This edition of the Deals & Recruiting Roundup covers Waverly acquiring business lines from Promus, Creative Planning buying Burt Wealth, Mercer purchasing Glass Jacobson, Wealth Enhancement acquiring FPG, Allworth buying FSA, Sequoia purchasing Sterling, Crestline staking Credent, Summit staking Ivy, Wealthfront filing for an IPO, Cresset recruiting a team from Bernstein, Northern Trust appointing Eric Freedman Chief Investment Officer and Wealth Consulting naming Jason Ehrlich as Chief Financial Officer and Head of Corporate Development.
Larry's Take
This week, we cover many acquisitions and investments, as well as a recruitment of a $1.4 billion team. We usually think of these in terms of client assets added to the acquiror, investor or home office. And that’s true, but not the whole story.
The moment I write the word “data,” you will glance back up to check if this is the Wealthtech Roundup – but this is indeed the Deals & Recruiting Roundup. It’s safe to assume that most – if not all – of these transactions includes a trove of data.
With the data from onboarded assets, a sub-$500 million acquisition providing the right services to the right clients may prove a more valuable source of data to the right buyer than one in the multiple billions. This hidden value flies under the radar, but in an era when AI can mine data efficiently, it matters.
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
Waverly Expands Its Private Fund And Real Estate Strategies With Latest Acquisition
RIA Waverly Advisors purchases the Promus Access and Promus Realty business lines, with approximately $3.1 billion in assets under management (AUM), from Chicago-based Promus Holdings and its subsidiaries. The acquisition closed on Nov. 14 and increased Waverly’s AUM to about $29.5 billion, as of that date.
The purchase provides Birmingham, Alabama-based Waverly with greater expertise in private equity and real estate, while strengthening its family office services for ultra-high net worth (UHNW) clients and widening its alternative investment services. Promus was founded in 2006 by brothers Brian and Zach Musso, who were later joined by Andy Code to establish a multi-family office in 2008.
“Both Waverly and Promus were founded on principles that include stewardship, integrity, and the nurturing of long-term relationships,” according to Justin Russell, CEO and President of Waverly. “Together, we strengthen our ability to serve clients through expanded resources and a shared purpose.”
Creative Planning Buys Burt Wealth Advisors, Adds $1 Billion In AUM
Creative Planning acquires Burt Wealth Advisors, an RIA based in North Bethesda, Maryland, which oversees $1 billion in AUM. Founded in 1985, Burt Wealth offers clients tax reduction strategies, education funding and estate, business and retirement planning.
The deal marks Creative Planning’s 15th acquisition in two years. Gorman Jones advised Burt Wealth on the acquisition. Creative Planning and its affiliates had over $390 billion in assets under management and advisement Sept. 30.
“We’re thrilled to have Burt Wealth join Creative Planning,” said Creative Planning President and CEO Peter Mallouk. “Their three decades of experience, high level of professionalism and commitment to putting clients first align perfectly with Creative Planning’s values and vision for the future.”
Mercer Strengthens Presence In Baltimore And Washington With $1 Billion Acquisition
Denver-based Mercer Advisors purchases Glass Jacobson Wealth Advisors, a Maryland-based wealth management firm with about $1 billion in AUM, that Mercer said adds to its tax and accounting expertise. The company operates offices in Owings Mills, near Baltimore, and Rockland, near Washington,
The transaction closed on Nov. 30 and, as is the case with all firms that join Mercer, Glass Jacobson will change its name to the Mercer Advisors brand. Glass Jacobson, founded in 2001, is led by CEO Jonathan Dinkins and supported by a team of more than 20 advisors, analysts and planners who serve over 660 families.
“Glass Jacobson Wealth Advisors has built a trusted reputation for delivering holistic, tax integrated financial advice,” said Ben Kautz, Executive Managing Director at Mercer Advisors. “Their enduring relationships and client-first culture align perfectly with Mercer Advisors’s founding principle of helping families achieve financial freedom with purpose and care.”
Crestline Expands Stake In Credent Wealth Management
Alternative asset firm Crestline Investors, based in Fort Worth, Texas, expands its stake in Credent Wealth Management, a RIA headquartered in Auburn, Indiana, which oversees more than $4 billion in AUM. Credent will use the capital to grow its TAMP, enhance onboarding and support for advisors, support scalability and finance retiring advisors’ succession plans.
The firms established their relationship in 2024. Crestline manages $18 billion in credit AUM. Ardea Partners acted as the exclusive financial advisor to Credent.
“Credent continues to demonstrate operational excellence and disciplined execution in a rapidly evolving industry,” said Albert Hicks, Director at Crestline Investors. “We are proud to deepen our partnership with a firm that we believe is well-positioned to support advisors in their mission, offering transparent economics, independence and a clear path to ownership and succession.”
Wealth Enhancement Acquires FPG, Adds $532 Million In Assets
Wealth Enhancement in Minneapolis buys FPG Private Wealth, a hybrid RIA that managed more than $532 million in assets as of June 5. The deal closed Nov. 30. FPG, which operates offices in Carmel and Lafayette, Indiana, is led by Senior Vice Presidents Andrew Moultona and Timothy Johnston and Financial Advisor Don Penn.
FPG specializes in serving business owners. Wealth Enhancement and its RIA had $127.3 billion in client assets as of Oct. 31, including $4.4 billion in brokerage assets.
“We’re thrilled to deepen our Midwest roots through this partnership,” said Jeff Dekko, CEO of Wealth Enhancement. “The FPG Private Wealth leaders bring more than 65 years of combined industry experience, and we’re excited to welcome them to our organization.”
Allworth Buys $460 Million FSA, Expands Reach In Boston Market
Allworth Financial acquires FSA Wealth Management in Needham, Massachusetts, which oversees $460 million in AUM. The acquisition brings six professionals, including five financial advisors, into Allworth, including Managing Partners Gavin Morrissey and Simon Heslop.
The deal reflects Allworth’s strategy of moving further upmarket in regions like Boston that require increasingly sophisticated, integrated financial planning. Allworth will move the FSA team to its Waltham, Massachusetts, office.
“Greater Boston continues to be a key market for Allworth, and FSA’s team brings exactly the type of talent and client relationships that strengthen our position there,” said John Bunch, CEO of Allworth Financial. “They’ve built meaningful trust across diverse high-net-worth client communities that increasingly require the type of comprehensive, complex planning Allworth is uniquely positioned to deliver. FSA’s advisors bring decades of experience, a deep commitment to fiduciary service, and a collaborative mindset that aligns with Allworth’s culture.”
Sequoia Acquires Sterling, Adds $406 Million In AUM
Sequoia Financial Group in Akron, Ohio, purchases Sterling Financial Group, an RIA in Pasadena, California, that oversaw $406 million in AUM as of Sept. 30. Sterling Financial Owner and Managing Principal Michael Hatch and Financial Advisor and Principal Kody Brown became equity owners in Sequoia.
Since 2023, Sequoia, which manages nearly $30 billion in AUM, has bought 12 companies, including Zeke Capital Advisors, Cirrus Wealth Management and Affinia Financial Group. Benesch served as legal advisor to Sequoia Financial while Shustak, Reynolds & Partners advised Sterling Financial.
“The team at Sterling Financial is an excellent cultural fit and gives us a stronger foothold into California, the nation’s most populous state,” said Tom Haught, Chairman, CEO and President of Sequoia. “We welcome the experienced and talented Sterling Financial team and their clients to the Sequoia Financial family.”
Summit Financial Stakes Ivy Wealth Management, Adds $500 Million In Assets
Summit Financial buys a minority stake in Ivy Wealth Management in West Warwick, Rhode Island, that oversees more than $500 million in client assets. Led by President and former Merrill Lynch Senior Financial Advisor Brad Ingegneri, Ivy serves high net worth families and business owners across the Northeast.
Since early 2024, Summit has completed 27 such investments, allowing firms to retain control while providing them with capital to expand their footprint. Based in Parsippany, New Jersey, Summit oversees $25 billion in assets under administration.
“Partnerships like these aren’t just about dollars. They enable growth-minded firms to collaborate, innovate, and strengthen our community for the future,” said Summit Financial Holdings Chairman and CEO Stan Gregor. “Brad and his team have built something special, putting clients first, navigating markets with insight, and delivering results with consistency and care.”
Capital Raise
Robo-Advisor Wealthfront Announces 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 is offering 34.6 million shares priced at $12 to $14 per share, 21.5 million of its own and 13.1 million of existing stockholders. The underwriters also have the option to buy an additional 5.2 million shares.
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.
Advisor Transactions
Cresset Picks Up $1.4 Billion Advisor Team From Bernstein
Chicago-based RIA Cresset expands its Houston office by adding a wealth advisory team formerly of Bernstein Private Wealth Management, where it oversaw $1.4 billion in AUM. The advisor team is led by Michael Ellington, Zach Gardner and Danique van der Velden, who have 30 combined years of experience advising business owners, entrepreneurs and ultra-high net worth families.
Cresset announced last month that it added a wealth advisory team led by Jamie Gilbert, Jean Wright and Max Ripans, formerly of Goldman Sachs, where that team oversaw over $1.8 billion in AUM. That team joined Cresset’s Atlanta office and established its presence in Jackson Hole, Wyoming. As of July 1, Cresset had $70 billion in AUM, according to its website.
“Michael, Zach, and Danique have built distinguished careers providing entrepreneurs and ultra-high net worth families with a holistic and personalized family office experience,” said Susie Cranston, President of Cresset. “Just as importantly, they share our values and commitment to creating enduring wealth and lasting legacies for our clients.”
Promotions & People Moves
Northern Trust Names Eric Freedman Chief Investment Officer For Wealth Management Business
Chicago-based Northern Trust appoints Eric Freedman as Chief Investment Officer of its Wealth Management business. In this role, Freedman oversees the company’s private client investment practice, including more than 200 portfolio managers.
Freedman reports to Wealth Management President Jason Tyler, effective Dec. 2. Prior to this, Freedman served as U.S. Bank’s Chief Investment Officer and managed its Asset Management Group.
“Eric arrives at a moment when investors are facing more choices, more information, and more uncertainty,” Tyler said. “His leadership will further strengthen our platform and help ensure we are delivering the insight and consistency private clients need to achieve their financial goals.”
Wealth Consulting Group Appoints Jason Ehrlich As Chief Financial Officer And Head Of Corporate Development
Las Vegas-based The Wealth Consulting Group (WCG) names Jason Ehrlich as Chief Financial Officer and Head of Corporate Development. Ehrlich will guide the firm’s financial strategy while overseeing M&A, strategic partnerships and capital planning.
Before joining WCG, Ehrlich served as Managing Director and Head of Investments at Emigrant Partners, where he was in charge of investments in wealth management firms. He also held leadership positions at TowerBrook Capital Partners, Onex and Lightyear Capital, according to his LinkedIn profile.
“I’m thrilled that Jason agreed to increase his involvement in WCG at such a consequential time for our firm,” said Jimmy Lee, Founder and CEO of The Wealth Consulting Group. “As a strategic advisor and member of our Advisory Board, Jason knows our firm inside and out and has already helped us develop and implement some of the strategic initiatives that are driving our success.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
