverly. “Neal and his team share a commitment to Waverly’s values and culture, essential to maintaining the collaborative environment at Waverly and elevating the client experience.”
Advisor Transactions
Stephens Onboards Atlanta Advisor Carlton Forrester
Stephens recruits advisor Carlton Forrester to help run its wealth management division as Managing Director and Senior Partner of the Forrester & Holmes Group in Atlanta. Forrester and Senior Vice President William Holmes lead the group.
Forrester, formerly with J.P. Morgan and UBS, served clients collectively holding $1.7 billion in assets. Founded in 1933, Stephens, based in Little Rock, Arkansas, provides brokerage, investment banking and other financial services to corporations, state and local governments, financial institutions and institutional and individual investors.
“Carlton brings exceptional expertise and insight, having worked with some of the most discerning ultra-high-net-worth individuals and families,” said Kevin Scanlon, Executive Vice President and Head of Stephens Private Wealth Management. “His ability to craft highly tailored solutions that align seamlessly with each client’s long-term vision and goals makes him an integral addition to our team.”
LPL Lands $1.25 Billion Ox Road Capital From UBS
LPL Financial nabs a team of advisors from UBS, who formed Ox Road Capital, a firm that serves approximately $1.25 billion in advisory, brokerage and retirement plan assets. Based in Greenville, South Carolina, Ox Road focuses on ultra-high net worth individuals, pre-retirees and retirees, C-suite executives, entrepreneurs, medical professionals and private foundations and endowments.
Ox Road affiliated with LPL’s strategic independence model, LPL Strategic Wealth. It is led by financial advisors Jeffrey Allen, Steve Armaly, Michael Lee and Brian A. Blackburn. It also includes Wealth Strategy Associates Marley Landrum, Brandon Mills and Nick Ray, and Client Service Associates Kyle Goff, Jack Shubert, Wendy Levi and Clark Rettberg.
“We welcome the Ox Road Capital team and congratulate them on going independent with LPL Strategic Wealth,” said Scott Posner, Managing Director, Business Development, of LPL. “We are committed to delivering sophisticated resources, innovative capabilities and strategic business solutions designed to help them build value with clients and win in the markets they serve.”
Carson Wealth Recruits $570 Million Wells Trecaso
Carson Wealth recruits Wells Trecaso Financial Group, an RIA based in Akron, Ohio, that oversees $570 million in AUM. The firm, which became independent in 2017, is led by Managing Partners and Wealth Advisors Douglas Wells and Ralph Trecaso.
Wells Trecaso also includes Partners and Wealth Advisors Christopher Walters and Samuel Trecaso and Operations Managers Michelle Weaver and Andrea Otte. Carson, based in Omaha, Nebraska, oversees $48 billion in AUM.
“Our new partnership with Wells Trecaso is about walking alongside Doug, Ralph and their team as they write the next chapter of their firm’s story,” said Carson Group CEO Burt White. “By supporting the Wells Trecaso team with our industry-leading practitioners, in-house experts and innovative technology, we’re helping them elevate the client experience, create a thoughtful succession plan and fast-track the development of junior advisors.”
Promotions & People Moves
TradingBlock Names Dave Gustafson Director Of Networking
Online broker TradingBlock appoints Dave Gustafson as Director of Networking. A technology executive with more than 25 years of experience, Gustafson will lead the design, development and management of TradingBlock’s network infrastructure, a critical component for ensuring speed and reliability in trade execution for retail and institutional clients.
Gustafson brings experience from leadership roles at Jump Trading, Chopper Trading, TransMarket Group and Calyon Financial, where he architected global networks and worked on low-latency trading connectivity. TradingBlock, founded in 2003 and headquartered in Chicago, is a FINRA-member broker-dealer providing trading technology and brokerage solutions.
“David’s expertise in building and optimizing high-performance trading networks will strengthen the foundation of our platform and ensure we continue to deliver powerful, fully customizable trading solutions to retail and institutional traders,” said TradingBlock President and CEO Jere Wickert. “His leadership will be invaluable as we scale TradingBlock’s infrastructure for the future of online brokerage.”
World Investment Advisors Appoints Bill Altman Head Of Technology Strategy
World Investment Advisors, a financial advisory firm based in Santa Barbara, California, hires Bill Altman as Head of Technology Strategy. In this position, Altman will oversee efforts to provide advisors with new technology, strengthen data-driven insights and further develop the firm’s digital infrastructure to support long-term growth.
He was most recently Executive Director at Hightower Advisors, where he supervised Salesforce development and enterprise platform integrations for over 120 offices. World’s network includes over 630 advisors and staff.
“Technology has become central to the wealth management experience, shaping how advisors deliver personalized, exceptional services to their clients,” said Troy Hammond, CEO of World Investment Advisors. “Bill’s proven leadership and vision will ensure we continue to innovate, giving our advisors the capabilities they need to grow their practices while delivering lasting value to clients.”
Oppenheimer Boosts European Credit Team
Oppenheimer Europe adds six senior London-based professionals to its High Yield and Distressed Credit business. The group previously worked at Stifel. They will work with Oppenheimer’s high-yield teams in the U.S. and Hong Kong to provide access to high-yield and distressed credit opportunities to investors around the globe.
The team includes Mike Paget, Managing Director & Head of High Yield and Distressed Sales and Trading; Michael Levy, Managing Director & Head of High Yield and Distressed Trading; Marc Magliana, Managing Director & Head of High Yield and Distressed Sales; Matthew Smith, Managing Director, Loans and Distressed Trading; Nicolas Bourguignon, Managing Director, Head of High Yield and Distressed Research; and Andrew de Almeida, Executive Director, Business Manager, High Yield and Distressed Fixed income.
“We are delighted to welcome the team to Oppenheimer,” said Max Lami, CEO of Oppenheimer Europe. “Their expertise and track record in distressed debt trading, research and execution will be instrumental as we expand in Europe and enhance our ability to serve clients globally. Their arrival firmly embeds Europe within Oppenheimer’s High Yield, Distressed and Credit businesses, ensuring that institutional clients benefit from thought leadership and execution on a global scale.”
Allworth Financial Appoints Jeffrey Green As Chief People Officer
Allworth Financial, an RIA based in Folsom, California, names Jeffrey Green as Chief People Officer. Green will oversee the company’s culture, talent development and organizational design to improve employee and advisor experiences.
He most recently served as Chief Human Resources Officer at Osaic, which employs more than 2,400 people and hosts a network of 14,000 financial advisors. Founded in 1993, Allworth oversees approximately $31 billion in AUM and assets under administration.
“Jeffrey’s arrival marks an important step in Allworth’s evolution,” said John Bunch, CEO of Allworth Financial. “We’re at a stage where growth is about more than numbers; it’s about deepening our culture, supporting our people, and preparing for the future. Jeffrey’s experience bringing teams together and building strong talent programs will ensure that as Allworth expands, our people remain connected and supported.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
