This edition of the Deals & Recruiting Roundup covers Sixth Street staking Wealthbox, Hub buying Veripax, Bluespring buying SilverStar, Lido purchasing Exchange Capital, Carson acquiring Wambolt, EdgeCo buying ERISApedia, VestGen recruiting Daniel Stringfellow and Gavin Bolanos, Dynasty recruits launching Anchyra Partners, Sanctuary recruiting Mitch Benedon, Commonwealth landing Angelo Planning Group, Bahnsen appointing Joseph Klein as President and Luis Garcia as Chief Financial Officer, and Savant naming Ahmed Hassanein as Chief Financial Officer.
Larry's Take
This week VestGen recruited two Next Gen advisors as part of its broader plan, explained by the CEO, to provide continuity to advisors who have made a life’s work of financial advice by “sourcing, developing and empowering” Next Gen advisors.
One of these recruits is a new cum laude graduate with a degree specialization that speaks to his ability to hit the ground running. Some firms may view this approach as too risky – possibly losing the advisor to attrition or another firm – or too much of a resource drain to train and equip, and there are statistics those firms can reference to back up this viewpoint.
However, firms aren’t trapped by the statistics – each firm can create their own much better statistics by recruiting young people with stellar backgrounds and equipping and training them so they will both achieve success and want to stay with the firm. Firms that prepare the way will win the race for Next Gen talent.
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
Sixth Street Stakes $200 Million In Wealthbox
Private equity firm Sixth Street’s growth investing business Sixth Street Growth acquires a $200 million majority stake in Wealthbox, a firm in Providence, Rhode Island, that makes CRM software for financial advisors. The deal is meant to boost Wealthbox’s innovation and product development as it continues to introduce AI features designed to drive advisor productivity and firm-wide efficiency.
Sixth Street Partner and Co-Head of Sixth Street Growth, Michael McGinn, will join Wealthbox’s Board of Directors, along with Sixth Street Growth’s Operating Partner Paul Dodd and Principal Alex Goodman. Wealthbox’s existing investor, Frontier Growth, will retain its position in the company.
“Wealthbox’s platform combines user-friendly simplicity with powerful capabilities, underpinned by a deep commitment to customer satisfaction, and we believe that it offers a valuable, advisor-centric CRM solution for the wealth management channel,” McGinn said. “We are pleased to partner with Wealthbox to support its next phase of innovation.”
Hub International Acquires Veripax
Hub International purchases Veripax Wealth Management, an independent, fee-based firm located in Folsom, California. Veripax, which provides investment management, retirement and financial planning services, oversaw nearly $343 million in assets under management (AUM) according to its April Form ADV.
Veripax’s team, including Owner Jerry Verseput and Advisor Brian Wells, will join Hub Central & Northern California (Hub CNC). Hub International is a global insurance broker and financial services firm.
"We’re excited the VWM team is joining Hub, which enables us to expand our services in retirement and wealth management,” said Darren Caesar, CEO of Hub CNC. “It reflects our continued commitment to delivering comprehensive, long-term financial solutions in the region.”
Bluespring Wealth Partners Buys Kestra Firm SilverStar
Austin, Texas-based Bluespring Wealth Partners acquires Kestra Financial firm SilverStar Wealth Management. Bluespring, which buys independent RIAs and hybrid wealth management firms, said it is merging SilverStar into existing Bluespring firm LifeBridge Financial Group to form one advisory team overseeing $1.4 billion in AUM.
The transaction, which occurred in the current quarter, will strengthen Bluespring’s presence in Texas. LifeBridge and SilverStar, which manages $110 million in AUM, are both based in the Houston area.
“We’re pleased to support SilverStar and LifeBridge on their shared journey,” said Pradeep Jayaraman, President of Bluespring. “Both firms have been strong, successful partners within the Kestra ecosystem, and Bluespring is proud to further enable their combined success.”
Lido Purchases $830 Million Exchange Capital
Lido Advisors acquires Exchange Capital Management, an RIA based in Ann Arbor, Michigan, that manages $830 million in regulatory AUM as of Dec. 31. All 13 employees at ECM will join Lido, including CEO Michael Reid and Senior Investment Advisor Kevin McVeigh.
The firm provides financial planning, retirement plan management and investment management services. Lido, based in Los Angeles, oversees $29 billion in regulatory AUM. DeVoe & Co. served as ECM’s sole financial advisor on the transaction.
“The close-knit team at ECM has deep roots in the Ann Arbor and surrounding southeastern Michigan communities which will help us as we continue to expand in the region and around the country,” said Jason Ozur, CEO of Lido. “Their seasoned expertise will strengthen our ability to steward high-net-worth families across their entire financial lives.”
Carson Acquires Colorado-Based Wambolt
Carson Group buys Wambolt & Associates, a deal that strengthens Carson’s growing presence in the Rocky Mountain region. Wambolt, based in Littleton, Colorado, manages $570 million in assets.
Led by Founder and Managing Partner/Wealth Advisor Greg Wambolt, the company provides investment solutions and tax reduction strategies to high net worth families, executives and business owners. Headquartered in Omaha, Nebraska, Carson manages over $42 billion in assets and serves more than 53,000 client families.
“We are highly impressed by the talent that Greg has assembled as he continues to build out a strong G2 team focused on long-term relationships and exceptional outcomes,” said Michael Belluomini, Senior Vice President of Mergers and Acquisitions at Carson Group. “We’re inspired by Greg’s commitment to build a platform to mentor the next generation of advisors, and we are thrilled to support that next chapter of their growth.”
EdgeCo Holdings Purchases ERISApedia
EdgeCo Holdings acquires ERISApedia and adds the company to its AmericanTCS Holdings business unit. ERISApedia, based in Minneapolis, provides compliance and prospecting services to plan sponsors, third-party administrators and retirement advisors.
The deal marks the 10th acquisition in the retirement space by EdgeCo, which provides technology for retirement plan administration, brokerage, advisory, and trust and custody services. Based in Pittsburgh, EdgeCo has more than $650 billion in client assets under custody or administration and serves over 10,000 financial advisors and 420 financial institutions.
“The AmericanTCS group of businesses understands what’s required to support the needs of retirement plans and their providers,” said Tim McCutcheon, ERISApedia’s owner. “We’re thrilled to join forces with a company that shares our vision and values.”
Advisor Transactions
VestGen Adds Daniel Stringfellow And Gavin Bolanos To Next Gen Advisor Team
VestGen Wealth Partners, based in Chicago, recruits Daniel Stringfellow and Gavin Bolanos to its Next Gen advisor team. Stringfellow previously worked at Rothchild Wealth Partners, helping to manage $300 million in total client assets.
Bolanos just graduated from the University of Alabama with a bachelor’s degree in consumer science and a concentration in family financial planning and counseling. Launched in 2024, VestGen’s roster of 10 financial advisory practices collectively manages $5.3 billion in assets.
“To be successful in the coming years, wealth management firms will need to attract the best and brightest NexGen advisors, and I’m thrilled to welcome Daniel and Gavin to our team,” said Josh Gerry, Founder and CEO of VestGen. “Our strategy is to work with elite advisors looking for continuity for their lives’ work. We do that by sourcing, developing, and empowering a workforce of NextGen advisors eager to deliver incredible client service through a range of investment and planning offerings and innovative technology solutions.”
Dynasty Recruits Launch $2.6 Billion Advisory Firm Anchyra
Dynasty Financial Partners recruits Robert Durham, Zack Cloud and Brian Gately, who formed Anchyra Partners in Atlanta. Anchyra will focus on ultra-high net worth clients and multi-family offices and plans to expand both organically and inorganically.
The trio of advisors collectively managed $2.6 billion in client assets. Durham previously served as Managing Director and Regional Director at Stephens while Cloud and Gately worked as Vice Presidents at Goldman Sachs. Durham serves as the new firm’s CEO.
“We’ve engineered Anchyra to support elite advisors who want to build something to last,” said Durham. “We’re focused on creating an environment where experienced professionals can grow their businesses, contribute as partners, and deliver the kind of service sophisticated clients demand.”
Sanctuary Recruits Advisor From Merrill Lynch
Sanctuary Wealth recruits Princeton, New Jersey-based Mitch Benedon, previously a Financial Advisor at Merrill Lynch, who began his career there in 2019. Benedon joined Sanctuary affiliate Eclipse Private Wealth Management. He built a $50 million book of business in his first five years as an advisor.
Eclipse was in the inaugural class of Sanctuary’s Enterprise Partner Program, launched late last year to support inorganic growth efforts of affiliated firms looking to add advisors. Advisors who complete the Enterprise Partner Program can more readily access capital through Sanctuary’s Strategic Capital Partnership for M&A deals.
“After going through this exclusive program, Eclipse is equipped with the tools, resources and knowledge to drive meaningful growth in their practice,” said Michael Longley, Chief Growth Officer of Sanctuary. “By tapping into our Strategic Capital Partnership, they are well on their way toward building lasting equity in their business and evolving their practice into an independent wealth management enterprise. Bringing Mitch over from Merrill is a great start.”
Commonwealth Recruits $1.5 Billion Former Osaic Advisor Team
Commonwealth Financial Network onboards Angelo Planning Group (APG) in Rochester, New York. Formerly with Osaic, the APG team reported advising on more than $1.5 billion in client assets.
APG’s 30 team members include 16 advisors, among them Founder and Managing Partner Ralph Angelo, and Registered Principal Todd Harris. Based in Waltham, Massachusetts, and San Diego, California, Commonwealth serves approximately 2,345 independent financial advisors overseeing more than $344 billion in assets as of Dec. 31.
“Ralph Angelo and his partners have built a powerhouse practice by putting client service first, and we’re honored they chose Commonwealth to ensure that their model thrives, both now and as we partner with LPL Financial,” said Becca Hajjar, Managing Principal and Chief Business Development Officer of Commonwealth.
Promotions & People Moves
Bahnsen Names New President And Chief Financial Officer
The Bahnsen Group revamped its top executive team, promoting Joseph Klein to President and Luis Garcia to Chief Financial Officer. Klein will work directly with Managing Partner and Founder David Bahnsen. He will also oversee the company’s Management Committee. Garcia, has been directing business operations at the firm for a year.
Nicolas Stanley was hired from Morgan Stanley to take Klein’s former role of Family Office Director. Spun off from Morgan Stanley in 2015, Bahnsen now manages over $7.5 billion with over 85 people and 10 offices.
“This formalization of a re-structured and re-organized leadership team has been in the works for some time,” Bahnsen said. “Luis and Joe are respected leaders in our organization who I trust to advance our mission, carry our culture, and relentlessly compete as we pursue our organizational goals.”
Savant Appoints Ahmed Hassanein As CFO
Savant Wealth Management, based in Rockford, Illinois, names Ahmed Hassanein as Chief Financial Officer. He will lead the finance and business intelligence teams, maintain relationships with capital investors, and focus on M&A due diligence and integration.
Hassanein most recently served as CFO for Los Angeles-based Signature Estate & Investment Advisors. He also worked at Osaic and Cetera Financial Group. Savant is a fee-only firm with approximately $30.6 billion in AUM and $1.3 billion in assets under advisement as of April 30.
“After conducting a nationwide search, we are thrilled to welcome Ahmed to Team Savant and look forward to his strategic contributions to our growth,” said Brent Brodeski, Savant’s founder and CEO. “Ahmed has a proven track record of driving business growth and profitability through sound internal controls, cost optimization, and financial leadership. We have an exciting road ahead of us, and I couldn’t be more pleased to have Ahmed join our executive leadership team.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
