Wealth Management Acquisitions in 2023

Wealth Enhancement Group announced the acquisition of Foundational Wealth Advisory, LLC, a hybrid registered investment advisor based in Macon, Georgia, led by Eric S. Wilson. The deal expands Wealth Enhancement Group’s national footprint and advisory team as it continues to grow its network of independent wealth management practices.

Exencial Wealth Advisors has acquired Austin-based Weinheimer Wealth Management, integrating nine professionals and approximately $500 million in assets under management (AUM) into Exencial’s platform. The transaction expands Exencial’s presence in Texas and brings additional wealth management capabilities and client relationships to the firm.

Hub International Limited acquired the assets of Longbow Financial Services, LLC, a Spokane-based financial consulting firm specializing in corporate retirement planning and individual wealth. The Longbow team, led by founder Michael Furrer, will join Hub Northwest as part of Hub's strategy to expand its retirement and private wealth capabilities in the Pacific Northwest; terms were not disclosed.

Merit Financial Advisors has acquired ClearBridge Wealth Management, an Atlanta-based wealth advisory firm led by founder Preston Byers, adding approximately $300 million of client assets. The deal expands Merit's presence in the Atlanta market and brings Preston Byers and his operations and client support team into Merit as partners and advisors.

Mercer Global Advisors, a national RIA backed by Oak Hill Capital and Genstar Capital, has acquired Paragon Wealth Strategies, a Jacksonville-based wealth management firm managing approximately $495 million in AUM and serving over 400 clients. The deal expands Mercer’s footprint and capabilities in Florida and brings Paragon’s partners and advisory team into Mercer’s national platform.

Constellation Wealth Capital has made a strategic minority investment in AlphaCore Wealth Advisory to provide growth capital. The funding will support AlphaCore’s expansion plans — including hiring and pursuing strategic mergers and acquisitions — while CWC will provide capital and strategic advisory support to the wealth management platform.

Savant Wealth Management has acquired Clinton, South Carolina–based Peay & Associates, LLC (a CPA firm) and its affiliated RIA, SwaimBrown Wealth Management (AUM ~ $146 million). Owners Jay Peay and Ashley Tate will join Savant as member owners and several employees will transition to Savant as part of the deal, supporting Savant’s strategy to expand CPA-led capabilities and its presence in South Carolina.

Steward Partners Global Advisory has agreed to acquire the wealth management business of FSP Enterprise LLC (d/b/a Freedom Street Partners). The deal brings Freedom Street's network of 38 financial advisors and $3.2 billion in client assets into Steward Partners as the foundation of a new "owned business" division to expand Steward's advisor-acquisition and succession capabilities and accelerate regional expansion.

Wealth Enhancement Group, a Minneapolis-based independent wealth management firm, has acquired Wealth Management Group, LLC, a hybrid RIA in Rochester, New York, bringing approximately $117 million in client assets. The acquisition adds another western New York office to Wealth Enhancement Group’s network and is intended to expand local presence and provide Wealth Management Group’s clients access to broader resources and services.

Waverly Advisors, a fee-only registered investment adviser backed by Wealth Partners Capital Group and HGGC’s Aspire platform, has acquired Prosper Financial Advisers of St. Petersburg, Florida. The deal closed on November 10, 2023, adds approximately $146 million of AUM to Waverly (bringing total AUM to about $7.7 billion) and brings founder Rhonda Holifield and her all-female team into Waverly to expand the firm’s Florida presence.

CAPTRUST Financial Advisors has acquired Normann Financial Group, a 10-member advisory team that oversees more than $1.3 billion in assets, expanding CAPTRUST’s footprint in North Carolina. The deal adds local wealth-management and retirement-plan advisory capabilities to CAPTRUST’s national RIA platform.

Hub International Limited has acquired the assets of Franklin Financial Group, LLC and Franklin Investment Group, LLC, expanding Hub’s employee benefits, retirement and wealth management presence in the Baltimore/Hunt Valley, Maryland area. The Franklin principals and team will join Hub Mid-Atlantic; terms were not disclosed and MarshBerry served as financial advisor to Franklin Financial Group.

Dakota Wealth Management has agreed to acquire JMG Wealth Management Group, an independent advisory firm that manages roughly $300 million across offices in Mechanicsburg, Pennsylvania and Hilton Head Island, South Carolina. The deal gives Dakota its second Pennsylvania office and first South Carolina presence, brings the JMG leadership team into Dakota as managing directors, and pushes Dakota's assets under management toward the $4 billion mark.

Choreo, LLC has acquired the affiliated wealth management business of BDO USA, a transaction that closed on October 31, 2023. The deal brings approximately $8.1 billion in assets under management or advisement and seven locations to Choreo, increasing the firm's total AUM/AUA to roughly $23.2 billion; terms were not disclosed.

Sequoia Financial Group has entered into an agreement to acquire Nashville-based M Capital Advisors, an SEC-registered wealth management firm managing approximately $930 million in assets. The acquisition expands Sequoia's wealth management capabilities and high-net-worth client offerings; the transaction was expected to close by Oct. 31, 2023 and financial terms were not disclosed.

Wealth Enhancement Group, a national independent wealth management firm, has acquired KCS Wealth Advisory, LLC, a Los Angeles-based independent RIA led by Laura Gilman and Ken Waltzer, bringing approximately $373 million in client assets. The acquisition adds one Los Angeles-area office and increases Wealth Enhancement Group's total client assets to more than $70.5 billion while providing succession and expanded resources for the KCS team.

DPL Financial Partners announced it is acquiring AnnuityFix and its affiliated broker-dealer, Johnstone Brokerage Services, to broaden capacity within its Breakaway Accelerator program for advisors transitioning to fee-based models. Grant Johnstone, AnnuityFix's founder, will join DPL as chief compliance officer and chief legal officer and the target's employees will join DPL; the deal is subject to regulatory approval.

CAPTRUST has received a minority growth investment from funds managed by Carlyle, with existing investor GTCR remaining a minority partner. The capital will fund CAPTRUST's inorganic growth strategy (add-on acquisitions and capability expansion); financial terms were not disclosed.

GTCR, a Chicago-based private equity firm, has acquired Foundation Source, the nation’s largest provider of foundation management services, from Incline Equity Partners. GTCR is partnering with wealth-technology veteran Joseph Mrak III as CEO and has committed capital to invest in technology enhancements, acquisitions and organic growth to expand Foundation Source’s product offerings and channel partnerships.

GLASfunds, a turnkey alternative investment platform based in Cleveland, has acquired Fund Formation Group, a Texas-based firm that launches and operates fund structures for RIAs and wealth advisors. As part of the deal, FFG founder Thomas Haynes will join GLASfunds as Director of Business Development and GLASfunds will service FFG clients while expanding its presence in the Dallas area.

Modern Wealth Management, a national RIA backed by Crestview Partners, has acquired the assets of Midwest Financial of Glidden, Iowa. The transaction is an add-on to Modern Wealth's platform intended to expand service offerings, accelerate organic growth, and integrate Midwest Financial into Modern Wealth's centralized planning and tax capabilities.

Long Ridge Equity Partners led a growth capital investment in RFG Advisory, a turn-key platform for independent financial advisors that supports more than 100 advisors and oversees over $4 billion in assets. The investment will fund enhancements to RFG’s technology and go-to-market capabilities and support executive team expansion; Andrew Cedar and Doug Nelson will join the Board of Managers.

WiserAdvisor, a Fairfax-based investor referral and marketplace platform, has acquired Indyfin, a Dallas-based investor experience fintech that helps financial advisors collect client feedback, reviews, and ratings. The acquisition will integrate Indyfin’s review and client-feedback capabilities into WiserAdvisor’s marketplace to expand advisor growth tools and improve online credibility and client acquisition.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Colleyville, Texas-based Steward Wealth Management, LLC, an RIA managing approximately $680 million in client assets across ~340 clients. The deal brings Steward’s advisory team into Mercer’s Texas footprint as an add-on to its PE-backed wealth management platform owned by Oak Hill Capital and Genstar Capital.

Specialty Program Group LLC (SPG) has acquired the assets of Agency Two Insurance Marketing Group, LLC (d/b/a AgencyONE), a Brokerage General Agency focused on life, annuities, disability and long-term care insurance. The deal brings AgencyONE's principals and underwriting and advanced-planning capabilities into SPG's life & annuity distribution network, expanding resources for financial advisors and augmenting SPG's existing BSMG division.

Pathstone has acquired Veritable LP from Veritable’s management partners and Affiliated Managers Group, adding Veritable’s ~87-person team and over $17 billion in client assets across roughly 200 clients. The deal brings Pathstone’s assets under advisement and administration to more than $100 billion and strengthens its position as a leading independent RIA serving ultra-high-net-worth families.

Adviser Investments, an independent wealth advisor based in Newton, Massachusetts, has acquired LeJeune Puetz Investment Counsel of Traverse City, Michigan. The deal brings LeJeune Puetz’s ~$350 million in client assets and 75 households onto Adviser's platform, expands Adviser's footprint in Northern Michigan, and brings John Puetz into Adviser as a partner and wealth advisor.

Wealth Enhancement Group, a national independent wealth management firm, acquired Ryan Financial, Inc., a hybrid RIA based in Denver that oversees more than $200 million in client assets. The acquisition expands Wealth Enhancement Group’s presence in the Denver metro area and brings Ryan Financial’s retirement-plan and financial planning capabilities into Wealth Enhancement’s Roundtable platform.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Day & Ennis, LLC, a Macon, Georgia-based wealth management firm that manages approximately $400 million in AUM for about 250 clients. The deal expands Mercer Advisors' presence in Georgia and brings Day & Ennis partners and their team into Mercer's national RIA platform; Day & Ennis was exclusively represented by Park Sutton Advisors.

Waverly Advisors, a Birmingham-based registered investment adviser backed by Wealth Partners Capital Group and HGGC’s Aspire platform, has acquired Austin-based Silicon Hills Wealth Management. The acquisition (closed June 16, 2023) expands Waverly’s national footprint into the Southwest and adds approximately $255 million in assets under management to the firm.

Sowell Management, a North Little Rock–based Registered Investment Advisor, has acquired Sector Grid Advisors, an independent advisory team in Rogers, Arkansas, bringing $120 million in assets and two advisors under Sowell's RIA platform. The team has been rebranded as Trek Wealth Solutions and Sowell opened a Northwest Arkansas office as part of a push into the region and advisor succession/M&A growth strategy.

Wealth-management technology consulting firm F2 Strategy has acquired Oakbrook Solutions and received a majority investment from private equity firm Renovus Capital Partners. The deal adds Oakbrook’s ~75-person team to F2 (bringing combined headcount to ~100), expanding F2’s wealth-management and bank/trust consulting capabilities while providing growth capital and support from Renovus.

Cetera Holdings, the holding company of Cetera Financial Group, has acquired The Retirement Planning Group, LLC (TRPG), an independent RIA headquartered in Leawood, Kansas. TRPG manages approximately $1.4 billion in AUM across about 1,825 client accounts, has ~40 employees (including 14 advisors), and will join Cetera’s advisor network to expand its wealth-management capabilities and advisor affiliations.

Altas Partners has made an equity investment in Mercer Advisors, joining existing strategic investors Genstar Capital and Oak Hill Capital alongside employee-owners. The investment will support Mercer Advisors' continued growth and capability expansion across its national RIA platform headquartered in Denver.

Kelso & Company completed a strategic equity investment in Pathstone in May 2023, joining existing investor Lovell Minnick Partners which is increasing its capital commitment. Pathstone, an independent wealth management and family office advisory firm with more than 350 employees across 17 offices and over $80 billion in client assets, will use the capital to invest in people, technology, and to accelerate its growth and M&A strategy while management continues to run day-to-day operations.

The Mather Group, a Chicago-based fee-only wealth management firm, has acquired Clear Perspectives Financial Planning, a Cincinnati-based registered investment adviser with approximately $360 million in AUM. The deal expands TMG’s national footprint (establishing its first brick-and-mortar office in Ohio) and brings the Clear Perspectives team into TMG while preserving client relationships and local operations.

Wealth Enhancement Group, a national independent wealth management firm based in Minneapolis, has acquired Heacock & Jones Financial Services, Inc., an independent RIA in Dubuque, Iowa that manages roughly $355 million in client assets. The deal expands Wealth Enhancement Group's presence in Iowa and increases its total client assets to more than $66.8 billion.

Modera Wealth Management has acquired the Parsec Financial team, bringing Parsec's Asheville-based advisory practice into Modera and creating a combined firm with over $10.5 billion AUM and more than 180 employees across 14 East Coast offices. The transaction was completed with backing from Modera's existing minority equity partner, TRIA Capital Partners; Parsec leadership will take senior roles within Modera.

Modern Wealth Management, an RIA backed by Crestview Partners, has acquired the assets of Barber Financial Group, Osiwala Financial Group and Financial Security. The acquisition adds offices in the Kansas City metro and Detroit, brings roughly $1.5 billion of client AUM and about 50 employees to Modern Wealth's platform as its first deal following a $200 million equity backing from Crestview.

MAI Capital Management, a Cleveland-based registered investment adviser, has acquired Wiener Financial Management, a Potomac, Maryland wealth advisory firm founded by Bruce Wiener. The deal (effective April 21, 2023) adds roughly $120 million in AUM to MAI’s platform and brings Bruce Wiener into MAI as Senior Wealth Advisor and Managing Director to deepen the firm's mid‑Atlantic presence.

Moneta Group Investment Advisors announced the merger of the Everland Sandry advisory team (Jaye Everland and Jason Sandry), bringing $450 million in AUM to Moneta’s Cherry Creek (Denver) office and raising Moneta’s total AUM to roughly $31 billion. The move expands Moneta’s footprint in Denver as part of its ongoing national growth and advisor-merger strategy.

Wintrust Financial Corporation has completed the acquisition of Rothschild & Co's North American Asset Management units. The acquired U.S. asset management business will merge into Great Lakes Advisors, LLC, a Wintrust subsidiary. Terms of the transaction were not disclosed.

Waverly Advisors, a Birmingham-based RIA backed by Wealth Partners Capital Group and HGGC's Aspire platform, acquired Omni Wealth Advisors, expanding Waverly's presence in Atlanta and Tampa. The deal closed March 31, 2023, adds approximately $105 million of AUM and ~140 southeast-based high-net-worth clients to Waverly's platform.

Wealth Enhancement Group has acquired Equius Partners, Inc., a Novato, California-based independent RIA that manages more than $1 billion in client assets. The deal expands Wealth Enhancement Group’s West Coast presence, adding Equius’ team of seven advisors and five support staff and increasing its footprint in Northern California.

Wealth Enhancement Group, a national independent wealth management firm, acquired Prozan Financial Services, a Walnut Creek, California-based hybrid RIA that oversees about $190 million in client assets. The deal expands Wealth Enhancement Group's presence in Northern California and brings Prozan's founder Larry Prozan and key staff into the Wealth Enhancement team.

July Business Services, LLC (JULY) has acquired Digital Retirement Solutions (DRS), a retirement-plan recordkeeping and administration provider based in Longmont, Colorado. The acquisition brings DRS's team and leadership (including CEO Michael Pierce) into JULY as part of JULY's strategic growth to expand its technology, advisor relationships and presence in Colorado; JULY now supports over 6,700 plans and $8.5 billion in plan assets.

Allworth Financial acquired Las Vegas-based Redrock Wealth Management (approximately $160M AUA) and a three-person advisory team and client relationships from Indianapolis-based One To One Financial Advisors (approximately $417M AUA), adding a combined $577M in assets under administration. The transactions expand Allworth's national footprint and AUA; terms were not disclosed.

Millennium Trust Company, a portfolio company of Abry Partners, has acquired Accruit Holdings LLC, a Denver-based qualified intermediary and provider of patented 1031 exchange workflow software. The acquisition expands Millennium Trust's alternative asset and real estate solutions by adding Accruit's Exchange Manager Pro platform and specialist 1031 exchange services to its retirement, wealth and custody offering.

Clearstead Advisors has acquired Avalon Trust, a Santa Fe-based wealth management and trust firm, expanding Clearstead's presence in the Southwest and bolstering its trust capabilities. Avalon — which manages approximately $2 billion in assets and has 13 employees — will join Clearstead's platform, with Avalon leaders becoming partners and the combined firm overseeing roughly $28 billion in assets under advisement and management.

Clayton, Dubilier & Rice (CD&R), with continued investment from Stone Point Capital, agreed to acquire Focus Financial Partners in an all-cash transaction valuing the company at an enterprise value in excess of $7 billion. Focus stockholders will receive $53 per share; Stone Point will retain a portion of its investment and provide new equity financing to support Focus as a private company, which the buyers say will provide greater financial and operating flexibility to grow the partner-firm network.