Wealth Management Acquisitions

Pitcairn, a U.S. family office, acquired Brightside Partners, a UHNW-focused registered investment advisor based in Baltimore, Maryland. The deal strengthens Pitcairn’s alternative investments platform and coincides with the launch of Pitcairn Wealth Advisors LLC, a new RIA under the Pitcairn corporate umbrella. Following the acquisition, Pitcairn reports overseeing more than $9 billion of advised assets.

BlackRock has completed its acquisition of SpiderRock Advisors, LLC, a Chicago-based asset manager specializing in option overlay strategies for separately managed accounts (SMAs). SpiderRock Advisors will be integrated into BlackRock’s U.S. Wealth Advisory business to enhance BlackRock’s SMA platform and customization capabilities for advisors and clients.

F2 Strategy acquired SKY Marketing Consultants, a boutique marketing consultancy focused on branding and marketing services for wealth management firms. The deal, which closed in early February 2024, expands F2’s offering by combining its wealth management technology implementation and strategic consulting with SKY’s high-touch marketing capabilities.

Hub International Limited acquired the assets of AFS 401(k) Retirement Services, LLC and AFS Financial Group, LLC. The Bethesda, Maryland-based firms provide retirement plan consulting and wealth management services, expanding Hub’s Retirement and Private Wealth practice; transaction terms were not disclosed.

Edelman Financial Engines (EFE) announced the acquisition of PRW Wealth Management, a registered investment advisor offering strategic planning, investment management, and wealth transfer services. PRW is headquartered in Quincy, Massachusetts and manages over $500 million in assets for roughly 200 clients. The deal represents EFE’s fifth acquisition in the past thirteen months as it continues expanding its wealth planning capabilities nationwide.

Modern Wealth Management acquired Martin James Investment & Tax Management, an Indianapolis-based accounting and tax planning firm previously affiliated with broker-dealer World Equity Group. Founder Martin James will receive an equity allocation and join Modern Wealth as a partner and managing director, helping expand Modern Wealth’s tax planning and compliance capabilities. Financial terms were not disclosed.

Mercer Global Advisors, Inc. (Mercer Advisors), a national registered investment adviser, announced the acquisition of Mallard Financial Partners, Inc. Mallard is a comprehensive wealth management firm based in Newark, Delaware, serving over 200 clients with approximately $180 million in assets under management.

IEQ Capital, a U.S. independent wealth management firm, announced a strategic minority growth investment from funds managed by Stone Point Capital. The partnership is intended to accelerate IEQ’s growth and expand its wealth management platform, including continued investment in technology and infrastructure.

Wealthcare Advisory Partners LLC, a technology-enabled registered investment advisor (RIA) and a NewSpring Holdings platform company, acquired Sommers Financial Management. The transaction expands Wealthcare’s direct advisory presence and adds Sommers Financial’s more than $100 million in assets under management to Wealthcare’s national advisor network.

Verso Wealth Management, a portfolio company of Cairngorm Capital Partners, has acquired Heritage Independent Financial Advisers Limited to expand Verso’s presence across the Midlands and support its national wealth management build-up strategy. Heritage, founded in 2003 and based in Knowle, West Midlands, advises on more than £200 million of assets and will continue operating with its principal directors remaining with the business.

Verso Wealth Management, a portfolio company of Cairngorm Capital Partners, has acquired IEP Financial Limited. The deal expands Verso’s presence across the South East of England and increases Verso’s assets under management to over £1.8 billion. IEP Financial will join the Verso group while key leaders remain involved in the business and client service.

Wealth Enhancement Group announced the acquisition of BTR Capital Management, Inc., an independent registered investment advisor (RIA) based in Oakland, California, with over $1 billion in client assets. The deal expands Wealth Enhancement Group’s presence in Northern California as part of its broader acquisition-driven growth strategy. Park Sutton Advisors served as BTR’s sole financial advisor on the transaction.

Risk Strategies acquired Standard Pension Services, LLC to bolster its financial services and retirement planning capabilities. Standard Pension is a long-standing employee and corporate benefits and retirement planning firm based in Garden City, New York; deal terms were not disclosed.

Allworth Financial acquired Second Opinion Partners, a $440 million AUM registered investment adviser based in Riverwoods, Illinois, to expand its Midwest/Chicago-area presence. Financial terms were not disclosed; the deal marks Allworth’s 23rd acquisition in four years and its second announced the same day.

The Mather Group, LLC (TMG) announced its acquisition of HC Financial Advisors Inc., a registered investment adviser based in Lafayette, California. HC’s principals and team are joining TMG as part of the transition, expanding TMG’s presence in the San Francisco Bay Area with a second local office.

The Mather Group, LLC (TMG), a wealth management firm, announced the acquisition of Semita Asset Management LLC, a registered investment adviser based in Houston. Semita’s leadership, including CEO/CIO Michael Meagher and Director of Financial Planning Justin Reede, joined TMG as part of the transaction, expanding TMG’s capabilities for high-net-worth clients.

HUB International Limited acquired the assets of WealthPlan Advisors, LLC, an independent investment advisor providing retirement plan and investment consulting. WealthPlan Advisors is headquartered in Scottsdale, Arizona and serves nearly 600 clients with more than $2.3 billion in assets as of March 2022. Financial terms of the transaction were not disclosed.

Mercer Global Advisors, Inc. (Mercer Advisors) announced it has acquired Mallard Advisors, LLC, a wealth management and financial planning firm based in Hockessin, Delaware. Mallard was founded and solely owned by William D. Starnes and serves 109 clients with approximately $165 million in assets under management; Starnes and his team will join Mercer Advisors as part of the transaction.

Alera Group Wealth Services, a division of Alera Group, announced the acquisition of Johnson Brunetti, a Connecticut-based retirement and investment specialist registered investment adviser (RIA). The transaction adds approximately $1.5 billion in RIA assets under management and expands Alera Group Wealth Services’ presence across the Northeast and into Atlanta, Georgia. Park Sutton Advisors acted as sole financial advisor to Johnson Brunetti; financial terms were not disclosed.

Private equity–backed Clearstead Advisors signed a definitive agreement to acquire Scott Snow (financial advisors) LLC, a Westlake, Ohio-based registered investment advisor focused on high-net-worth clients. The deal adds approximately $530 million in assets under advisement and marks Clearstead’s sixth acquisition in seven years.

Mercer Global Advisors, Inc. (Mercer Advisors) announced the acquisition of Harrison & Company Wealth Management, LLC (HCO), a wealth management firm based in Roanoke, Virginia. HCO serves roughly 120 clients and manages approximately $150 million in assets under management, with its team joining Mercer Advisors as part of the transaction.

Mercer Global Advisors, Inc. (Mercer Advisors) announced the acquisition of Starks Financial Group, Inc., a financial planning and wealth management firm with approximately $250 million in assets under management. Starks is headquartered in Asheville, North Carolina, and the deal expands Mercer Advisors' presence in the Southeast and North Carolina.

B.O.S.S. Retirement Solutions and Advisors is merging with (acquiring) Bellevue-based Becker Retirement Group, with the transaction announced June 30, 2022. The Becker Retirement Group team, including co-owner and founder Randy Becker, will remain with the combined firm, while co-owner Arwen Becker will partner with B.O.S.S. in a non-employee capacity to support female-focused events/marketing and advisor training.

Guardian Capital Group Limited has agreed to acquire a 60% ownership interest in Rae & Lipskie Investment Counsel Inc. (The RaeLipskie Partnership), a private wealth manager based in Waterloo, Ontario. The deal is expected to close in Q3 2022 subject to regulatory approvals, with current employees retaining the remaining 40% stake.

Wealthcare Capital Management LLC (Wealthcare), a technology-enabled registered investment advisor and a NewSpring Holdings platform company, announced the acquisition of Eagle Financial Management Services. The deal expands Wealthcare’s presence in the direct advisory channel and adds Eagle Financial’s advisory business in Shreveport, Louisiana, which manages more than $120 million in AUM.

Cerity Partners announced a recapitalization led by Genstar Capital. Existing investor Lightyear Capital, which has been invested in Cerity Partners since 2017, will continue as an investor following the transaction.

Creative Planning LLC acquired Rosen Capital Management, a Macon, Georgia-based wealth management firm with $114 million in assets under management. The deal adds Rosen Capital Management’s team, including CEO Glenn Rosen, to Creative Planning as it expands further into the Georgia market.

Mercer Global Advisors, Inc. (Mercer Advisors) announced the acquisition of Berkson Asset Management, Inc. and Steven M. Berkson, CPA, A Professional Corporation (collectively, Berkson). Berkson is a wealth management firm headquartered in Woodland Hills, California, and also operates a tax and accounting practice; Berkson’s entire team will join Mercer Advisors as it expands its presence in California.

Alera Group Wealth Services, a division of Alera Group, announced the acquisition of Wharton Business Group (WBG), an employee-owned wealth services firm in Pennsylvania managing more than $3.5 billion in assets. The deal expands Alera Group Wealth Services’ assets under management and supports its strategy to grow geographically and through acquisitions; transaction terms were not disclosed.

HUB International Limited acquired the assets of CSi Advisory Services, LLC, a retirement plan consulting and wealth management firm headquartered in Indianapolis, Indiana. Financial terms were not disclosed, and the CSi Advisory Services team will join Hub Midwest East to expand Hub’s retirement and wealth advisory capabilities.

The Mather Group, LLC (TMG), a wealth management firm headquartered in Chicago, announced it has acquired Multi-Fund Management Ltd. (MFM), a registered investment adviser based in Louisville. As part of the transaction, MFM leader David Handmaker joined TMG, and the combined firm plans to continue pursuing additional acquisitions.

Mercer Global Advisors, Inc. ("Mercer Advisors") announced the acquisition of Sanford Advisory Services, LLC ("Sanford"), a wealth management firm headquartered in Portage, Michigan. Sanford serves approximately 1,100 clients with about $1.1 billion in assets under management and advisement, and its team of ten professionals will join Mercer Advisors as the firm expands its presence in the Central U.S. and Michigan.

EP Wealth Advisors, LLC acquired Coulston Financial Services to expand EP Wealth’s presence in Northern California’s Bay Area. The deal closed on April 22, 2022 and is expected to increase EP Wealth’s assets under management by approximately $75 million; financial and legal terms were not disclosed.

The Mather Group, LLC (TMG), a wealth management firm headquartered in Chicago, announced the acquisition of Avenue Advisors, LLC, a registered investment adviser based in San Diego. Avenue Advisors managed approximately $85 million in AUM, and its managing member Jean Sinclair joined TMG as part of the transaction.

The Vistria Group announced a strategic partnership and recapitalization of The Mather Group, LLC (TMG), a Chicago-headquartered wealth management firm with over $8 billion in assets under management. Vistria will commit significant capital to support TMG’s continued growth, both organically and through future acquisitions, while backing CEO Chris Behrens and the existing leadership team.

Mercer Global Advisors, Inc. (Mercer Advisors) announced the acquisition of Convergent Wealth Management, LLC, a wealth management firm headquartered in Chesterfield, Missouri. Convergent has approximately $130 million in assets under management, and its full team will join Mercer Advisors, expanding Mercer’s presence in the central United States.

Creative Planning LLC acquired Emery Howard, a San Francisco Bay Area registered investment adviser managing over $1.8 billion in assets under management. The combination expands Creative Planning’s national wealth management footprint, bringing Emery Howard’s high-net-worth client base and team into the Creative Planning platform. DeVoe & Co. served as financial advisor to Emery Howard on the transaction.

Aviva plc announced it will acquire Succession Wealth for £385 million to expand its presence in the fast-growing United Kingdom wealth and financial advice market. Succession Wealth will continue to operate as a separately regulated, independent financial advice firm under its existing brand, with its current management team remaining in place. The deal is expected to close in the second half of 2022 subject to Financial Conduct Authority approval and will be funded from Aviva’s cash resources.

Mercer Global Advisors, Inc. (Mercer Advisors) announced the acquisition of Benemark, Inc., a wealth management firm headquartered in Westport, Connecticut. The deal expands Mercer Advisors’ presence in the Northeast/Connecticut, with Benemark’s entire team joining Mercer Advisors and adding planning capacity for local operations.

Parthenon Capital, together with Choreo management and advisors, closed the acquisition of Choreo, LLC (formerly RSM US Wealth Management) from RSM US LLP. Following the transaction, Choreo will operate as an independent advisory firm and plans to invest in client service and growth, including potential future acquisitions. Financial terms were not disclosed.

HUB International Limited acquired the assets of Kornerstone, Inc., a Chico, California-based firm providing custom financial planning and investment advisory services. The acquisition expands HUB’s retirement and private wealth capabilities in Central & Northern California, with Kornerstone’s team joining HUB CNC. Financial terms were not disclosed.

Beacon Pointe Advisors completed five registered investment adviser (RIA) acquisitions at the end of 2021: Newport Wealth Strategies, The Retirement Planning Specialists, Century Wealth Management, Next Generation Wealth Management, and Southern Trust Financial Planning. The firm also officially closed a previously announced investment from KKR, expanding Beacon Pointe’s national footprint and assets under management. Financial terms were not disclosed.

Creative Planning Inc., a registered investment adviser, announced the acquisition of Berno Financial Management, a Cincinnati-area fee-only financial planning and wealth management firm with over $300 million in assets under management. Following the deal, Bruce J. Berno and the Berno team will join Creative Planning’s Cincinnati practice as Creative Planning continues to expand in the market.

Mercer Global Advisors, Inc. (Mercer Advisors) announced the acquisition of Quest Capital Management, Inc., a wealth management firm based in Dallas, Texas. The deal expands Mercer Advisors’ presence in Texas and adds a firm serving roughly 660 clients with approximately $1.5 billion in assets under management. Quest’s six shareholder-leaders and seventeen staff members will join Mercer Advisors as part of the transaction.

Mercer Global Advisors, Inc. ("Mercer Advisors") announced the acquisition of Miller Advisors, Inc., a wealth management firm based in Kirkland, Washington. The deal expands Mercer Advisors’ presence in the Pacific Northwest, and the full Miller Advisors team will join Mercer Advisors. Miller Advisors serves roughly 200 clients and has approximately $240 million in assets under management.

Simplicity Group announced the acquisition of Minneapolis-based Sawtooth Solutions, LLC, a provider of unified managed account (UMA) investment solutions and a tech-enabled platform for independent wealth advisors. The deal expands Sawtooth’s reach through Simplicity’s distribution network, and Sawtooth will adopt the Simplicity brand while continuing to serve existing clients.

EP Wealth Advisors, an independent registered investment adviser, acquired Homewood Capital Management to expand its presence in the Greater San Francisco region, including the Danville area. The deal closed August 27, 2021 and is expected to add more than $120 million in assets under management, with Homewood’s team joining EP Wealth.

Wealth Enhancement Group announced it has acquired Serafini Financial Group, a hybrid RIA based in Hagerstown, Maryland with approximately $853 million in client assets. Following the August 1 closing, Serafini Financial Group will operate under the Wealth Enhancement Group brand, expanding the buyer’s Mid-Atlantic presence. Financial terms were not disclosed.

Hightower announced that it has acquired Farr, Miller & Washington, a Washington, D.C.-based wealth management firm with approximately $2 billion in assets under management. As part of the transaction, Farr, Miller & Washington CEO Michael Farr will assume an expanded role as Hightower Chief Market Strategist.

Altamont Capital Partners announced a strategic investment in Horizon Investments, LLC, a registered investment adviser and asset manager headquartered in Charlotte, North Carolina. The investment is intended to support Horizon’s growth in goals-based investment solutions, with the transaction expected to close in the fourth quarter of 2021.

Cetera completed the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors. The acquired business will operate as Cetera Wealth Partners and is expected to retain the channel’s management team, more than 90% of financial professionals, and more than 93% of assets under administration.

Wealth Enhancement Group announced it has acquired Hoover Financial Advisors (HFA), a Malvern, Pennsylvania-based hybrid registered investment adviser with $1.46 billion in total client assets. The deal further expands Wealth Enhancement Group’s wealth management footprint in the Northeast United States and supports its acquisition-focused growth strategy backed by TA Associates. Financial terms were not disclosed, and the transaction was expected to close on July 1, 2021.

Docupace acquired jaccomo to expand the Docupace Platform’s back-office capabilities for wealth management firms. The combination adds jaccomo’s compliance, data integration, financial reporting, and advisor compensation accounting functionality to Docupace’s cloud-based automation and workflow tools.

Simplicity Group acquired Guardian Financial Group in a transaction effective May 3, 2021, adding the firm as the 23rd organization in the Simplicity Group of companies. Guardian Financial Group provides specialized financial planning advice for religious leaders and their families and will rebrand to Simplicity while maintaining offices in Mansfield, Texas.

InvestCloud announced the strategic acquisition of Advicent, owner of the NaviPlan financial planning platform. The deal combines Advicent’s cash flow, trust, tax, and goal-based planning engines with InvestCloud’s digital wealth platform to deliver a unified financial planning experience for advisors and clients. Advicent is headquartered in Milwaukee, Wisconsin, and was previously a portfolio company of Vista Equity Partners.

OneDigital Investment Advisors, a wholly owned subsidiary of OneDigital, has acquired Future Benefits Inc. The deal expands OneDigital’s retirement and wealth management presence in Connecticut, with Future Benefits continuing operations from its headquarters in Cheshire, Connecticut under OneDigital’s registered investment advisory platform.

Mercer Global Advisors, Inc. (Mercer Advisors) announced the acquisition of Epstein & White Financial LLC and related entity Epstein & White Retirement Income Solutions, LLC (collectively, EWF). The deal expands Mercer Advisors’ wealth management presence in Southern California, adding EWF’s approximately 1,300 clients and about $740 million in client assets in San Diego, California.

Cetera Financial Group has acquired MAGIS Financial Partners, a Philadelphia-based financial services firm with over $490 million in assets under management. The deal will transition MAGIS’s separate RIA business onto Cetera and make MAGIS a Cetera-owned group; financial terms were not disclosed.

Atria Wealth Solutions, Inc. entered into a definitive agreement to acquire 100% of SCF Securities, Inc., an independent wealth management firm headquartered in Fresno, California. The deal also includes SCF Investment Advisors, Inc. and SCF Marketing, Inc., expanding Atria’s broker-dealer footprint and assets under administration; SCF’s CEO Randy Meadows will remain President and continue operating from Fresno.

SS&C Technologies Holdings, Inc. has completed the acquisition of Innovest Systems, a provider of web-based technology for trust accounting, payments, and unique asset servicing. The deal expands SS&C’s wealth management technology suite, with Innovest continuing to operate under SS&C leadership led by Glenn Schmidt as General Manager.

North Square Investments reached an agreement to acquire a majority interest in C.S. McKee L.P., an institutional investment management firm specializing primarily in taxable fixed-income strategies. C.S. McKee will continue to operate as an independent affiliate based in Pittsburgh, with closing expected in the first quarter of 2020 subject to customary conditions.

Warburg Pincus LLC agreed to acquire a majority interest in Kestra Financial, Inc. in a recapitalization transaction. Stone Point Capital, LLC, Kestra Financial’s current majority owner, will retain a minority stake, and Kestra Financial’s management team (and certain advisors) will also retain equity.