This edition of the Deals & Recruiting Roundup covers Merchant partnering with Emerge Business Management, Waverly acquiring TruWealth, Cetera launching Cetera Planning Partners, RFG Advisory investing in Zocks, iAltA buying Precept, Corient expanding into Canada, Sowell debuting Cache River, Mariner recruiting three advisors, Gateway transitioning to W-2 model at Osaic, Raymond James onboarding advisor teams from New York and Kentucky, iCapital working with Anthropic and Accelerated Wealth naming Andrew Leneve Partner.
Editor in Chief’s Take:
This week gives us a view into what happens some time down the road after an acquisition, and why “strategic” acquisitions are strategic. Cetera and Corient launched new business lines based, at least in part, on prior acquisitions. Cetera is merging two previously acquired divisions and launching an employee-advisor RIA. Corient is launching a Canada-based business with assets from prior acquisitions.
While some firms may just acquire for the fear of missing out, others are planning years ahead with their purchases.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Waverly Purchases TruWealth, Adds $3.1 Billion In AUM
Waverly Advisors, headquartered in Birmingham, Alabama, buys TruWealth Advisors, a New Orleans area RIA that oversees $3.1 billion in assets under management (AUM). The deal allows Waverly to expand into Louisiana and other markets across the South.
Founded in 2020, TruWealth, which consists of 31 professionals, is led by Chuck Simmons and Jim Parrie, General Manager and Chief Operating Officer. Simmons will join Waverly as Partner and Wealth Advisor and will continue leading the Louisiana offices, and Parrie will join Waverly as Partner and Regional Director. They will be joined at Waverly by their entire team.
“Chuck and his team have built a respected firm grounded by transparent communication, disciplined portfolio construction and a genuine commitment to prioritizing clients’ needs above all else,” said Justin Russell, President and CEO of Waverly. “Their investment outlook and client service approach aligns closely with Waverly’s, and we are pleased to welcome TruWealth to the Waverly team.”
RFG Advisory Invests In AI Platform Zocks
RFG Advisory acquires a stake in San Francisco-based Zocks, which is developing an AI assistant for financial advisors. RFG, based in Birmingham, Alabama, is using Zocks’ technology to help power ClickONE, a unified platform that connects data, workflows and tools so advisors can operate more efficiently from a single experience.
In January, Zocks raised $45 million in Series B venture funding from a group of investors, including RFG, Lightspeed Venture Partners and QED Investors. Zocks Founder and CEO Mark Gilbert also joins RFG’s board of directors.
“The wave of innovation coming is greater than anything we’ve yet seen in the industry,” said Ed Swenson, President of RFG Advisory. “We’ve already built the foundation with ClickONE. Our investment in Zocks accelerates that build, allowing us to embed AI into the core of how Advisors operate, giving time back and surfacing opportunities for organic growth. That’s where you start to unlock real scale and enterprise value.”
iAltA Holdings Acquires Precept
iAltA Holdings in New York, which makes systems to support private markets, purchases Precept. The company, also based in New York, makes a wealthtech platform that uses AI to help companies integrate systems.
Precept’s AI-powered platform allows product and engineering teams to access and integrate programs across custodians, clearing firms, portfolio management systems, analytics platforms and data providers in real time. iAltA, founded in 2025, previously bought BridgeFT in January.
“Precept solves one of the most persistent constraints in wealthtech: slow, expensive, and brittle integrations,” said Bill Crager, Founding Partner of iAltA. “By combining BridgeFT’s market leadership and Precept’s innovations, iAltA is in a strong position to unify the infrastructure that underpins public and private markets.”
Strategic Initiatives
Cetera Combines Two Units Into RIA Cetera Planning Partners
Cetera Financial Group launches Cetera Planning Partners, an employee-advisor RIA that combines its Avantax Planning Partners (APP) and The Retirement Planning Group (TRPG) RIA divisions. The combined company will have 100 advisors and oversees $19 billion in assets under administration as of March 31.
Cetera Planning Partners operates as an employee-advisor community within Cetera’s RIA and Branches channel. Advisors with Cetera Planning Partners will have access to in-house specialists for financial planning, tax, investments, estate planning, insurance, trust services and retirement solutions, as well as CPA firm relationships and a multi-custodial platform.
“The RIA market is consolidating fast, and advisor behavior is shifting rapidly as well, and Cetera made the decision to lead during this time of change, not to wait,” said Jennifer Hanau, President of the Cetera RIA and Branches channel. “The Cetera Planning Partners model allows advisors to focus exclusively on their clients. Client demand for financial planning is at an all-time high and with many advisors nearing retirement and looking for succession solutions, the advisor transition wave is already underway.”
Corient Expands Into Canada, Grows Global Operations
Corient, a Miami-based wealth management firm, plans to enter Canada next month. The company said the move will make Corient the largest non-bank wealth manager and largest multi-family office focused on ultra-high net worth individuals and families in North America.
Corient will launch its Canadian business with C$10 billion in assets from previously acquired firms Northwood Family Office and Coriel Capital, as well as select CI Private Wealth advisors, who will become Corient Partners. Corient, which is also establishing a presence in Europe, the Middle East and Africa, will oversee $475 billion in client assets after closing pending transactions.
“We see a clear gap in the Canadian market for a global independent wealth manager capable of delivering the comprehensive advice required by wealthy individuals and families – including investment management, wealth strategy and family office solutions,” said Kurt MacAlpine, Founding Partner and CEO of Corient. “Corient was purposely built to meet that need and close that gap.”
Sowell Management Launches Cache River Private Wealth
Sowell Management, an RIA in North Little Rock, Arkansas, that oversees $6.5 billion in AUM, debuts a new division targeting high net worth clients. The company, called Cache River Private Wealth, is designed to serve households with $5 million in net worth.
Cache River provides estate planning, tax strategies and asset allocation services. Rob Emrich III serves as the company’s Chief Growth Officer and recruits experienced advisors serving high net worth clients to the platform.
“Cache River Private Wealth is a strategic expansion of the Sowell ecosystem,” said Daryl Seaton, CEO of Sowell Management. “The long-planned new division offers advisors a platform where they can elevate their capabilities in serving more complex, multi-generational clients while differentiating themselves in the high-net-worth space by offering advanced planning and a refined client experience. Through Cache River Private Wealth, advisors will be empowered to deliver a curated wealth experience that is guided with purpose, integrity and a disciplined, coordinated approach.”
Advisor Transactions
Mariner Recruits Team Launching Mosaic Value Partners
Mariner, based in Overland Park, Kansas, announced the launch of Mosaic Value Partners (MVP), a wealth management firm that oversees $1.3 billion in client assets. MVP was founded by John Buckingham, Jason Clark and Christopher Quigley, and also consists of three additional employees and two licensed professionals. The three founders were previously affiliated with Northcoast Asset Management.
MVP began operating through Mariner Independent on April 24. It offers clients advanced planning, estate and tax strategies, insurance solutions and operational expertise.
“Advisors today are looking for partners that understand the complexity of their business and can support where they’re going, not just where they’ve been,” said Rob Sandrew, Head of Mariner Independent. “Mosaic Value Partners brings together a disciplined investment philosophy with a differentiated client engagement model, and we’re proud to support their next chapter as they build an independent firm designed for long-term growth.”
Gateway Transitions To W-2 Model At Osaic
Gateway Investments transitions to the Empowered Independence channel at Osaic. The company, based in Garden City, New York, manages $1.5 billion in assets under administration and includes six advisors.
Gateway, led by Managing Director Thomas Santucci, had previously affiliated with Osaic through its 1099 program since 2004. By moving into the Empowered Independence W-2 channel, Gateway gains access to enhanced operational support, advanced technology and dedicated resources designed to help advisors scale more efficiently.
“Tom and the Gateway Investments team have built a highly respected practice grounded in client service and long-term relationships,” said Cindy Hamel, Head of Empowered Independence at Osaic. “Their decision to transition to the Empowered Independence channel underscores the value of a platform that helps advisors grow, develop talent and spend more time where it matters most—serving clients. We’re proud to support their continued success.”
Raymond James Lands Advisor Teams In New York, Kentucky
Raymond James onboards advisor teams in New York and Kentucky that oversee a combined $880 million in client assets. Raymond James Financial Services, the firm’s independent advisor channel, onboarded LKMM, based in Brooklyn, New York, which consists of Alex Lerner, Joseph Matovick and Oscar Manrique, who previously managed $480 million in client assets for Wells Fargo.
Advisors Seth Lawless and Charters “Jay” Osborne in Lexington, Kentucky, join Raymond James & Associates, the firm’s employee advisor channel, from Merrill Lynch, where they oversaw $400 million in client assets. The team also includes Client Relationship Consultant Rob Mitchell and Senior Registered Client Relationship Associates Karie Howard and Lee Ann Myers.
“We are committed to making sure that our clients’ interests come first, and we are excited to experience the advisor independence and client-focused culture at Raymond James,” Lawless said. “We especially appreciate access to the firm’s suite of technology that enhances our financial planning services in a variety of impactful ways, especially in areas related to tax and estate planning.”
Strategic Partnerships
Merchant Partners With Emerge Business Management
New York-based Merchant partners with Los Angeles-based Emerge Business Management. The move will allow Merchant to provide its network of independent advisors with family office-style services such as a personal CFO for ultra-high net worth clients.
Founded in 2013, Emerge helps individuals and families manage investments, real estate, philanthropy and legacy planning. Merchant’s network includes about 130 partner firms and RIA practices in six countries, collectively managing more than $340 billion in assets.
“This is a natural extension of how we are building the Merchant ecosystem,” said Matt Brinker, Managing Partner at Merchant. “Our focus is equipping partner firms with the capabilities to deliver a fully integrated wealth experience for ultra-high net worth families - where planning, coordination, and day-to-day execution are unified around a single, family-centered view.”
iCapital Works With AI Firm Anthropic
New York- and Connecticut-based iCapital is working with Anthropic. It plans to layer Anthropic’s Claude models onto its platform for alternatives, structured investments and annuities. The initiative is designed to expand how advisors, product providers and their clients engage with education, workflows and insights across the investment lifecycle.
The company said it is applying Claude’s reasoning capabilities, interpretability and ability to operate within complex, compliance-first environments to support client solutions. Initial applications will focus on advisor workflows, client enablement and product provider engagement. iCapital also said its engineering team has already integrated Claude Code into its development workflows.
“AI’s value isn’t novelty—it’s foundational to improving outcomes across the ecosystem and for those who rely on our platform every day,” said Lawrence Calcano, Chairman and CEO of iCapital. “We chose to work with Anthropic because Claude’s capabilities align with the institutional-grade standards required to do that responsibly. Our AI strategy is focused on supporting advisors and product providers with the tools and technology to help them service their clients more effectively.”
Promotions & People Moves
Accelerated Wealth Names Andrew Leneve Partner
Accelerated Wealth Partners, based in New York, hires Andrew Leneve as Partner, where he will help wealth management firms scale their businesses and improve client experiences. Accelerated, backed by private equity firm J.C. Flowers, provides growth capital, technical expertise and M&A help to RIAs.
Leneve most recently worked as Vice President of Sales for Evergreen Wealth and served on its Board of Advisors. Prior to that, he spent 15 years at Fisher Investments in senior positions, including Group Vice President of Client Service and Group Vice President of Sales.
“For those of you in the RIA world, you already know the landscape is changing fast,” Leneve wrote in a LinkedIn post. “The trend of aggregation has only accelerated in the last few years, and while many are doing a good job growing inorganically, we’ve all witnessed too many firms lose what made them great in the process.”
“At AWP, we’re taking a different path,” he said. “We're partnering with a select group of RIAs to help them stand on their own as category-defining brands. That means building real organic growth engines, strong brand identities, and the systems and processes that support long-term success for both advisors and their clients. All of which is being built on top of already successful and growing firms.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
