This edition of the Deals & Recruiting Roundup covers Modern Wealth’s acquisition of three firms, the launch of VestGen Wealth Partners, Mariner acquiring two firms, Allworth acquiring Ryan Wealth Management, SEIA acquiring Beverly Investment Advisors, SageView acquiring OnTrack 401(k), Miracle Mile acquiring Offit Advisors, Concurrent adding six advisors, Kestra Private Wealth Services bringing on Arc Private Wealth, Rockefeller recruiting Ginger Private Wealth Partners, Dynasty partnering with Nasdaq Private Market and EdgeCo surpassing $600 billion in assets serviced.
Larry’s Take
Whoever thought the end of the year would bring a slowdown in wealth management M&A activity might want to think again. The first week of December 2024 had announcements of no fewer than nine acquisitions representing a combined $2.8 billion in deal flow, not counting the launch of VestGen and its $5.3 billion across 10 practices.
Buoyant stock markets, economic optimism and prospects of a more friendly regulatory environment next year for financial firms may also be contributing to a sense that M&A is poised to accelerate across sectors. If a rising tide lifts all boats, successful RIA owners could have their pick of potential buyers.
Just remember that every deal should still come down to the fundamentals for each firm involved. Compatible business models and tech stacks; rational valuations and multiples; earnouts, clawbacks or other contingencies when appropriate; clarity on the seller’s role post-transaction; and comfort that the buyer will honor the seller’s legacy with clients and staffers.
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
1. Modern Wealth Acquires Fiser Group, Plans To Close Two More Deals By Year-End
Modern Wealth Management acquired Lenexa, Kansas-based Fiser Group, and plans to finalize the acquisitions of Saginaw, Michigan-based Gardey Financial Advisors and Chapel Hill, North Carolina-based LFM Wealth Management by the end of 2024. The three acquisitions are structured as asset purchase agreements and represent over $500 million in assets under management (AUM). This would mark eight acquisitions this year by Modern Wealth and 13 since launching in April 2023.
Nathan Fiser and Thomas Thornhill lead Fiser Group, a hybrid tax, accounting and wealth management firm. Jonathan Gardey founded his firm in 1985. Larry McManus leads the fee-only advisory firm LFM. The deals will increase Modern Wealth’s presence to 16 client-facing offices across 12 states. Its experts specialize in financial planning, tax planning and preparation, estate planning and more.
“These three acquisitions all represent a unique aspect of Modern Wealth’s growth trajectory,” said Jason Gordo, Co-Founder and President of Modern Wealth. “With Fiser Group, we enhance our tax expertise in an industry where top tax talent is waning. Gardey strengthens our presence in Michigan, while LFM establishes our footprint in the fast-growing North Carolina market.”
2. VestGen Wealth Partners Launches With 10 Practices And $5.3 Billion In AUM
Chicago-area-based Josh Gerry, a 32-year veteran of the wealth management industry, launched VestGen Wealth Partners with 10 advisory practices and $5.3 billion in AUM. VestGen aims to target succession-focused financial advisors; cultivate Next Gen wealth management leaders; offer Next Gen advisors mentorship, resources and technology; while acquiring practices managing between $100 million and $500 million in assets.
VestGen has a team of nearly 20 people, according to its website. Most recently, Gerry was CEO of Impetus Wealth Strategies. Previously, he was Co-CEO of Professional Wealth Advisors. Earlier, he was a Senior Regional Vice President at AXA and before that at MetLife. He also worked at Jackson National Asset Management, Pacific Life, UBS, Oppenheimer & Co. and Dean Witter Reynolds.
“We’re addressing one of the wealth management industry’s most pressing challenges: the succession crisis,” said Gerry, CEO of VestGen Wealth Partners. “Every advisor nearing retirement asks, ‘Who will take care of my clients?’ VestGen provides a clear answer – by pairing these practices with talented Gen2 advisors who are ready to build on their legacy.”
3. Mariner Acquires Atlas Financial And NewPort Advisory, Adding $878 Million
Overland Park, Kansas-based Mariner acquired Sarasota, Florida-based Atlas Financial and Newport Beach, California-based Newport Advisory, bringing in a combined $878 million in AUM. As a result, Mariner has 126 offices nationwide. Mariner and its affiliates advised on over $253 billion in assets as of Sept. 30.
Atlas is Mariner’s eighth office in Florida. Newport Advisory is its 19th location in California. Orion Marx is the Founder of Atlas Financial, which provides asset management, business continuity and wealth transfer strategies. Jim Regitz is the Founder of Newport Advisory, which provides a holistic approach to financial planning including retirement and education planning, tax strategies and liability management.
“As we welcome Atlas Financial and Newport Advisory to the Mariner family, we’re reinforcing our commitment to meeting clients where they are, both geographically and in their unique financial journeys,” said Marty Bicknell, CEO and President of Mariner. “These firms bring a wealth of expertise and a client-first ethos that perfectly align with our values.”
4. Allworth Acquires $500 Million AUM Ryan Wealth Management
Folsom, California-based Allworth Financial acquired Ryan Wealth Management, which has approximately $500 million in AUM, serves more than 800 households, and has offices in Yuba City, California, and Spokane, Washington. Rob Ryan, Principal, leads Ryan Wealth Management, which has three partner advisors and several support staffers.
Allworth has $26 billion in assets under advisement. This is its ninth transaction of 2024. In November, the firm acquired the Pleasant Hill, California-based CPA firm CCA LLP, which has 25 experienced tax professionals. The same month, Allworth also acquired City Fiduciary Group, a 31-member team with approximately $839 million in AUM across offices in Washington and Oregon.
“Ryan Wealth Management has built a strong reputation for providing comprehensive financial guidance to their clients,” said John Bunch, CEO of Allworth Financial. “Their commitment to client service and their expertise in retirement planning aligns well with our approach to financial advice. Allworth has a robust presence in Northern California, and this partnership allows us to expand into a part of the state that continues to grow.”
5. SEIA Acquires $300 Million Beverly Investment Advisors
Los Angeles-based Signature Estate & Investment Advisors (SEIA) acquired Beverly Hills-based Beverly Investment Advisors, bringing its President and Founder, Canon Price, back to SEIA. She started out in wealth management at SEIA over two decades ago. Price founded her own firm 22 years ago. Beverly Investment Advisors has over $300 million in assets under advisement.
Price’s firm provides 401(k) consulting, asset management, retirement planning and pension consulting. SEIA provides investment management, financial planning, and estate and tax planning. Its broker-dealer, Signature Estate Securities, offers annuities, life insurance, 529 plans and mutual funds.
“Over the years, I’ve been dedicated to offering personalized and accessible financial guidance, especially to women and Spanish-speaking clients, and that mission remains unchanged,” Price said. “Becoming part of SEIA again also enables me to put a strong succession plan in place, helping to ensure my clients will continue to receive the same dedicated care and attention for generations to come.”
6. SageView Acquires $400 Million OnTrack 401(k) In Maryland
Newport Beach, California-based SageView Advisory Group acquired Frederick, Maryland-based OnTrack 401(k), which has $400 million in assets under advisement and provides retirement plan consulting services to more than 90 institutions. OnTrack 401(k) Co-Founder Doug O’Rear joined SageView as a Managing Director and his team member Cindy Brown joined as a Retirement Plan Consultant.
SageView provides consulting and investment management for plan sponsors of 401(k), 403(b), 457, defined benefit and deferred compensation plans, as well as wealth management and financial planning services for individuals and families. In July, SageView collaborated with Transamerica to launch Integrity Pooled Solutions, which offers a 401(k) Retirement Plan Exchange and a Choice Pooled Employer Plan (PEP).
“More companies than ever before offer retirement plans to compete for the best talent in a tight labor market, so it’s important to deliver financial security during an employee’s working years and beyond,” said Steve Gaven, Chief Growth Officer at SageView. “We know the experience and insights Doug and his team can provide will help our institutional clients grow. We are excited to welcome him to our firm.”
7. Miracle Mile Acquires $194 Million Offit Advisors In Maryland
Los Angeles-based Miracle Mile Advisors acquired Columbia, Maryland-based Offit Advisors, which has approximately $194 million in client assets. CEO Ben Offit founded his firm in 2018. It is the fourth advisory team Miracle Mile added in 2024, and brings the firm’s AUM to $7.4 billion. Turkey Hill Management served as exclusive financial advisor to Offit Advisors.
In October, Miracle Mile opened its first Chicago office, led by Chief Investment Officer Matt Dmytryszyn, whom the firm brought onboard in April from Telemus Capital. Earlier this year, Miracle Mile brought on Baltimore-based Caplan Financial Group and Chicago-based Advisory Partners, representing $600 million in combined client assets. It also opened a Seattle office in January.
“Our foundation starts with a shared commitment to client success,” said Bruce Milam, CEO of Miracle Mile. “We’ve created a unique model that resonates strongly with successful firms looking for their next chapter of growth. New partners consistently cite our differentiated approach – emphasizing professional leadership, meaningful equity participation, and resources that preserve entrepreneurial spirit while enabling growth.”
Advisor Transactions
8. Concurrent Adds Six Advisors, Nears $10 Billion In AUM
Tampa, Florida-based Concurrent Investment Advisors reached $9.7 billion in AUM after adding six new advisors who collectively bring $885 million in AUM. Lora Hoff, Carl Lambert and Lindsay Lambert join Wealth Partners Alliance, an existing Concurrent team. Jason Hudson joins under his own brand, Hudson Wealth Management. Advisors Tye Pipkin and Ken Pipkin, and supporting staffers Jennifer Fussell and Kristen Moore, join as Canopy Asset Management.
Concurrent is a multi-custodial hybrid RIA backed by Merchant Investment Management. In May, Concurrent added $500 million AUM Phoenix and Chandler, Arizona-based The Wealth Stewards to its network of independent advisory firms. In March, Concurrent recruited advisors Ramin Abrams, Glenn Holmes and Sean O’Neill, bringing a combined $365 million in AUM.
“Our mission is to equip advisors with the resources they need for success. We are eager to see Jason, Lora, Carl, Lindsay, and the Canopy team grow as they elevate client engagement and satisfaction,” said Nate Lenz, CEO and Co-Founder of Concurrent. “We recognize that advisors have a choice, and we strive to be a destination firm for advisors who seek independence and support in their entrepreneurial endeavors.”
9. Kestra PWS Brings On $400 Million Arc Private Wealth In Ohio
Austin, Texas-based Kestra Private Wealth Services (Kestra PWS), an RIA subsidiary of Kestra Financial, brought on Arc Private Wealth, which manages $400 million in client assets across its offices in Waterville, Upper Sandusky and Oregon, Ohio. The team includes Founders Dave Riggenbach, Adam Lublin, Amy Fredritz and Dylan Clement as well as five support staffers.
In November, Kestra PWS member The Sade Group in Stuart, Florida, added $125 million AUM advisor Worth Trainor as a Managing Director and rebranded as Riverside Private Wealth Management. In October, Kestra Financial said it added Wealth Empowerment Financial Strategies (WEFS) to its network of independent wealth management firms from B. Riley Wealth Management. The WEFS team of 31 advisors and staff members oversees $1.4 billion in AUM.
“We are committed to supporting our partners in achieving their goals of growth and independence,” said Rob Bartenstein, Senior Managing Director and CEO of Kestra PWS. “In Arc Private Wealth, we see a blend of harmonious relationships and dedication to a personalized experience that reflects our devotion to excellence. We look forward to welcoming them to the Kestra PWS community and the broader Kestra network.”
10. Rockefeller Recruits 43-Year Merrill Lynch Veteran Nan Ginger
New York-based Rockefeller Capital Management recruited Ginger Private Wealth Partners to its Global Family Office from Merrill Lynch, where the team oversaw $473 million in assets, according to Forbes. Managing Director Nan Ginger previously worked at Merrill for nearly 43 years and was based in Rogers, Arkansas. The team will report out of Dallas.
The other joining advisors are Senior Vice President Will Ginger, and Vice Presidents Lehman McNabb and Leo Harrison. Also joining are Business & Client Experience Manager Lisa Barnes and Client Associate Morgan Richey. In October, Rockefeller Global Family Office added former Morgan Stanley professionals Josef Najar, Brian Malloy, Stephen Schwab and Kate Hudson.
“We are pleased to welcome Ginger Private Wealth Partners to the Central Division of Rockefeller Global Family Office,” the firm posted in LinkedIn. “This deeply experienced team brings extensive holistic wealth planning and investment knowledge to our firm, and we look forward to partnering with them to deliver our industry-leading solutions to the group’s growing base of clients across the country.”
Strategic Partnerships
11. Dynasty Partners With Nasdaq Private Market
Dynasty Financial Partners and Nasdaq Private Market (NPM) partnered to offer private company shareholders access to private wealth management and advisory services. As a result, NPM clients will have direct access, within the NPM SecondMarket Liquidity Platform, to wealth advisory services through the Dynasty Connect network of RIAs, which have experience serving private company employees.
The goal is to help NPM clients participate in private company secondary liquidity events, and access financial advice, tax planning, option exercise and investment strategies, legacy and estate planning. NPM has executed over $55 billion in transactional value across more than 760 company-sponsored liquidity programs for venture-backed private companies as well as more than 200,000 individual shareholders and investors. The Dynasty Network supports 55 firms and more than 400 advisors, with over $100 billion in assets under administration as of Q2.
“Dynasty is thrilled to collaborate with NPM to offer such a pioneering service to private investors,” said Shirl Penney, Founder and CEO of Dynasty Financial Partners. “It simply makes sense for investors who are creating wealth through NPM’s platform to have the opportunity to safeguard it with an independent, impartial advisor who puts their needs first. We look forward to growing this partnership and introducing even more individuals to the benefits of working with an independent RIA.”
12. AmericanTCS And NewEdge Growth Pushes Parent EdgeCo Past $600 Billion
EdgeCo Holdings, the parent company of retirement plan services provider AmericanTCS and wealth management firm NewEdge Capital Group, surpassed $600 billion in assets serviced across all its service lines. The holding company maintains custody, trading, administration, brokerage, investment management and technology platforms. AmericanTCS now services more than $550 billion in assets and NewEdge Capital Group represents more than $60 billion.
EdgeCo has 900 employees, providing custody services and technology solutions for retirement plan providers and sponsors, as well as independent and affiliated financial advisors. It supports approximately 60% of U.S. 401(k) plans, working with more than 425,000 retirement plans, 15,000 advisors and 500 financial institutions. AmericanTCS includes American Trust Wealth, American Trust Custody, American Technology Automation, American Trust Retirement and FiduciaryXChange. NewEdge Capital Group includes NewEdge Wealth and NewEdge Advisors.
“This year, we saw incredible gains through both AmericanTCS and NewEdge Capital Group, driven in part by the successful integration of several acquisitions we’ve made in recent years and the enhanced platform capabilities we’re now able to provide our clients to help them grow their businesses and manage their operations more efficiently,” said Paul Schneider, CEO of EdgeCo. “The powerful synergies between our retirement solutions at AmericanTCS and the wealth management services provided by NewEdge Capital Group, are also beginning to have an impact on our growth.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
