This edition of the Deals & Recruiting Roundup covers Osaic acquiring CW Advisors, Beacon buying Astor, Concurrent staking Post Oak and Oliver Capital, Raymond James recruiting advisors in Colorado and Utah, Ameriprise landing Allegiant Private Wealth, RBC adding advisors from UBS, LPL recruiting advisors from RBC and Wedbush, James Arens launching Allegiant Wealth Advisors, Mariner naming two executives to lead its independent platform and The Wealth Consulting Group appointing Andy Kalbaugh as President.
Larry's Take
While Osaic stole the spotlight this week with its $13.5 billion acquisition of CW Advisors, and multiple other advisor recruitments and M&A deals reached into the billions, we should keep an eye on the movement of veteran wealth management leaders into positions where their capabilities can be leveraged.
This week, Andy Kalbaugh, Rob Sandrew and Verne Marble are moving to new roles that require the wisdom and insider knowledge gained from decades of experience. They are the latest of many that we cover week after week. Though the numbers catch attention, this industry is about much more than numbers: The people behind the deals, with their relationships, skills and old-fashioned work ethic, are the backbone that makes the headline numbers possible.
You may be able to catch a driverless robotaxi these days, but experienced hands will continue to helm successful wealth management growth initiatives for decades to come.
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
Osaic To Add $13.5 Billion In AUM With CW Advisors Acquisition
Osaic plans to acquire Boston-based RIA CW Advisors (CWA), which manages $13.5 billion in fee-only client assets, from Audax Private Equity, CWA’s current private equity sponsor. The transaction is expected to close in the third quarter this year, Boston-based Audax said.
For CWA, the acquisition will fund its future growth initiatives and support high net worth (HNW) and ultra-high net worth (UHNW) clients through Osaic’s partner companies, Premier Trust and Highland Capital Brokerage. Osaic’s assets under administration (AUA) were $698 billion on May 31 and will hit $712 billion in AUA following this transaction.
“CW Advisors brings tremendous strength in delivering an institutional-quality platform for fee-only RIA advisors at the upper tiers of the wealth spectrum,” said Jamie Price, President and CEO of Osaic. “Their scale, talent and infrastructure are highly complementary to our strategy of expanding Osaic’s presence across all models and segments of the wealth management industry.”
Beacon Capital Acquires $1 Billion Astor
Dayton, Ohio-based Beacon Capital Management, an RIA and subsidiary of Sammons Financial Group that provides risk-managed portfolios and advisor practice support, purchases Chicago-based Astor Investment Management. The deal, which is expected to close in August, marks a significant expansion of Beacon’s risk-managed investment platform.
The deal adds approximately $1 billion in assets under management (AUM) to Beacon in the form of mutual funds, separately managed accounts (SMAs) and unified managed accounts (UMAs). Astor will also add its macroeconomic, rules-based methodology to Beacon’s data-driven strategies. Astor’s approach uses trend-based risk signals, which is expected to provide a new layer of portfolio diversification that smooths performance across market cycles.
“This acquisition is consistent with our ongoing mission to provide financial advisors with sophisticated, diversified investment solutions,” said Emily Damman, President of Beacon Capital Management. “We continue to evolve our offerings based on the input we directly receive from our trusted advisors. Their perspectives shape our strategic priorities as we invest in building long-term value across every level of the business.”
Concurrent Launches RIA Capital Partners Program With Two Investees
Tampa, Florida-based Concurrent Investment Advisors debuts a strategic minority investment program called RIA Capital Partners. Among the first RIAs to receive capital are Post Oak Wealth Partners in Houston, which oversees $250 million in AUM, and Oliver Capital Management in Seattle with $450 million in AUM.
The initiative targets RIAs seeking succession planning, growth capital or partial monetization. In addition, Concurrent said it will provide RIAs in this program with strategic and operational consulting and capabilities in asset management, recruiting, M&A, marketing and technology.
“RIAs want more than just an investor—they want a thought partner,” said Liz Lenz, Managing Director of Practice Synergies and Enterprise Consulting at Concurrent. “We start with a consultative discovery process to evaluate the firm’s structure, client experience, and growth trajectory. From there, we deliver tailored coaching, workshops, and enterprise-level support across leadership, advisors, and staff.”
Advisor Transactions
Raymond James Recruits Teams In Colorado And Utah With Almost $1.5 Billion
Raymond James Financial Services (RJFS), Raymond James’ independent channel, adds nearly $1.5 billion in client assets with its recruitment of advisors in the Mountain West region.
Based in Colorado Springs, Colorado, Springs Wealth Group is led by managing partners Bob Book, Andy Inman, Tim Mason, Chris Van Stavern and Chris Young. They oversee advisors Kristen Christensen, Travis Crowell, Bryan Ladrow, Camden Steele and Jerrad Bridgmon, as well as 13 branch professionals. Spring Wealth previously managed $950 million for Ameriprise.
RJFS also recruited Cottonwood Capital Management in Salt Lake City, led by Jim Phillips and Aaron Phillips, who previously managed nearly $500 million in client assets for Morgan Stanley.
“It’s my pleasure to welcome the talented team of advisors and professionals at Springs Wealth Group to Raymond James,” said Kirk Bell, Central Division Director for RJFS.
Casey McGee, Western Assistant Division Director for RJFS, said: “I’m thrilled to welcome Jim and Aaron to Raymond James, with their extensive industry experience and unwavering commitment to clients, they are an excellent addition to our presence in the region.”
Ameriprise Lands $300 Million In Assets With Allegiant Private Wealth
Ameriprise Financial in Minneapolis recruited RIA Allegiant Private Wealth. The RIA, based in Ocean City, Maryland, previously managed over $300 million in assets for Merrill Lynch.
Private Wealth Advisor Christine Selzer leads Allegiant, which also includes Private Wealth Advisors Brian Selzer and Brody Grove. Ameriprise has over 10,000 advisors.
“After two decades of operating within a bank structure, it became clear that our long-term vision was better aligned with an independent model,” Christine Selzer said. “We were looking for a partner that offers independence, places financial planning front and center, and demonstrates a shared commitment to enhancing the client experience. Ameriprise checked all the boxes.”
RBC Recruits Three Advisors From UBS With $1.1 Billion In Assets
RBC Wealth Management, based in Minneapolis, recruits three advisors who managed a combined total of approximately $1.1 billion in assets at UBS.
The advisors are Robert Miller in St. Paul, Minnesota; Scott Murray in Boise, Idaho; and Mark Grueninger in Beverly Hills, California. The advisors bring experience in legacy planning, wealth management and retirement income strategies.
“We are continuing to attract the very best advisors to RBC Wealth Management branches across the U.S.,” said Tom Sagissor, President, RBC Wealth Management. “These advisors are all incredibly talented individuals who constantly strive to deliver top-tier service to their clients. We are thrilled they chose to join RBC.”
LPL Adds Advisors From RBC And Wedbush, $755 Million In Assets
LPL Financial recruits a group of advisors, who recently launched EverMark Investment Partners after leaving RBC. In addition, the firm lands advisor Jeff Runyan, who joins from Wedbush Securities.
Advisors Matthew Sweeney, John Folsom and Tanner Carte formed EverMark through LPL’s supported independence model called LPL Strategic Wealth. They collectively serve about $425 million in advisory, brokerage and retirement plan assets. Runyan, who founded Runyan Capital in 2010, served about $330 million in advisory, brokerage and retirement plan assets as of Dec. 31.
“LPL’s Strategic Wealth model is unlike anything else in the market today,” Folsom said LPL’s Strategic Wealth model “takes the best aspects of being RIAs — owning our own business, our client relationships belonging to us, choice in technology and services, optimal succession solutions — and packages it with an outstanding process to help us set up our business for success from day one.”
Said Runyan: “We chose to partner with LPL because of its size, scale and reputation, as well as their impressive integrated and streamlined technology.”
Allegiant Wealth Advisors Debuts In Oklahoma With Over $1 Billion In AUM
Allegiant Wealth Advisors launched in Oklahoma with over $1 billion in AUM. Based in Tulsa, the RIA offers services like investment management, retirement planning, trust and estate planning, tax planning, holistic investment integration and family office services.
Founder and CEO James Arens spent 26 years at Trust Company of Oklahoma and most recently served as Chairman, President and CEO. He is also the past President of CFA Society of Oklahoma and served on the CFA Global Disciplinary Review Committee for seven years.
“Our independence gives us the freedom to provide robust solutions to manage the unique and evolving needs of clients,” Arens said. “We know that selecting an advisor is one of the most important decisions a client will make – and our role as fiduciaries allows us to protect the best interests of clients while avoiding many of the conflicts often experienced at large firms.”
Promotions & People Moves
Mariner Names Rob Sandrew And Verne Marble To Lead Independent Advisor Platform
Mariner appointed Rob Sandrew and Verne Marble to oversee its independent advisor platform, Mariner Independent. As Head of Mariner Independent, Sandrew will lead the firm’s expansion into new partnership models. He previously served as Chief Growth Officer at Integrated Partners.
Marble, who serves as Managing Director, previously worked at Private Advisor Group, LPL Financial and Edelman Financial Engines. Mariner Independent serves more than 1,100 advisors and oversees approximately $40 billion in AUM and AUA.
“This is a pivotal time for independent advisors, and I’m proud to be stepping into a leadership role at Mariner Independent as it enters its next stage of growth,” said Sandrew. “We have a real opportunity and the capabilities to deepen the support and flexibility advisors are looking for, and I’m eager to help shape a platform that truly aligns with where both the industry and advisor expectations are heading.”
The Wealth Consulting Group Hires Former LPL Exec Andy Kalbaugh
The Wealth Consulting Group (WCG), a Las Vegas-based hybrid RIA and wealth management platform, appointed former LPL Financial executive Andy Kalbaugh as President to work alongside Founder and CEO Jimmy Lee to advance the firm’s growth plans, including expanding its advisor solutions.
Kalbaugh most recently served as Founder and Managing Partner of Cassique Strategies. Before that, he was Managing Director and Divisional President at LPL Financial, where he led retention, engagement and growth for the firm’s independent advisor channel.
“This role will allow me to do what I enjoy most, which is helping advisors and building a business that is unique and valued by its advisors and their clients, and I am thrilled to work with Jimmy and his team to achieve these goals,” Kalbaugh said. “I have immense respect for him, as well as the operation and culture he’s fostered at WCG.”
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