Wealth Management Acquisitions in New Jersey

The Mather Group, a Chicago-based fee-only registered investment advisory firm, has partnered with The Hogan-Knotts Financial Group of Red Bank, New Jersey, bringing the latter's ~$300 million AUM practice onto TMG's platform. The move expands TMG’s East Coast presence and adds planning and advisory resources as the Hogan-Knotts principals join the combined platform; financial terms were not disclosed.

LPL Financial Holdings Inc. has acquired a minority ownership stake in Private Advisor Group, the Morristown, New Jersey–based RIA with $41.3 billion in AUM. Republic Capital Group served as the investment banking advisor to Private Advisor Group. The investment joins LPL with existing minority owner Merchant Investment Management and six legacy shareholders to deepen strategic ties and expand programs, technology, and operational support for advisors.

Simplicity Group has acquired Professional Planning Services (PPS), welcoming Chris Lester, Keith Lester, and Katelyn Erchick as partners. PPS will rebrand into the Simplicity Wealth Advisors platform and operate out of Simplicity's Summit, New Jersey office to expand the firm's wealth and protection capabilities.

CW Advisors, an SEC-registered investment management firm headquartered in Boston, has acquired Delta Financial Group, a fee-only RIA with $1.3 billion AUM based in Basking Ridge, New Jersey, and Leathe & Associates, an RIA in Eliot, Maine. Terms were not disclosed; Gladstone Group Inc. facilitated the Delta transaction. Following the deals, CW Advisors now operates 15 offices, has over 125 employees, and manages more than $12 billion of AUM.

Summit Financial has made a strategic investment in Gateway Advisory, a New Jersey-based registered investment advisory firm with $830 million in assets under management. The Gateway team and principals will integrate into Summit’s Parsippany office as part of Summit’s ongoing roll-up of advisory practices to expand its multi‑family office platform.

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.

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.

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.

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.

Cary Street Partners has acquired Florham Park, New Jersey-based National Wealth Management, an SEC-registered investment adviser. The deal, which closed April 15, 2022, expands Cary Street's presence in metro New Jersey, strengthens its fee-based wealth management capabilities, and brings the combined firm's assets under management to approximately $5.5 billion.

Simon Quick Advisors, an independent wealth management firm headquartered in Morristown, New Jersey, has merged with fellow Morristown RIA Red Hook Management. The deal brings roughly $420 million in AUM and three advisory professionals into Simon Quick, expanding the combined firm to about 68 employees and approximately $5 billion in assets under management while providing Red Hook with access to Simon Quick’s operational platform and technology.