This edition of the Deals & Recruiting Roundup covers Modern Wealth purchasing Kaye Capital, F2 Strategy buying Aliter, Merit receiving a minority investment from Constellation, Procyon acquiring Wooster Corthell, Beacon Pointe purchasing six RIAs, Aspen buying SKY, iCapital raising $820 million from T. Rowe Price and SurgoCap, Sanctuary onboarding Velorum, LPL recruiting The Narmi Group, RBC recruiting Hudson Valley, Fi3 teaming up with Opto and RWA appointing two new executives.
Larry's Take
We’re now early in the third quarter of the year (time flies) and already witnessing a swath of large deals, including multiple acquisitions, Constellation stepping in as a minority partner to Merit and iCapital raising almost a billion from some well-known capital providers.
Money is pouring in not just for RIA consolidation, but for alts, consulting and more. Any firm in any corner of our industry is a potential buyer or seller. If you’ve never considered M&A for your firm, it’s time to take a look at what this rush of capital can do for your business.
It's also time to play the long game. Don’t just get excited about some large numbers and ignore the fine print. And make sure that the capital delivers what you want – it’s not just financing, it’s financing for some goals, and its crucial you have your goals clearly set out before considering M&A.
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
Modern Wealth Adds Third California Office By Acquiring $1 Billion RIA
Modern Wealth Management agrees to acquire El Segundo, California-based Kaye Capital Management (KCM), a fee-only RIA with more than $700 million in assets under management (AUM) and an additional $300 million in assets under advisement (AUA).
The transaction, the fourth to be completed this year by Modern Wealth and its 17th to date, will enable the RIA to surpass $8.5 billion in AUM and give the firm its third office in California. KCM manages over $300 million in assets for more than 200 households through its individual advisory business and over $400 million in retirement plan assets for more than 400 companies ranging from 50 to 1,000 employees.
“KCM joining Modern Wealth marks another significant milestone as we deepen our reach in California, strengthening our ability to deliver comprehensive wealth and retirement solutions for individuals and corporations in one of the nation’s most sophisticated markets,” said Jason Gordo, Co‑Founder and President of Modern Wealth.
F2 Strategy Acquires Aliter Investment Services
F2 Strategy buys Aliter Investment Services, a Boston-based consulting firm that serves global banks, data integrators and technology firms. Founded by Dan Ahern and Keith Totten, Aliter will allow F2 to expand into asset servicing for pooled investment vehicles.
The deal creates a new vertical for F2 to complement its existing bank trust and wealth businesses. Aliter represents F2 Strategy’s second acquisition of 2025 and its fourth since receiving a majority investment from private equity firm Renovus Capital Partners in 2023.
“Aliter represents a natural and strategic extension of our business,” said Ryan Beach, CEO at F2 Strategy. “With deep expertise and a client base that includes leading asset managers, global banks, insurance companies and data and technology firms, Aliter provides F2 with enhanced scale and the ability to deliver even more comprehensive consulting solutions for our clients.”
Merit Receives Strategic Investment From Constellation
Atlanta-based Merit Financial Advisors receives a minority investment from Constellation Wealth Capital. The transaction is expected to close in the third quarter of this year. Merit will keep its name and leadership, with no changes to its operational structure.
The investment follows Merit’s eight acquisitions to date in 2025 and is planned to support Merit’s M&A, organic growth, advisor recruitment, practice management support and enhancements to its technology and client experience offerings. As part of the transaction, Wealth Partners Capital Group (WPCG) and a group of strategic investors led by HGGC’s Aspire Holdings will exit their ownership stake. WPCG held a minority stake in Merit since 2019.
“Their deep experience in the wealth management space, alignment with our culture, and long-term mindset made this an ideal match,” said Rick Kent, CEO of Merit. “Their investment structure preserves our independence and leadership continuity, which are critically important to our team, our clients and our future.”
Procyon Purchases Wooster Corthell, Adds $600 Million In Assets
Procyon Advisors buys Wooster Corthell Wealth Management, a Glastonbury, Connecticut-based boutique advisory firm that manages approximately $600 million in client assets. The deal expands Procyon’s presence in the Northeast and boosts its AUM to approximately $8 billion.
Wooster Corthell will continue its full operations, with three advisors and five staff members joining Procyon. The combined organization, which includes 56 employees across Connecticut, New York City, Tennessee, Maryland and Long Island, New York, offers retirement planning, customized wealth strategies and multi-generational advisory services.
“We are thrilled to welcome the Wooster Corthell team to Procyon,” said Phil Fiore, CEO and Co-Founder of Procyon. “They share our client-first values, commitment to holistic family wealth planning, adherence to the utmost fiduciary standards and belief in the power of building strong, long-term relationships.”
Beacon Pointe Acquires Six RIAs In 60 Days
Beacon Pointe Advisors purchase six RIAs in two months with a total of $2.7 billion in assets.
The RIAs are Hart & Patterson Financial Group in Amherst, Massachusetts; Heritage Financial Planning in Dallas; Jentner Wealth Management in Akron, Ohio; Michael A. Dubis Financial Planning in Middleton, Wisconsin; Ng Wealth Advisors in Pleasant Hill, California, and Waypoint Wealth Partners in Mill Valley, California. Based in Newport Beach, California, Beacon point now oversees $47 billion in total AUA.
“We’re proud to welcome these exceptional teams into the Beacon Pointe family,” said Beacon Pointe CEO and Founder Shannon Eusey. “Each team not only embodies the core values that define Beacon Pointe, but also brings their own signature strengths, specialized expertise and thoughtfully crafted approaches to client care that enrich our broader offering.”
Aspen Standard Buys SKY Investment Group
Aspen Standard Wealth in New York acquires SKY Investment Group, a Hartford, Connecticut-based RIA with $880 million in AUM. Founded in 2005, SKY specializes in working with family principals to provide multigenerational education and plan for transfers of wealth.
The deal marks Aspen’s third acquisition this year. The company previously bought Summitry, an RIA in the San Francisco Bay Area with $2.8 billion in AUM, and New England Private Wealth Advisors, a Boston-based RIA with $2.9 billion in AUM.
“SKY is exactly the kind of firm we built Aspen for—deeply client-centric, values-led, and forward-thinking,” said Aly Kassim-Lakha, CEO of Aspen. “We’re honored to support their next phase of growth with long-term capital, infrastructure and partnership.”
iCapital Receives $820 Million Investment From T. Rowe Price And Others
iCapital raises $820 million from investors led by T. Rowe Price and SurgoCap Partners. The deal boosts iCapital’s valuation to over $7.5 billion. Additional funding in the round came from State Street and increased commitments were made by existing investors BNY, Temasek and UBS.
iCapital’s technology allows wealth managers to access private markets, structured investments and annuities alongside traditional assets like stocks and bonds through a single interface. The company, based in New York, services $945 billion of assets on its platform, including $257 billion in alternative assets, $203 billion in structured investments and annuities outstanding and $485 billion in reported client assets.
“iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry,” said David DiPietro, Head of Private Equity at T. Rowe Price. “Their ability to combine advanced technology with a deep understanding of advisor and asset manager needs makes them a uniquely valuable partner to their clients.”
Advisor Transactions
Sanctuary Lands $580 Million Advisor From Bank Of Montreal
Sanctuary Wealth recruits Indianapolis-based Velorum Wealth Management as a partner firm under its Partnered Independence model. Founded by Bernard Reed, who serves as Managing Partner, Velorum oversees $580 million in assets for high net worth clients.
Before founding Velorum, Reed was a Private Wealth Advisor and Director at Bank of Montreal Wealth Management. Prior to that, he was Vice President, Private Wealth Advisor at Key Corporate & Commercial Bank and Vice President, Private Wealth Advisor at Regions Bank.
“As the industry continues to evolve, the move to independence is starting to reach private bankers,” said Adam Malamed, CEO of Sanctuary. “Those with deep client relationships have a tremendous opportunity to expand their offering and take ownership of their life’s work. I think we’ll see more moves like Bernard’s in the months and years to come.”
LPL Recruits Advisors From Robert W. Baird
LPL Financial lands two advisors, Charlie Narmi and Theresa Rynaski, from Robert W. Baird. They have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch The Narmi Group Investment Management, which serves approximately $870 million in advisory, brokerage and retirement plan assets.
Based in Omaha, Nebraska, The Narmi Group said it joined Linsco because it wanted autonomy, flexibility and technology. Narmi and Rynaski both previously worked at Morgan Stanley before working at Robert W. Baird.
“Partnering with LPL will allow us to have the backing of a large firm, but with the independence to serve our clients our way,” Rynaski said. “LPL provides the ideal platform, size and scale, and their commitment to invest heavily in integrated and streamlined technology will allow us to best support our clients, grow our business and build more long-lasting relationships.”
RBC Adds Hudson River, $1.7 billion In Client Assets
RBC Wealth Management recruits Hudson River Wealth Management, an RIA that previously managed $1.7 billion in client assets for UBS. The firm joins RBC’s newly launched branch in Westchester, New York.
Hudson River’s leadership team includes Managing Directors Steven Solomon and Lauren Konstantin and Senior Vice Presidents Kevin Bertoncin and Roger Matles. The firm focuses on ultra-high net worth clients.
“RBC Wealth Management is actively attracting teams who serve the ultra-high-net worth marketplace, and we are excited about the continued growth in the region,” said RBC New York Metro Complex Director John Moran. “The Hudson River Wealth Management group is an elite team of advisors who have researched the industry and concluded that RBC Wealth Management is the most suitable firm to serve their clients and grow their practice.”
Strategic Partnerships
Fi3 Advisors Teams With Opto For More Private Markets Investments
RIA Fi3 Advisors partners with wealthtech firm Opto Investments to better help its high net worth clients access private markets. Opto will help Fi3 simplify workflows, centralize performance data and customize products for its clients.
Fi3 manages about $1 billion in assets for about 130 families, serving as a single point of contact for all areas of their financial affairs. The new partnership with Opto will further modernize Fi3’s private market products, which usually represent 15-25% of the RIA’s client portfolios.
“A core part of our investment philosophy is meaningful integration of private markets, and Opto is helping us scale that thesis,” said Nathan Kinney, Director of Investments at Fi3. “Private markets investing has historically been resource-intensive for us, but Opto’s platform gives us cleaner data and smoother operations, allowing us to focus on what actually matters: helping our clients achieve better outcomes.”
Promotions & People Moves
RWA Names Two Top Executives
RWA Wealth Partners appoints Nicole LaChapelle President of RWA Family Office and Steve Reder as President of RWA Private Wealth. Both positions are newly created and will report to CEO Michelle Knight.
LaChapelle, who previously worked at law firm Ropes & Gray, leads a 40-person team serving multigenerational families with trust and legacy planning. Reder, who previously worked at Goldman Sachs, United Capital, Lenox Wealth Management and PNC, oversees a 75-person team focused on high net worth individuals and families.
“Nicole and Steve have been instrumental in the success of the RWA brand over the past year,” said Knight. “They are outstanding leaders, and I am proud to have them at the helm of our private wealth and family office divisions.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
