Wealth Management Acquisitions in 2021

MAI Capital Management, a Cleveland-based registered investment adviser owned by Galway Holdings, has acquired Investment Planning Associates (IPA) of Rockville, Maryland. The deal expands MAI’s Mid-Atlantic presence, adds approximately $235 million of assets under management to MAI, and brings IPA’s senior advisors into MAI’s wealth management team.

HUB International Limited has acquired the assets of GRP Financial California, LLC; terms were not disclosed. The San Clemente-based retirement plan consulting team (which managed roughly $3.4 billion in assets as of September 30, 2021) will join Hub California, strengthening HUB's retirement capabilities and presence in California.

Bluespring Wealth Partners, a subsidiary of Kestra Holdings, has acquired Capital Planning Advisors, a Roseville and Walnut Creek, California-based wealth management firm overseeing over $1.1 billion in client assets. The deal expands Bluespring's West Coast presence while keeping the Capital Planning Advisors leadership and advisor team in place to support continued client service and growth.

MAI Capital Management, a Cleveland-based registered investment adviser, has acquired Hochman Cole Investment Advisors of Deerfield, Illinois. The deal, which closed Dec. 3, 2021, expands MAI's presence in the Chicago area and adds more than $495 million in assets under management; financial terms were not disclosed.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Mirsky Financial Management Corporation (MFMC), a Rochester, New York-based wealth management firm with approximately $320 million in AUM. The deal expands Mercer Advisors' Northeast presence and brings MFMC's advisory and in-house tax capabilities and team into Mercer's platform.

Mariner Wealth Advisors announced it will acquire Robinson, Tigue, Sponcil Private Wealth Management (RTS), adding approximately $393 million in assets under advisement and establishing Mariner's second office in the Phoenix/Scottsdale metro. RTS will assume the Mariner Wealth Advisors name upon closing on Dec. 10, 2021; Echelon served as financial advisor to RTS.

Kingswood Holdings Limited has agreed terms to acquire three bolt-on advisory businesses: Metnor Holdings Limited (trading as IBOSS), Money Matters (North East) Ltd and Smythe & Associates (Smythe & Walter). The deals (two subject to regulatory approval) expand Kingswood’s regional footprint across the North of England, North East, London and the South East and increase its advisory team and assets under administration.

Cerity Partners has merged with San Francisco–based Bingham, Osborn & Scarborough (BOS), combining BOS's West Coast wealth-management capabilities with Cerity's national platform. The combined firm will operate under the Cerity Partners name and expands Cerity's client assets to advise on more than $40 billion (including BOS’s roughly $5 billion in AUM).

Pure Financial Advisors has agreed to acquire Seattle-area RIA Kaufman Kampe Advisors LLC. The deal expands Pure Financial’s presence in the Pacific Northwest; Kaufman Kampe founders Lori Kaufman and Valerie Kampe will join Pure Financial and continue serving their clients. Pure Financial is PE-backed following an investment from Lee Equity Partners and is also backed by Emigrant Partners.

Allworth Financial has entered into a partnership agreement to bring Scottsdale-based RG Capital into its RIA platform. The deal expands Allworth's presence in the Greater Phoenix-Scottsdale market and adds RG Capital’s dental-professional-focused advisory practice (approximately $176 million AUM and ~300 clients) to Allworth’s national advisory network.

US-based private equity firm Further Global Capital Management has acquired a majority stake in UK financial planning firm Progeny; financial terms were not disclosed. The investment is intended to accelerate Progeny's organic and inorganic growth, support its acquisition strategy, and fund investments in technology, learning and development, marketing and an advisor academy; Progeny's senior management will remain in place and the firm employs roughly 230 people.

Minneapolis-based Berger Financial Group acquired Dane Holdings, Inc., a Scottsdale and Sun City West, Arizona tax and financial consulting firm. The deal brings Dane's two Arizona offices and employees into Berger (which will rebrand the locations) and expands Berger's geographic footprint and in-house tax capabilities, raising Berger's total client assets to about $1.5 billion.

Bluespring Wealth Partners, a Kestra Holdings subsidiary based in Austin, Texas, has acquired Cincinnati-based Ritter Daniher Financial Advisory (RDFA). RDFA, led by founders John Ritter and Jeffrey Daniher and managing over $530 million in client assets, will leverage Bluespring's resources to accelerate talent development and expand across the Midwest as part of Bluespring's roll-up strategy.

The Mather Group, LLC (TMG), a family- and employee-owned, fee-only wealth management firm headquartered in Chicago, has acquired California-based Glikman/Associates, an RIA with $104.7 million in Assets Under Advisement. The deal expands TMG’s San Francisco Bay Area presence and marks its 10th acquisition in just over two years, bringing total AUA to more than $8.4 billion.

CI Financial Corp. has completed the acquisition of Budros, Ruhlin & Roe, Inc. (BRR), a Columbus, Ohio-based registered investment advisor managing approximately US$3.5 billion in assets. The deal expands CI Private Wealth's U.S. presence and increases CI's U.S. wealth management assets to roughly US$82 billion.

Miracle Mile Advisors completed a merger with Johnstone Financial Advisors, bringing a six-person Johnstone team based in Lake Oswego, Oregon into Miracle Mile and increasing the firm's AUM by $150 million. The transaction expands Miracle Mile's presence in the Pacific Northwest and broadens its capabilities in servicing complex high-net-worth estates.

OneDigital Investment Advisors, the SEC-registered investment adviser and subsidiary of OneDigital, acquired Praxis Consulting Inc., a Sacramento-based retirement plan consulting and investment management firm led by Mark Ray. The deal brings Praxis' ~$240M in plan assets and ~$110M in personal advisory assets into OneDigital's Retirement and Wealth division and expands OneDigital’s retirement consulting capabilities and geographic presence.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Quest Capital Management, Inc., a Dallas-based wealth management firm with approximately $1.5 billion in AUM serving about 660 clients. The six Quest shareholders and seventeen staff members will join Mercer as the firm expands its Texas footprint and access to Mercer’s family office, tax and back-office capabilities.

TA Associates has signed a definitive agreement to make a strategic growth investment in Caprock, a privately owned multi-family office. Financial terms were not disclosed; TA will partner with Caprock to scale the firm's platform and solution set, and TA principals Clara Jackson and Roy Burns will join Caprock's board.

Mercer Global Advisors, a Denver-based RIA majority owned by Oak Hill Capital and Genstar Capital, has acquired Miller Advisors, Inc., a Kirkland, Washington wealth management firm with approximately $240 million AUM serving ~200 clients. The acquisition expands Mercer’s Pacific Northwest presence and supports succession and career development for Miller’s founders and team, who will join Mercer.

Simplicity Group acquired Minneapolis-based Sawtooth Solutions, a provider of unified managed account (UMA) technology and outsourced investment management services, and will integrate Sawtooth under the Simplicity brand. The acquisition expands Simplicity's wealth advisory capabilities and distribution reach by making Sawtooth's UMA platform available across Simplicity's national network of advisors, broker-dealers and banks.

CI Financial Corp. has acquired Portola Partners Group LLC, a Menlo Park-based wealth management firm managing US$5.2 billion focused on ultra-high-net-worth families, founders and executives. The deal expands CI's presence in the San Francisco Bay Area and strengthens its ultra-high-net-worth capabilities within CI Private Wealth; financial terms were not disclosed.

Economic Group Pension Services (EGPS) acquired Houston-based Malcolm Thompson and Associates on September 1, 2021. The acquisition expands EGPS's retirement plan administration footprint in the South and brings Malcolm Thompson and Rita Taylor into EGPS leadership as Regional Vice Presidents.

Allworth Financial has acquired Novak Financial Planning, a Bel Air, Maryland-based RIA with approximately $365 million in AUM and roughly 450 advisory clients. The deal brings husband-and-wife founders Dan and Carol Novak into Allworth as equity partners and expands Allworth's national footprint from coast-to-coast.

Galway Holdings announced an investment in MAI Capital Management, adding a wealth and financial management vertical to Galway’s platform and enabling MAI to accelerate organic growth and M&A. MAI’s executive team will remain in place, Wealth Partners Capital Group will retain an equity stake, and Galway — backed by private equity investors including Carlyle, Oak Hill and Harvest — will integrate MAI’s services with its EPIC insurance distribution capabilities.

Wealth Enhancement Group announced the acquisition of Investor Solutions, a Miami-based independent RIA that oversees $1.1 billion in client assets and includes six financial advisors. The deal gives Wealth Enhancement Group its first South Florida office, will push its total client assets to roughly $40 billion, and is expected to close in October 2021 (terms not disclosed).

MJ Insurance has acquired ProCourse Fiduciary Advisors, a retirement plan advisory firm based in Carmel, Indiana. The deal — which closed June 30 — will keep ProCourse CEO Doug Prince and the full 13-person team in place and aims to integrate retirement advisory into MJ Insurance's broader employee benefits and total rewards services.

Merit Financial Advisors, a Georgia-based wealth management firm, has acquired Consilium Financial Group of Roswell, Georgia, integrating Consilium’s staff and $291 million in client assets into Merit. The deal expands Merit's presence in the Atlanta market and strengthens its financial planning and wealth management capabilities; financial terms were not disclosed.

Alera Group has acquired Sitzmann Morris & Boyle (SMB) Insurance Agency, a California-based firm specializing in life insurance programs and wealth-preserving strategies. The deal expands Alera's wealth management capabilities and geographic reach; terms were not disclosed.

Altamont Capital Partners has completed a strategic growth investment in Horizon Investments, a Charlotte-based registered investment advisor with approximately $7 billion in assets under advisement. The investment will provide capital and strategic support to accelerate Horizon's distribution, expand its goals-based solutions, and pursue add-on acquisitions while Horizon's management remains significant equity holders and John Drahzal assumes the CEO role.

AmeriLife Group, LLC has acquired The Mailing House, LLC d/b/a Your Family Bank, a St. Augustine-based personal financial education and planning business. The deal brings Your Family Bank's subscription and membership-based financial education and planning capabilities into AmeriLife's Life & Health Brokerage Distribution group to expand its agency distribution and client-facing financial planning services.

Allworth Financial has acquired Giordano Wealth Management Group of Los Gatos, California, expanding Allworth's Northern California presence to nine offices. The team, led by Chris Giordano, serves roughly 400 client households and manages about $315 million in AUM; financial terms were not disclosed.

Wealth Enhancement Group (WEG) has acquired Oakwood Capital Management, a Los Angeles-based independent RIA with $1.04 billion in client assets. Oakwood (14 employees, five advisors) will operate as the Oakwood Team at Wealth Enhancement Group, with founder Bruce Mandel serving as Managing Director; the deal closed June 30, 2021 and financial terms were not disclosed.

Brighton Securities, an employee-owned wealth management firm based in Rochester, New York, acquired Worth Considering, Inc., a fee-only Registered Investment Advisor led by David Peartree. Brighton will fold the Worth Considering team into a new RIA, Brighton Securities Capital Management (BSCM), to expand advisory and portfolio management services for financial advisors and individual clients; financial terms were not disclosed.

Spouting Rock Asset Management acquired a majority interest in Penn Capital Management Company, LLC, with the transaction announced alongside The RBB Fund, Inc.'s adoption of the Penn Capital Funds Trust effective June 24, 2021. The partnership is intended to scale Penn Capital's offerings by leveraging Spouting Rock's platform and RBB's turnkey fund administration and governance capabilities.

Titan Wealth, backed by the Maven UK Regional Buyout Fund (Maven Capital Partners), has acquired Global Prime Partners (GPP) and Tavistock Wealth. The deals—subject to regulatory approval—add custody, execution and discretionary fund management capabilities and will give Titan about £3 billion of assets under management across its platforms.

Mercer Global Advisors, Inc. (Mercer Advisors) acquired A. Farah Investments, LLC dba AFI Wealth Strategies, a Green Bay, Wisconsin-based wealth management practice, in June 2021. AFI manages roughly 220 clients with about $240 million AUM and its team will join Mercer, strengthening Mercer's presence in the central United States and expanding its advisory footprint and client services.

The Pritzker Organization acquired a $100 million minority stake in Steward Partners Global Advisory to support the RIA's growth plans. The capital will be used to build a custom technology platform, hire advisors, pursue M&A, and provide liquidity opportunities for Steward Partners' partners.

Wren Sterling completed three acquisitions in the first half of 2021, buying Sentinel Private Clients Limited (Warwickshire), Bookeeping Administration Services Ltd (Cardiff) and Rothesay Intelligent Financial Services Ltd (Bedfordshire). The deals add roughly £294m of client assets and about 550 clients to Wren Sterling as it continues a roll-up strategy supported by acquisition funding partner DunPort Capital Management.

Wealth Enhancement Group, a TA Associates-backed independent wealth management firm, has acquired Hoover Financial Advisors, a Malvern, Pennsylvania-based RIA with $1.46 billion in total client assets. The deal brings HFA's 26-person team onto Wealth Enhancement Group's platform as the firm continues an acquisition-focused growth strategy to expand its Northeast U.S. footprint and enhance centralized back-office and technology capabilities.

Aquiline Capital Partners has agreed to make an investment in Wealth at Work Group Limited, a London-based provider of workplace financial education, guidance and regulated financial advice. Equistone Partners Europe will retain a minority stake and Wealth at Work's management will keep a significant equity position; the deal will support the company's technology-driven growth and expansion of its retirement and financial wellbeing services.

HUB International Limited acquired the assets of Epstein Financial Services LLC and Epstein Financial Group LLC, an East Longmeadow, Massachusetts-based independent Registered Investment Advisor. Terms were not disclosed; Charlie Epstein, Principal and Founder, will join Hub Retirement and Private Wealth as the deal expands HUB's retirement and wealth management capabilities.

Mattioli Woods plc has agreed to acquire Ludlow Wealth Management from Mobeus Equity Partners for an enterprise value of £36.1 million, subject to regulatory approval and a Mattioli Woods share placing. The deal expands Mattioli Woods' wealth management footprint and brings Ludlow’s ~£1.6 billion of Assets under Advice and a team of 22 advisers into Mattioli Woods’ platform, delivering an exit for Mobeus.

Charlesbank Capital Partners has entered a strategic investment partnership with Lido Advisors, becoming a significant investor alongside Lido’s founders and management. The growth-capital investment will support Lido’s expansion of services, broaden its investment offerings, and accelerate its organic growth and M&A strategy; financial terms were not disclosed.

OneDigital Investment Advisors, a wholly-owned registered investment advisor of OneDigital, has acquired Houston-based Keystone Retirement & Insurance Advisors LLC. Keystone will continue to manage approximately $240 million in plan assets and join OneDigital's Houston office as OneDigital expands its retirement, wealth and employee benefits capabilities in the region.

Creative Planning LLC acquired Indianapolis-based Castle Wealth Advisors, bringing approximately $320 million in assets under management and adding Castle’s business valuation capabilities to Creative Planning’s wealth management platform. Castle, founded in 1973 by Gary Pittsford, has offices in Indianapolis and Naperville, Illinois; the deal expands Creative Planning’s client base and service offering.

OneDigital Investment Advisors, a wholly-owned subsidiary of OneDigital, has acquired Westminster Consulting, LLC to expand its retirement and wealth advisory capabilities. The acquisition adds roughly $6 billion in assets under management across more than 71 retirement plans and brings the Westminster team into OneDigital's offices in Rochester, Syracuse, Princeton and Great River, NY.

Merit Financial Advisors, an Atlanta-based wealth management firm, acquired Denver-area advisory firms Tedstrom Wealth Advisors, Inc. and I.M. Wealth Care, LLC to establish a presence in Colorado. The transactions add approximately $381 million of acquired assets to Merit's platform; financial terms were not disclosed.

Sovereign Capital Partners has invested £55m to back Skerritts, an independent financial advisory and wealth management firm headquartered in Hove, England. The investment will partner the existing management team to accelerate organic growth and fund an acquisitive "buy & build" strategy to expand Skerritts' geographic footprint and capabilities.

TA Associates has taken a significant stake in UK wealth manager Fairstone Group, with existing backer Synova reinvesting and Alcentra increasing acquisition financing. The capital injection strengthens Fairstone's balance sheet to accelerate its acquisition-led growth strategy while the senior management team recommitted to the business for the long term.