Wealth Management Acquisitions in 2024

Wealth Enhancement, a national independent wealth management firm with $102.1 billion in client assets, has acquired Northwest Investment Counselors, an independent RIA based in Lake Oswego, Oregon that manages about $673 million in client assets. The transaction, which closed December 31, 2024, expands Wealth Enhancement's presence in the Pacific Northwest and augments its advisory bench and service capabilities.

Summit Financial, via its Summit Growth Partners partnership, acquired a minority stake in Gordon Asset Management, a boutique advisory firm headquartered in Durham and Pinehurst, North Carolina. The investment will give Gordon access to Summit’s network, capital and in-house strategy resources and is intended to expand Summit’s retirement-plan capabilities and accelerate Gordon’s growth while preserving local operating control.

Merit Financial Advisors has acquired Zimmermann Investment Management & Planning, adding approximately $739 million of assets and establishing Merit's fourth office in Pennsylvania. The deal, finalized on December 20, 2024, will see Curt H. Zimmermann join Merit as Partner and Wealth Manager and expands Merit's footprint as part of its ongoing roll-up strategy (Merit's 31st acquisition since taking a minority investment from Wealth Partners Capital Group and investors led by HGGC's Aspire platform).

Beacon Pointe Advisors has acquired Artemis Financial Advisors (Boston, MA) and WhiteRock Wealth Management (Dallas, TX), adding roughly $613 million in assets under management and expanding its presence in the Boston and Dallas–Fort Worth markets. The two deals closed on November 30 and December 15, 2024, respectively; financial terms were not disclosed.

Lido Advisors, a Los Angeles-based wealth advisory firm with about $24 billion in RAUM, announced it will merge in Avitas Wealth Management, a Southern California RIA with more than $1.1 billion in RAUM. The Avitas lead partners will join Lido, strengthening Lido's Los Angeles presence and expanding its multigenerational family wealth capabilities.

Modern Wealth Management has acquired Lenexa, Kansas-based Fiser Group and announced plans to complete asset purchases of Saginaw, Michigan-based Gardey Financial Advisors and Chapel Hill, North Carolina-based LFM Wealth Management, adding over $500 million in expected AUM. The transactions (asset purchases) bring small advisory teams into Modern Wealth's platform—enhancing its tax capabilities, expanding its Midwest and Southern footprints, and growing the firm's office network and client-facing resources.

MAI Capital Management announced the acquisition of Gaithersburg, Maryland-based Carmichael Hill & Associates, adding approximately $350 million in client assets under management. Carmichael Hill will adopt MAI's brand and infrastructure effective December 6, 2024; Principal Jim Stewart becomes Senior Wealth Advisor & Team Leader. Turkey Hill Management advised Carmichael Hill on the transaction; terms were not disclosed.

Allworth Financial has acquired Ryan Wealth Management, an RIA with offices in Yuba City, California and Spokane, Washington, bringing approximately $500 million in AUM and over 800 client households onto Allworth's platform. The deal expands Allworth's presence in Northern California and the Pacific Northwest and adds Ryan Wealth's retirement and investment advisory expertise to Allworth's nationwide RIA footprint.

Savant Wealth Management acquired Louisville-based Sortino Advisory Partners, a veteran-owned fee-only RIA with $239 million in assets under management (and $135.7 million in assets under advisement). The deal closed on September 30; terms were not disclosed and Sortino principals Daniel Hutcherson and Stephen Heitz joined Savant as financial advisors, managing directors, and member-owners.

CAPTRUST Financial Advisors has acquired Boston Financial Management, adding nearly $5 billion of client assets and 45 colleagues across Boston, Cape Cod (Massachusetts) and Portland (Maine). As part of the transaction BFM founder Richard H. Morse will retire; Berkshire Global Advisors served as BFM's financial advisor.

North Square Investments, through its majority-owned affiliate CS McKee, has acquired Foundry Partners and will merge Foundry into CS McKee. The deal adds approximately $2.3 billion of assets under management to CS McKee and includes a leadership transition in which Foundry's Timothy Ford will assume the CEO role at CS McKee.

Seven2 has signed an agreement to acquire a majority stake in Olifan Group, a French independent wealth management firm, investing via its Apax Development Fund II (ADF II). The transaction, which facilitates the exit of minority investor BlackFin Capital Partners and involves management reinvestment, will support Olifan's organic growth and an accelerated external growth (buy-and-build) strategy to consolidate the French wealth management market.

Modera Wealth Management, a fee-only wealth management firm with $12.5 billion AUM, has acquired Bay Point Wealth, a Maryland-based registered investment adviser with $467 million AUM and eight employees. The deal brings Bay Point's advisory team and client relationships into Modera to enhance service offerings and support future growth.

Steward Partners has acquired Mainstay Wealth Management, a 14-person advisory team led by Timothy Burklow Sr. and Matthew Rotella, adding four advisors and over $850 million of assets under management. The move expands Steward Partners' presence in New Jersey with a new Riverdale office and brings experienced advisors from Ameriprise to the firm's Legacy Division.

MAG Wealth Management has acquired Ovation Wealth Advisors and rebranded the business as a Carson Wealth location as part of a strategic partnership with Carson Group, which is taking a 30% equity stake. The newly formed Carson Wealth team — led by Jeremy and Hayden Willner — will oversee approximately $350 million in AUM across locations in Paynesville, Little Falls and Minneapolis, Minnesota, and addresses succession planning while expanding MAG's Midwest presence.

Boston Multi Family Office (Boston MFO) has acquired Aqua Group, a Jersey-based trust and fiduciary services firm founded in 2012. The deal — Boston's third acquisition since investor Horizon Capital backed the business — expands Boston's jurisdictional footprint into Jersey and the UK and brings Aqua's staff and capabilities into Boston's multi-jurisdictional wealth offering.

Mercer Global Advisors (Mercer Advisors) has acquired Waypoint Capital Advisors, a Minneapolis-based investment advisory and financial planning firm that manages nearly $1 billion in client assets for ultra-high-net-worth families. The deal brings Waypoint's 12 professionals into Mercer and is intended to deepen Mercer’s multi-family office and UHNW capabilities while expanding its Minneapolis footprint.

Waverly Advisors has acquired Buckingham Advisors, a Dayton, Ohio-based investment advisory firm, adding Jay Buckingham and a 38-person team and approximately $900+ million in AUM. The deal (closed November 8, 2024) expands Waverly’s Ohio footprint by four locations, increases Waverly’s AUM to about $15.5 billion, and brings new tax preparation and business services into Waverly Business Services.

Advanta Solutions Ltd (Advanta Wealth) has acquired City Financial Planning Limited, adding approximately £800m of assets under management and expanding Advanta's presence with Bath and Exeter offices. The deal is an add-on acquisition for Advanta, which is backed by Beech Tree Private Equity and is pursuing consolidation-driven growth in the UK wealth management market.

Hightower has made a strategic investment in Financial Planning and Information Services (FPIS), a 16-person wealth management and financial planning team based in De Pere, Wisconsin with over $1.1 billion in AUM. FPIS will retain its brand and leadership while gaining access to Hightower's national resources, including trust and tax capabilities, to support growth and succession planning.

Aspen Standard Wealth, a permanent RIA partnership backed by Alpine Investors, has acquired Summitry, a San Francisco Bay Area registered investment adviser with $2.8 billion in AUM. The deal brings Summitry into Aspen’s long-term, non-resale partnership model to support growth, people development, and continued client service.

Evoke Advisors, a $25.3 billion registered investment advisory firm, has acquired the business of Crescent Bay Advisors, a multi-family office. The deal expands Evoke's service offering by adding in-house family office capabilities and brings Crescent Bay's founder Larry Abrahams into Evoke as a managing partner; terms were not disclosed.

Waverly Advisors, a Birmingham-based registered investment adviser, has acquired Mueller Financial Solutions, an RIA based in Canon City, Colorado. The deal closed October 25, 2024; Jeffrey Mueller and his team joined Waverly as partners and Waverly continues to expand its Colorado footprint under its PE-backed ownership.

Hightower Holding will acquire a majority interest in NEPC, LLC, combining NEPC's institutional investment consulting and OCIO capabilities with Hightower Advisors to expand services for private wealth clients. NEPC will retain its culture and executive team while the combined organization aims to broaden access to institutional-quality investment solutions across Hightower's advisor network.

Cresset Asset Management has acquired CH Investment Partners, a $6.2 billion multi-family office serving ultra-high-net-worth families. The deal brings CH’s team and client relationships into Cresset’s platform and expands the combined firm’s assets under management to more than $62 billion.

Harbourfront Wealth Management has acquired Rothenberg Wealth Management, including Rothenberg & Rothenberg Annuities, expanding Harbourfront's assets under administration to approximately CAD$8 billion. The acquisition enhances Harbourfront's presence in Québec and Alberta and integrates Rothenberg's Montreal and Calgary offices into Harbourfront's national advisor network.

Waverly Advisors, a Birmingham-based RIA backed by Wealth Partners Capital Group and HGGC's Aspire Holdings, acquired 9258 Wealth Management, a Cincinnati-based investment advisory and tax preparation firm. The deal adds three Ohio offices and approximately $1.0 billion in AUM, brings a team of 24 professionals to Waverly, and closed on October 18, 2024, increasing Waverly's AUM to about $14.4 billion.

Pathstone, a partner-owned RIA backed by Kelso & Company and Lovell Minnick Partners, has agreed to acquire Hall Capital Partners to expand its investment capabilities and national footprint. Hall Capital brings roughly $45 billion in assets under advisement, about 180 team members across San Francisco and New York, and the deal will be supported by additional capital from Kelso, Lovell Minnick and Pathstone management.

Beacon Pointe Advisors has acquired Landmark Wealth Management Group, a Lake Elmo, Minnesota-based RIA that oversees approximately $1 billion in client assets. The deal (closed October 15, 2024) gives Beacon Pointe its first formal office presence in Minnesota and expands its national footprint and advisory team.

Carson Group has acquired Sweet Financial Partners, a $1 billion AUA wealth advisory firm based in Fairmont, Minnesota. The 12-person team will continue to operate under the Sweet Financial Partners name while leveraging Carson's national resources to strengthen Carson's presence in the Midwest.

Cerity Partners is merging with SBC Wealth Management, a $1 billion Indianapolis-based advisory firm, to deepen its wealth management capabilities and expand its Midwest presence. SBC will operate under the Cerity Partners name, and MarshBerry served as SBC's exclusive financial advisor with Bose McKinney & Evans providing legal counsel.

Robertson Stephens Wealth Management has acquired CAFG Private Wealth, a registered investment advisor managing over $240 million in assets. Tom Chernesky and his team join Robertson Stephens as the firm opens its first Greater Chicago office, marking Robertson Stephens' fifth acquisition of 2024 and bringing its assets under management to over $7 billion.

MAI Capital Management has acquired Halpern Financial, a fee-only RIA with approximately $1.2 billion in client AUM and offices in Ashburn, Virginia and Rockville, Maryland (with a presence in Naples, Florida). Terms were not disclosed; Halpern's founder Ted Halpern will become a regional president and the firm will adopt MAI's branding and internal infrastructure to support growth and expand MAI's regional footprint.

Allworth Financial has acquired New Jersey-based George McKelvey Company, expanding Allworth’s East Coast footprint and bringing the Manasquan firm's nine advisors and eight support staff into Allworth’s platform. The acquisition adds over $1.1 billion in managed assets to Allworth’s business and increases its nationwide offices to 43; financial terms were not disclosed.

BW Forsyth Partners has made a strategic, long-term investment in Matter Family Office, a St. Louis-based multi-family office led by founder Kathy Lintz. Forsyth will provide capital to fund organic growth, future acquisitions and cultural programs, and will join Matter's board while Matter advisors and staff remain in place.

Beacon Pointe Advisors has acquired Bridge Advisory (Pasadena/Newport Beach, CA) and agreed to acquire Charleston Investment Advisors (Mt. Pleasant, SC), adding approximately $600 million in client assets and bringing Beacon Pointe's assets under advisement to just under $37 billion. Bridge Advisory's 10-person team and Charleston's founder Stephanie W. Mackara will join Beacon Pointe as partners; financial terms were not disclosed.

Creative Planning has acquired Lawrence, Kansas-based Edmonds Duncan Registered Investment Advisors, with the deal closing October 1 and six Edmonds Duncan employees joining Creative Planning. The acquisition adds roughly $550 million of AUM and expands Creative Planning's presence in Kansas while enabling Edmonds Duncan clients to access Creative Planning's broader suite of planning, investment, tax, trust and estate services.

Savant Wealth Management acquired two fee-only RIAs: Kemp Financial Management of Fullerton, California (approximately $255.2M AUM) and BDK Financial Services of Brighton, Michigan (approximately $52.4M AUM). Both deals closed Sept. 30; the former's founder Robert Kemp and BDK owner Donald G. Wylin joined Savant as member-owners as Savant continues inorganic growth and expands its geographic footprint.

Skerritts, the Sovereign Capital Partners-backed UK wealth management group, has agreed to acquire Harrogate-based Ellis Bates Financial Advisers, with the transaction completing on 30 September 2024. The deal brings over 3,500 clients and more than £1 billion of AUM to the Skerritts Group (raising group AUM to £3.5 billion) and strengthens Skerritts' presence in the North of England as part of its buy-and-build strategy.

TPG Capital has made a substantial minority growth investment in Creative Planning, a leading independent wealth management firm, joining existing investor General Atlantic. Terms were not disclosed; Creative Planning CEO Peter Mallouk will remain in place and retain a majority stake. The capital will support continued expansion and enhancement of the firm's wealth-management and planning-led service offerings.

Carson Wealth announced a partnership with Billings-based True North Financial, bringing the six-person True North team into the Carson Wealth network as Carson's second Billings location. The True North team — led by Ty Vogele and including David Guenthner and Ryan Wittman — manages over $400 million in assets and will retain client relationships while gaining access to Carson's investment, tax and estate planning resources.

WealthPlan Partners, a national Registered Investment Adviser based in Omaha, Nebraska, has acquired Klauke Investments & Insurance Services, a wealth management and insurance firm in Onalaska, Wisconsin. The deal brings approximately $275 million in assets under management and over 300 clients to WealthPlan, expanding its Midwest presence and advisor platform.

TPG Growth, the middle market and growth equity platform of TPG, is making a strategic minority growth investment in Atlanta-based wealth management firm Homrich Berg. Terms were not disclosed; Homrich Berg’s management will remain the largest shareholder and existing investor New Mountain Capital will remain invested. The capital will be used to expand capabilities, attract talent, and enhance client services, with the transaction expected to close in Q4 2024.

Empower has acquired Plan Management Corporation (PMC), the creator of the OptionTrax equity compensation administration platform, and will integrate the platform into its digital wealth and retirement offerings. The OptionTrax platform — used by more than 300 employers and representing approximately $62 billion in equity compensation plan value — will be rebranded as "OptionTrax by Empower" and operated under the newly formed Empower Stock Plan Services, LLC.

EP Wealth Advisors, a PE-backed fee-only registered investment adviser, has partnered with Atlanta-based CornerCap Investment Counsel, adding nearly $1.1 billion in AUM and establishing a Southeast hub for EP Wealth. CornerCap's leadership and research capabilities (including its Fundametrics system) will join EP Wealth's national platform, with several CornerCap team members transitioning into regional roles at EP Wealth.

Simplicity Group Holdings, Inc. has acquired benefitRFP, Inc., a Sacramento-based provider of executive benefit plan solutions and related technology. As part of the deal, benefitRFP founder Bob Nienaber joins Simplicity as a partner; the acquisition expands Simplicity's product offerings and technology capabilities for institutional and advisor clients.

Journey Strategic Wealth announced that the MDL Wealth advisory team — led by founder Michael LaBarbera and including advisors Ted Albrecht, Carol Liddy and Sheila Meneses — has joined its RIA platform, bringing roughly $200 million in advisor AUM and raising Journey's total AUM to $3.7 billion. The move establishes Journey's presence in Tampa and expands the firm's national footprint while providing MDL Wealth with Journey's middle- and back-office infrastructure and investment operations.

Summit Financial, together with Merchant Investment Management, has acquired an equity stake in the wealth management arm of Meeder Investment Management. The Dublin, Ohio-based Meeder Wealth Management team — which manages nearly $400 million in AUM — will retain its branding and team and will access Summit's SummitVantage platform and Merchant's growth resources to accelerate national growth.

Rise Growth Partners has made its first strategic minority investment in Bleakley Financial Group to support Bleakley's national expansion and advisor-attraction strategy. Bleakley is a long-established wealth advisory firm managing nearly $10 billion in advisory assets as of June 30, 2024; Rise is backed by a $250 million commitment from Charlesbank to support its investments in RIAs.

Wren Sterling has completed the acquisition of the In Focus Group (comprising In Focus, Certus and Hughes Carne), bringing approximately £450 million of client assets and 2,500 clients into the Wren Sterling Group. Nine advisers and ten support staff have transferred to Wren Sterling and the In Focus Group’s Fareham office will become Wren Sterling’s new Solent office, strengthening the buyer’s presence across the south coast (Southampton, Portsmouth and surrounding area).