This edition of the Deals & Recruiting Roundup features our newest Recruiter of the Month, GinaRose Galli, Senior Growth Manager at Savvy Wealth.
We also cover Merchant Investment Management taking a minority stake in Republic Capital Group, Kingswood U.S. acquiring Eudaimonia Partners and Eudaimonia Advisors, Summit Financial taking minority stakes in BFG Wealth and Canon Capital, Focus Financial Partners agreeing for Custom Portfolio Group to join Transform Wealth, Cetera’s Avantax acquiring SEP Financial Services, The AmeriFlex Group launching a broker-free Advisor Transition Network, Carson Wealth recruiting True North Financial, Commonwealth Financial Network adding two advisors through Aegis Consulting, NewEdge Advisors bringing on BFS Advisory Group, Dynasty adjusting its executive team, Mercer appointing Elizabeth Hioe as Chief People Officer and Morgan Stanley recruiting The Brown Wealth Management Group from UBS.
Larry’s Take
Innovation in wealth management M&A keeps on coming. A few weeks ago Mariner acquired the M&A shop Woodbridge International. Then Cerity Partners announced its merger with the VC shop Touchdown Ventures. Now Merchant Investment Management is taking a minority stake in Republic Capital Group, and The AmeriFlex Group created a platform that cuts out middlemen.
Merchant and Republic are both prominent players in wealth management dealmaking in their own rights, so the investment has the potential to help accelerate the pace of RIA M&A. Meanwhile The AmeriFlex Group’s Advisor Transition Network may appeal to buyers and sellers that prefer to minimize the involvement of third-party players.
Nobody can legitimately claim that RIA owners lack options for how to pursue M&A deals. If anything, so many choices abound that RIA owners may start to need as much guidance on the types of deals available to them as they need guidance on when to go to market and how to achieve good deal terms. Doing that extra work could unlock even more value for the industry.
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
1. Merchant Investment Management Takes Minority Stake In Republic Capital Group
Merchant Investment Management, a strategic and capital partner to financial services companies, is taking a non-controlling minority stake in Republic Capital Group, an investment bank for asset and wealth management firms. Both firms are headquartered in New York.
CEO John Langston founded Republic Capital Group in 2015. Some of its notable transactions include AlphaCore Wealth Advisory’s minority investment from Constellation Wealth Capital in December 2023, as well as MONECO Advisors’ minority investment from Emigrant Partners and Creative Planning’s acquisition of BerganKDV, both in June 2023. Merchant, which was founded in 2016, has an ecosystem of approximately $180 billion in assets in the wealth and asset management industries. The firm has invested in companies such as Summit Financial Holdings and Trivium Point Advisory, as well as various third-party service providers.
“We are pleased to receive this minority non-control investment to help grow our firm into the premier full service investment bank for the wealth management industry,” Langston told WSR. “Merchant is an active investor in service providers to our industry and there is much that can be done to provide more services to wealth management firms.”
2. Kingswood U.S. Onboards $1 Billion Eudaimonia
Kingswood U.S. acquired Eudaimonia Partners and Eudaimonia Advisors, two RIAs of Nashville, Tennessee-based Eudaimonia Group, and entered into a strategic alliance with Eudaimonia Asset Management, its in-house turnkey asset management platform (TAMP) and RIA. Together, the three RIAs manage more than $1 billion in client assets.
Eudaimonia Founder and President John Goodson will continue to lead his team of 17 advisors and maintain his $100 million book of business. Goodson will head Kingswood’s Nashville office and report to Michael Nessim, CEO, President and Managing Partner of Kingswood. Goodson will help lead the Kingswood advisor recruiting efforts and consult on potential M&A-based expansion, working with Kingswood’s Head of Acquisitions, Jamie Golden.
“As the wealth management industry continues to evolve, it is critical for a firm of our size to seek additional scale and exceptional talent to ensure we are positioned to succeed in the future,” Nessim said. “[Eudaimonia’s] expertise in growing advisory businesses, coupled with their experience in running an exceptional TAMP, make them the perfect fit for our growing business.”
3. Summit Takes Minority Stakes In BFG Wealth, Canon Capital
Parsippany, New Jersey-based Summit Financial is bringing on advisors from BFG Wealth and Canon Capital Wealth Management, adding $470 million in client assets. Summit also took minority stakes in the RIAs through its Summit Growth Partners division. These investments represent Summit’s 12th and 13th strategic investments this year.
BFG and Canon can now access Summit’s investment solutions and alternative investments, as well as its professional strategy team, which includes in-house attorneys, tax specialists, financial planning experts and investment management strategists. With nearly $190 million in assets under management (AUM), BFG is led by Founder and CEO Ralph Burnett. With over $280 million in AUM, Canon is led by its Founder, Peter Roland.
“These new additions continue to expand our nationwide footprint and we are excited to support their growth and success,” said Stan Gregor, CEO of Summit Financial Holdings. “Our partnership will provide BFG and Canon with a broad array of resources and opportunities, enabling them to elevate their client services and achieve new heights.”
4. Focus Agrees For CPG To Join Transform Wealth In Colorado
Focus Financial Partners agreed for Custom Portfolio Group (CPG) to formally join Focus partner firm Transform Wealth. CPG and Transform both have their headquarters in the Denver area. The deal is expected to close in the fourth quarter.
CPG, which was founded in 2011, is led by President and CEO David Twibell. The firm serves individuals, families, nonprofits and businesses with wealth planning, retirement advice and strategic investing expertise. It had approximately $175 million in AUM as of its March SEC ADV filing. Transform is a fee-only financial planning and investment advisory firm serving high net worth clients. Turkey Hill Management served as advisor to CPG in the transaction.
“It was such a pleasure working with David to find the right partner for him, his employees and his clients,” Jessica Polito, Founder and Principal of Turkey Hill, told WSR. “CPG’s future together with Transform is bright and I couldn’t be happier for them.”
5. Avantax Acquires SEP Financial Services
Avantax, a subsidiary of Cetera Holdings, acquired SEP Financial Services, which was founded by Stephen Plain. He has been affiliated with Avantax for 25 years and has been a CPA for 40 years. Plain is based in Goshen, New York.
SEP Financial Services had approximately $40 million in assets under administration as of September. His practice and clients will transition to the employee-based model Avantax Planning Partners (APP). The move is part of a succession planning strategy that Plain worked on with Avantax’s Home Office team.
“APP creates the opportunity for Avantax advisors to have smooth transitions, and from my standpoint, it’s been seamless,” Plain said. “It’s not just you by yourself – Avantax had a team of five or six people helping me, taking care of everything that needed to be done, from due diligence to onboarding, marketing and compliance.”
6. The AmeriFlex Group Launches Broker-Free Advisor Transition Network
Las Vegas-based hybrid RIA The AmeriFlex Group launched Advisor Transition Network (ATN), a platform connecting qualified buyers and sellers of financial advisory practices. The platform has a network of prepared buyers representing more than 200 qualified advisors.
ATN strives for a confidential marketplace that enables advisors to transition their businesses without a broker. The advisor-designed program focuses on four priorities: ensuring the well-being of clients, staff retention, achieving a fair price for the practice, and offering a customized exit timeline that suits the seller’s needs.
“In an industry often dominated by brokers who charge 5% to 10% in sales fees, ATN [is] designed to maximize value for both buyers and sellers, ensuring a smoother, more profitable transaction for all parties,” said Thomas Goodson, Founder and CEO of The AmeriFlex Group. “Similar to the Uber model, we remove the middleman – in this case, the broker – from the equation. This streamlines the process and puts more money in the seller’s pocket.”
Advisor Transactions
7. Carson Brings On $400 Million True North In Montana
Carson Wealth expanded its Montana presence through a strategic partnership with Billings-based True North Financial, now branded as Carson Wealth | True North Financial. This is Carson’s second Billings location. Managing Partner and Wealth Advisor Ty Vogele leads a six-person team along with Wealth Advisors David Guenthner and Ryan Wittman, who oversee more than $400 million in assets.
True North will have access to Carson’s investment strategies, tax planning, estate planning and other resources. Carson Group manages $38 billion in assets and serves more than 50,000 client families across its advisory network of over 150 partner offices, including more than 50 Carson Wealth locations.
“We are thrilled to welcome the True North team to the Carson community,” said Burt White, CEO of Carson Group. “Their proven expertise and deep understanding of the Montana market will greatly enhance our collective ability to serve clients. This partnership enables True North’s advisors to focus even more intently on client relationships.”
8. Commonwealth-Affiliated Aegis Adds Two Advisors In Ohio, California
Jacksonville, Florida-headquartered Aegis Consulting, which is affiliated with Commonwealth Financial Network, recruited advisors Mark O’Sickey in the Cleveland area, and Paul Solorzano in San Diego. They previously were affiliated with Osaic and before that Lincoln Financial Advisors.
Aegis has nearly $2 billion in client assets, a team of 17 advisors and serves more than 1,300 families. It also has offices in Orlando, Tampa, and Boynton Beach, Florida; Reston, Virginia; and San Francisco. When the firm affiliated with Commonwealth in 2023, it had approximately $1.2 billion in client assets.
“We are committed to supporting fast-growing enterprises and are honored to now include Aegis offices led by Mark O’Sickey and Paul Solorzano,” said Becca Hajjar, Managing Principal and Chief Business Development Officer at Commonwealth. “When Aegis joined us last year, we were thrilled to start providing the enterprise-level support they sought to help fulfill their national growth strategy.”
9. NewEdge Advisors Recruits $318 Million BFS Advisory Group In Dallas
New Orleans-based RIA NewEdge Advisors brought on Dallas-based BFS Advisory Group from Osaic, where it oversaw approximately $318 million in assets. The team consists of Founder and President Debra Brennan Tagg, Associate Wealth Advisors Erin Neece and Hollis Stuckert, Portfolio Analyst Bradley Rouse, and three support staffers.
Tagg, who has been an independent advisor since 1998, founded The Aspen Society in 2021 as a networking group for women interested in learning about financial wellness. NewEdge Advisors, which is part of NewEdge Capital Group, has added 24 other teams representing 56 new advisors and has integrated 18 more advisors into existing teams.
“High-performing advisors join NewEdge Advisors for its truly open architecture, flexibility and freedom to continue to build their practices as they see fit,” said Alex Goss, Co-CEO and Co-Founder of NewEdge Advisors. “We’re excited to have Debra and her team as part of our firm and look forward to supporting their continued growth.”
Promotions & People Moves
10. Dynasty Hires Marc Hineman As COO, Adjusts Executive Team For Growth
Dynasty Financial Partners made strategic changes and additions to its executive team, hiring Marc Hineman as Chief Operating Officer, while naming Dynasty Vice Chairman Andrew Marsh as Head of Core Services and Executive-in-Residence Tim Oden as Chief Growth Officer.
Hineman most recently was COO at the global fintech provider PICO. Marsh will work on uniting and streamlining Dynasty’s service offering to its network of firms. Oden previously spent almost 37 years at Schwab, rising to Managing Director, Business Development. The Dynasty Network consists of 56 independent firms and more than 400 advisors, with average AUM per firm of nearly $1.8 billion and average assets per advisor of approximately $250 million.
“Our Network Partners are everything to us,” said Shirl Penney, Founder and CEO of Dynasty. “Their robust organic growth, resilient investment platforms and thriving M&A activity recently propelled us over the $100 billion asset mark, so we are dedicated to constantly evaluating our ability to power their independence and continued growth. The strategic changes we have made to our business position us to support the extraordinary growth we – and they – are experiencing and forecasting.”
11. Mercer Appoints Elizabeth Hioe As Chief People Officer
Mercer Global Advisors appointed Elizabeth Hioe as Chief People Officer and a member of the Executive Leadership Team. Hioe, who has 20 years of experience in management consulting and HR, will be responsible for aligning talent strategy and HR programs with the firm’s overall strategy.
Most recently, Hioe was Chief Administrative Officer and Chief Human Resources Officer at Standard Industries. Previously, she was a Partner at McKinsey & Company and a leader in its Organization Practice. Mercer has more than 1,150 employees, and has tripled its workforce in five years. Martine Lellis, the firm’s previous Chief Talent Officer, has become Principal, M&A Partner Development. Mercer has conducted more than 85 acquisitions since 2016.
“I believe that Mercer Advisors is leading the way to build a national fiduciary-based financial planning firm that believes in working together as one team,” Hioe said. “I am inspired by the company’s commitment to helping clients amplify and simplify their financial lives, and I am excited to support the team in delivering on this mission.”
Wirehouse Activity
12. Morgan Stanley Onboards $1.2 Billion Kentucky Team From UBS
Morgan Stanley recruited The Brown Wealth Management Group from UBS, where the nine-person Kentucky-based team oversaw $1.2 billion in assets, according to Forbes.
Team Managing Director Jamey Brown had worked at UBS for his entire 23-year career. Chief of Staff Kristy Taliaferro previously spent her entire 26-year career at UBS. The team provides holistic financial planning, business succession planning, trust and estate planning, cash management and lending products, life insurance and philanthropic management.
“Please join us in welcoming The Brown Wealth Management Group to our newly established Morgan Stanley branch in Paducah, KY,” Frank Roccisano, Managing Director | Market Executive at Morgan Stanley Wealth Management posted on LinkedIn. “Jamey R. Brown, CFP® Brown [sic], Daniel Brown, Lydia May, Jason Straub along with Kristy Taliaferro, Debbie Sommer, Melissa Breeden, Adrienne Yeager and Margaret Morris are a wonderful group of individuals that are proud to serve successful families and business owners throughout their community.”
Recruiter Of The Month
GinaRose Galli, Senior Growth Manager, Savvy Wealth
Savvy Advisors, the Savvy Wealth-affiliated RIA, recently added Los Angeles-based Drew Martino from Corebridge and Chicago area-based Daniel Moore from TIAA, along with their respective practices. This summer, Savvy Wealth also received an additional $15.5 million in funding, to complete its $26.5 million Series A round. Since the start of 2024, Savvy has onboarded 20 advisors, nearly tripling its headcount, and is poised to reach $1 billion in the coming months.
And now for our Q&A with GinaRose Galli, Senior Growth Manager at Savvy Wealth.
WSR: How has Savvy achieved its success so far this year in recruiting so many financial advisors?
Galli: Savvy Wealth’s success in recruiting financial advisors stems from our advisor-first culture. As one of our wealth managers, Brian Boswell, says: “I felt like Savvy was interested in helping me grow, and by doing so, Savvy wins.” Unlike many firms, we focus on helping advisors succeed, not just growing the company.
Our technology-driven platform, with tools like Co-Pilot and the Service Calendar, streamlines back-office tasks, allowing advisors to focus on clients and business growth. By offering flexibility and a collaborative approach, we attract advisors who are frustrated by rigid models and seek a tailored, growth-oriented partnership.
WSR: What type of advisors and advisory teams make for the ideal recruitment candidates for Savvy?
Galli: Savvy looks for entrepreneurial advisors and advisor teams who want to grow their business while maintaining flexibility in how they operate. Advisors (like Brian) appreciate that Savvy’s focus is on helping them build their own successful practice, rather than fitting into a one-size-fits-all model.
Ideal candidates are those who value personalized client engagement, and are seeking modern tools to streamline their operations and scale efficiently. Advisors looking to break away from rigid structures and leverage Savvy’s AI-powered platform to supercharge their growth will thrive in our supportive, advisor-first environment.
WSR: Can you describe your role at Savvy in the recruitment process of such advisors and teams?
Galli: As Senior Growth Manager, my role is to recruit entrepreneurial advisors and advisor teams who align with our mission of integrating technology with personalized client service. I collaborate with leadership and marketing to highlight Savvy’s unique value propositions, such as our automated client onboarding; our AI-driven, all-in-one platform; our investment management solutions; our in-house marketing support and more.
Advisors appreciate how Savvy focuses on helping them grow, on their terms. By showcasing our commitment to advisor success and providing the tools to scale their practices, I build relationships with top advisors who are eager to differentiate their practice and grow their business.
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
