Wealth Management Acquisitions in 2020

Mercer Global Advisors (Mercer Advisors), a national registered investment adviser headquartered in Denver, acquired Marrs Wealth Management, LLC, an Ames, Iowa-based wealth management firm with approximately $215 million AUM serving ~275 clients. The deal closed December 31, 2020, and four Marrs team members (including founders/LLC members Craig Marrs, Andra Reason, and Nathan Brammer) joined Mercer; the move was driven primarily by succession planning and to expand client services and back-office capabilities.

IK Investment Partners’ Small Cap II Fund has agreed to invest in Valoria Capital, a Paris-headquartered acquisition platform of independent financial advisors founded by Romain Lefèvre. Financial terms were not disclosed; IK said the investment will support Valoria’s buy-and-build strategy and portfolio diversification (financing support was provided by Idinvest Partners).

CI Financial Corp. will acquire a majority ownership stake in RGT Wealth Advisors, a Dallas-based registered investment advisor with approximately US$4.7 billion in client assets, in a deal to be paid in cash and CI shares. The transaction, expected to close in Q4 2020 subject to regulatory and stock exchange approvals, expands CI's U.S. wealth footprint (bringing U.S. wealth assets to ~US$21 billion) while RGT principals will retain a meaningful ownership stake.

EdgeCo Holdings, L.P. has entered into an agreement to bring New Orleans-based Goss Advisors (GWM Advisors LLC) into its wealth division, which includes the wealth management operations of Mid Atlantic Capital Group. The transaction, which will join Goss Advisors' ~100 independent-advisor platform and ~$8 billion in brokerage and advisory assets to EdgeCo, is expected to close before year-end and will retain Goss Advisors' executives and employees.

Hub International Limited acquired the assets of Baystate Fiduciary Advisors, Inc., a Boston-based fiduciary advisory firm that manages approximately $2.9 billion in client assets. The deal strengthens Hub’s Retirement and Private Wealth capabilities in New England by adding Baystate’s talent and retirement plan advisory services; Baystate’s Managing Partner Gregg Andonian will join Hub RPW in the region.

Apiary Capital has provided growth capital to launch Radiant Financial Group as a buy-and-build wealth management platform. Radiant simultaneously announced the cornerstone acquisition of CWB, a UK-based advisory group of 20 advisers with approximately £800m of assets under management.

CI Financial Corp. will acquire 100% of Doyle Wealth Management (DWM), a St. Petersburg, Florida–based RIA overseeing approximately US$1.1 billion in assets. The deal expands CI’s U.S. wealth-management footprint into Florida and strengthens its wealth-planning and tax capabilities; DWM’s co-founders Robert and Jillian Doyle will continue to lead the business after close.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Personal Financial Advisors, LLC (PFA), a Covington, Louisiana-based wealth management firm. PFA serves roughly 140 clients with approximately $105 million in AUM; founder Robert J. Reed, Jr. and his staff will join Mercer as the firm establishes its first physical presence in Louisiana.

EP Wealth Advisors, a Torrance, California-based RIA, acquired The Insight Group, Inc. and Financial Insight Center, LLC—two Utah-based wealth management firms—in a deal that closed Sept. 30, 2020. The acquisition expands EP Wealth's geographic footprint into Utah and increases its assets under management by more than $1 billion; founding owners of Insight will join EP Wealth's leadership team.

Kingswood Holdings Limited has acquired Regency Investment Services Limited for a total consideration of £3.45 million, subject to regulatory approval. The deal, funded in part through convertible preference shares subscribed by HSQ Investment Limited (linked to Pollen Street Capital), increases Kingswood's client-facing advisory team and brings approximately £320m of AUA/AUM and ~1,000 clients into the group.

Warburg Pincus completed its investment to back the merger of Tilney and Smith & Williamson, creating the combined group Tilney Smith & Williamson. The merged business becomes a leading UK integrated wealth management and professional services group with over £47 billion AUM and circa £530 million pro forma revenue while retaining the Tilney, Smith & Williamson and Bestinvest client-facing brands.

Creative Planning Inc., a large independent Registered Investment Adviser based in Overland Park, Kansas, acquired Miller Financial Management, an RIA in Muncie, Indiana that managed approximately $150 million in client assets. The acquisition expands Creative Planning’s presence in Indiana and provides continuity and expanded resources for Miller Financial Management’s clients and team.

Creative Planning Inc. acquired Cincinnati-based Lenox Wealth Management, an RIA with approximately $600 million in assets under management. The acquisition brings Lenox’s advisors and clients into Creative Planning’s platform to expand the firm’s Cincinnati presence, broaden service offerings, and provide additional technology and scale to support growth.

Franklin Resources (operating as Franklin Templeton) completed its acquisition of Legg Mason, creating one of the world’s largest independent investment managers with roughly $1.4–$1.5 trillion in combined AUM. The all-cash transaction (approximately $4.5 billion) included assumption of about $2 billion of Legg Mason debt; the firms said Legg Mason’s specialist investment affiliates will retain operational autonomy while benefiting from Franklin Templeton’s global platform and distribution.

Pathstone, a partner-owned multigenerational family office, has acquired Cornerstone Advisors Inc., a Bellevue, Washington-based wealth and lifestyle management firm. The combination adds Cornerstone's ~$4 billion AUM and ~65 employees to Pathstone, expanding capabilities, scale and partner ownership across the combined firm (roughly 200 employees across nine offices and ~$20 billion in advisory assets).

Creative Planning, a large independent wealth management firm, has acquired Thun Financial Advisors, a Registered Investment Adviser that manages about $600 million in client assets. The deal strengthens Creative Planning’s ability to serve U.S. citizens living and working overseas by adding Thun’s cross-border advisory expertise to its offering.

Empower Retirement has acquired digital wealth manager Personal Capital for up to $1 billion in enterprise value (approximately $825 million at closing plus up to $175 million for growth). The acquisition combines Empower's retirement plan services with Personal Capital's digital-first financial planning and wealth management platform to deliver integrated digital and human advice to retirement plan participants and individual investors.

Orion Advisor Solutions and Brinker Capital have completed a merger to create an integrated technology and turnkey asset management platform (TAMP), backed by new investor Genstar Capital alongside continuing investor TA Associates. The combined business expands Orion's wealthtech capabilities and Brinker’s investment management scale — creating a unified TAMP with roughly $44 billion in assets and service access for more than 10,000 active advisor representatives.

Creative Planning, an independent wealth management firm based in Overland Park, Kansas, acquired Sunrise Advisors, a Leawood, Kansas-based registered investment adviser managing approximately $700 million in AUM. The deal brings Sunrise’s advisors and clients into Creative Planning’s platform to expand its Kansas City presence and add wealth management capabilities and talent.

Aimia Inc. has closed the previously announced acquisition of Mittleman Brothers LLC, the parent company of Mittleman Investment Management, LLC. As part of the transaction Phil Mittleman was appointed permanent CEO of Aimia and Chris Mittleman named Chief Investment Officer and board member; Aimia said the deal provides a platform to execute its new strategy as an investment holding company.

Mercer Global Advisors, a Denver-based RIA, has acquired Argosy Wealth Management, a Beverly Hills–area wealth management firm that serves roughly 300 households with about $330 million in AUM. Co-founders Michael Karon and Alex Kimura and seven staff members are joining Mercer as part of the deal, expanding Mercer’s Southern California presence and adding wealth management and family office capabilities.

Cresset Asset Management has combined with Reston, Virginia-based PagnatoKarp, adding PagnatoKarp’s $2.3 billion in AUM to create a combined RIA with $9.5 billion in assets and eight offices. The deal brings PagnatoKarp’s team into Cresset and expands Cresset’s wealth management and family office capabilities and scale.

The Mather Group (TMG), a family- and employee-owned wealth management firm headquartered in Chicago, has acquired Knoxville-based Resource Advisory Services, a fiduciary-only RIA with $116 million in assets under management. The deal expands TMG’s footprint in the Southeast and increases its AUM, while Resource Advisory Services’ founder David Lewis joins/partners with TMG under its fiduciary, fee-only platform.

CAPTRUST Financial Advisors announced that Lakeside Wealth Management, a Chesterton, Indiana-based wealth management and retirement-plan advisory firm with $1.6 billion in assets under advisement, has joined CAPTRUST. The Lakeside team of 27 employees will take on the CAPTRUST name, expanding CAPTRUST's nationwide headcount and increasing its assets under advisement.

Allworth Financial, a Parthenon-backed wealth management firm, has acquired Capstone Capital, Inc., a Cincinnati-based investment advisory firm with approximately $100 million in client assets. Founder Bob Sponseller is joining Allworth, and the deal expands Allworth's footprint in the Ohio region as part of its ongoing add-on acquisition strategy for its Parthenon-backed platform.

Allworth Financial, a Sacramento-based RIA backed by Parthenon Capital, has acquired Houston Asset Management, an investment advisory firm managing approximately $450 million in client assets. The deal adds HAM’s 13 employees and more than 680 households to Allworth’s platform as part of its continued roll-up strategy and supports HAM’s succession planning and access to enhanced technology and capabilities.

Beacon Pointe Advisors merged its two RIA businesses into a single RIA, completed a strategic minority recapitalization with Abry Partners, and concurrently acquired Winter Park–Orlando-based Ferrell Wealth Management, adding roughly $460 million of AUM. The Abry investment provides capital to support Beacon Pointe's M&A strategy and growth initiatives as Beacon Pointe expands its East Coast footprint.

Wealth Enhancement Group, a Greater Minneapolis-based independent wealth management firm overseeing about $17 billion in client assets, announced the acquisition of JOYN Advisors, Inc., an Atlanta-based registered investment adviser with roughly $1.3 billion in client assets and 35 employees. The deal (financial terms undisclosed) marks Wealth Enhancement Group's first office in the Atlanta area and is expected to close by April 1, 2020.

General Atlantic, a global growth equity firm, has made a strategic minority investment in Creative Planning. Creative Planning CEO Peter Mallouk will remain CEO and retain a majority controlling stake; financial terms were not disclosed. The investment is positioned to support Creative Planning's continued expansion of its wealth management platform (Creative Planning manages approximately $50 billion AUM and ~650 employees across 27 offices).

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired First Ohio Planning, LLC, a Columbus, Ohio-based wealth management firm owned by James S. Ryan. Ryan and his five-person team will join Mercer’s Columbus office; First Ohio serves approximately 280 households with about $350 million AUM, and the deal strengthens Mercer’s ERISA and retirement-plan capabilities while expanding its Columbus presence.

Purpose Advisor Solutions (majority owned by Purpose Financial) has acquired the Wealthsimple for Advisors business to create a single, advisor-focused wealth platform in Canada. The deal combines teams and technology to scale Purpose Advisor Solutions’ end-to-end advisor offering and accelerate investments in portfolio management, CRM, reporting, compliance and other digital services; Wealthsimple leaders J‑F Courville and Dave Nugent will join PAS as managing partners.

Fiduciary Trust Company International, a global wealth manager and subsidiary of Franklin Resources (Franklin Templeton), agreed to acquire The Pennsylvania Trust Company, an independent, employee-owned wealth management firm based in Radnor, Pennsylvania. The deal expands Fiduciary Trust's presence in the Philadelphia market and enhances its suite of trust, estate, investment and tax planning capabilities for high-net-worth clients; terms were not disclosed and the transaction was expected to close in Franklin Resources' 2020 fiscal third quarter.

Cerity Partners, a Chicago-based independent financial advisory firm, announced a merger with New York-based EMM Wealth. The deal brings EMM Wealth's $3 billion AUM and 36 employees into Cerity Partners, expanding Cerity's presence and capabilities in New York and raising Cerity's total AUM to approximately $26 billion.