Wealth Management Acquisitions in North Carolina

The Retirement Planning Group (TRPG), Cetera’s employee-based RIA, closed the acquisition of HMC Partners, an advisory firm based in Greensboro, North Carolina, bringing approximately $425 million in assets to Cetera/TRPG. HMC Partners serves more than 500 households; co‑founders John Hardy and Gib McEachran have joined TRPG following a multi-year affiliation with Summit Financial Networks.

CAPTRUST Financial Advisors has acquired Carolinas Investment Consulting (doing business as Carolinas Wealth Consulting), a Charlotte-based registered investment advisor overseeing about $1.4 billion in client assets and a 20-person team. CIC will adopt the CAPTRUST brand, close its broker/dealer and move accounts to CAPTRUST's broker/dealer (pending regulatory approval); the deal establishes CAPTRUST's second Charlotte location.

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.

Waverly Advisors, a PE-backed federally registered RIA, has acquired the investment advisory business of McShane Partners of Charlotte, North Carolina. The deal closed April 5, 2024, adds roughly $700 million of AUM to Waverly and is the firm's thirteenth acquisition since receiving equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.

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.

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.

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.

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.

Choreo, LLC has entered into an agreement to acquire Cherry Bekaert Wealth Management LLC, a Southeast-based wealth management business with approximately $1 billion in assets under management and advisement. The deal includes a strategic partnership with Cherry Bekaert Advisory LLC, is expected to close by year-end (subject to customary conditions), and expands Choreo’s AUM to roughly $14.5 billion post-close.

LNC Partners, a private equity firm, made a strategic growth investment in GCG Advisory Partners to accelerate GCG’s acquisition pace and support its “Monetize & Stay” platform strategy. The capital will help GCG expand its succession and liquidity solutions for advisor practices and enhance its technology and back/middle-office capabilities.

Allworth Financial has acquired Adams Chetwood Wealth Management Group, a Durham, North Carolina RIA that manages over $300 million in client assets. The deal expands Allworth’s footprint in the Southeastern U.S.; financial terms were not disclosed and Adams Chetwood was represented by Republic Capital Group.

SkyKnight Capital made an initial growth investment in New Republic Partners, a Charlotte-based wealth management and investment advisory firm launched in 2021. The minority investment (closed end of 2021) will help New Republic Partners scale its team, expand market coverage, and broaden access to alternative investment and lending solutions as the firm manages over $1.5 billion in client assets.

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.