Wealth management M&A is poised to rebound from last year’s dip in deal activity, thanks in no small part to the sustained appetite among large dealmakers. According to the most recent Fidelity Wealth Management M&A Transaction Report, “Overall, M&A remains strong with healthy pipelines, as reported by strategic acquirers and investment bankers.”
Our weekly Deals & Recruiting Roundups have covered many notable acquisitions this year involving targets with billions of dollars in assets under management (AUM), as well as a few deals that featured major wealth management firms acquiring companies in adjacent financial services fields to enhance their capabilities for clients.
And as WSR CEO Larry Roth recently noted in his quarterly M&A trend report, the sheer number of would-be sellers, along with the dominance of private equity firms and PE-backed wealth management firms as buyers, has given rise to upstart boutique M&A shops that have started hitting the market to compete with the established larger M&A firms.
The assortment of different firm types each contributes to the wealth management M&A ecosystem. That’s why this list honors outstanding leadership and achievement among investment bankers, strategic consultants and in-house experts. Among the highly respected experts leading wealth management M&A, we selected a group this year that represents exemplary talent, tremendous skill and extensive experience in their fields.
The names below are set out alphabetically. Please join us in congratulating the M&A 5: Top Wealth Management M&A Professionals.
Marty Bicknell, CEO And President, Mariner Wealth Advisors
Marty Bicknell co-founded Overland Park, Kansas-based Mariner Wealth Advisors in 2006 along with seven others. The firm has been ranked in the top five Registered Independent Advisory Firms by Barron’s for the past eight years. Mariner and its affiliates advised on more than $245 billion in assets as of June 30.
It recently acquired New Haven, Connecticut-based middle-market M&A consultancy firm Woodbridge International, which also has a Cape Town, South Africa office, has a worldwide database of 8,400 private equity groups and 410,000 companies. The acquisition has the potential to broaden Mariner’s service offerings, by extending M&A capabilities to its business owner clients. Mariner expects to complete the integration of Woodbridge by year-end.
In February, Mariner announced the acquisitions of Winter Park, Florida-based AndCo Consulting and Covington, Kentucky-based Fourth Street Performance Partners in a simultaneous transaction that added 100 associates and $104 billion in assets under advisement. In January, it acquired Sacramento-based Confluence Financial Planning.
Prior to launching Mariner, Bicknell began his wealth management career in 1991 at A. G. Edwards & Sons, where he became a Senior Vice President and Branch Manager. He has a bachelor’s degree from Pittsburg State University in Kansas.
Speaking on the evolution of the wealth management deal landscape this year, Bicknell said, “M&A has accelerated in 2024, and after a two-year pause in multiple expansion, it has started to increase again.”
He went on to say, “Multiples are up about 20% this year. There is an increased number of private equity firms taking minority ownership in firms. While I don’t see how multiples can increase much from here, I also don’t see the pace of deals declining. I think deals will continue to accelerate.”
David DeVoe, CEO And Founder, DeVoe & Company
David DeVoe founded DeVoe & Company in 2011. He has been a thought leader on RIA practice management for 25 years. His team has supported more than 600 firms in consulting, investment banking and valuation engagements; had 900 engagements since inception; and had eight announced transactions in 2024 through mid-September.
These include Boston Harbor Wealth Advisors’ acquisition by World Investment Advisors and Arnerich Massena’s merger with Coldstream, both in July, as well as Wacker Wealth’s acquisition by EP Wealth Advisors in April, representing a combined $6.7 billion in AUM of client assets.
Prior to DeVoe & Company, DeVoe worked at Schwab Advisor Services, where he launched and oversaw Schwab’s Transition Planning platform for over eight years. The platform provides comprehensive M&A and succession planning services to RIAs. Before that, DeVoe worked in the Strategy Group at American Express. Early in his career, he founded and managed several small businesses.
DeVoe has spoken at more than 30 industry events in the past year. His firm hosts the DeVoe M&A+ Succession Summit and DeVoe Elevate events, and produces both quarterly reports on RIA M&A activity and an annual RIA M&A outlook survey. He received his bachelor’s degree from the University of California, Berkeley, and an MBA from Cornell University Johnson Graduate School of Management.
Regarding the benefits of industry events, DeVoe said, “M&A-focused conferences offer wealth management firms valuable networking opportunities, expert insights on deal structures and market trends, and practical strategies for successful M&A transactions.”
He further explained, “These events foster collaboration and help address challenges like succession planning and growth. Attendees leave with actionable knowledge to enhance firm value, streamline transitions and stay competitive in an evolving marketplace.”
Bomy Hagopian, Partner And Head Of Wealth Management, Berkshire Global Advisors
Bomy Hagopian joined Berkshire Global Advisors after graduating from Harvard. With 21 years of experience, she has held multiple leadership roles, past and present, including serving as Head of Berkshire’s Wealth Management practice, leading the firm’s London office for three years and establishing the San Francisco office 10 years ago.
At Berkshire, she has advised on a wide range of M&A transactions in the wealth management, real estate/alternative investment management and institutional/mutual fund investment management sectors.
In 2022, Hagopian was named a Top Woman Dealmaker in the United States by the Global M&A Network, which, according to the organization, “honors the most accomplished women leaders and top dealmakers from the United States transactional communities.”
“While there are key factors to assess the overall fit, a great match between a buyer and seller ultimately comes down to cultural fit,” according to Hagopian. “The cultural fit and people fit often become evident during the social group dinners after the formal business meetings between a buyer and seller where personal backgrounds, stories and experiences are shared. It is also important to see a strong alignment of mission, vision and values between a buyer and seller.”
Pradeep Jayaraman, President, Bluespring Wealth Partners
Pradeep Jayaraman has nearly two decades of experience in corporate development and M&A in the financial services space, including the acquisition and growth of wealth management firms.
As the recently appointed President of Bluespring Wealth Partners, Jayaraman provides strategic oversight of the team as they work to offer established wealth management firms monetization and succession solutions. He plans to build on Bluespring’s M&A strategy and strengthen its pipeline. Jayaraman also is focused on honing Bluespring’s sub-acquisition strategy, designed to help existing partner firms grow.
Prior to joining Bluespring, Jayaraman was Co-Head, Partnerships and Business Development at Focus Financial, where he also oversaw M&A for its Western USA region. Before that, he was a Vice President at Goldman Sachs, advising financial services clients on M&A transactions and debt and equity offerings. Earlier, Jayaraman worked with Citigroup in Mumbai, New York and London across its retail, commercial and investment banking divisions.
He received his MBA from The Wharton School of Business at the University of Pennsylvania, and a bachelor’s degree in Accounting from the University of Mumbai, India.
Explaining the key steps for the successful integration of an acquired firm, Jayaraman said, “First, establish clarity on who is being acquired and why. Beyond the investment case, what makes a firm tick (e.g., culture, clients, value)? Next, evaluate whether the firm helps realize your goals (e.g., operational scale/efficiency, cost/revenue synergies).”
He continued, “Once established, materialize your ‘why’ – what target operating model or organizational structure are you working toward? Finally, identify measurable milestones and who will help reach them. With the integration plan clearly laid out, the actual execution is straightforward.”
Liz Nesvold, Chair, Emigrant Partners, And Vice Chair, Emigrant Bank
Liz Nesvold joined Emigrant Bank as Vice Chair in February. She works closely with all units of the bank that are engaged in, or provide solutions to, the firm’s wealth management business, including Emigrant Partners, where she is Chair, as well as New York Private Trust, Sarasota Private Trust, Cleveland Private Trust, and the firm’s business divisions that serve the ultra-high and high net worth markets, including Personal Risk Management Solutions and Summitas.
Nesvold has over 30 years of experience in the wealth management industry as an advisor, investment banker and executive. Her experience includes mergers and acquisitions, capital planning and fundraising, succession and liquidity planning, strategic advisory, compensation structuring, financial and business analysis, and organic growth consulting.
An advocate and mentor for women in financial services, Nesvold started her career in 1991, providing advisory services to RIAs at Berkshire Capital, where she co-founded the investment banking industry’s first specialist M&A practice serving wealth management firms.
In 2007, she launched Silver Lane, a boutique investment bank that provided M&A advice to the wealth and asset management industry. She and her partners sold Silver Lane to a Fortune 500 company in 2019.
“The wealth management industry shows strong momentum for M&A, driven by succession planning, growth and scaling needs, and service expansion,” said Nesvold, predicting the development of wealth management M&A in 2025.
She continued, “As mega firms commercialize and depersonalize the advisor-client experience, there’s rising demand for capital and strategic solutions that preserve independence. Advisors are increasingly seeking governance models that empower entrepreneurs and allow them to maintain control, offering a more tailored, client-focused approach. This points to continued M&A, with an emphasis on advisor-led solutions over corporate dominance.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
