This edition of the Deals & Recruiting Roundup covers Mercer acquiring West Oak Capital and Eagle Wealth Management, Merchant staking Validus, Madison Dearborn buying wealth management businesses from Aon, Corient purchasing Stonehage Fleming and Stanhope Capital Group, Savant acquiring PrairieView, Modern Wealth buying Public Safety Financial/Galloway, CW Advisors purchasing Capital Management Services and CHB Investment Group, Granite Islands Private Wealth debuting in Connecticut, Canterbury Capital Management launching in Alabama, Elevation Point partnering with Goldman Sachs, Hightower naming Randy Bullard as Head of Investment Management and FNZ making two executive appointments.
Larry's Take
Sometimes niches develop in areas that may not be so obvious. High net worth clients, heirs of the Great Wealth Transfer, professional groups such as physicians and business owners (see Canterbury below) and many other areas attract attention, but how many advisors thought about first responders as a niche?
Modern just bought $1.1 billion RIA Public Safety Financial/Galloway, which serves government employees, police, veterans and firefighters. Modern plans to build the operation in Phoenix and spread it to new geographies. The simple truth is firefighters build wealth. So do military. The mass affluent are still affluent.
With enough creativity and an open perspective, niches can be discovered and developed. Underserved people who deserve good financial advice can receive attention and service. Modern’s move is exciting, because it demonstrates that our industry’s mission to provide financial advice continues to expand to people who need it.
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 To Expand In California, Idaho And Oregon With Latest Acquisitions
Denver-based Mercer Advisors buys RIAs West Oak Capital, headquartered in Eagle, Idaho, and Eagle Wealth Management and its sister firm Eagle Wealth Accountants, based in Bend, Oregon.
The acquisitions add a total of about $850 million in assets to the $81 billion in client assets under management (AUM) that Mercer said it had. The deals follow Mercer’s announcement in January that it entered the Bend market by recruiting advisors Dave Stuehling and John Swanson, who added $200 million in total AUM and helped Mercer further expand its presence in the Pacific Northwest.
“Joining forces with Mercer Advisors allows us to broaden what we can offer to our clients and their families,” said Byron Snider, Founding Partner and President of West Oak. “We’ll gain access to additional resources, technology and infrastructure that will elevate our service model while maintaining the personal touch our clients have always valued.”
Merchant Stakes Validus, Seeks To Build Out Private Asset Model
Merchant forms a strategic partnership with Validus Capital, a Los Angeles-based RIA that oversees $2.5 billion in AUM. The firms plan to enable Validus to offer ultra-high net worth clients interested in private markets the personalized service of a single-family office combined with the broader resources of an RIA.
Founded in 2022 by John Krambeer, Validus built an alternative investments platform, with proprietary reporting tools designed to provide greater transparency into private assets. The company said Merchant will provide it with the capital and resources to develop its alts distribution and reporting capabilities, attract advisors and expand its multi-family office services.
“Families and institutions are seeking broader access to private markets at the same time as RIAs are stepping forward as the trusted channel for that access,” said Marc Spilker, Executive Chairman at Merchant. “Validus stands out because they’ve built a model that delivers the sophistication of a single-family office, coupled with best-in-class private markets access and reporting.”
Private Equity Firm To Purchase Wealth Management Businesses From Aon
Madison Dearborn Partners (MDP), a Chicago-based private equity firm, will pay approximately $2.7 billion to acquire a majority of Aon’s NFP wealth management businesses, including Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms. The deal will close at the end of the fourth quarter this year.
MDP will consolidate and operate the acquired businesses under a single brand name. Michael LaMena, who is currently the CEO of Wealthspire, will lead the new company as CEO, and Carl Nelson, who is currently Head of M&A at NFP, will serve as President.
“For more than twenty years, we have successfully generated value for our portfolio companies in the financial services sector and are tremendously excited to welcome these outstanding businesses back to MDP,” said Vahe Dombalagian, Managing Partner and Co-Head of Financial Services at MDP. “Aon and NFP have been great partners, and we’re pleased to deepen our relationship through this transaction.”
Corient Starts Global Expansion With Acquisitions Of Two UK-Based Advisory Firms
Corient plans to buy U.K.-based advisory firms Stonehage Fleming and Stanhope Capital Group, transactions that will double Corient’s total assets to $430 billion. The purchases will close in the first half of 2026. The purchases, Corient’s first outside the U.S., establish its presence in Europe, the Middle East and Africa.
Shortly following this announcement, Corient announced the acquisition of Boston-based Breed’s Hill Capital, with approximately $3.5 billion in AUM. In August, it bought Messick Peacock & Associates, a Dallas-based Raymond James advisory team with $1.54 billion in assets, and in January, Geller & Co.’s $10.4 billion multi-family office business.
“With this expansion, Corient becomes the world’s largest independent advisory firm focused on the holistic needs of ultra-high-net-worth and high-net-worth clients,” said Kurt MacAlpine, CEO and Partner of Corient. “This combination of three storied firms creates a truly global wealth manager and multi-family office with formidable resources and deep expertise in serving the world’s wealthiest individuals and families.”
Savant Expands Into Minnesota With Acquisition Of PrairieView
Savant Wealth Management purchases CPA-led PrairieView Partners, a St. Paul, Minnesota-based RIA that oversees $1.2 billion in AUM. The deal closed Aug. 31.
Founded in 2008, PrairieView serves individuals, trusts, retirement plans, estates, charitable organizations and small businesses. PrairieView’s partners will join Savant as member-owners, including Matt Weier, Paula Price, Kristy Schaffer, Jonathan Jaranson and Bo Aylin, who also served as PrairieView’s Chief Compliance Officer.
“PrairieView is a CPA-led firm that will enhance both our advisory and tax teams, and help us improve our client experience long-term,” said Brent Brodeski, Founder and CEO of Savant. “As the accounting profession contracts nationally, we remain committed to expanding our capabilities in this critical area.”
Modern Wealth Purchases PSF/Galloway, Establishes New Division
Modern Wealth Management buys Public Safety Financial/Galloway (PSF), an RIA in Mesa, Arizona, that oversees $1.1 billion in AUM. With this deal, Modern launches Public Safety Financial, a new division that serves police officers, firefighters, government employees, military veterans and their families.
Founded in 2006 by Mike Galloway, a former U.S. Marine and police lieutenant, PSF provides financial education and retirement planning services to first responders and their families across 100 police and fire departments in the Phoenix area. Modern plans to establish Phoenix as a major hub while expanding PSF’s reach throughout the Southwest.
“It’s a privilege to serve the people who serve us, and launching a dedicated first responder division is a meaningful milestone for Modern Wealth,” said Jason Gordo, Co‑Founder and President of Modern Wealth. “Mike and his team have built an incredible culture and business around supporting public safety members. At Modern Wealth, we’ve been rapidly but thoughtfully expanding our national footprint and presence in key regions.”
CW Advisors Adds Two Pennsylvania RIAs, $575 Million In AUM
CW Advisors (CWA) acquires Capital Management Services and CHB Investment Group, both located in Pennsylvania. The deals add $575 million in AUM to Boston-based CWA, which now oversees $14.5 billion in AUM.
The transactions, which closed last month, mark CWA’s first acquisitions since Osaic acquired it in August. CWA now employs more than 150 people across 22 offices throughout the country.
“It is an exciting time at CWA,” said its CEO Scott Dell’Orfano. “We are happy to have welcomed both the CMS and CHB teams to our firm in recent weeks. They bring a wealth of experience, and their client first focus is a natural fit with our firm’s culture. Their office locations expand our growing presence in Pennsylvania.”
Advisor Transactions
Granite Islands Private Wealth Debuts In Connecticut
Granite Islands Private Wealth launches as an RIA based in Guilford, Connecticut. The firm, which manages over $1 billion in client assets, serves individuals, families and businesses.
Granite Island is led by Founders and Managing Directors Charles Andriole and Robert DeLucca, who both previously worked as The Andriole Group at Hightower and Merrill Lynch. The RIA also features Michele Arsenault as Operations Manager and Lorenzo P. Gaudioso as Wealth Advisor, Retirement Plan Advisor.
“We are excited to launch Granite Islands Private Wealth and take our independence to a new level with industry-leading resources, technologies, and solutions,” Andriole said. “We know what it means to be a fiduciary—and have designed Granite Islands as a highly focused, planning-driven firm to cater to the unique and evolving needs of clients, protect their best interests, and align the right services and opportunities to help them achieve their goals.”
Canterbury Capital Launches New RIA
Canterbury Capital Wealth Management debuts as an RIA based in Tuscaloosa, Alabama. The company provides estate planning and investment management to physicians and current and retired business owners.
Advisor Blake Butler is the Founder and CEO of Canterbury, whose seven-member team previously worked with Northwestern Mutual. The firm chose Charles Schwab as its primary custodian and Fusion Financial Partners for technology and operations transition.
“With the launch of our RIA, we can offer our clients true integration and the freedom to choose the strategies that we believe are right for them,” Butler said. “I come from a long line of entrepreneurs and am excited to offer comprehensive wealth management. Our goal is to add value – to go beyond advice by offering execution, along with the best technology and investment options.”
Strategic Partnerships
Elevation Point Partners With Goldman Sachs To Boost Offerings To RIAs
Elevation Point is collaborating with Goldman Sachs to provide RIAs with services for banking and lending, trading, asset management and access to capital markets. Goldman Sachs will supply Elevation Point with direct indexing, open-architecture custom models, fixed income separately managed accounts (SMAs), custody and capital markets services.
Over the past year, Elevation Point has purchased minority stakes in several RIAs, including Waycrest Wealth of Southfield, Michigan; Family Office Partners in Lafayette, Louisiana; and Fortage Capital Partners in Bloomfield Hills, Michigan.
“From day one, our mission has been to support the top independent advisors and build a strategic ecosystem that empowers them to serve clients with freedom, flexibility, and scale,” said Jim Dickson, Founding Partner and CEO of Elevation Point. “Goldman Sachs brings world-class capabilities and a deep expertise of the wealth marketplace.”
Promotions & People Moves
Hightower Advisors Names Randy Bullard Head Of Investment Management
Hightower Advisors appoints Randy Bullard Head of Investment Management, a new position in which Bullard will lead the development of Hightower’s first centralized investment management platform. The platform will combine institutional research and investment counsel from NEPC, which Hightower bought earlier this year, and insights from Hightower’s Investment Solutions team, led by Chief Investment Strategist and Portfolio Manager Stephanie Link.
Bullard previously served as Global Head of Wealth at Charles River Development, a unit of State Street, and Founder, President and CEO of Placemark Investments. Hightower, based in Chicago, oversaw $324.3 billion in AUM as of June 30.
“Randy is uniquely positioned to develop and drive this key initiative as he’s spent his career building next-generation platforms for the world’s largest wealth management organizations, from major wire houses to custodians,” said Hightower CEO Larry Restieri. “This new role underscores our commitment to continuous improvement and to providing our advisors and clients with an invaluable experience.”
FNZ Makes Top Level Appointments
FNZ names Ryan Beach as Group Head of North America and Peter Hiom as Group Head of Markets. Beach, based in Nebraska, will lead FNZ’s strategy, client delivery and expansion across the U.S. and Canada. Hiom, based in London, will oversee the company’s global markets business, specifically FNZ Markets.
Beach was previously CEO of F2 Strategy and, prior to that, President and COO at Orion. Hiom served as Deputy CEO at ASX and held senior roles at the Sydney Futures Exchange and the London International Financial Futures Exchange. Both will report to Roman Regelman, Group President at FNZ.
“These appointments reflect our focus on building world-class leadership and delivering transformational value to our clients, advisors and end customers,” said Regelman. “Ryan’s experience and relationships in North America will accelerate our growth in a critical region, while Peter’s deep expertise in markets and technology will help us strengthen and scale FNZ Markets globally.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
