This edition of the Deals & Recruiting Roundup covers Wealth Enhancement acquiring L.M. Kohn, Procyon buying OLV, Earned purchasing OJM, Creative Planning acquiring Marshall, MAI Capital buying Lowe, WisdomTree, RIA Catalyst and The Compound Insights releasing a white paper on M&A growth, Prudential recruiting Premiere Planning, Independent Financial Partners onboarding CenterBridge, LPL appointing Matthew Morningstar as Chief Legal Officer, NewEdge naming James Jesse as CEO, Wealthspire naming multiple executives and TIFIN appointing Andrew Dahlinghaus Chief Operating Officer.
Larry's Take
Niches are important. This week, we cover Earned’s acquisition of OJM Group. Both specialize in serving physicians and health care industry professionals. In the past 18 months, Earned bought multiple advisory businesses with a healthcare focus, and entered a partnership with a law firm focused on dentists and doctors.
Earned has solidified its niche and doubled down multiple times on that strength. In a time when organic growth is hard to produce, forming a niche that makes the advisor not just an advisor – but an advisor to a specific target group – is an excellent strategy.
Think of it in terms of the old saw, “People don’t care how much you know until they know how much you care.” The advisory business will always be centered on connection, relationships and making the client feel heard and understood. A niche strategy like Earned’s positions advisors perfectly for these human aspects of financial advice.
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
Wealth Enhancement Buys L.M. Kohn, Adds $2.2 Billion In Assets
Minneapolis-based Wealth Enhancement acquires L.M. Kohn, a hybrid RIA in Cincinnati that oversees more than $2.2 billion in client assets as of Dec. 1. The deal closed Dec. 6. Founded in 1990 by CEO Larry Kohn, the firm specializes in financial planning and small business benefits consulting and operates five offices in Georgia, Michigan and Iowa.
L.M. Kohn has 23 employees. ECHELON Partners served as a financial advisor to L.M. Kohn in this transaction. Wealth Enhancement had $128.8 billion in client assets, including $4.4 billion in brokerage assets, as of Nov. 30.
“Larry Kohn has built a strong legacy of exceptional service and comprehensive wealth management for more than three decades,” said Jeff Dekko, Chief Executive Officer of Wealth Enhancement. “L.M. Kohn‘s dedication to clients and community mirrors our own values. We look forward to welcoming the team’s deep bench of talent to Wealth Enhancement.”
Procyon Buys $500 Million Firm With Offices In Michigan And Texas
Dynasty Financial Partners network partner firm Procyon Advisors purchases OLV Investment Group, a wealth management firm with about $500 million in assets under management (AUM) and multiple locations in Michigan and Texas. The addition of OLV boosts Procyon’s total AUM to nearly $9 billion and its total headcount to almost 80.
The acquisition, Procyon’s largest to date, expands its physical presence into the Midwest and South, and adds seven advisors and 13 team members. In July, Procyon announced acquired Wooster Corthell Wealth Management, a Glastonbury, Connecticut-based boutique advisory firm managing about $600 million in client assets at the time.
“Our goal has always been to build a firm that delivers comprehensive solutions through a team-based, client-first approach,” said Phil Fiore, CEO of Procyon. “By joining forces with OLV, we are extending the reach of our platform to new regions and clients with evolving financial needs.”
Earned Purchases OJM Group, An RIA That Focuses On Doctors
Earned buys OJM Group, an RIA in Cincinnati that oversees $1 billion in AUM. OJM provides investment management, asset protection, corporate and personal planning, insurance and benefit planning to doctors and high net worth individuals.
The deal is Earned’s fifth acquisition since receiving a $200 million investment in 2024 from investors led by Summit Partners and Silversmith Capital Partners. It serves nearly 19,500 clients, focusing on the health care industry, and manages a collective $3.4 billion in AUM.
“Earned is well-positioned to be the only financial partner a doctor will ever need, helping them maximize wealth, protect assets, and optimize taxes through every stage of their career,” said John Clendening, Founder and CEO of Earned. “The OJM team has developed an incredible business built on trust and strong client outcomes. Integrating into the Earned platform will allow us to collectively deliver an even more modern, seamless client experience.”
White Paper: Assets Are Growing Fastest For Firms Most Active In M&A
RIAs that are the most actively engaged in M&A activity are growing the fastest, according to research by WisdomTree, with data and views from market intelligence firm RIA Catalyst and
The Compound Insights, the research and intelligence division of The Compound Media. The average serial buyer had AUM of $32.5 billion in 2024, a 185% increase over the average serial buyer in 2019, the white paper said.
Opportunistic buyers, those pursuing smaller deals that are potentially reactive, had an average AUM of $14.4 billion at the end of last year, a 94% increase over the average opportunistic buyer in 2019. But RIAs that didn’t make any transactions only made net asset gains of 8.5% on average from 2022 to 2024 and had a 2.7% decline in the median.
“What surprised me most was the scale gap between business models,” said Julien Baneux, CEO and Founder of RIA Catalyst. “Serial acquirers’ 3-year net-of-market AUM growth outpaced opportunistic buyers by roughly 2:1 and exceeded non-transacting firms by more than 10:1.”
Creative Planning Acquires Marshall Financial, Boosts AUM By $900 Million
Creative Planning in Overland, Kansas, buys Marshall Financial Group, an RIA that oversees $900 million in AUM. Marshall, based in Doylestown, Pennsylvania, offers financial planning services, including investment, cash flow, risk management, estate and education planning along with charitable giving and tax minimization.
Creative Planning oversees more than $390 billion in combined assets under management and advisement as of Sept. 30. Mary Beth Gray at Kleinbard served as Marshall Financial’s legal adviser and DeVoe & Company was the company’s financial advisor.
“Marshall Financial has a 50-year history of helping clients with wealth management and financial planning,” said Creative Planning President and CEO Peter Mallouk. “Their impeccable reputation in the industry, along with their extensive experience, is a welcome addition to the Creative Planning team.”
MAI Capital Acquires Lowe Wealth, Adds $527 Million In AUM
Cleveland-based MAI Capital Management purchases Lowe Wealth Advisors, an RIA in Columbia, Maryland, that oversees $527 million in AUM. The deal closed Dec. 5. Founded in 1990, Lowe serves high net worth individuals and families, including business owners, entertainers, and foundation and endowment trustees.
Harold Lowe co-founded the precursor to Lowe Wealth Advisors in 1980, and was joined by his son Gregory in 1994. The firm has nine members, all of whom will join MAI and take on the MAI branding. The transaction is MAI’s 19th since January 2024.
“As we continue to grow in the greater Baltimore region, we are focused on building meaningful scale in markets where we believe our advisors can make a real impact,” said Rick Buoncore, Chairman and CEO of MAI. “Bringing LWA into MAI is a further step toward establishing a strong, connected presence in this market.”
Advisor Transactions
Prudential Advisors Onboards $550 Million All-Female Team From Raymond James
Prudential Advisors, the retail arm of Prudential Financial, recruits Premier Planning Partners, a Mishawaka, Indiana, firm with $550 million in client assets. The team, formerly with Raymond James, includes Managing Partners Michelle Bryant and Marcia Kamiak, Financial Advisors Karen Carnes and Allison DeStefano and Senior Registered Client Service Associate Angel Warner.
Premier focuses on professional women, small business owners and financial windfall recipients. In 2025 through Oct. 31, Prudential Advisors recruited financial advisors with over $3 billion in client assets, increasing advisor headcount by nearly 9%.
“We’re thrilled to bring on such a great group of women who are changing the investment advisory landscape and empowering other women within the industry,” said Braxton Barton, Regional Director, Prudential Advisors. “Premier Planning Partners is an impressive practice with plenty of options, but chose Prudential Advisors for our rapidly growing capabilities and service culture.”
Independent Financial Partners Lands CenterBridge, Adds $700 Million In Client Assets
Independent Financial Partners in Tampa, Florida, onboards CenterBridge Planning Group, an RIA that oversees $700 million in client assets. The team – Jeff McCabe, Pat Mahardy, Joe Lazzaro, Brent Schleicher and Andy Burr – previously worked with Commonwealth Financial.
CenterBridge serves clients throughout Upstate New York and across the country from offices in Syracuse and Lockport/Buffalo. The company offers its clients financial planning, retirement and estate strategies, investment management, insurance solutions and business and tax planning.
“We spent a great deal of time with the CenterBridge team as they evaluated their options, and it quickly became clear how aligned we were,” said Bill Hamm, CEO of Independent Financial Partners. “Their experience coming from a firm that was acquired by a larger organization was a powerful reminder of what advisors often lose during those transitions. They’re exactly the type of sophisticated, client-focused advisory business we built this platform for.”
Promotions & People Moves
LPL Appoints Matthew Morningstar As Chief Legal Officer
LPL Financial names Matthew Morningstar its Chief Legal Officer and Group Managing Director. In this role, he oversees the company’s legal, policy and community impact teams, leading legal guidance, public policy engagement and community initiatives.
Morningstar most recently served as Chief Counsel of Litigation and M&A at MetLife. He also held roles at LPL, Morgan Stanley and law firm Mayer Brown, according to his LinkedIn profile.
“Matt brings deep expertise in regulatory, advisory compliance and litigation matters, along with a strong understanding of LPL’s business and culture,” said Rich Steinmeier, LPL CEO. “Well respected for his value-based leadership, advancing public policy priorities and deepening community impact, Matt’s return to LPL is a homecoming that strengthens our firm and the services we deliver to our clients.”
NewEdge Capital Appoints James Jesse As CEO
NewEdge Capital Group names James Jesse as CEO. The company cited Jesse’s experience in building wealth management platforms, especially for ultra-high net worth clients, in recruiting a leader who can help NewEdge continue to grow.
Jesse most recently served as President, Investment Management and Family Office at ICONIQ Capital. He also worked at Morgan Stanley, where he was Global Head of International Wealth Management, overseeing operations across Europe, Asia and Latin America.
“What makes this partnership so compelling is James’s demonstrated ability to help take fast-growing companies to the next level, while maintaining a client-centric approach,” said Alex Goss, NewEdge Co-Founder and Managing Partner. “It was of utmost importance to Rob (Sechan, Co-Founder and Managing Partner) and me to continue expanding our platform while preserving the advisor-first culture that defines NewEdge.”
Wealthspire Bolsters Executive Team With Multiple Appointments
Wealthspire in New York City named Mike Goss as Chief Revenue Officer, Brad Long as Chief Investment Officer, Brett Schneider as Chief Financial Officer, Veronica Moo as General Counsel, Nataly Sogoloff as Chief People Officer, Steve Frampton as Chief Technology Officer, Angela Giombetti as Chief Marketing Officer, Brent Perkel as Head of Corporate Development and Chris DiMeo, Head of Mergers & Acquisitions.
Wealthspire also named executives to lead various business lines. It has over 1,200 employees in more than 40 offices, and is backed by Madison Dearborn Partners.
“These appointments align our leadership bench with the scale and ambition of the firm we are building,” said CEO Mike LaMena. “This team combines operational discipline with a growth mindset, and we are confident they will help us deliver consistently excellent outcomes for clients while creating new opportunities for our colleagues.”
TIFIN Names Andrew Dahlinghaus As Chief Operating Officer
TIFIN appoints Andrew Dahlinghaus as Chief Operating Officer, where he is tasked to lead the next phase of execution for the firm’s AI platform. He reports to Founder and CEO Vinay Nair.
Dahlinghaus previously served as Senior Vice President, Deputy General Counsel and Chief Compliance Officer at Envision Pharma Group. He also held executive positions at JUUL Labs, Clario and Medtronic.
“Andrew has spent his career where regulation, complexity and scale intersect,” Nair said. “That experience is exactly what TIFIN needs as we expand the reach of our AI platforms further into wealth, asset management, and insurance.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
