This edition of the Deals & Recruiting Roundup covers Merchant staking WR Valuation, EP acquiring Rappaport Reiches, SEI purchasing Stratos, Summit investing in four RIAs, Osaic acquiring Innovative Wealth, Adam Spiegelman launching Spiegelman Wealth Management, NewEdge recruiting Cleartrek Wealth Partners, Ameriprise landing advisors from UBS, LPL recruiting Kevin Gallagher, Cetera onboarding Ironwood Family Wealth Advisors, Steward recruiting Mike Wood and Coldstream making multiple executive appointments.
Larry's Take
Coldstream just announced six executive appointments, but only one was a recent hire. The firm said it is restructuring its leadership to better define roles and responsibilities after hitting its growth targets three years ahead of schedule.
Two months ago, we published an editorial by Terri Kallsen explaining that firms need to develop a strong C-suite tailored to their needs as they grow. Coldstream is following Kallsen’s pattern.
No matter how capable technology becomes, leadership is a key human factor that cannot be replaced. Leadership must evolve with a growing firm, not just by hiring, but by assigning specific task portfolios to the best minds for the job. Machines still pale in comparison to humans for ingenuity and creativity.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
Merchant Stakes WR Valuation
Merchant Investment Management in New York acquires a stake in WR Valuation, a deal that adds business valuation to Merchant’s services to RIAs and private equity firms, which includes fund valuation, financial reporting, M&A support and transaction-related support.
WP Valuation, based in Columbus, Ohio, employs a 12-person team that currently supports 37 public companies, including Steve Madden and Scotts Miracle-Gro. The company provides services designed to deepen advisor-client relationships, including transactional valuations, estate and gift tax appraisals, insurance needs assessments, ESOPs and succession planning.
“Valuation is often a missing piece in the advisor-client relationship,” said Robert Stutz, Senior Managing Partner at WR Valuation. “Through this partnership, we’re making it easier for advisors to deliver high-quality insights when they matter most—whether preparing for a liquidity event or building a long-term estate plan.”
EP Wealth Acquires Rappaport Reiches, Expands Reach In The Midwest
EP Wealth Advisors purchases Chicago-based Rappaport Reiches Capital Management, an RIA that oversees $1.2 billion in assets under management (AUM). A majority of Rappaport’s advisors are women.
Founders Shari Greco Reiches and David Rappaport will become Partners at EP Wealth, and both will assume the role of Regional Director. Financial Advisors Stephen M. Reiches, Kristyn Gibson and Liz Xilas will also become partners of EP Wealth, while Karen Asbra will assume an Executive Director role. In total,15 team members will join EP.
“We are thrilled with the alignment between our two firms,” said Kyle Miller, EP Wealth’s Managing Director of Mergers & Acquisitions. “From our first conversations with Shari and David, it was clear they embody the values and culture we seek in our partnerships.”
SEI Buys Stratos For $527 Million
SEI acquires Stratos Wealth Partners, based in Beachwood, Ohio, for $527 million. Founder and CEO Jeff Concepcion will continue to lead the Stratos business.
The deal initially gives SEI 57.5% of the company. Certain Stratos shareholders will continue to own 42.5%, which is subject to put/call rights that, if fully exercised, will result in SEI owning 100% of the entity. As part of the transaction, Emigrant Partners will exit their investment in Stratos at closing. The U.S. part of the business, which accounts for 80% of transaction value, will close in the second half of this year while the Mexico part will close the first half of 2026.
Based in Beachwood, Ohio, Stratos has over $37 billion in client assets. The company employs 360 advisors and financial planning experts across 26 states.
“We’re making a strategic investment that reinforces our unwavering belief in financial advisors and their delivery of advice, and Stratos brings an intimate understanding of what adds value to an advisor’s business,” said Ryan Hicke, CEO of SEI. “Their approach to coaching, building sustainable value, and focusing on client acquisition and service can help advisors scale their businesses, drive more organic growth, and address the industry’s most prevalent challenges.”
Summit Invests In 4 Firms With Combined $1.2 Billion In Assets
Summit Financial invests in four advisory firms that collectively manage $1.2 billion in client assets. The firms are Crow Financial Advisors, Everest Consultants, Heritage Wealth Partners and LPF Advisors.
Crow Financial Advisors, which managed over $143 million in client assets as of March 8. Everest Consultants managed $633 million in assets as of March 17.
Heritage Wealth Partners managed $176 million in client assets as of March 25. LPF Advisors oversaw more than $277 million in client assets under advisory (AUA) as of April 15.
“The addition of these outstanding firms is both a powerful validation of Summit’s momentum and a clear signal that our vision for elevated independence and exceptional client service resonates across the industry,” said Stan Gregor, Chairman and CEO of Summit Financial.
Osaic Acquires Succession Planning Firm Innovative Wealth
Osaic buys a majority stake in Innovative Wealth Team, a deal that Osaic says will boost its succession and continuity services to advisors. Founded by Brian Heapps, Innovative Wealth helps advisors nearing retirement with a succession plan process while providing client support. Accounts and custodians remain unchanged.
The announcement follows Osaic’s acquisition last month of Boston-based CW Advisors, with $13.5 billion in assets. The company also acquired Payant Wealth Management Group earlier this year.
“This partnership exemplifies our commitment to investing in the future of wealth management by offering flexible, scalable solutions for advisors at every stage of their journey, while ensuring their clients are cared for across generations,” said Jamie Price, President and CEO of Osaic. “The Innovative Wealth Team enhances our supported independence model, helping advisors operate more efficiently, access capital and eventually transition their practices smoothly.”
Advisor Transactions
Former Commonwealth Advisor Launches New Firm
Adam Spiegelman, an advisor formerly affiliated with Commonwealth Financial, launches an RIA called Spiegelman Wealth Management in the Bay Area. The firm will focus on delivering fee-only financial planning and investment management services to high net worth individuals, families and business owners. Spiegelman Wealth Management will custody assets with Fidelity Institutional Wealth Management Services.
Spiegelman and the team previously managed approximately $400 million in client assets. The family-run business was started by Alan Spiegelman, Adam’s father, in 1989 as a unit of Northwestern Mutual. In 2018, it affiliated with Commonwealth for back-office support.
“After years within larger institutions, we saw an opportunity to create something fully independent—an environment where we could deliver more personalized, responsive service tailored to each client’s needs,” Spiegelman said. “Gaining the autonomy to expand our technology platform and introduce new investment strategies—free from outside constraints—has been a long-standing vision of mine, one that ultimately strengthens our client relationships.”
NewEdge Recruits Advisors From Stifel
New Orleans-based NewEdge Advisors lands Cleartrek Wealth Partners, a Lincoln, Nebraska-based RIA that managed approximately $650 million in client assets for Stifel.
Loy Olson, Matt Olson, Mike Todd and Mitch Bergen founded Cleartrek.
The firm chose Goldman Sachs Custody Solutions (GSCS) for its primary custodian.
With a seven-member team, Cleartrek is the first Nebraska location for NewEdge Advisors.
“We are thrilled to welcome Cleartrek Wealth Partners to NewEdge Advisors,” said Alex Goss, CEO of NewEdge Advisors. “Their addition to the NewEdge network expands our footprint into Nebraska, our 39th state, and it’s an honor to have such a respected, forward-thinking group representing us. We are committed to equipping them with the tools and resources they need to deliver exceptional client service and look forward to supporting their continued success.”
Ameriprise Lands Advisors From UBS
Ameriprise Financial recruits advisors Chuck Heare, Ross Heare, Tommy Goth and Jennifer Goth-Castillo in Beaumont, Texas, where they managed over $480 million in client assets for UBS Financial Services.
The team, formerly known as Goth Heare Wealth Management Group, joins Q5 Wealth Management in Ameriprise, led by managing partners Omar Bitar, Jeremy Saba, Mike Persia, Ed Persia and Brad Klein. Q5, which left UBS in 2024, currently features 11 financial advisors and seven support staff who manage over $1.9 billion in client assets.
“The feedback from our clients has been overwhelmingly positive,” Goth-Castillo said. “We’re excited about the future and what we can build together at Ameriprise and Q5 Wealth Management.”
LPL Recruits Advisor Kevin Gallagher From Lincoln
LPL Financial lands Kevin Gallagher of Gallagher Wealth Management, based in Brookeville, Maryland. He managed $180 million in advisory, brokerage and retirement plan assets for Lincoln Investments as of Dec. 31.
Gallagher started in the wealth management industry as a floor trader in 1997 following a career in the Marines. His team also includes fellow advisors and Army veterans James Horris, Brandon Hsia, Leslie Weigand and their support staff.
“We welcome Kevin and the rest of the Gallagher Wealth Management team to LPL and congratulate them on this next phase of their business,” said Scott Posner, LPL Executive Vice President, Business Development. “We look forward to supporting Gallagher Wealth Management for years to come.”
Cetera Onboards Advisors From Osaic
Cetera Financial Group lands Ironwood Family Wealth Advisors from Osaic. Led by Founder Torsten “Tor” Saile and his sons Tyler Saile and Tanner Saile, Ironwood managed $158 million in assets under administration as of July 14.
Ironwood joins Cetera Investors, a community within the Cetera RIA and Branches channel. Tor Saile founded the firm nearly 30 years ago. Tyler Saile joined as an advisor in 2018. Tanner Saile joined as an administrative assistant in 2019, working with Operations Manager Karen Alleva.
“Tor, Tyler, Tanner and Karen bring the kind of thoughtful approach to their practice that aligns perfectly with Cetera’s mission,” said John Lefferts, Head of Cetera Investors. “Their decision to join Cetera reflects our ability to provide top-tier service and support alongside industry-leading technology. We are excited to welcome this dynamic group and look forward to supporting their continued success.”
Steward Recruits Advisor Mike Wood
Steward Partners lands Mike Wood, who manages $502 million in client assets. He is based in the firm’s Norfolk, Virginia, branch. Wood specializes in serving high net worth individuals, multi-generational families and closely held business owners with succession and credit needs. His practice includes CFO-style services. He was previously affiliated with Truist.
Based in New York, Steward Partners oversaw $40 billion in client assets as of January. Founded in 2013, it offers private banking, wealth planning, institutional consulting and business solutions.
“At Steward Partners, we look for great people with great businesses, and Mike is exactly that,” said Jeff Gonyo, Head of Wealth Management at Steward Partners. “Mike shares our values, our vision and our commitment to putting clients first. He’s built an impressive, planning-led practice rooted in advocacy and long-term relationships, and he brings a growth-oriented mindset that aligns perfectly with Steward Partners’ mission.”
Promotions & People Moves
Coldstream Appoints CEO, Other Top Executive Positions
Coldstream names Kevin Fitzwilson, formerly its Managing Shareholder, as CEO, as part of the restructuring of its leadership structure “to improve processes, and refine roles and responsibilities.”
In addition, Coldstream appoints Natalie Straub, President, Wealth Management & Team Experience; Josh Harris, President, M&A; David Christian, Chief Growth Officer; Anne Marie Stonich, Chief Client Experience Officer; and Matt Sonnen, Chief Operating Officer.
“Coldstream has more than doubled in size in every area of our business over the past three years, and with that growth comes the need to evolve how we operate,” Fitzwilson said. “To capitalize on this continued growth while remaining independent and free of private equity influence, we must provide greater clarity in ownership, decision-making, communication, and how we work across teams.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
