This edition of the Deals & Recruiting Roundup covers Mercer acquiring Beach Freeman Lim & Cleland, Wealthspire buying RoundAngle, United Capital purchasing Apexium, World Investment acquiring TCG, Dakota buying Lokken, Lido buying Fountainhead, RBC recruiting Heller Stiffel & Noto, Raymond James onboarding four advisors, Bryn Mawr naming Altruist as custodian, LPL launching cash management accounts, VestGen debuting a program for athletes and a study measuring FMG’s ROI.
Larry's Take:
Deals – whether acquisitions, stakes, recruitments or partnerships – are often about more than headline numbers. This week Lido bought a firm specializing in insurance strategies, Mercer bought a firm focused on tax and VestGen launched a service focused on athletes.
Sometimes the headline is simply an increase in assets or reaching a new geography, but often there’s a layer of strategy underlying transactions and initiatives that make the numbers today matter less and the numbers in the future matter more, after synergies have been put to work.
Organic growth may lie hidden in the niches these deals are designed to explore. We recently discussed whether M&A may be holding organic growth back. In some instances, thoughtfully planned M&A and other deals can go in the opposite direction by finding organic growth that was available all along.
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
Mercer Deepens Tax Capabilities With Latest Acquisition
Denver-based Mercer Advisors acquires Beach Freeman Lim & Cleland (BFLC), a Southern California-based firm that provides tax, accounting and business advisory services to high net worth individual investors, families and business owners. The transaction closed on Oct. 31.
Mercer recently acquired firms that included RIAs West Oak Capital, headquartered in Eagle, Idaho, and Eagle Wealth Management and its sister firm Eagle Wealth Accountants, based in Bend, Oregon. Those acquisitions added a total of about $850 million in assets to the $81 billion in client assets under management (AUM) that Mercer said it had at the time.
“BFLC is a ‘first-call’ professional services firm that has developed strong partnerships with clients to support them on their entrepreneurial journeys,” said Daniel Gourvitch, President of Mercer Advisors. “Most importantly, their culture of partnership and investing in CPA talent very much mirrors our own. We couldn’t be more excited to welcome them to the Mercer Advisors family.”
Wealthspire To Purchase New Jersey RIA RoundAngle Advisors
Wealthspire in New York agrees to acquire RoundAngle Advisors, a Red Bank, New Jersey-based RIA. Jonathan Bernstein, Founder and Managing Principal; Nela Diaz, Chief Operating Officer and Director of Client Services; and Deidre DeRosa, Chief Compliance Officer, will remain with the firm.
Wealthspire oversees more than $580 billion in assets under management or advisement as of June 30. Chicago-based private equity firm Madison Dearborn Partners announced it was buying Wealthspire from Aon in September.
“Jonathan and his team exemplify the care and professionalism that define Wealthspire,” said Mike LaMena, CEO of Wealthspire. “Their long-term focus and personalized planning approach aligns seamlessly with how we serve families. This partnership also deepens our presence in the Tri-State area and continues our strategy of supporting advisors who lead with empathy, integrity, and client-first values. We’re proud to welcome the RoundAngle team.”
United Capital Purchases Apexium Financial, Adds $4 Billion In AUM
United Capital Financial Advisors, based in Irving, Texas, acquires Dallas-based RIA Apexium Financial, which oversees $4 billion in AUM. Apexium operates offices in the Northeast, Mid-Atlantic and Southwest.
Sidley Austin served as Apexium’s legal counsel and Decerno Advisors acted as M&A advisor.
The company is United Capital’s second purchase this year, following its acquisition of The Paul Group in September.
“We are excited to have Apexium Financial join United Capital,” said Jim Rivers, President of United Capital. “United Capital and Apexium Financial share a focus on growth, client service and a financial planning-led approach. We are excited to help power and support the Apexium Financial team’s continued success.”
World Investment Advisors Buys TCG Wealth Management
World Investment Advisors acquires Nashua, New Hampshire-based TCG Wealth Management, with approximately $140 million in client assets. TCG is joining World branch Boston Harbor Wealth Advisors and will continue to use its brand.
TCG was founded in 1994 by Managing Director Michael Cerato and includes Vice President James Abagis and Client Service Manager Melanie Lavigne. It focuses on high net worth families, business owners and non-profits in New England.
“Michael, James, and Melanie have built a practice that exemplifies discipline, personalization, and long-term relationships,” said Edward Walters, President of World. “Their culture and commitment to clients make them a natural fit for World as we continue expanding across New England. We are also pleased to see the growth of our Boston Harbor team through the addition of such a respected firm.”
Lido Advisors To Acquire $1.2 Billion Fountainhead Advisors
Los Angeles-based Lido Advisors agrees to acquire Fountainhead Advisors, a wealth management firm in Warren, New Jersey, with a second office in San Ramon, California, which oversaw more than $1.2 billion in regulatory AUM as of Sept. 30. Fountainhead emphasizes a planning-first approach and specializes in insurance strategies.
Lido oversees over $38 billion in regulatory AUM and operates 45 offices. The company provides high net worth clients estate planning, tax preparation, investment management and trust services.
“Like Lido, Fountainhead was founded by experienced fiduciaries with a shared mission—to help families grow, maximize, and protect their legacy,” said Ken Stern, President of Lido. “This partnership expands our national footprint in two key markets and adds a team deeply aligned in culture, values, and vision. It’s a natural fit, and we’re thrilled to empower Marc and his team as they continue guiding families across generations.”
Dakota Wealth Management Acquires Lokken Investment Group
Dakota Wealth Management in Palm Beach Gardens, Florida, buys Lokken Investment Group, an RIA in Lewes, Delaware, that oversees $455 million in managed assets. The deal boosts Dakota’s AUM to nearly $7.5 billion.
The six-member Lokken team, including Managing Principal and Chief Compliance Officer Carrie Ruark and advisors Jay Middleton, Evan Hine and Jessica Bimonte, will join Dakota. The Lewes office becomes Dakota’s17th location nationwide.
“The acquisition of Lokken represents a special opportunity for Dakota to continue the legacy of (Founder) Jon Lokken and partner with the exceptional team of professionals he surrounded himself with,” said Peter Raimondi, the Founder and CEO of Dakota. “Jon’s legacy will carry forward in Dakota through the success and continued growth of the team he assembled, and the familial culture they share.”
Advisor Transactions
RBC Onboards $1.2 Billion Heller Stieffel & Noto In New Orleans From UBS
RBC Wealth Management recruits the Heller Stieffel & Noto Wealth Management team from UBS. The New Orleans-based RIA formed by the team manages more than $1.2 billion in client assets.
The team includes Managing Directors and Financial Advisors Mark Heller and Diana Dalton Stieffel; Financial Advisor Andrew B. Noto; Senior Investment Associate and Branch Service Manager Terri Folkins; and Senior Client Associate Colleen Kirkpatrick. Heller Stiffel & Noto marks RBC’s debut in Louisiana.
“RBC Wealth Management has experienced strong, sustained growth over the past several years and we continue to carry the momentum forward,” said President Tom Sagissor. “We are extremely pleased to open in Louisiana, as we continue to work alongside top financial advisor teams to offer a holistic approach to wealth management for ultra-high-net worth and high-net-worth clients.”
Raymond James Recruits Advisors With Combined $750 Million In Client Assets
Raymond James recruits advisors in Florida, North Carolina, Utah and Washington State who oversee a combined $750 million in client assets. Raymond James Financial Services, the firm’s independent advisor channel, recruited Dupont Kirven in Greensboro, North Carolina, with $200 million in client assets, from Edward Jones.
Raymond James & Associates, the firm’s employee advisor channel, recruited Haim Sander in Fort Myers, Florida, with $250 million in assets from Wells Fargo, Garrett Coates in Cottonwood, Utah, with $185 million in client assets, from J.P. Morgan; Vincent McPhail in Spokane, Washington, with $115 million in client assets, from Wells Fargo.
Client Service Associate Lynsey Johnson joins McPhail and Senior Client Service Associate Lori Craft joins Kirven.
Strategic Partnerships
Altruist Partners With Bryn Mawr Trust On Custody
Altruist says Bryn Mawr Trust Advisors has selected it as its custodial partner. Bryn Mawr, a subsidiary of WSFS Financial Corporation, managed $93.4 billion in AUM and assets under administration as of Sept. 30.
Los Angeles-based Altruist serves over 5,000 advisors. It says it is the third largest custodian by number of RIAs served. Last April, the company raised $152 million in venture capital from GIC, Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth and others, which values Altruist at $1.9 billion.
“As more institutions reevaluate their custodial relationships, they’re looking for partners who share their commitment to delivering better client outcomes,” said Jason Wenk, Founder and CEO of Altruist. “Bryn Mawr Trust Advisors’ decision to partner with us shows a deep commitment to improving the experience for both clients and advisors. We’re proud to support them with a platform designed for forward-thinking firms like theirs.”
Strategic Actions
LPL Debuts Cash Management Accounts For Banking And Investment
LPL Financial introduces a cash management service that integrates banking and investment services into one unified view of their finances. The firm’s Cash Management Accounts allow clients to use funds for both investments and basic banking services, including direct deposit, mobile check deposit, debit card, bill pay and check writing.
The FDIC, the federal agency that backs traditional banks, will insure up to $2.5 million for individual accounts and $5 million for joint accounts. LPL said the accounts reflect client demand for integrated financial services, which means removing barriers between banking and investing.
“With CMA, we’re removing friction between banking and investing,” said Mike Holtschlag, Head of Banking and Lending at LPL. “Clients can act quickly when investment opportunities arise, while enjoying the everyday functionality of a traditional spending account. It’s about empowering advisors to offer a more integrated and seamless financial experience to their clients.”
VestGen Targets Athletes With New Service
VestGen Wealth Partners in Chicago rolls out a service designed to help athletes build brands and create financial opportunities and legacies. Called VestGen Athlete, the program targets both professional (current and former) athletes and students.
Partnering with sports marketing agency the Athlete Collective, VestGen hopes to provide a holistic set of wealth planning services geared towards athletes, including help with contingency planning for injuries, performance swings and transitions to entrepreneurship or new careers. Former football player Cole Dow, Co-Founder of Athlete Collective, will lead the initiative as Director, VestGen Athlete.
“Pros can see fortunes rise and fall just as fast,” said Josh Gerry, Founder and CEO of VestGen Wealth Partners. “That reality demands advisors who understand the nuance of the sports world. By pairing Cole’s experience with VestGen’s comprehensive planning platform, we’re giving athletes a single, trusted team to build a brand, protect wealth, and create an enduring legacy.”
Research
Independent Study Finds FMG Platform Boosts ROI, Customer Satisfaction
FMG says that a study by major consulting firm concluded the company’s software generated a multiple of 26 on total return on investment (ROI) based on average revenue per advisor, average costs, time saved and revenue lift. The report also found that FMG’s net promoter scores, which measure customer satisfaction, were four times the industry average.
The study was based on surveys of San Diego-based FMG’s customers. The firm says 80,000 advisors use its platform, helping them to reach 45 million investors.
“FMG is rapidly becoming the organic growth engine for the wealth management industry,” said Susan Theder, Chief Marketing Officer of FMG. “The results of this independent study highlight how FMG helps firms grow across every dimension: acquisition, retention, wallet share, and time efficiency. And it’s not just the measurable ROI, it’s the experience. Achieving four times the NPS of peers speaks volumes about the trust we’ve earned and the partnerships we’ve built.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
