This edition of the Deals & Recruiting Roundup covers Corient acquiring Geller, Merit buying Sanctuary, LPL purchasing Commonwealth, Osaic acquiring CW, Beacon Pointe buying Hemington, GeoWealth raising $38 million in venture capital, Ares staking EP Wealth, Wealthfront planning for an IPO, Cambridge onboarding The AmeriFlex Group, OpenArc launched, VestGen naming its top executive team and Diamond Consultants naming Louis Diamond to succeed Founder Mindy Diamond as CEO.
Larry's Take
The past year was marked with deals that permanently altered the landscape of wealth management, perhaps the greatest of which was LPL’s purchase of Commonwealth. We also witnessed a mega-wirehouse breakaway as OpenArc left Merrill, where it managed $129 billion in assets.
Setting aside these deals and many other acquisitions, stakes, recruitments, promotions and hires, the most important deal may not be identified in this roundup – because the most important news depends on your vantage point.
The transaction or move that changed your office, clients, workflows or colleagues is the largest. If you experienced an event like that in 2025, I hope it has worked out well for you. If you are expecting one in 2026, may it bring you and your clients great success!
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.
January: Corient Acquired Multi-Family Office Geller
Corient Private Wealth, a division of CI Financial, acquired Geller & Co.’s $10.4 billion multi-family office business. The deal boosted Corient’s total managed assets to $182 billion at the time.
Founded in 1984 by Martin Geller, Geller & Co. rolled out its RIA business in 2005. According to Citywire, the firm counted Michael Bloomberg among its clients. It entered into a relationship with Dynasty Financial Partners in 2017.
“We have been incredibly impressed with Corient and how its core strengths and culture align closely with our own,” Geller said. In August, private equity firm Mubadala Capital completed its $8.7 billion acquisition of CI Financial.
February: VestGen Hired Six To Complete Executive Team
Chicago-based VestGen Wealth Partners onboarded six members of its C-suite to complete its executive team. The firm launched in December 2024 with 10 advisory practices representing $5.3 billion in client assets.
Led by Co-Founder and CEO Josh Gerry, the firm hired Jason Hanavan as President and Chief Financial Officer, Ferian Nickelson as Chief Operating Officer, Greg Gessert as Chief Growth Officer, Timothy Woods as Chief Legal & Compliance Officer, Sarah Musante as Chief Human Resources Officer and Leann Stevens as Chief Marketing Officer.
Gerry said, “To achieve our growth ambitions, we’ve assembled a veteran team that has consistently demonstrated its ability to innovate, scale and deliver results. Their collective experience spans the entire spectrum of our industry – from founding and growing RIAs to leading operations at some of the largest financial institutions.”
March: Merit Entered Idaho Market With Acquisition Of Sanctuary
Wealth management firm Merit Financial Advisors purchased Pocatello, Idaho-based Sanctuary Wealth Management. The deal, which boosted Merit’s assets by $1.6 billion, was the company’s second largest acquisition to date at the time.
Sanctuary specializes in investment advisory and portfolio management. The firm’s Fiduciary Services subsidiary focuses on employee stock ownership plans (ESOP), including transactions and trustee services. The firm’s owners, Brett Robison, Gene Clay Esplin and Joel Phillips, became Wealth Managers at Merit and were joined by the rest of their team.
“We are regularly working to strengthen Merit by expanding our ability to serve more clients within the West Coast, a goal we’ve achieved” through this acquisition, said Tait Lane, Managing Principal and Partner at Merit. “With more than 20 years of experience serving high-net-worth clients and corporate clients, Brett, Clay, Joel, and their team will help elevate our expertise in these areas.”
April: LPL Agreed To Buy Commonwealth For $2.7 Billion
LPL Financial agreed to purchase Waltham, Massachusetts-based rival Commonwealth Financial Network for about $2.7 billion. The deal closed in August with complete conversion of Commonwealth to the LPL platform planned for mid-2026.
LPL said it would acquire 100% of the equity of Commonwealth’s holding company. LPL expected to finance the transaction via a combination of cash, debt and equity. At the time, Commonwealth served about 2,900 financial advisors with about $285 billion of assets, and LPL supported nearly 29,000 financial advisors and the wealth management practices of about 1,200 financial institutions, providing service and custody for about $1.7 trillion in assets.
“There are many parallels in how our two firms have come to market and developed over time, pioneering the movement to independence with a common orientation to put advisors first,” said Rich Steinmeier, LPL CEO. “The opportunity to bring them together feels incredibly powerful, not just for LPL and Commonwealth, but for advisors on both sides and the collective 7 million American families we serve.”
May: Diamond Consultants Named Louis Diamond CEO As Founder Stepped Down
Diamond Consultants announced the implementation of its leadership succession plan, in which the company promoted Louis Diamond to CEO from President, as his mother, company Founder Mindy Diamond, stepped down as CEO to become Board Chairman.
In her new role, Diamond, who founded the firm in 1998, provides active strategic guidance and continues to work with certain advisor teams. She continues to participate in “The Diamond Podcast for Financial Advisors,” which has logged over 1 million downloads. Meanwhile, Louis’ brother Jason Diamond was promoted to President from Executive Vice President, Senior Consultant.
“Our staff and clients across the wealth management industry will benefit enormously from the leadership, vision and counsel that Louis and Jason bring to these new positions,” Mindy Diamond said. “While I believe now is the time for me to transition from having day-to-day responsibilities at the firm, its future is incredibly bright in their capable hands, and I am looking forward to making important strategic decisions as we always have – in partnership with one another.”
June: Osaic Added $13.5 Billion In AUM With CW Advisors Acquisition
Osaic announced plans to acquire Boston-based RIA CW Advisors (CWA), which managed $13.5 billion in fee-only client assets at the time, from Audax Private Equity, CWA’s private equity sponsor. The transaction closed in August.
For CWA, the acquisition funds its growth initiatives and supports high net worth (HNW) and ultra-high net worth (UHNW) clients through Osaic’s partner companies, Premier Trust and Highland Capital Brokerage. Osaic’s assets under administration (AUA) were $698 billion on May 31 and were projected to hit $712 billion in AUA upon closing.
“CW Advisors brings tremendous strength in delivering an institutional-quality platform for fee-only RIA advisors at the upper tiers of the wealth spectrum,” said Jamie Price, President and CEO of Osaic. “Their scale, talent and infrastructure are highly complementary to our strategy of expanding Osaic’s presence across all models and segments of the wealth management industry.”
July: Cambridge Recruited The AmeriFlex Group From Osaic, Added Nearly $12 Billion In Assets
Cambridge Investment Research landed The AmeriFlex Group, a Las Vegas-based hybrid RIA that managed $11.87 billion in client assets at the time. The firm is led by Founder and CEO Thomas Goodson, Chief Operating Officer Jesse Kurrasch, Chief Transitional Wealth Officer Hannah Buschbom and Chief Compliance Officer Diana Heu. It was previously affiliated with Osaic.
Founded in 2019, AmeriFlex’s SuccessionFlex program allows advisors to sell 30% to 40% of their current revenue stream to The AmeriFlex Group. In partnership with Cambridge, AmeriFlex said it “can now offer hybrid, RIA-only, W-2 and SuccessionFlex-based affiliations.”
“Independence is more than a business model – it’s the atmosphere and culture you must foster, and we are thrilled The AmeriFlex Group chose our community to continue building their business,” said Cambridge CEO Amy Webber. “Tom, Jesse and the leadership team are exactly the kind of innovators who will succeed within a truly independent wealth management structure.”
August: GeoWealth Raised $38 Million In Funding Round, Led By Apollo
GeoWealth raised $38 million from investors led by alternative asset manager Apollo. The round also included an $18 million investment by BlackRock, J.P. Morgan Asset Management and Kayne Anderson Capital Advisors, which was announced a year prior.
GeoWealth said it planned to use the capital to expand its public-private model capabilities, as well as invest in product development and human capital to meet increased demand for broader assets in unified managed accounts (UMA). GeoWealth also partners with Apollo to combine its UMA technology with Apollo’s private markets “building blocks” to help clients build multi-asset portfolios.
“With Apollo joining as a strategic investor and partner, we’re accelerating our commitment to building unified public-private model portfolios and supporting advisors with the flexible technology, investment choice and resources they need to deliver customized solutions,” said Colin Falls, CEO of GeoWealth.
September: Ex-Merrill Advisor Team Launched RIA In Atlanta
Dynasty Financial Partners took a minority stake in OpenArc Corporate Advisory, an RIA founded by a team of former Merrill Lynch Wealth Management advisors that advised on $129 billion in institutional and personal client assets as of Dec. 31, according to Dynasty and OpenArc. OpenArc entered “the market as one of the largest independent firms in the corporate benefits and private wealth sectors,” the firms said.
The RIA introduced “a new model that integrates corporate benefits, executive services, and private wealth management — delivered through a high-touch, open architecture platform,” according to OpenArc and Dynasty. Headquartered in Atlanta, the firm selected Schwab Advisor Services as its custodian. OpenArc also launched the OpenArc Charitable Fund to support underserved communities.
“OpenArc empowers families by delivering the same expert care and resources typically reserved for corporations,” said Erik Bjerke, Senior Managing Partner and Senior Wealth Management Advisor at OpenArc. “It is the powerful integration of corporate benefits and family financial services that we believe will define the future of all wealth management.”
October: Private Equity Firm Ares Bought Minority Stake In EP Wealth
Ares Management Private Equity in Los Angeles announced plans to acquire a minority stake in EP Wealth. Ares, joining prior investor Berkshire Partners, provides EP Wealth capital to recruit talent, expand products and services, develop technology and pursue more mergers and acquisitions.
EP Wealth’s co-founders Derek Holman and Brian Parker maintained “meaningful ownership” in the RIA and continued as active advisors and leaders. Ares oversaw $572 billion in AUM as of June.
“EP Wealth has established itself as a leader in the RIA industry, with a demonstrated track record driven by its advisors’ unwavering commitment to client service,” said Jordan Smith, Partner in the Ares Private Equity Group. “We believe EP Wealth’s entrepreneurial culture and growth mindset, supported by the combined resources and experience of Ares and Berkshire Partners, will enable the Company to build on its leadership position and compound long-term growth.”
November: Beacon Pointe Purchased $1.2 Billion Female-Led RIA Hemington Wealth
Beacon Pointe Advisors acquired Hemington Wealth Management, a female-founded and led RIA with offices in Chicago and Falls Church, Virginia, that oversaw $1.2 billion AUM at the time. The deal closed Nov. 15.
Hemington is led by CEO and Founder Eileen O’Connor and Owner and Managing Director Jen Dawson. The deal, which represented Beacon Pointe’s 15th acquisition for 2025, boosted the Newport Beach, California-based firm’s AUM to $55 billion. Advisor Growth Strategies acted as the advisor to Hemington.
“Our collaboration with Hemington celebrates the continued rise of women shaping the future of wealth management,” said Beacon Pointe President Matt Cooper. “Eileen, Jen, and their team embody our vision of client care and thoughtful guidance, and together, we’re expanding opportunities for women to lead, inspire, and make a lasting impact in our industry.”
December: Robo-Advisor Wealthfront Announced IPO
Wealthfront, a digital-only platform in Palo Alto, California, with a robo-advisor platform, announced the roadshow for its initial public offering. The company listed publicly on the Nasdaq Global Select Market on Dec. 12 with the ticker symbol “WLTH.” It sold 34,615,384 shares, including 13,147,346 sold by existing stockholders, at $14 per share.
Wealthfront offers services including cash management, automated investing, borrowing and lending to “digital native” investors, those born after 1980, including millennials, Gen Z and later generations. The company oversaw $88.2 billion in platform assets as of July 31, according to SEC filings.
The underwriters are Goldman Sachs, J.P. Morgan, Citigroup, Wells Fargo Securities, RBC Capital Markets, Citizens Capital Markets, Keefe, Bruyette & Woods and KeyBanc Capital Markets.
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
