This edition of the Deals & Recruiting Roundup covers Cambridge staking The AmeriFlex Group, EP Wealth acquiring Capital Insight Partners, Mariner buying First National Advisors and Strata Wealth, Cerity merging with Austin Private Wealth, Mercer purchasing Poterack Capital Advisory and Long Run Wealth Advisors, Genesis Wealth recruiting two Illinois advisors, Prospera onboarding Harm & Harm, AllianceBernstein appointing Onur Erzan President, Envestnet naming Sue Burton Chief Marketing Officer, SEI appointing Jeff Benfield Chief Product Officer, Choreo naming Erik Merkau Chief Wealth Advisory Officer and Jump releasing research that links advisor performance with emotional intelligence.
Larry's Take
The lines between M&A and recruitment continue to blur. Cambridge’s minority stake in AmeriFlex is the latest example of that. Six months ago, Cambridge recruited AmeriFlex from rival Osaic. Now, Cambridge is staking AmeriFlex.
This is the latest case of a home office investing in an affiliate, a trend that adds new dynamics to the relationship and makes it “stickier,” while providing the benefits of capital backing for the investee’s plans. In this case, the shift from recruitment to capital injection happened in only half a year.
With variations on capital support and affiliation models, our industry may need to develop new ways to think about M&A and recruitment, perhaps as a spectrum from a 100% purchase with merged branding to independent, non-financial affiliation. This evolution, which provides more choice for advisors, will be exciting to watch in 2026.
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@ascentix.com.
Mergers & Acquisitions
Cambridge Stakes Hybrid RIA The AmeriFlex Group
Cambridge Investment Research purchases a minority stake in $13-billion hybrid RIA The AmeriFlex Group. The investment comes six months after the Las Vegas-based firm joined Cambridge from Osaic. AmeriFlex remains majority advisor-owned and independently operated.
AmeriFlex will use the proceeds to expand its SuccessionFully platform, which helps advisors transition their practices with the goal of maximizing their business value. The firm said the program addresses increasing demand for succession planning with a focus on continuity, marketplace access, deal structuring and a lack of conflicts.
“Strengthening our partnership with Cambridge enhances our ability to support advisors planning for retirement or long-term continuity,” said Thomas Goodson, Founder and CEO of AmeriFlex. “This investment enables us to expand the platform nationally, enhance advisor resources and continue protecting the legacy each advisor has built.”
EP Wealth Buys Capital Insight, Adds $730 Million In AUM
EP Wealth Advisors in Torrance, California, purchases Capital Insight Partners (CIP), an RIA in Scottsdale, Arizona, that oversees $730 million in assets under management (AUM). CIP Co-Founder Susan Anastasiadis will join EP Wealth as Senior Vice President.
Founded in 2008, CIP primarily serves private clients and employer-sponsored retirement plans. Including CIP, EP Wealth has bought five firms in Arizona over the past six years, including Clearview Wealth Advisors last month.
“This partnership is about strengthening what already works,” said Ryan Parker, CEO of EP Wealth. “CIP’s clients will keep the same advisory team they know and trust and will gain access to a broader bench across planning, investments, and specialized support as their needs evolve. We’re proud to welcome the CIP team to EP Wealth and continue building momentum across Arizona.”
Mariner Acquires Two Firms With Combined Assets Of Over $1.8 Billion
Mariner in Overland Park, Kansas purchases First National Advisors in Rockland, Massachusetts, with approximately $1.5 billion in assets under advisement, and Pittsburgh-based Strava Wealth, with about $360 million in assets under advisement.
First National Bank has eight associates, including five advisors. The deal closed Jan. 2, with Advisor Growth Strategies advising First National. Strava employs five people, including three advisors, and oversees $360 million in assets under advisement. The transaction closed Dec. 31, with Dalphia Partners acting as investment banker to Strava.
“Mariner is built around advisors who are deeply committed to their clients,” said Marty Bicknell, its President and CEO. “As clients’ financial lives become more complex, advisors who join us are surrounded by the support they need to keep growing, expand their capabilities and stay focused on clients - momentum that allows us to reach more people and fulfill our purpose of positively impacting the lives of many.”
Cerity Adds $1.4 Billion In AUM By Merging With Austin Private Wealth
New York-based RIA Cerity Partners merges with Texas-based RIA Austin Private Wealth in a move that enhances the combined firm’s ability to provide comprehensive wealth planning, investment management and holistic financial solutions to high net worth individuals, families and businesses. The transaction closed Dec. 31.
Austin Private Wealth will operate under the Cerity Partners name. Republic Capital Group (RCG) advised Austin Private Wealth and said the transaction adds $1.4 billion in AUM to Cerity, which now manages over $140 billion in client assets.
“This partnership brings together two firms with a shared culture of client-first advice and long-term thinking,” said Claire O’Keefe, Partner and Head of Partner Development at Cerity Partners. “By welcoming Austin Private Wealth to Cerity Partners, we are expanding our presence in a key growth market for the firm.”
Mercer Buys Poterack Capital And Long Run Wealth, Adds $905 Million In Assets
Denver-based Mercer acquires Long Run Wealth Advisors in Lake Placid, New York, with about $640 million in AUM, and Poterack Capital Advisory (PCA), with about $265 million in AUM.
Founded in 2001, and led by CEO Ryan Poterack, PCA has clients in 30 states as well as a local footprint in Jackson, Wyoming. He is supported by a Next Gen team including Anna Hopkins, Relationship Manager, and Alec Quaid, Wealth Manager. Tyson Pettit, President and Founder of the Iron River Group, served as financial advisor to PCA in the transaction. At Long Run, Principals Kevin Brady and Lynn Magnus lead a seven-person team that focuses on families, retirees, business owners and nonprofit organizations such as endowments and foundations.
“Ryan and his team are forward-thinking and work tirelessly in service of their clients,” said Ted Motheral, Executive Managing Partner, M&A Partner Development at Mercer Advisors. Of Long Run, he said, “Kevin and Lynn have built a talented, growth-minded team, with a clear commitment to multigenerational client relationships.”
Advisor Transactions
Genesis Wealth Onboards Two Advisors With $650 Million In AUM
Genesis Wealth, a branch office within LPL Financial, recruits two Illinois-based advisors from JPMorgan Chase. Todd Brase, based in Schaumburg, Illinois, spent 22 years at JPMorgan Chase, and served approximately $350 million in AUM with a focus on high net worth clients.
Dray Henderson, based in Downers Grove, Illinois, has overseen $301 million in client AUM. He focuses on financial and retirement planning, tax efficiency and wealth transfer.
“Todd and Dray represent exactly the kind of advisors Genesis Wealth was built for –experienced professionals who want to serve clients with greater freedom and intentionality,” said Kosta Tanglis, Founder and Managing Partner at Genesis Wealth. “Many senior advisors are reassessing traditional bank models and realizing there’s a better way forward. Our platform was designed to support that transition with dignity, flexibility and continuity for clients.”
Prospera Recruits Harm & Harm Financial Consulting
Dallas-based Prospera Financial Services lands Harm & Harm Financial Consulting Group in Williston, Vermont, which manages $250 million in total client assets. Led by John Harm, the company provides asset and liability management, investment planning, risk management and estate planning to individuals, families, businesses and institutions.
Harm’s team includes Client Associate Sarah Boucher and Associate Financial Advisor Connor Corbett. Prospera oversees $28 billion in AUM.
“John and his team run an exceptional practice and approach their business in a way that puts the client at the center of the decision-making process,” said Tarah Williams, Prospera’s President and COO. “We are excited Harm & Harm has chosen to write their next chapter as a part of the Prospera community, and we look forward to working together.”
Promotions & People Moves
AllianceBernstein Names Onur Erzan As President
AllianceBernstein (AB) appoints Onur Erzan as President. In this role, he will work with CEO Seth Bernstein to prioritize strategy and oversee the development of products and services. Erzan will continue to lead AB’s Private Wealth Management, Global Asset Management Distribution and Global Private Alternatives businesses, while adding its Strategy and Corporate Development functions.
Erzan supervised the launch of the firm’s active ETF business and expansion into insurance and retirement income. Prior to joining AB in January 2021, Erzan spent 20 years with McKinsey & Company, most recently as a Senior Partner, co-leading its Wealth & Asset Management practice. AB is a subsidiary of Equitable Holdings.
“This is a pivotal moment for AB,” Bernstein said. “Onur’s appointment to President underscores his criticality to AB and Equitable Holdings, and his strong connections both within the firm and across the industry. Onur has built a robust and effective distribution business through his commitment to our clients. He has a passion for winning and a strong belief in identifying key success factors for our business and future success.”
Envestnet Appoints Sue Burton As Chief Marketing Officer
Envestnet, based in Berwyn, Pennsylvania, names Sue Burton as Chief Marketing Officer. In this role, she is tasked to oversee branding, communications, demand generation, channel marketing and product marketing. She reports to CEO Chris Todd.
Most recently, Burton served as Senior Vice President of Marketing, Digital, and Member Experience at Digital Federal Credit Union. She also held executive positions at Bank of America, JPMorgan Chase and Fidelity Investments.
“Sue is a growth architect,” Todd said. “She brings depth across financial services and knows how to connect digital experience, demand and revenue into a system that scales. As Envestnet enters its next phase of expansion, Sue’s leadership will sharpen our brand, strengthen our marketing engine, and deepen the value we deliver to advisors and their firms.”
SEI Names Jeff Benfield As Chief Product Officer
SEI appoints Jeff Benfield as Chief Product Officer, a role in which he manages the ideation, creation, execution and optimization of the firm’s products, as well as ensuring they meet the needs of clients. He reports to Chief Technology Officer Zach Womack.
Benfield joined SEI in 2014 and has held multiple roles. Prior to Chief Product Officer, Benfield was Head of Platform Strategy and Operations for SEI’s Asset Management business. He has also worked at Vanguard, BNY Mellon’s Pershing/Albridge and Axa Advisors.
“Jeff’s proven ability to drive product innovation and his deep understanding of the financial technology landscape will help us deliver solutions that not only meet but anticipate our clients’ needs,” Womack said. “His leadership will be instrumental in shaping our product vision and ensuring that SEI remains at the forefront of industry transformation.”
Choreo Appoints Erik Merkau As Chief Wealth Advisory Officer
Chicago-based Choreo names Erik Merkau as Chief Wealth Advisory Officer. Merkau, who reports to CEO Jason Van de Loo, will lead the firm’s national advisor teams. He is tasked with improving advisor performance through products and services that focus on advanced planning, portfolio management and practice management.
Merkau has held executive positions at several companies, including Edelman Financial Engines, JPMorgan Chase, Scottrade, TD Ameritrade and Wells Fargo.
“Erik joins Choreo at a pivotal time as we continue to evolve our advisor model to reflect the real-world complexity facing builders – closely held business owners and families who depend on thoughtful, integrated advice,” Van de Loo said. “His experience leading large advisory organizations positions him to help us raise the bar for how advisors serve builders and deliver coordinated guidance across tax, estate planning and business transition strategies.”
Research
Jump Report: Advisor Emotional Intelligence Key To Client Sentiment
Advisors who displayed higher emotional intelligence (EQ) produced better outcomes with clients, according to a study by AI firm Jump. Advisors with high EQ increased client sentiment by 17.5% from a meeting’s start to finish compared to just 9% from advisors with low EQ.
The higher performing advisors spent more time on goals, planning and relationship building than service and compliance. Jump used its AI technology to identify conversation patterns and shifts in client behavior by analyzing anonymized meeting data between advisors and clients from November 2024 to October 2025.
“We’re seeing a clear shift from AI as a tool for saving time to AI as a tool for improving performance,” said Liam Hanlon, Head of Insights at Jump. “Almost 25,000 advisors have adopted Jump in just over two years because of the efficiency it delivers. Now firms are focused on what comes next: translating that efficiency into better engagement, stronger decision-making and more reliable follow-through. Conversational intelligence gives them a way to measure that impact with evidence rather than intuition.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
