In this week’s news, Savant acquired Heritage Financial; Wealth Enhancement bought The H Group, FocusPoint Solutions and a Kansas-based advisor team; Hightower agreed to buy Journey Strategic Wealth; Aspen Standard Wealth acquired BlueSky Wealth; Carson Group acquired Applied Financial Planning; MCF Advisors acquired Wealth Planning Corporation; J.C. Flowers committed to back Accelerated Wealth Partners; Osaic added advisor teams from Kestra and Commonwealth; Sowell Management added Altruist as a custodian; Mercer launched its Women & Wealth practice; Cambridge named Cody Phelps as First Vice President of Strategic Acquisitions; and Wealth.com hired attorney Chris Nason as Head of Private Wealth.
Editor in Chief’s Take
During Women’s History Month, it’s more than history that matters. Financial advisors should also focus on the increasing share of wealth owned by women now and in the future. Women owners of wealth often face different situations from their male counterparts and advisory firms must structure services that address those needs. This week, Mercer announced a program designed specifically for women clients.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
Mergers & Acquisitions
Savant Wealth Management Partners With Heritage Financial
Savant Wealth Management, a fee-only RIA, said it partnered with Massachusetts-based Heritage Financial, which has $3.9 billion in assets under management (AUM) and offices in Westwood, Woburn and Rockland. The transaction closed Feb. 27.
The deal is Savant’s largest partnership to date and expands its Massachusetts footprint to four offices. Heritage has 47 employees, and Savant said 15 joined as member-owners at closing. Turkey Hill Management advised Heritage on the transaction.
Charles Bean III, Founder and Chairman of Heritage Financial, said, “Through our collaborations, we determined that partnering with Savant would enable us to expand the services we can offer clients, such as tax and estate planning, and family office services.”
Wealth Enhancement Adds Three Firms Totaling $7.9 Billion In Assets
Wealth Enhancement said it acquired The H Group and its affiliated wealth management practice, FocusPoint Solutions, which collectively oversee more than $6.7 billion in client assets. The firm also said it acquired an advisor team from TFB Advisors in Overland Park, Kansas — its first location in the state — led by Josh Selzer, Tim Gaigals and Daniel Dolan, managing more than $1.2 billion in client assets.
Led by Founder and Owner Chris Hicks, The H Group and FocusPoint are headquartered in Portland, Oregon, with additional offices across the Pacific Northwest and Southwest, the firm said. Wealth Enhancement said FocusPoint will incorporate into Advisory Solutions Group, a newly formed RIA affiliated with Wealth Enhancement that supports advisors and RIAs not operating under Wealth Enhancement Advisory Services.
Jeff Dekko, CEO of Wealth Enhancement, said, “Chris Hicks and his team have built trusted businesses that help advisors and clients find clarity and confidence in a complex world. They are deeply committed to a strong fiduciary standard. We’re excited to be joining forces with such a talented team.”
Hightower Signs Deal For $5 Billion Journey Strategic Wealth
Hightower Advisors agreed to buy with Journey Strategic Wealth, folding it into Hightower Signature Wealth. Hightower said Journey brings approximately $5 billion in AUM, and that Hightower Signature Wealth will represent more than $25 billion in AUM across 27 locations upon close, which is expected at the end of March.
Journey is led by Penny Phillips and includes 24 professionals, including 16 advisors serving nearly 1,000 clients. Phillips will take on expanded responsibilities as Head of Advisor Strategy and Client Experience within Hightower Signature Wealth. Seward & Kissel served as legal counsel to Journey, and Dalphia Partners served as financial advisor.
Larry Restieri, CEO of Hightower Advisors, said, “Under Penny’s leadership, Journey has built a highly respected advisory business defined by incredible talent, consistent organic growth, and a clear client-first culture—all closely aligned with what we have built at Hightower Signature Wealth.”
Aspen Standard Wealth Acquires $1 Billion AUM RIA BlueSky
Aspen Standard Wealth acquired BlueSky Wealth Advisors, a New Bern, North Carolina-based RIA with $1 billion in AUM. BlueSky was founded in 1999 and provides financial planning and investment management services to individuals and families.
Aspen said the acquisition is its seventh RIA partnership since launching in late 2024. Sherman & Co. served as investment banker to BlueSky on the transaction.
David Blain, CEO of BlueSky Wealth Advisors, said, “BlueSky has achieved steady growth over the last 25 years because of the highly personalized, holistic financial advice we provide to our clients. We are excited to accelerate that trajectory in partnership with Aspen, with our clients’ long-term needs and aspirations guiding everything we do.”
Carson Group Acquires Applied Financial Planning In California
RIA Carson Group said it acquired Irvine, California-based Applied Financial Planning, a Carson partner firm led by William C. O’Connor and Sean Walker. Applied reported approximately $635 million in advisory and brokerage assets, and joined Carson as an independent partner in 2020.
Applied started as a tax-focused practice in 1986 and later evolved into a multigenerational wealth management business. The firm includes seven advisors and an 11-member support team. Carson has more than $56 billion in AUM.
Burt White, CEO of Carson Group, said, “Applied Financial Planning demonstrates what advisors can build through decades of disciplined leadership, deep client relationships and a commitment to serving families across generations.”
MCF Advisors Buys Cincinnati’s Wealth Planning Corporation
MCF Advisors, a Kentucky-based RIA, said it acquired Cincinnati-based Wealth Planning Corporation, which oversees approximately $617 million in AUM. Wealth Planning Corporation is a multigenerational planning practice that has operated in the region for decades, according to the announcement.
MCF said the acquisition supports its strategy of adding established local firms while providing them with centralized planning, investment and operational resources.
Todd Steinbrink, President of Wealth Planning Corporation, said, “MCF offers the best of both worlds for our clients and our team. MCF is a large firm with a deep bench of talent and comprehensive resources, however it still provides the personalized care and attention one would expect from a boutique firm.”
J.C. Flowers Backs New RIA Platform Accelerated Wealth Partners
J.C. Flowers made an equity commitment of up to $200 million to support the launch of Accelerated Wealth Partners (AWP) a new platform designed to partner with and acquire select RIAs. The platform will be led by Eric Amar. According to the firms, AWP’s approach will focus on a limited number of partnerships rather than high-volume aggregation.
The release described three pillars for the strategy: technology-enabled organic growth, M&A execution and client experience. Founded in 1998, J.C. Flowers has approximately $5 billion in AUM.
Eric Rahe, Managing Director and Co-President of J.C. Flowers, said, “Eric and his team have developed a strategy that prioritizes quality and strategic depth over sheer headcount. We are excited to support AWP as it empowers RIA firms to reach their full potential through a combination of sophisticated M&A and a tech-forward mindset.”
Advisor Transactions
Osaic Adds $464 Million Texas Team And $352 Million California Group
Osaic said Gardner Wallace Financial Solutions joined the firm through Kurt Jonson’s Advisory Resource Group OSJ (ARG), bringing approximately $464 million in client assets from Kestra. Separately, the firm said advisor Heather Hackett and her Financial Planning Department team transitioned from Commonwealth, bringing approximately $352 million in client assets.
Gardner Wallace is based in Addison, Texas, and is led by Frances Gardner, Andrew Gardner and Patrick Wallace. The Long Beach, California-based Financial Planning Department is a women-led team providing planning, investment management, and tax planning and preparation, among other services.
Andrew Gardner said, “We needed the flexibility to grow our advisor team, reduce administrative complexity and execute a thoughtful ownership transition. Osaic and ARG provide a clear path forward.”
Strategic Partnerships
Sowell Management Adds Altruist As Custodial Partner
Sowell Management, a North Little Rock, Arkansas-based RIA, added Altruist as a custodial partner to provide custodial services and support to its advisors. The firm said the partnership gives advisors access to Hazel, Altruist’s AI platform.
Altruist connected Hazel to real-time account data in December, enabling the tool to pull from custodial records such as beneficiaries, households, holdings and balances. Uses for the technology include producing answers regarding sector exposure, household concentration and beneficiary summaries, based on custodial data fields.
Daryl Seaton, CEO of Sowell Management, said, “Adding Altruist to our lineup of custodians gives our advisors greater flexibility to grow their business and service their clients. The new Hazel platform is a game changer for advisors of all sizes.”
Strategic Initiatives
Mercer Advisors Launches Women & Wealth Practice
RIA Mercer Advisors launched its Women & Wealth practice and named Executive Managing Partner Laura Combs as its head. The firm said the practice will focus on women-centered planning needs including longevity planning, caregiving, business ownership and multigenerational wealth, delivered through its family office services.
Mercer cited projections that women in the U.S. will control $34 trillion in assets by 2030, tying the initiative to rising earning power and wealth transfers. It said the new practice builds on earlier internal efforts to engage women investors, including InvestHERs, a program it launched in 2018 to support women as both investors and professionals.
Combs said, “Meeting women’s needs—building trust, engaging them meaningfully, and sustaining those relationships—is not just sound advice, it’s a business imperative. I’m grateful to my partners at Mercer Advisors for entrusting me with this opportunity as we are committed to being the firm best positioned to serve women with excellence.”
Promotions & People Moves
Cambridge Names Cody Phelps As First VP Of Strategic Acquisitions
Cambridge Investment Research named Cody Phelps as First Vice President of Strategic Acquisitions, focused on Cambridge-owned OSJs and multi-advisor teams. Phelps is tasked to work with senior leaders on business operations, recruitment, enterprise growth and strategic initiatives.
Phelps previously served as Field Vice President for Jordan Creek Financial Solutions, a West Des Moines, Iowa-based firm acquired by Cambridge in 2018, according to the company.
Tammy Robbins, Executive Vice President and Chief Business Development Officer at Cambridge, said, “Cody has been an outstanding partner as a leader for one of our OSJs. His experience will be key as we continue to expand our growth and acquisition strategies, providing solutions and resources that independent financial professionals are seeking.”
Wealth.com Hires Attorney Chris Nason To Lead Private Wealth
Wealth.com named trusts and estates attorney Chris Nason as Head of Private Wealth, hiring him from McDermott Will and Schulte, where he was a Partner in the firm’s San Francisco office. The company said Nason will help embed legal and tax expertise into product workflows, advisor education and enterprise partnerships.
Nason is tasked to work closely with product and engineering teams to address rising tax complexity, cross-border considerations and compliance burdens. Wealth.com CEO and Co-Founder Rafael Loureiro and Chief Legal Officer Anne Rhodes said in the announcement that the hire reflects the need for greater legal rigor in technology tools used by advisors.
Nason said, “Advisors are navigating the largest intergenerational wealth transfer in history alongside increasing tax complexity, cross-border considerations and heightened compliance burdens. Technology supporting those conversations must be grounded in real legal substance.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
