In this week’s roundup, Pathstone acquired Mill Creek, Carson Group acquired Jackson Wealth Management, AlphaCore acquired Elk River, Crewe Advisors agreed to a minority investment from Wealth Partners Capital Group and HGGC, Sanctuary recruited Valen, Raymond James onboarded an advisor duo, LPL recruited two advisors, Alliant launched Retirement & Wealth at Alliant, Dynasty formalized Dynasty Consulting Group and will acquire Optima Group, SEI appointed multiple executives, AssetMark released research on advisor growth practices and Cerulli published research on RIA M&A.
Editor in Chief’s Take:
Are we overthinking growth? AssetMark’s latest research produced several noteworthy findings, including that consistent execution and business development infrastructure were stronger predictors of growth than strategic plans. Strategy and planning are both critical, but this research may be revealing that there’s too much “analysis paralysis” happening in organic growth strategy.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Pathstone Buys Mill Creek Capital Advisors
Pathstone acquired Mill Creek Capital Advisors, a Conshohocken, Pennsylvania-based RIA serving nearly 450 families and institutions with almost $12 billion in assets. The transaction closed June 1. Mill Creek, founded in 2006, adds 46 financial advisors and other professionals to Pathstone. The combined firm will use the Pathstone brand and has almost $30 billion in assets across its Conshohocken and Newtown Square, Pennsylvania, offices.
Pathstone said the firms had known each other for years but began formal talks about combining in summer 2025. Pathstone has more than 775 team members in 22 offices, including affiliate firms, with about $185 billion in assets as of Dec. 31. Colchester Partners was financial advisor to Mill Creek for the deal, while Cozen O’Connor was its legal counsel. Alston & Bird was Pathstone’s legal counsel.
Joshua Gross, CEO of Mill Creek, said, “From our earliest conversations, it was clear that Pathstone and Mill Creek shared a common view of what matters most: serving clients with depth, care, objectivity, and continuity. Pathstone’s culture, capabilities, and long-term orientation made this a natural next step for our clients and our team.”
Carson Group Acquires Jackson Wealth Management
Carson Group acquired Jackson Wealth Management, a Lake Mary, Florida-based firm managing over $1.1 billion in client assets. Jackson joins from Osaic and will transition as an integrated Carson Wealth office. Founded in 1992 by George P. Jackson, Jackson Wealth Management serves high net worth clients and families, and George P. Jackson will continue to lead the firm and remain involved in client relationships and strategy.
The team includes Wealth Advisors Michael McGahan and Yulia Dance, along with support staff. Jackson Wealth Management becomes Carson’s 46th integrated office. Carson Group has more than $58 billion in assets under management (AUM) across its advisory network. Turkey Hill Management served as M&A advisor to Jackson Wealth Management on the transaction.
George P. Jackson said, “As we looked ahead to the next chapter of our firm, it was important to align with a partner that could expand what we deliver to clients while respecting what we’ve built. We chose Carson because of its depth of resources, integrated planning capabilities and long-term platform strength.”
AlphaCore Adds Elk River Wealth Management
RIA AlphaCore Wealth Advisory acquired Elk River Wealth Management, a seven-person Denver-based team advising nearly $1 billion in assets. Elk River Founder and CEO Chris Freimuth will join AlphaCore as Managing Partner and lead the Cherry Creek and Phoenix teams, with the Elk River team joining AlphaCore.
At close, AlphaCore will have more than 120 professionals across five primary offices in San Diego; Denver; Austin, Texas; Rockville, Maryland; and Greenwich, Connecticut. SDR Ventures served as financial advisor, and Ireland Stapleton served as legal counsel to Elk River. WilmerHale was legal counsel to AlphaCore.
Freimuth said, “Joining AlphaCore was a natural next step for our firm and our clients as we searched for the right long-term partner. We were drawn to the firm’s consistent organic growth and its commitment to building a platform that helps advisors deliver more for clients. AlphaCore’s established presence in Denver and dedicated local advisors give us additional depth and collaboration on the advisory side, while preserving the highly personalized service our clients value.”
Crewe To Receive Minority Investment From WPCG And HGGC
Crewe Advisors, a Salt Lake City-based RIA with about $3.3 billion in AUM as of June 2, agreed to enter a strategic partnership with Wealth Partners Capital Group (WPCG) and HGGC. WPCG and HGGC’s Aspire Holdings platform will make a minority equity investment in Crewe to support acquisitions and organic growth initiatives. Crewe’s management team will remain majority shareholders and continue to lead operations.
Crewe was founded in 2015 by Managing Partner Ryan Halliday and has an additional office in Scottsdale, Arizona. The firm serves individuals, families, entrepreneurs and executives with investment management, financial planning and family office services. The transaction is expected to close in June. Moulton Moore Stella served as legal counsel to Crewe.
Halliday said, “We are excited to partner with WPCG and HGGC as we look to build on the momentum we have created. At Crewe, our fiduciary commitment to clients and our focus on building lifelong relationships have always been central to who we are. This partnership strengthens our ability to invest in our people, deepen our capabilities and expand our reach, while continuing to deliver the high level of service our clients have come to expect.”
Advisor Transactions
Sanctuary Recruits Valen Private Capital
Miami-based hybrid RIA Sanctuary Wealth recruited Valen Private Capital, a newly launched firm led by Founder and Managing Partner John Durham. Durham oversaw $477 million in assets at Merrill Lynch before launching Valen. The firm is headquartered in Paoli, Pennsylvania, and serves ultra-high net worth clients. The move adds another wirehouse breakaway to Sanctuary following previous additions from Merrill Lynch and UBS in April and May.
John Durham joined Merrill Lynch in 2004. Benjamin Durham, who was most recently a Wealth Management Specialist at Merrill Lynch in New York, will join Valen as Partner and Director of Financial Planning. Lisa Downey will join the firm as Director of Operations.
John Durham said, “As I evaluated independence, I wanted a partner that would allow me to build Valen Private Capital around my clients – not force my clients into someone else’s model. Sanctuary offered the combination of flexibility, experienced support and UHNW resources I was looking for, while allowing me to retain control of the firm I am building. That was important to me, my family and the families we serve.”
Raymond James Adds Ohio Advisor Duo From UBS
Raymond James recruited Financial Advisors Jason J. Hull and Jessica L. Penza to Raymond James & Associates, its employee advisor channel. The team joined from UBS Financial Services, where it managed approximately $450 million in client assets. Operating as Hull Penza Wealth Advisors of Raymond James in Dublin, Ohio, the advisors serve business owners, families, individuals, retirees and pre-retirees with financial planning and wealth management guidance.
The advisors are joined by Client Service Associate Jennifer Hill. Hull, Senior Vice President of Wealth Management, began his financial services career in 1995. Penza, Vice President of Investments, began her financial services career in 2007. Both Hull and Penza hold CFP designations.
Hull said, “Raymond James shares our client-first approach and gives us the scale, technology and back-office support to help guide families and business owners through important financial decisions. We were drawn to a culture that prioritizes people and allows our team to focus on delivering thoughtful, planning-first guidance as the needs of clients evolve.”
LPL Recruits Allegia Wealth Management And Les Smith
LPL Financial recruited Darren Colananni, who launched Allegia Wealth Management, and Les Smith, who founded Smith Complete Wealth. Colananni joined LPL’s broker-dealer and RIA platform from Centurion Wealth Management, with approximately $230 million in advisory, brokerage and retirement plan assets as of year-end 2025. Smith joined from Edward Jones, reporting approximately $185 million in advisory, brokerage and retirement plan assets as of year-end 2025.
Allegia is based outside Washington, D.C., and works with high net worth clients. Smith is based in Spring Hill, Tennessee, and has more than a decade of experience serving pre- and post-retirement clients. LPL said it supports more than 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions.
Smith said, “My mission has always been to add as much value as possible to my clients’ lives. That means staying connected, continuously evaluating their financial plans and looking for ways to improve — even if it’s just a small step forward. I made this move because I felt I could elevate the value I deliver to my clients. LPL’s technology, autonomy and forward-thinking approach give me the ability to go deeper in areas like tax and estate planning, while maintaining the flexibility to make timely decisions on behalf of my clients.”
Strategic Initiatives
Alliant Launches Retirement & Wealth Business Line
Alliant Insurance Services launched Retirement & Wealth at Alliant, a business line created to connect retirement consulting relationships with individual wealth advisory services. The firm said the division will use affiliated entities to link institutional retirement plan relationships and wealth advisory capabilities. Amit Dogra joined Alliant as Managing Director and Executive Vice President of Retirement & Wealth at Alliant and will lead the business.
Dogra has more than 25 years of industry experience. Before joining Alliant, he was President, Chief Operating Officer and Board Member at tru Independence. His prior roles include Chief Experience Officer at Sanctuary Wealth, Partner at Third Seven Capital, CEO of Third Seven Advisors and Managing Director, National Head of Relationship Management, Practice Management and Marketing at Hightower. Alliant said Alliant Retirement Consulting has $26 billion in assets under advisement.
Dogra said, “The financial services industry has long treated retirement and wealth management separately, but we’re going to change that. Clients want a more connected approach to managing their financial journey. By aligning the retirement and wealth businesses, consultants within Alliant Retirement Consulting and advisors affiliated with RWA will be better positioned to support individuals and institutions through every stage of need.”
Dynasty Formalizes Consulting Group, Plans Optima Acquisition
Dynasty Financial Partners formalized Dynasty Consulting Group, a management consulting division for independent RIAs. The division is tied to Dynasty’s upcoming acquisition of Optima Group, an advisory, branding and marketing firm founded in 1979. Dynasty said the transaction will add Optima’s strategy, branding and marketing capabilities to Dynasty’s technology, investment, capital and investment banking platform for advisory firms.
The consulting group will work with wealth and asset managers on growth, succession, talent, technology, leadership development, marketing, communications, data, cybersecurity, finance, tax and equity planning. Optima’s team will continue operating from Fairfield, Connecticut. Kenneth R. Hoffman, President of Optima Group, will become Head of Dynasty Consulting Group after the transaction closes. Dynasty supports more than 725 advisors and over $125 billion in assets under administration.
Penney said, “We are building the consulting business of the future. For years, Dynasty has been a growth partner and value creation partner to some of the top RIAs in the country delivering high-end intellectual property, leading-edge technology, and the support of experienced operators. Now, by combining that with Optima Group’s decades of expertise in strategy, branding, and marketing, we can offer something no one else can: a single, integrated partner.”
Promotions & People Moves
SEI Names AI, Data And International Wealth Leaders
SEI appointed Sneha Shah as Chief AI Strategist, Michael Tryniszewski as Head of AI Orchestration and William Coffey as Chief Data Officer. Shah will also continue as Head of SEI Next, the company’s innovation unit. The firm also appointed Barry Frame as Head of International Private Banking and Wealth Management Services, with responsibility for commercial strategy, sales execution, client relationships and delivery of enterprise technology and operations services for wealth managers.
Tryniszewski will report to Shah and oversee AI operationalization across product, technology, operations, risk, compliance and business units. Coffey will report to Chief Technology Officer Zach Womack and lead enterprise data strategy and development of a unified data and AI framework. Frame has more than 20 years of banking and wealth management technology and services experience, including senior leadership roles at Avaloq, where he was Chief Commercial Officer.
Ryan Hicke, CEO of SEI, said, “AI is no longer optional for financial services firms; it’s a strategic accelerant that requires clarity, accountability, and long-term vision. Sneha has been instrumental in shaping SEI’s AI journey, embedding it into how we operate and evolve the business while ensuring our approach is grounded in responsible use, strong governance, and real business impact. These leadership appointments also support the expansion of our data cloud and professional services offerings, which are foundational to how we scale, modernize delivery, and create greater value for clients.”
Research
AssetMark Study Links Growth To Execution
AssetMark released its 2026 Growth Assessment, based on an analysis of 240 advisors, finding that advisor firms with the strongest organic growth were more likely to execute consistently on referral development, accountability and hiring practices. AssetMark said execution and business development infrastructure were stronger predictors of growth than strategic plans. The study found 93% of respondents lacked a formal process to generate referrals consistently.
The research found that among advisors with 11 or more active referral sources, 58% were in the top growth tier, compared with 38% of those with fewer than three sources. The study also found 45% of advisors reported greater than 20% growth in AUM over the past three years, while 29% grew less than 10%. Firms hiring or restructuring teams also showed stronger growth-tier representation.
Michael Kim, CEO and President of AssetMark, said, “The last decade created significant growth opportunities across the advisory industry, but our research suggests that sustainable organic growth increasingly depends on operational discipline and consistent execution. Advisors who are building referral systems, investing in team capacity and creating accountability around growth initiatives are positioning themselves well for the future. Our goal in sharing this research is to help advisors better understand which behaviors are most closely associated with long-term growth and scalability.”
Cerulli Finds Advisors Looking To M&A For Scale
Cerulli said RIA consolidation is accelerating as advisors turn to M&A for scale, respond to changing client demands and keep pace with new platforms and technologies. The findings came from the latest Cerulli Edge—The Americas Asset and Wealth Management Edition. Cerulli said the changes are creating new competitors in an RIA market it estimates will surpass $4 trillion over the next decade.
Cerulli said the most addressable acquisition market comes from advisor retirements, with more than 26,000 retirements projected over the next decade. The firm also said 54% of RIAs are seeking an acquisition, a figure that has increased as firms recognize opportunities. The report said hybrid RIAs are the most acquisitive independent channel, while capital sponsors’ roles continue changing as private equity firms, sovereign wealth funds and insurers show interest.
Stephen Caruso, Associate Director at Cerulli, said, “On average, these retiring advisors have larger books of business than employee advisors looking to break away.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
