This edition of the Deals & Recruiting Roundup covers NewEdge partnering with Stonegate, Merit acquiring Yeomans, Creative Planning buying Duncan & Haley, Rise staking Cyndeo Wealth, Carson landing Furstenau Financial, Janney Montgomery Scott onboarding advisor teams in Ohio and Maryland, Raymond James landing Alex Sarmiento, Luedtke and Associates launching as an RIA, Snowden partnering with MSCI on its asset management platform, Cresset naming Susie Cranston as CEO and Evolve appointing Zico Parmar as COO.
Editor in Chief’s Take:
Launches, transitions and deals generate a specific point in time when an announcement is warranted. But often hard work goes on behind the scenes that doesn’t get mentioned in a press release. Evolve hired a new COO, and while the hire makes headlines, the improvements that come from hiring the right person to lead operations usually occur in the silent background. But they are real, nonetheless, and necessary for long-term success.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
NewEdge Capital Partners With $6 Billion RIA Stonegate
NewEdge Capital’s subsidiary RIA NewEdge Advisors affiliates with Stonegate Investment Group, an RIA in Birmingham, Alabama, that oversees $6 billion in client assets. Stonegate, which employs 13 people, joins NewEdge’s Pillar Channel affiliation program and boosts Pillar’s client assets to $14 billion.
Pillar Channel advisors receive both cash and equity in NewEdge, which helps them grow their practices and pursue strategic opportunities. The program establishes branches under the NewEdge Advisory brand.
“The core of our industry is the advisor-client relationship,” said Alex Goss, NewEdge Advisors CEO and Co-Founder. “This platform allows professionals to maintain that core tenet when entering a transaction with NewEdge Advisors. Our Pillar Channel affiliation ensures that a transaction doesn’t change the continuity and quality of service for clients. Too many competitor transactions fundamentally change or throw away what made advisors and their clients successful in the first place. This is the right program for a changing industry.”
Rise Growth Stakes Cyndeo Wealth, $3.1 Billion RIA That Serves Elite Athletes
Rise Growth Partners purchases a minority stake in Cyndeo Wealth Partners, an RIA in St. Petersburg, Florida, that oversees $3.1 billion in assets under management (AUM). Founded in 2020 and led by CEO and President Matt Kilgroe, Cyndeo works with agents, managers, accountants and other advisors to help athletes manage tax issues and pursue post-career opportunities, including NBA and NFL athletes.
Under the deal, Rise will help Cyndeo with brand and go-to-market strategy, advisor recruitment in Florida and the Southeast, and M&A initiatives. Dynasty Investment Bank served as advised Cyndeo on the transaction. Hill, Ward & Henderson served as Cyndeo’s legal counsel, while Kilpatrick Townsend & Stockton was Rise's legal counsel.
“We treat this like a team, because teams want to win,” said Joe Duran, Managing Partner at Rise. “Cyndeo has built a performance-driven culture with clear expectations, accountability and support, which makes them exactly the kind of firm we look to partner with.”
Merit Acquires Yeomans Consulting, Adds $434 Million In AUM
Atlanta-based Merit Financial Advisors purchases Yeomans Consulting Group in Marietta, Georgia, a wealth management firm that oversees $434 million in AUM. CEO Randy Yeomans and President Nicholas Yeomans, who co-own Yeomans, join Merit as Partners and Wealth Managers.
Last month, Merit bought Glenn Co., which added approximately $208 million in total assets and established the firm’s seventh office in Pennsylvania. The deal for Yeomans closed March 6.
“This acquisition underscores our commitment to strategic growth,” said Tyler Vernon, Managing Principal of Merit. “Yeomans has built an impressive advisory business with strong leadership continuity across generations. We’re excited to support their next chapter of expansion, providing enhanced capabilities for their clients and ongoing growth opportunities for their staff.”
Creative Planning Purchases Duncan & Haley, Adds $660 Million In AUM
Creative Planning in Overland Park, Kansas, acquires Duncan & Haley, a Seattle-based RIA that oversees $660 million in AUM. Duncan & Haley provides clients with help on investing, tax strategies, retirement planning, estate planning and trust services.
The RIA also helps employer-sponsored retirement plans navigate ERISA governance, investment oversight and participant education. Duncan & Haley marks Creative Planning’s second acquisition of the year, following its deal to purchase Swiss-based Baseline Wealth Management in January.
“Duncan & Haley has long shared our belief that integrating financial services into a personalized and coordinated strategy delivers the best results for our clients,” said Creative Planning President and CEO Peter Mallouk. “Together, we can deliver even greater value and insight for our clients’ long-term financial goals. We’re excited to have them as part of the Creative Planning team.”
Advisor Transactions
Carson Lands Furstenau Financial, Adds $245 Million In Client Assets
Carson Group in Omaha, Nebraska, recruits Furstenau Financial in Neligh, Nebraska. Managing Partner and Wealth Advisor Ryan Furstenau and his team join Carson from LPL Financial, where they managed $245 million in assets under advisement.
Furstenau joins Carson as its 41st wholly owned office. Wise Rhino advised Furstenau Financial on the transaction.
“Ryan has spent decades developing a practice grounded in discipline, values and deep client relationships, and he has been intentional about setting up his firm for success,” said Carson CEO Burt White. “By joining Carson as a wholly owned office, he gains the scale, flexibility and resources to expand capabilities for clients while continuing to grow his business with purpose.”
Janney Lands Advisors In Ohio And Maryland
Janney Montgomery Scott recruits advisors in Ohio and Maryland. Financial Advisor Noel Becker in Hudson, Ohio, joins Janney as Senior Vice President of Wealth Management from UBS, where he and Jean Phelps, Senior Wealth Planning Associate, managed almost $750 million in client assets.
Financial Advisor Scott Patterson in Hunt Valley, Maryland, joins Janney from Raymond James. He works at Griffin Wealth Management, a four-person team led by Financial Advisor and Branch Manager Kevin Doyle.
“Janney’s advisor-centric culture and boutique approach align with the way we serve clients—thoughtfully, with discipline and a long-term focus,” Becker said. “We were looking for a firm that supports independence while providing the resources and partnership to best support our clients. We’re pleased to join Janney and look forward to growing and enhancing our practice.”
Raymond James Lands Financial Advisor Alex Sarmiento
Raymond James & Associates onboards Alex Sarmiento, who managed $150 million in client assets for Wells Fargo. Operating as Sarmiento Wealth of Raymond James in Worcester, Massachusetts, he helps families and professionals prepare for retirement and manage inheritance decisions.
Sarmiento earned a bachelor’s degree in education and history from Worcester State University. He also holds a Chartered Retirement Planning Counselor designation.
“My role is to replace uncertainty with a disciplined plan and clear communication,” Sarmiento said. “Raymond James pairs a client-first mindset and innovative technology with a level of advisor independence that helps me deliver confident, long-term guidance to my clients with their goals at the forefront.”
Luedtke And Associates Launches As RIA
Luedtke and Associates in Adell, Wisconsin, launches as an independent RIA. Co-Owners Rob Luedtke and Austin Luedtke previously affiliated with Commonwealth Financial Network.
The company chooses Advisor360° as its technology platform, a cloud-based, AI-enhanced platform. Founder Rob Luedtke said choosing Advisor360° was key to their decision to form a new RIA.
“Technology isn’t just infrastructure for us—it’s the foundation of how we serve clients and grow,” he said. “We’re thrilled that Advisor360° is a viable option for our firm. We recognize the value of a fully integrated platform that delivers exceptional advisor and staff efficiency.”
Strategic Partnerships
Snowden Lane Partners With MSCI Wealth On Portfolio Management
Snowden Lane Partners in New York chooses MSCI Wealth Manager to help its advisors manage investment portfolios for their clients. MSCI’s platform allows advisors to highlight risks in each portfolio by identifying assets that may not align with clients’ investment goals.
Last year, Snowden Lane expanded its alternative asset capabilities, made senior hires and continued to expand across the Northeast and Southeast. The company says MSCI’s technology will also help advisors compare, align and personalize their clients’ portfolios around recommended asset allocations.
“We’re thrilled to partner with MSCI, as we share a dedication to providing clients with best-in-class tools that enhance their advisory experience,” said Alison Burkett, Executive Vice President and Head of Enterprise Development at Snowden Lane Partners. “Equally important, our advisors now have a deeper toolkit to continue putting our values in practice, offering clients transparent and individualized solutions for their unique needs.”
Promotions & People Moves
Cresset Names Susie Cranston As CEO
Cresset, a Chicago-based multifamily office, appoints Susie Cranston as CEO. Cranston, who will also join the firm’s board of directors, officially assumes the role on April 15.
Co-Founders Avy Stein and Eric Becker will continue as Executive Co-Chairs and will continue to focus on client relationships, the investment platform, growth initiatives, M&A, recruiting strategies and governance. Cranston, who served as President, previously held executive positions at First Republic Bank and J.P. Morgan Chase.
“When Eric and I founded Cresset, our goal was to build a firm designed to serve families with care, alignment, and integrity for generations,” Stein said. “Susie embodies those principles and leads with clarity, sound judgment, and deep respect for the trust families place in our firm. Formalizing her role as CEO reflects the leadership she has already been demonstrating and positions Cresset well for the future.”
Evolve Private Wealth Appoints Zico Parmar As COO
Evolve Private Wealth, a Los Angeles-based wealth management firm that serves ultra-high net worth and high net worth clients, names Zico Parmar as Chief Operating Officer. In this position, he will lead operational strategy and is tasked to build a platform to increase advisor productivity and improve client experience.
Parmar most recently served as Managing Director at IEQ Capital, where he helped transform the firm from a startup into an RIA that oversees $42 billion in AUM. He also worked at First Republic Investment Management – Luminous (FRIM-L).
“Zico brings an exceptional track record of institutionalizing operations without sacrificing agility,” said Jonathan Lewis, Managing Partner at Evolve Private Wealth. “His experience scaling high-performing advisory platforms and his commitment to modernizing systems will be instrumental as we continue to position Evolve for long-term growth.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
