In this month’s roundup, Wealth Enhancement agreed to acquire RWA; Concurrent acquired Spire; Beacon Pointe acquired three RIAs; Waverly acquired Heartwood; Trilogy acquired Mountain Capital; CAPTRUST added Hoge-Barrett; Rosenwald joined Indivisible; Latigo Peak launched; Mercer refinanced debt; Wealthspire launched a sports and entertainment practice; Choreo appointed a technology chief; and Cerulli examined confusion over advisor fees.
Mergers & Acquisitions
Wealth Enhancement To Acquire RWA Wealth Partners
Wealth Enhancement agreed to acquire Boston‑based RIA RWA Wealth Partners, which had approximately $22.46 billion in client assets as of June 30. The announcement said the acquisition was expected to close in the fourth quarter and would represent an exit for Summit Partners. Under the announced plan, RWA’s Family Office business would become part of Reserve by Wealth Enhancement, its offering for families generally holding at least $25 million in investable assets.
The plan called for RWA’s Private Wealth business to operate as advisor teams at Wealth Enhancement, with Steve Reder continuing to work with those teams. Michelle Knight, JP Powers, Nicole LaChapelle and Kristin Fazio were expected to continue leading RWA Family Office. RWA’s family office services include trust administration, professional trustee services, estate planning coordination, estate settlement and tax planning and preparation. Seward & Kissel provided legal representation to RWA’s management team.
Michelle Knight, CEO and Chief Economist of RWA Wealth Partners, said, “Wealth Enhancement shares our belief that comprehensive wealth management starts with a deep understanding of each client and the life they are working to build across generations. This human side of wealth has always been central to how we serve families, because behind every financial decision is a set of goals, values, and aspirations.”
Concurrent Acquires Spire With Approximately $5.4 Billion In Assets
Tampa, Florida‑based RIA Concurrent Investment Advisors acquired Spire Investment Partners through an asset purchase that closed Sept. 30. Spire brings approximately $5.4 billion in assets and more than 30 advisor teams. The transaction is Concurrent’s first acquisition of another platform business at scale, adds a Northern Virginia home office presence and extends its advisor footprint to 33 states.
Spire, a hybrid RIA founded in 1997 and based in McLean, Virginia, supports independent financial professionals and third‑party RIAs. Concurrent now has $28.6 billion in assets under management (AUM), compared with $16.8 billion at the beginning of 2026, and $18 billion in corporate retirement plan assets under advisement. Berkshire Global Advisors advised Spire financially. Seward & Kissel provided Spire with legal representation, while Katz Teller advised Concurrent on legal matters.
David Blisk, Founder and CEO of Spire Investment Partners, said, “This next chapter gives our advisors additional resources, deeper support, and a broader community without asking them to give up the identity of the practices they have worked so hard to build. Spire has always empowered advisors to turn their vision into reality, and this partnership takes that mission even further.”
Beacon Pointe Acquires Three RIAs With $1.35 Billion In AUM
RIA Beacon Pointe Advisors acquired WorthPointe Financial Planners, Silver Lake Capital Partners and R Meier Wealth Management, which together managed approximately $1.35 billion in client AUM. WorthPointe accounted for about $1 billion, Silver Lake for about $200 million and R Meier for about $150 million. The acquisitions added offices in Texas, California and Wisconsin.
The WorthPointe transaction closed Oct. 15, while Silver Lake closed Sept. 15 and R Meier closed July 1. Jack Cooper, Senior Director, Mergers and Acquisitions at Beacon Pointe Advisors, said all three businesses adopted the Beacon Pointe name after closing. The acquisitions brought Beacon Pointe’s total for 2026 to nine, compared with 16 in 2025. Turkey Hill Management advised WorthPointe on its transaction and Dalphia Partners advised R Meier. The additions brought Beacon Pointe to approximately $70 billion in assets under advisement.
Cooper said, “Our priorities are to partner with firms that strengthen Beacon Pointe and give our existing advisory teams the resources and capacity to deepen client relationships and serve more individuals and families.”
Waverly Acquires Heartwood With Approximately $1.7 Billion In AUM
Birmingham, Alabama‑based RIA Waverly Advisors acquired Heartwood Wealth Advisors, a Richmond, Virginia‑based wealth management firm that had approximately $1.7 billion in AUM as of Sept. 22. The transaction closed Sept. 25. Founded in 2013, Heartwood was led by Steve Clarke, Sid Martin, Ben Gurley and Wes Kaufman and supported by nine professionals, all of whom joined Waverly.
The acquisition is Waverly’s 36th transaction since it accepted an equity investment in December 2021 from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform. Waverly managed approximately $36.5 billion in assets as of Sept. 25 and has more than 50 offices and over 500 professionals. The firm provides investment, tax, estate and financial planning services to clients including individuals, families, corporate retirement plans, trusts, endowments and institutions.
“Heartwood and Waverly are grounded in many of the same principles,” Justin Russell, President and CEO of Waverly Advisors, said. “Those values are reflected in the enduring client relationships and collaborative cultures that define both organizations. We are proud to welcome the Heartwood team to Waverly and look forward to building on that shared foundation.”
Trilogy Acquires Mountain Capital With Over $1 Billion In Client Assets
Trilogy Capital acquired Mountain Capital Investment Advisors, a Westminster, Colorado‑based RIA with over $1 billion in total client assets. The acquisition is Trilogy’s largest deal of the year and adds its 11th office and second location in Colorado. Founded in 2011, Mountain Capital serves individuals, families and small businesses, with a particular focus on aviation professionals.
Mountain Capital offers tax preparation and consulting services, including interview preparation for pilots and other aviation professionals. The firms said those services would be combined with the capabilities of Trilogy Tax & Consulting, an affiliated company. Mountain Capital’s aviation expertise includes current and former pilots, airline leaders and other industry professionals.
Brandt Burns, Founder and CEO of Mountain Capital Investment Advisors, said, “We will retain our brand and unique position in the marketplace and our leadership team, advisors and staff will remain intact, so client disruption should be minimal. This important move for our firm will not replace what we’ve built. It will strengthen it.”
Advisor Transactions
CAPTRUST Adds Hoge‑Barrett Group With $3 Billion In Client Assets
CAPTRUST added the Hoge‑Barrett Group, a 13‑person wealth management team in Winston‑Salem, North Carolina, that serves individuals and families representing more than $3 billion in client assets. Led by Principal and Financial Advisor Brett Hoge, the team traces its roots to 1999.
CAPTRUST said the Hoge‑Barrett Group would operate from its Winston‑Salem office, its seventh North Carolina location. CAPTRUST has more than 580 employees in North Carolina, including 111 advisors.
“Our clients’ needs have evolved significantly over the years, and we wanted to make sure our team was evolving with them,” Hoge said. “We chose CAPTRUST because it gives us greater flexibility in how we serve clients, while adding a more in‑depth technology stack, deeper investment research, and more wealth planning capabilities.”
Rosenwald Private Wealth Joins Indivisible Partners
Rosenwald Private Wealth, a Baltimore‑based $1.1 billion advisory team serving high and ultra‑high net worth clients, joined Indivisible Partners from RBC Wealth Management. The team, led by Private Wealth Advisor and Founding Partner Beth Rosenwald, has served affluent clients for nearly three decades.
Rosenwald serves individuals and multigenerational families with wealth planning, investment management, retirement planning, estate and legacy planning strategies and family‑focused guidance.
“As we evaluated the future of our business, we wanted a model that allowed us to own what we’ve built while expanding what would be possible for our clients,” Beth Rosenwald said. “Indivisible offered the combination of independence, flexibility, and active support that was the best fit for how we want to continue to serve our clients and grow the business in the years ahead.”
Latigo Peak Launches Independent Firm With $18.6 Billion In AUM
Latigo Peak Partners launched as an independent, founder-owned wealth management firm with approximately $18.6 billion in AUM and 48 professionals. The firm’s Co-Founders, Phil Scott and Jim Atwood, previously led large advisory practices at J.P. Morgan Advisors. The Co-Founders funded the business themselves rather than taking outside private equity capital. Its clients include ultra-high net worth families, entrepreneurs and business owners.
Headquartered in Palm Beach Gardens, Florida, Latigo Peak has operational hubs in Bellevue, Washington, and Boston, plus an office in Los Angeles. It selected Charles Schwab and BNY Pershing for custody and lending services. Fusion Financial Partners advised the founders on the design and launch of the independent RIA. Scott and Atwood said their former practices grew combined annual revenue from $34 million to more than $130 million over six years.
Scott said, “Our goal here is to build a firm geared principally towards investment performance and a distinctive client experience. We believe strong outcomes come from a financial model designed around families. Independence gives us the ability to take responsibility for the future of our business and make decisions based on what we believe is right for our clients over the long term.”
Strategic Initiatives
Mercer Refinances $1.9 Billion And Adds $340 Million Credit Facility
Mercer Advisors, an RIA, completed a $1.9 billion debt refinancing through a syndicated term loan B with a seven‑year maturity, along with a $340 million revolving credit facility with a five‑year maturity. The transaction marks Mercer’s entry into the broadly syndicated loan market. The new term loan replaces its private debt financing, extends maturities and expands its lender group to institutional investors, according to the firm.
Goldman Sachs led the financing, with participation from 10 other financial institutions. Mercer said demand exceeded the amount offered and that the revolving credit facility will support investment in client services, employees and its platform.
Gün Keresteci, Chief Financial Officer of Mercer Advisors, said, “This structure gives us meaningfully lower financing costs and a broader, more diversified investor base. It will unlock even greater capacity to invest in services for our clients and continue strengthening the platform as we scale.”
Wealthspire Launches Sports & Entertainment Practice
Wealthspire launched a sports and entertainment practice within its family office division to serve professional athletes, entertainers, creators and other individual investors. Frank Marzano, Managing Director and Head of Wealthspire Sports & Entertainment and Co‑Head of Wealthspire Family Office, leads the practice. It was overseeing about $2.88 billion in AUM and serving more than 200 ultra‑high net worth clients, families and institutions as of Sept. 1.
Approximately 20 advisors are dedicated to the practice, Marzano told Wealth Solutions Report. Its services address fluctuating income, contract and compensation arrangements, tax and estate planning, business ventures, real estate, charitable giving and career transitions. It also coordinates with clients’ agents, attorneys, accountants and business managers. Marzano joined Wealthspire in 2023 through the firm’s acquisition of GM Advisory Group.
Marzano said, “We always envisioned this to be a specialty area for clients and were focused on developing more business within sports and entertainment. With the expansion of Wealthspire, we knew that launching Wealthspire Family Office gave us the opportunity to truly establish a practice devoted to sports and entertainment.”
Promotions & People Moves
Choreo Appoints Gabriel Rodriguez As Chief Technology Officer
RIA Choreo appointed Gabriel Rodriguez as Chief Technology Officer. Rodriguez joined the firm’s executive leadership team, reports to CEO Jason Van de Loo and is based in Choreo’s Charlotte, North Carolina, office. He will lead technology strategy, platform development and AI work supporting advisors and the firm’s tax and wealth planning model.
Rodriguez has more than 20 years of industry experience and most recently served as Senior Vice President of Technology at LPL Financial, where he was responsible for ClientWorks, the firm’s advisor workstation. He previously spent six years at Vanguard and held technology roles at Wellington Management and Bain Capital.
“Gabriel has spent his career translating the needs of wealth management professionals into technology that helps them do their jobs more effectively,” Van de Loo said. “He brings the technical depth to lead our strategy and the discipline to deliver on it. He understands the role technology plays in supporting advisors and delivering better client experience.”
Research
Cerulli Research Finds Investor Confusion About Advisor Fees
New research by Cerulli, produced in partnership with RIA Credent Wealth Management, found that the number of RIAs overseeing at least $5 billion in assets rose to 343 in 2025 from 194 in 2020. Despite that growth, investors faced difficulties comparing compensation arrangements and standards of care. The white paper examined the expanding range of wealth management providers and the different business models through which they serve clients.
Among the $5 billion-plus RIAs studied, fee-only independent firms’ share of assets fell to 34% at year-end 2025 from 42% in 2020. Of surveyed investors who said their advisor must always act in their best interest, 73% were satisfied and not looking for a new provider, compared with 48% of those who said an advisor could recommend products favoring the advisor’s or provider’s interests.
“Today’s investors have more access to advice than ever before, but understanding the differences between wealth management providers has become increasingly challenging,” Brendan Powers, Senior Director, Product Development and Institutional at Cerulli, said.
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
