This edition of the Deals & Recruiting Roundup covers Raymond James’ offer to buy minority stakes in advisors, Emigrant Partners’ investment in Elevation Point, VisionPoint and Navitas joining to form Balefire, Hub’s acquisition of Allegiant, Mercer’s 100 deal milestone, Americana’s recruitment of ex-Morgan Stanley advisors, breakaways from Ameriprise forming Pendulum Partners, Adon Vanwoerden’s launch of Macro Edge Advisory Group, Focus’ appointment of Zinovy Iosovich as Chief Growth Officer, Lisa Drake’s election as President of the National Association of Plan Advisors, Cetera naming John Lefferts as Head of Cetera Investors, and Diamond Consultants changing the guard.
Larry's Take
We often speak of the Next Gen taking the reins of business and speculate how our industry can better to attract and equip younger generations to continue the successes of advisors and professionals who are nearer to retirement, or who sometimes just want to shift into a lower gear or try out something new.
This week’s announcement of leadership changes at Diamond Consultants is a success case for Next Gen succession. The new CEO, Louis Diamond, is well equipped since he spent several years preparing for the role. Jason Diamond steps up as President with the same preparation. The previous CEO, Mindy Diamond, will remain involved as Chairman and continue the firm’s podcast.
Some lessons we can learn from them: Prepare the right successors for several years, including external visibility so current and future business contacts know the successors. Ensure previous leadership remains involved. And when the moment comes, the first generation doesn’t have to worry about whether they can trust the Next Gen, because the successors have already proven themselves.
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
Raymond James Debuts Program To Finance Advisors
Financial services giant Raymond James is offering to provide capital to advisors by acquiring minority stakes in their businesses. Advisors can use the money, through the company’s Practice Capital Solutions program, to hire new employees, expand operations, plan for a succession or prepare for a merger or acquisition.
In addition to an equity stake, Raymond James also obtains a share of an advisors’ revenue. Advisors retain operational control over their business and can later buy back shares on “clearly defined, favorable terms,” according to the firm.
“By partnering closely with advisors, we’ve crafted a solution that elegantly addresses the challenges they face when monetizing their practice to ensure that our capital solutions not only serve advisors and their clients but also align seamlessly with the Raymond James culture,” said Emma Boston, Vice President, Strategic Operations. “Our approach reinforces book ownership and advisor independence, solving capital needs while strengthening our partnership as their equity investor.”
Elevation Point Receives Minority Investment From Emigrant Partners
Elevation Point, the Minneapolis-based company that acquires minority stake in RIAs led by Founding Partner and CEO Jim Dickson, sold a minority stake of its equity to Emigrant Partners. The company, headquartered in New York, provided Elevation with both cash and credit, financed by a “significant senior debt facility,” so that Elevation can expand its services for high net worth and ultra-high net worth clients and enhance its family office capabilities.
So far this year, Elevation has made three minority investments in RIAs. Emigrant Partners has been providing minority stakes, non-voting capital and advice for wealth management businesses for 18 years. It is a unit of Emigrant Bank and Milstein Companies.
“Elevation Point’s expertise and mission align with our commitment to providing our partner firms with the support and tools they need to achieve their goals for growth and succession,” said Liz Nesvold, Chair of Emigrant Partners. “Like us, Jim and the team at Elevation Point understand and appreciate the entrepreneurial mindset, and together, we can help independent advisors take their businesses to the next level.”
Advisory Firms Merge To Form $3.7 Billion RIA Balefire
VisionPoint Advisory Group, which broke away from LPL Financial in 2021, and Navitas Wealth Advisors merge to form Balefire, a Dallas-based RIA whose combined assets under management (AUM) surpassed $3.7 billion as of Jan. 1.
Balefire has partners and employees in 19 states and clients in 39 states, and, in addition to Texas, “maintains a significant presence” in Mississippi, Minnesota, Alabama, Arizona, Iowa, North Carolina, Georgia, Florida and South Dakota. The company’s goals include expanding annual revenue to $215 million, growing AUM to $42 billion, and scaling the Balefire team to 300 advisors and other professionals.
“This combination is not about getting bigger – it’s about getting better,” said Co-Managing Partner and former Navitas CEO Jason Hester. “While our strategic plan does include revenue and profitability benchmarks, it also focuses on stewardship and the impact we can make together. Clients will see deeper bench strength, broader services, and the same personal connection they’re accustomed to.”
Hub International Acquires Allegiant
Hub International, a Chicago-based global insurance brokerage and financial services firm, purchases Allegiant Global Partners (AGP), a deal that folds AGP’s expertise in non-profits into Hub’s Specialty and Global Benefits capabilities.
Headquartered in Boston, AGP specializes in providing advice on international health, welfare and risk strategies to international NGOs, higher education institutions and domestic nonprofits. Moving forward, the company will be referred to as AGP, a Hub International company. TAG Financial served as financial advisor to AGP.
“We’re excited to welcome AGP to Hub,” said Linda Keller, Hub Employee Benefits National COO and Practice Leader. “Their deep expertise in international NGOs, higher education and nonprofit industries enhances our ability to deliver even more comprehensive solutions to our clients. Together, we’re positioned to accelerate growth and unlock new opportunities for the clients we serve.”
Mercer Reaches 100 Deal Milestone With Maryland And Colorado Acquisitions
Mercer Advisors announced that it surpassed 100 M&A partner deals with the acquisitions of RIAs Tufton Capital Management in Hunt Valley, Maryland, and Lewis Wealth Management in Denver.
The Tufton deal expanded Mercer’s mid-Atlantic footprint, strengthened its presence in the greater Washington, D.C., market, and added $810 million in client assets. Lewis Wealth manages about $75 million in client assets and serves 40 clients, according to Mercer.
“Activity for our Partner Development team is not slowing down,” Dave Welling, CEO of Mercer, told WSR. “We’ve had 12-15 M&A partnerships close in each of the past few years. We expect to meet or exceed that this year. In addition to small and mid-sized RIAs like Tufton and Lewis, we have several larger prospects in the pipeline as well as specialty firms in areas such as tax or trust.”
Advisor Transactions
Americana Partners Recruits Four Advisors With $1.5 Billion From Morgan Stanley
Americana Partners recruits four advisors with over $1.5 billion in AUM from Morgan Stanley’s Houston office. The group, known as The AHM Group at Morgan Stanley, includes Palmer Moldawer, Will Carsey, Will Gutkowski and Kayla Sickman.
Americana Partners has offices in Houston, Austin, Dallas, Los Angeles and the Permian Basin, as well as an international division focused on Latin American clients. Founded in 2019, it manages over $9 billion in AUM.
“Palmer and his team share our commitment to helping successful families, entrepreneurs, and institutions navigate the ever-changing world of investing and wealth planning, and I’m genuinely excited to have them join the Americana family,” said Jason Fertitta, CEO of Americana Partners. “They bring a wealth of experience and fresh ideas, and together, we’re building something special for families with significant means.”
Ameriprise Breakaway Team Launches $400 Million Pendulum Partners
An Itasca, Illinois-based advisor team broke away from Ameriprise to start Pendulum Partners, an independent RIA in the Chicago area with approximately $400 million in client assets. Pendulum Partners specializes in providing tax optimization and wealth management services to entrepreneurial families and business owners.
The two Co-Founders are Matthew McWherter and Tom Parker. The Co-Founders were advised on the RIA build by Fusion Financial Partners. They selected Schwab for custodial services and Purshe Kaplan Sterling Investments (PKS) as broker-dealer.
“We’ve listened to clients who are tired of being the go-between for their various financial specialists,” McWherter said. “While integrated services aren’t new, what sets Pendulum Partners apart is our relentless focus on service delivery and our deep understanding of the entrepreneurial mindset.”
Former $4 Billion Neuberger Berman Advisor Launches New Firm
Adon Vanwoerden, who formerly managed $4 billion in assets at Neuberger Berman, debuts a new wealth management firm called Macro Edge Advisory Group. The firm, based in New York, offers clients customized investment portfolios and financial planning services such as strategies for retirement, estate planning, cash flow management and tax optimization.
Macro Edge promises clients a data-driven approach to analyzing investment trends. Prior to serving as Senior Vice President, Investment Strategist at Neuberger Berman, Vanwoerden was a Quantitative Analyst for the Office of the Chief Investment Officer at Merrill Lynch. Macro Edge partnered with Private Advisor Group to provide it with technology, operational support, compliance oversight and regulatory expertise. The company uses Fidelity and Schwab as custodians.
“After 10 invaluable years at Neuberger Berman, I decided it was time to step out on my own,” Vanwoerden wrote on his LinkedIn profile. “I wanted to build a company grounded in the core values of being proactive, performance-focused, and putting clients first. Macro Edge Advisory Group is more than a firm — it’s a reflection of my vision: Independent, research-driven investing and insights; Deep and resilient relationships — not just portfolios; A modern, transparent approach to managing wealth.”
Promotions & People Moves
Focus Financial Partners Taps Zinovy Iosovich To Lead Growth Efforts
Focus Financial Partners appoints Zinovy Iosovich to newly created role of Chief Growth Officer of its Focus Partners division. In this role, he is tasked to drive organic growth first in Focus Partners Wealth, then across other Focus Partners units.
Iosovich previously served as President and Chief Services Officer of The Colony Group, which was rebranded to Focus Partners Wealth, where he was Co-President. New York City-based Focus Financial recently overhauled its brands to organize its businesses, including wealth management, advisor solutions and business management, under the Focus name.
“Focus is on a journey to become the leading fiduciary advice company in the industry. To achieve our ambitious goals, it was important to prioritize a position that strengthens our strategic approach to organic growth and put the right leadership in place to guide us through this important phase of our evolution,” said Michael Nathanson, CEO of Focus Financial Partners. “The creation of a Chief Growth Officer role is a critical step in aligning our teams, driving coordinated organic-growth efforts, and positioning Focus for long-term success.”
SageView Executive To Lead Top Advisor Association
SageView Advisory Group executive Lisa Drake has been elected President of the National Association of Plan Advisors (NAPA). She began her term on April 29 after serving as President-Elect in 2024.
Drake is Managing Director, Retirement Plan Consulting for SageView, where she has worked since 2019. NAPA is a 20,000-member non-profit organization based in Washington, D.C.-based tasked with identifying and solving retirement plan challenges.
“A passionate advocate for driving positive retirement plan outcomes for plan sponsors and participants, Lisa is the right person to lead this vital organization during this turbulent period for American retirement security,” said John Longley, SageView’s CEO. “I’m thrilled to see her in yet another leadership role where she will help enhance the financial stability for many Americans. NAPA is in incredibly good hands.”
Cetera Taps John Lefferts To Oversee Branch Network
Cetera Financial Group names John Lefferts as the Head of Cetera Investors, where he will supervise more than 40 branches. Lefferts is tasked with providing branch managers, advisors and their firms operational support, technology and marketing resources, all designed to drive revenue growth.
Cetera, which managed $235 billion in assets as of Sept. 30, says it is making a “meaningful investment” into its advisor business, which represents a top growth opportunity for the San Diego-based company. Lefferts most recently served as National Head of Business Development at Equitable Advisors.
“John’s track record of driving growth, building exceptional teams, and putting advisors and branch managers first makes him the ideal leader for this next chapter at Cetera Investors,” said LeAnn Rummel, President of Cetera Investment Services. “We are thrilled to welcome John and are confident his leadership will continue elevating our community while helping to fuel advisor success and further strengthen our growth trajectory.”
Diamond Consultants Names Louis Diamond CEO As Founder Steps Down
Diamond Consultants on Wednesday announced the implementation of its leadership succession plan, promoting Louis Diamond to CEO from President, as his mother, company Founder Mindy Diamond, steps down as CEO to become Board Chairman.
In her new role, Diamond, who founded the firm in 1998, will provide active strategic guidance and continue to work with certain advisor teams. She will also continue to participate in “The Diamond Podcast for Financial Advisors,” which has logged over 1 million downloads. Meanwhile, Louis’ brother Jason Diamond was promoted to President from Executive Vice President, Senior Consultant.
“Our staff and clients across the wealth management industry will benefit enormously from the leadership, vision and counsel that Louis and Jason bring to these new positions,” Mindy Diamond said. “While I believe now is the time for me to transition from having day-to-day responsibilities at the firm, its future is incredibly bright in their capable hands, and I am looking forward to making important strategic decisions as we always have – in partnership with one another.”
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