This edition of the Deals & Recruiting Roundup covers Mercer acquiring O’Brien Wealth, Steward purchasing Consulium, Savvy raising $72 million in venture capital, Cambridge recruiting The AmeriFlex Group, Sanctuary landing advisor Justin Koch from Edward Jones, Raymond James recruiting seven advisors from Ameriprise, RBC landing advisors from UBS and Janney Scott Montgomery, Fidelis naming Paul Trippe as Partner, Triad appointing Derek Sullivan as CFO and Scott Rinehart as President and Chief Wealth Officer of Triad Wealth Partners, LPL naming Mike Holtschlag as Executive Vice President of Banking and Lending, Choreo appointing Jason Van De Loo CEO and EP Wealth naming Margaret Jarocki as Head of Partnership Integration.
Larry's Take
AmeriFlex says it is moving almost $12 billion to Cambridge, a transition that proved controversial in no small way as multiple versions of the story have emerged with AmeriFlex’s former partner, Osaic, disagreeing on facts and causes. Instead of getting into the weeds of this particular controversy, I’d like to draw some wisdom from this to share with you: Controversies about advisor recruiting will become more frequent as the talent pool shrinks. At present, the many initiatives to recruit and train Next Gen talent and increase advisor productivity are still lagging behind the industry’s needs. Think of it like a heater and air conditioner in the same room. Right now the heat is winning. It will take more innovation and solutions to cool things down. 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
Mercer Acquires $1.1 Billion Women-Led Advisory Firm
Mercer Advisors acquires O’Brien Wealth Partners, a Waltham, Massachusetts-based firm that manages about $1.1 billion in client assets and widens its footprint in the Greater Boston area. By joining Mercer, the O’Brien team and their clients get access to integrated family office services, including estate planning, tax strategy and preparation, corporate trustee services and investment management.
The acquisition of O’Brien is Mercer’s 104th since it started its M&A strategy in 2016. In May, Mercer announced that it surpassed 100 M&A partner deals with the acquisitions of RIAs Tufton Capital Management in Hunt Valley, Maryland, and Lewis Wealth Management in Denver.
“O’Brien Wealth brings a distinctive, high-touch model and a forward-thinking team that aligns well with our service philosophy,” said Ben Kautz, Executive Managing Director at Mercer. “By joining forces, we can equip them with additional resources—from integrated technology to family office services—that support sustainable growth and deepen client impact in a competitive market like Greater Boston.”
Steward Buys $1.1 Billion Consulium, Adds RIA To Legacy Division
Steward Partners purchases Consulium Wealth Management, expanding in Northern California, including the Bay Area market. Founded in 2010, Consulium, led by Partner John Seo, oversees $1.1 billion in assets under management (AUM) for high net worth individuals and families.
Steward recruited Consulium to its Legacy Division, which focuses on advisors seeking help with long-term succession and continuity. The Legacy Division provides scale, resources and operational support for advisors planning for retirement, team transitions or growth.
“John and his team at Consilium represent exactly the kind of exceptional talent we’re attracting as we build something truly special within Steward Partners’ Legacy division,” said Scott Danner, EVP & Head of Legacy at Steward Partners. “This isn’t about transactions—it’s about relationships. We’re intentionally designing a culture where top-tier advisors identify the value in joining us because of the infrastructure, support, and future forward vision we offer.”
Savvy Wealth Raises $72 Million In Series B, Including From Mark Casady
Savvy Wealth raises $72 million from investors, including former LPL Chairman and CEO Mark Casady, founder of Vestigo Ventures. The Series B round of financing was led by Industry Ventures and includes Euclidean Capital, Canvas Ventures, Thrive Capital, The House Fund, Brewer Lane Ventures and former Focus Financial executive Vamsi Yadlapati. Casady joins Savvy’s board of directors.
Savvy, which now has raised a total of $100 million, plans to use the investment to accelerate its core technology offering, hire technical talent and expand recruitment of advisors and advisory teams to its affiliate RIA, Savvy Advisors. The company is building a platform that uses AI to provide advisors with predictive, real-time intelligence tailored to individual client financial profiles and needs. Savvy oversees more than $2 billion in AUM.
“AI is disrupting financial advice, but not in the way that many have predicted,” said Ritik Malhotra, Founder and CEO of Savvy Wealth. “Rather than replacing advisors, it’s amplifying their ability to deliver highly personalized and deeply human client experiences. As modern advisors continue to choose independence, Savvy’s boutique culture, cutting-edge technology and full-service platform offers them a welcome home where their voice matters.”
Advisor Transactions
Cambridge Recruits The AmeriFlex Group From Osaic, Adds Nearly $12 Billion In Assets
Cambridge Investment Research lands The AmeriFlex Group, a Las Vegas-based hybrid RIA that manages $11.87 billion in client assets. The firm, which has 129 advisors, is led by Founder and CEO Thomas Goodson, Chief Operating Officer Jesse Kurrasch, Chief Transitional Wealth Officer Hannah Buschbom and Chief Compliance Officer Diana Heu. It was previously affiliated with Osaic.
Founded in 2019, AmeriFlex‘s SuccessionFlex program allows advisors to sell 30% to 40% of their current revenue stream to The AmeriFlex Group. In partnership with Cambridge, AmeriFlex says it “can now offer hybrid, RIA-only, W-2 and SuccessionFlex-based affiliations.”
“Independence is more than a business model – it’s the atmosphere and culture you must foster, and we are thrilled The AmeriFlex Group chose our community to continue building their business,” said Cambridge CEO Amy Webber. “Tom, Jesse and the leadership team are exactly the kind of innovators who will succeed within a truly independent wealth management structure.”
Sanctuary Enters Oklahoma With $225 Million Advisor From Edward Jones
Sanctuary Wealth extends its footprint into Oklahoma by recruiting Justin R. Koch from Edward Jones, with $225 million in client assets. Koch opens CopperSky Wealth in Elk City, which also includes Financial Advisor and Wealth Analyst Kari Payne and Client Service Associate Joy York.
Before forming CopperSky Wealth, Koch worked for 17 years as a financial advisor with Edward Jones in Arizona and Oklahoma. CopperSky focuses on C-suite professionals, oil and gas executives and business owners.
“Justin spent his entire career in an employee model and knew the time was right to make the jump to independence and run his own business,” said Vince Fertitta, President, Wealth Management, Sanctuary Wealth. “After thorough reflection and due diligence, he chose Sanctuary to support him during his next chapter, when CopperSky will be empowered to enhance the value of service delivered to clients beyond anything previously available to them.”
Former Ameriprise Advisors With Over $1.1 Billion In Assets Join Raymond James
Raymond James Financial Services (RJFS) recruits seven former advisors with Ameriprise Financial who collectively managed more than $1.1 billion in client assets. Led by Jak Cukaj, Neal Siena, Charles Camilleri and Brigitte Davison, the group has established three independent practices: QuantumView Wealth Management, Camilleri Wealth Management and a self-named practice by Davison.
Founded by Cukaj and Siena, the team at QuantumView Wealth Management includes financial advisors Adam Sloane and William Longing. Davison’s practice includes advisor Lilibeth Miranda.
“It’s my pleasure to welcome Jak, Neal, Charlie, Brigitte, Adam, William, Lilibeth and their teams to Raymond James,” said Alex David, Northeast Division Director for RJFS. “Their collective industry expertise and sophisticated approach make an outstanding addition to the firm, further strengthening our presence in the Northeast. I look forward to supporting their continued success backed by our industry-leading technology and capabilities.”
RBC Lands Advisors From UBS, Janney Montgomery Scott
RBC Wealth Management recruits advisors who collectively managed nearly $1.7 billion in client assets. The Centennial Wealth Management Group managed $1.1 billion in client assets at UBS and is based in Purchase, New York. It includes financial advisors Glenn R. Bianco, Michael G. Daly, George P. Kanas, Marisa Bianco and Marc N. Colamaria.
The MD Wealth Management Group, which managed $370 million in client assets for Janney Scott Montgomery, is based in Franklin, Tennessee, and includes advisors Brad Dickens and Jason Minor. The JS Wealth Management Group, also in Franklin, which managed $200 million in client assets for Janney Scott Montgomery, includes advisors Jim Stephens and Jamie Smith.
“The Centennial Wealth Management Group, formerly one of UBS’s elite teams, has helped clients through four recessions, a pandemic and several market corrections,” said New York Metro Complex Director John Moran. “We are excited to expand the RBC Wealth Management presence in Tennessee with this new office in Franklin, one of the fastest growing cities in the country,” said Complex Director Mark Borcherding.
Promotions & People Moves
Fidelis Capital Hires Former Bank Of America Exec As Partner
Fidelis Capital, an advisor-owned wealth management firm serving ultra-high net worth clients, names former veteran investments executive Paul Trippe as Partner. He also joins Fidelis Capital’s Investment Committee.
Trippe brings more than four decades of experience managing investment needs for ultra-high net worth clients and institutions. Most recently, he served as Managing Director and Market Investment Executive at U.S. Trust and Bank of America Private Bank, where he managed over $2 billion in client assets, a position he left in December 2023.
“Paul’s desire to ‘unretire’ to ensure the families he cares about have the right advisory team for generations to come is proof enough of his commitment to clients’ best interests,” said Rick Simonetti, Founding Partner, CEO and Head of Wealth Planning at Fidelis Capital. “It’s incredibly humbling that Paul chose Fidelis Capital as the firm to join and as the home for those families.”
Triad Names Two Top Executives
Triad Partners appoints Derek Sullivan as CFO and Scott Rinehart as President and Chief Wealth Officer of Triad’s wealth management affiliate, Triad Wealth Partners. As CFO, Sullivan will lead financial management, strategic capital allocation and risk oversight while Rinehart will oversee advisor relationships, wealth management services and internal team operations.
Sullivan previously spent 17 years at Fidelity Investments. He was most recently COO and CFO of NovoEd, a social collaborative learning platform and wholly owned subsidiary of Fidelity. Rinehart served as Triad’s Chief Planning Officer for nearly two years, where he led the development and execution of the firm’s financial planning strategy.
“Bringing Derek and Scott onto our leadership team strengthens the foundation we’ve built for long-term growth,” said Brad Johnson, Co-Founder of Triad Partners. “They will give us the capacity to remain focused on strategic expansion while elevating our day-to-day operations. Triad is a movement rooted in helping our members shift their mindset and vision to unlock greater joy and freedom in both their business and lives.”
LPL Appoints Mike Holtschlag As Executive Vice President Of Banking And Lending
LPL Financial names Mike Holtschlag as Executive Vice President of Banking and Lending, where he will oversee the strategy, development and execution of products and services like cash management accounts, credit cards and secured credit lending.
Holtschlag spent 17 years at Fidelity Investments. He served as Senior Vice President for the Saving, Spending, and Lending Business within Personal Investing. Holtschlag was also a Principal at The Boston Consulting Group
“Simplification and centralization are key for both advisors and investors,” said Aneri Jambusaria, Group Managing Director of Wealth Management at LPL Financial. “Mike’s deep expertise in financial solutions and his proven track record in driving innovation will be instrumental in advancing our banking and lending initiatives, ensuring we continue to offer exceptional, one-stop solutions that reduce friction and power growth for our advisors. With Mike on board, we look forward to continuing to elevate LPL as the destination of choice in wealth management.”
Jason Van de Loo Joins Choreo As CEO
Choreo names Jason Van De Loo CEO, where he is tasked to boost the RIA’s strategic expansion and continue the firm’s development of innovative products and services. Former CEO Larry Miles moves to the newly created position of Executive Vice President of Strategic Partnerships.
Before joining Choreo, Van de Loo held several leadership roles over a decade at Edelman Financial Engines, rising to Executive Vice President, Head of Wealth Management and Chief Marketing Officer. Choreo, based in Chicago, serves over 7,000 clients with approximately $27.2 billion in assets under management and advisement as of December.
“High-net-worth clients, including senior executives and owners of closely held businesses, increasingly have opportunities and challenges at the intersection of wealth management and financial and tax planning,” said Van de Loo. “Choreo has positioned itself at this intersection, and I’m excited to join the firm as it’s preparing to take this offering to the next level.”
EP Wealth Advisors Appoints Margaret Jarocki As Head Of Partnership Integration
EP Wealth Advisors names Margaret Jarocki as Head of Partnership Integration. She will oversee the company’s integration of people, technology, processes and culture for each new partnership while closely working with the firm’s M&A, technology and operations teams.
Jarocki will report to the firm’s COO, Jorge Bernal. She spent 13 years at CAPTRUST and four years at Credit Suisse, most recently serving as Senior Director of Integrations at Captrust Financial Advisors. EP Wealth is a fee-only RIA managing $32.6 billion in assets as of March 31.
“Margaret’s track record of executing complex integrations with both operational precision and a client-first mindset makes her the ideal leader for this critical role,” said Jorge Bernal, COO of EP Wealth. “Her leadership will be instrumental as we continue to scale through strategic partnerships and accelerate our growth.”
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