This edition of the Deals & Recruiting Roundup covers Robinhood closing on TradePMR, Aquiline buying SEI’s Family Office Services, Gladstone unifying its services, LPL recruiting from Wells Fargo, Robertson Stephens launching a family office, Dynasty partner TritonPoint launching an affiliate, Caprock recruiting from Goldman, Beacon Pointe recruiting from Ellevest, Merchant partnering with Venning, NewEdge partnering with Envestnet and SMArtX, Bogart Wealth’s new President and Trilogy’s new Chief Development Officer.
Larry’s Take
This week, we bring you two stories centering on the family office business: Robertson Stephens is launching one and Aquiline is buying one. At the same time, ultra-high net worth service provider Caprock is expanding. While there is much money to be made on the other end of the spectrum for those who can personalize service for mass affluent clients, one very wealthy client creates economies of scale.
Losing that same client can also break you. It’s a different kind of business from mass affluent or high net worth – with concentrated client risk and services that surpass holistic to concierge. It’s also highly lucrative for those who can onboard the large clients.
If you want to hunt for the “big game,” you have to become fluent in art, wine and other exotic investments while differentiating yourself not by investment performance but by asset protection, multi-generational planning and the occasional private jet. It’s not for everyone, but with the Great Wealth Transfer underway, it may be worth an expedition.
If you would like to discuss Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.
Mergers & Acquisitions
Robinhood Markets Closes On TradePMR Deal
Robinhood Markets announced it closed on the previously announced acquisition of TradePMR. The Menlo Park, California-based firm said it’s paying 60% cash and 40% stock-based compensation on $300 million.
TradePMR has assets under administration of about $43 billion as of Jan. 31. In the November release announcing the deal, Robinhood said its plans to leverage TradePMR to build a referral program, and that TradePMR’s RIAs will be able to access a new client base through Robinhood.
“The TradePMR team has one of the strongest RIA networks in the industry,” said Vlad Tenev, Chairman and CEO at Robinhood, in November. “We’re excited to join forces to build a category-defining advisory platform for the next generation.”
Aquiline Will Acquire SEI’s Family Office Services Business
Aquiline will acquire the Family Office Services business of SEI and rename the business as Archway to align with its Archway Platform brand. The deal’s total purchase price is $120 million, and the transaction is expected to close late in the second quarter.
Family Office Services employees in SEI’s Indianapolis, Denver and Oaks offices, including members of its leadership team, will transition. As of Sept. 30, Aquiline had approximately $11.3 billion of assets under management (AUM).
“The Archway Platform has long been the premier provider of accounting and reporting software solutions to family offices across the country,” said Vincenzo La Ruffa, Managing Partner at Aquiline. “Its powerful general ledger engine can support the most complex families, and we are excited to further invest and extend the platform.”
Gladstone Introduces One-Stop-Shop For M&A, Talent And Valuations
Plymouth Meeting, Pennsylvania-based Gladstone Group announced the unification of its services offerings under a single brand with a new website. The move bundles the firm’s M&A advisory, talent search (previously D.A. Kreuter Associates), valuation services and consulting capabilities.
The unification is designed to provide advisors with one source for all aspects of business growth and transformation. The company completed 10 mergers and acquisitions in 2024, representing over $6 billion in AUM.
“Growth comes in many forms, and our clients have long appreciated our expertise in talent search, M&A, business valuation, and strategic consulting,” said Dan Kreuter, Founder of Gladstone Group. “By formally unifying our services, we’re making it simpler for firms to access the full spectrum of our capabilities.”
Advisor Transactions
LPL Recruits Townsgate Wealth Advisors From Wells Fargo
LPL Financial recruited Jim Murray, Larry Bernstein, Abby Goldstein, Michael Kazmer, Brett Goldberg and Wesley Wong of Townsgate Wealth Management, to its broker-dealer, RIA and custodial platforms. They manage approximately $1.15 billion in advisory, brokerage and retirement assets and joins LPL from Wells Fargo Advisors Financial Network.
Founded in 2016 and based in Westlake Village, California, Townsgate Wealth Management serves primarily high net worth individuals, families and business owners. The group will be supported by administrative assistants Sarah Levi-Sickman, Joni Melickian and Claire Trentacosta.
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome the advisors of Townsgate Wealth Management to LPL and congratulate the team on this milestone in the evolution of their practice. At LPL, independence means advisors benefit from book ownership, industry-leading technology and greater support to help them grow their practices while exceeding client expectations.”
Robertson Stephens Launches Family Office Led By Bruce Stewart
San Francisco-based Robertson Stephens hired Bruce Stewart to launch a family office to serve ultra-high net worth clients who have outgrown a multi-family office platform but are not ready for a single-family office. Prior to this role, Stewart was Founder and Managing Director of Spartan Risk Solutions.
Stewart has more than 25 years of experience with single-family offices, and as an outsourced chief investment officer. At Spartan Risk Solutions, Stewart built and managed $23 billion in wealth for four families.
“I’m grateful to Robertson Stephens for this opportunity to build out this first-of-its-kind service,” Stewart said. “In my experience, some families have outgrown the capabilities of a traditional multi-family office but prefer to avoid the financial commitment of establishing their own. I’m excited to build this practice at Robertson Stephens and deliver a truly differentiated solution.”
Dynasty Affiliate TritonPoint Launches Affiliate Supporting Independent Advisors
TritonPoint Wealth announced the launch of its affiliate, TritonPoint Partners, that aims to provide an independent ownership model for advisors. TritonPoint Partners is led by founding Partner and CEO Harold Hughes.
TritonPoint Wealth launched in 2023 and now manages $1.8 billion in client assets. It joined the Dynasty Financial Partners advisor network in January. TritonPoint Partners also leverages Dynasty’s platform, transition team and tech stack, according to the companies. Both TritonPoint firms are based in Chevy Chase, Maryland.
“TritonPoint Partners is built for advisors who want to own their future, independent but not alone,” said Hughes. “Many firms focus too much on short-term cash flow and miss long-term equity opportunities. Our model ensures every firm we partner with controls its revenue, benefits from strategic guidance, and participates fully in future growth.”
Caprock Adds Former Goldman Sachs Advisor Solow To Chicago Office
The Caprock Group, a Boise, Idaho-based RIA serving ultra-high net worth clients, announced David Solow joined its Chicago office as Managing Director, Client Advisor, acting as a lead advisor for the firm’s sports and entertainment industry clients. Solow spent over 15 years as a Private Wealth Advisor for Goldman Sachs Private Wealth, where he co-led a team that managed over $5 billion in assets. He also led the training and development of Goldman’s younger advisors.
Bill Gilbert, Caprock Co-CEO, said Solow’s “knowledge and experience in working with CEOs, entertainers, athletes, private-equity principals and high-end attorneys will further enhance Caprock’s services.” Caprock acquired Chicago-based boutique advisory firm Grey Street Capital in March 2024, its first acquisition.
Solow said he was “thrilled to join Caprock where I have the opportunity and responsibility to act as a fiduciary to represent my clients’ best interests” and that he was “incredibly impressed with Caprock’s modern approach to providing clients with investment opportunities and flexible solutions.”
Beacon Pointe Recruits Advisor From Ellevest
Newport Beach, California-based Beacon Pointe Advisors onboarded former Ellevest wealth management advisor Allison Kvikstad as a Partner and Managing Director. Kvikstad brings 30 years of professional investing experience and serves high net worth women, families and private foundations.
Prior to her seven years at Ellevest, Kvikstad was a Senior Investment Manager for Wells Fargo Wealth Management Group. Beacon Pointe is the largest female-led RIA in the country, according to a news release.
“The move to Beacon Pointe provided me the opportunity to stay true to my mission of educating and empowering women and their families financially,” said Kvikstad. “I’m thrilled to have resources and support to help serve clients at every stage of life. The culture fit was ideal, with Beacon Pointe leading the charge as the largest female-led RIA in the country and offering the option of impact investment opportunities to clients.”
Strategic Partnerships
Merchant And Venning Team Up On CPA Growth Partnership
New York City-based Merchant, a growth capital provider for investment management firms, is rolling out a strategic growth partnership with the CPA and wealth management firm Venning Advisors. The partnership is expected to enhance connectivity between tax services and wealth management.
Venning provides clients financial, tax and operational support. It has a program for CPAs to transition their businesses to Venning while preserving their clients, staff and legacy. The platform lets CPAs transition their practice to fellow CPAs for continuity of service.
“The integration of CPAs into the wealth management landscape represents a tremendous opportunity for firms to elevate their value proposition,” said Tim Bello, Co-Founder and Managing Partner at Merchant. “By partnering with Venning, we are helping firms bring tax expertise in-house, ensuring that financial advisors and CPAs work seamlessly together to deliver the most comprehensive and strategic advice to clients.”
NewEdge Partners With Envestnet, SMArtX
Stamford, Connecticut-based NewEdge Wealth, a division of NewEdge Capital Group, has announced its Structured Note Strategies are now available on its platform through the Envestnet and SMArtX platforms. This provides third-party financial professionals and institutions with access to many of the same strategies NewEdge Wealth utilizes for ultra-high net worth clients.
The partnership builds on NewEdge’s relationship with Halo Investing, which will serve as NewEdge’s distribution partner on both Envestnet and SMArtX platforms.
“The expanded access to our Structured Note Strategies platform allows advisors and institutions outside of our own to leverage the expertise and data-informed approach NewEdge Wealth uses to deliver best-in-class wealth management services to our ultra-high net worth clients,” said Rob Sechan, Managing Partner of NewEdge Capital Group and CEO and Co-Founder of NewEdge Wealth.
Promotions and People Moves
Bogart Wealth Taps Fuhrman As President
Bogart Wealth appointed former Coastal Bridge Advisors Partner and President Jeffrey Fuhrman as its President. The firm also said that James Bogart is relinquishing the President role while remaining CEO and Founder. Bogart Wealth has $3.0 billion in assets.
During his time at Coastal Bridge, Fuhrman led strategic, financial and operational initiatives across the organization, helping position the firm as an industry leader. Previously, Fuhrman was President of IMG Artists and President of Gemini Voice Solutions.
“I’m very excited to join Bogart Wealth at such a defining time in its evolution,” said Fuhrman. “In getting to know James, I’ve been impressed with his dedication to client care, his commitment to a growth mindset, and his ambitious vision for the future. He has built an impressive organization, and I look forward to working alongside the team to contribute to its continued success.”
Trilogy Hires New Chief Development Officer
Irvine, California-based Trilogy Financial Services hired Jason Inglis as Chief Development Officer, with responsibility for developing and implementing Trilogy’s revenue growth plans, especially advisor acquisition and expanding the firm’s M&A capabilities.
Inglis recently served as Chief Revenue Officer at Sowell Management. Trilogy, founded in 1999, has $4.3 billion in assets and 70 advisors, according to its website.
“We are excited to announce that Jason Inglis will join our team as Chief Development Officer,” Trilogy posted on LinkedIn. “With an impressive track record spanning over 25 years in the financial advisory arena, Jason is a seasoned professional known for his results-oriented approach and brings invaluable strategic planning, sales leadership, and business development expertise.”
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at julius.buchanan@wealthsolutionsreport.com.
