Wealth Management Acquisitions in Texas

Ascentis Wealth Management (part of Ascentis Holdings) announced that Kevin Gray and his advisory practice are joining the Ascentis platform as Ascentis Family Wealth; Gray will take an equity stake in Ascentis Wealth Management. Once assets are transferred the practice will oversee about $250 million in AUM, with Advisory Services Network providing operations and compliance support to the arrangement.

Mission Wealth Management, LP has merged with Austin-based PBL Wealth Management, LLC; PBL founder Adam Broughton joins Mission Wealth as a Partner and Senior Wealth Advisor. The deal expands Mission Wealth's presence in Texas and integrates PBL's tax-aware planning and educational resources into Mission Wealth's national RIA platform.

Allworth Financial has acquired Grunden Financial Advisory, a Denton, Texas-based wealth management firm overseeing approximately $500 million in assets under management, adding offices in Denton and Addison and a six-person team. The Grunden partners will remain in place while gaining access to Allworth's centralized operations, compliance, technology, and broader investment, tax and estate planning capabilities as Allworth expands its North Texas footprint.

Cerity Partners has merged with Austin Private Wealth, a fiduciary Registered Investment Adviser based in Austin, Texas. The combination expands Cerity's presence in the Austin market and brings Austin Private Wealth's clients and advisory capabilities onto Cerity's national wealth management platform; Republic Capital Group advised Austin Private Wealth.

Wellesley Asset Management, an independent SEC-registered investment adviser based in Portsmouth, New Hampshire, has acquired Halbert Wealth, an SEC-registered investment adviser based in Austin, Texas. The deal expands Wellesley's footprint into the greater Austin area and is intended to broaden product and technology capabilities for Halbert Wealth clients while retaining existing advisors.

Hightower Advisors made a strategic/growth investment in Smith Anglin, a Dallas-based wealth management and financial planning practice with about $2 billion AUM and a 34-person team. The move brings Smith Anglin into Hightower's advisor community to accelerate growth, leverage Hightower's integrated tech stack and value-added services, and expand Hightower's advisor network with aviation-focused clients.

Cary Street Partners has acquired Keene & Dorchak, a Fort Worth-based wealth management firm, and will fully integrate the team and office into the CSP brand. The deal expands Cary Street Partners' footprint in Texas — adding a Fort Worth location to its existing San Antonio and Austin offices — and gives Keene & Dorchak clients access to CSP's broader resources and technology.

Prime Capital Financial has acquired boutique wealth manager SineCera Capital and launched Prime Capital Family Office, integrating SineCera’s UHNW-focused capabilities. SineCera, headquartered in Austin, Texas and advising roughly $1.55 billion in client assets, will be led by founder Kevin A. Kaylakie as president of the new family office division.

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.

Avantax acquired the wealth management business of Integrated Tax & Wealth Strategies, which manages $760 million in client assets as of December 31, 2023. The founder, Brian Stephens, will continue with the tax practice while the wealth team joined Avantax as W-2 investment adviser representatives to deepen Avantax’s tax‑focused wealth management capabilities and expand AUM.

Creative Planning has acquired ML&R Wealth Management (Maxwell Locke & Ritter), an Austin/Round Rock, Texas-based RIA with $2.2 billion in assets under management. The deal closed April 1, 2024 and brings 18 ML&R employees into Creative Planning, expanding the buyer's presence in Central Texas.

Arax Investment Partners, a RedBird Capital Partners-backed wealth management platform, has added U.S. Capital Wealth Advisors (USCWA), a Houston-based hybrid wealth management firm managing about $9 billion in AUM and ~62 advisors, to its multi-boutique platform. The deal expands Arax's scale and capabilities in Texas and nationally, while USCWA will retain its branding and advisor-facing operations as part of the Arax network.

Charlesbank Capital Partners has committed $250 million to Rise Growth Partners to provide growth capital that Rise will use to acquire minority stakes in high-growth registered investment advisors (RIAs). Rise, based in Austin, will leverage the capital and its operating team to provide strategic guidance and accelerate partner RIAs' organic growth and M&A activity.

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.

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.

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.

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.

Houston-based private investment firm Platform Partners LLC completed a minority investment in July Business Services, LLC (JULY), a fintech retirement plan administration and 401(k) recordkeeping provider. JULY’s management team will remain in place and retain a significant ownership stake as Platform provides capital and support to accelerate the company’s growth and product development for financial advisors and small-to-medium-sized businesses.

The Mather Group (TMG), a Chicago-based wealth management firm with roughly $7.5 billion AUM, has acquired Houston-based Semita Asset Management LLC, a registered investment adviser with about $71 million in AUM. Semita CEO Michael Meagher and Director of Financial Planning Justin Reede joined TMG as part of the transaction, which expands TMG's advisory capabilities and high-net-worth client coverage.

Westwood Holdings Group, Inc. has entered into a definitive agreement to acquire the asset management business of Salient Partners, L.P., adding Salient's energy infrastructure, real estate, tactical equity and private investments capabilities. The deal (upfront $35 million with up to $25 million in deferred payments tied to targets) increases Westwood's AUM by roughly 32% and is intended to expand Westwood's multi-asset, real assets and alternatives offerings while leveraging Westwood's distribution and institutional relationships.

Cerity Partners has merged with Houston-based Investec Wealth Strategies, with the combined firm operating under the Cerity Partners name. The transaction expands Cerity's Texas footprint and capabilities; Investec principals (including founder John Goott) join Cerity as partners, and Investec was advised by Park Sutton Advisors.

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.

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.

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.

CI Financial Corp. will acquire a majority ownership stake in RGT Wealth Advisors, a Dallas-based registered investment advisor with approximately US$4.7 billion in client assets, in a deal to be paid in cash and CI shares. The transaction, expected to close in Q4 2020 subject to regulatory and stock exchange approvals, expands CI's U.S. wealth footprint (bringing U.S. wealth assets to ~US$21 billion) while RGT principals will retain a meaningful ownership stake.

Allworth Financial, a Sacramento-based RIA backed by Parthenon Capital, has acquired Houston Asset Management, an investment advisory firm managing approximately $450 million in client assets. The deal adds HAM’s 13 employees and more than 680 households to Allworth’s platform as part of its continued roll-up strategy and supports HAM’s succession planning and access to enhanced technology and capabilities.

Allworth Financial has acquired RAA, a large independent registered investment advisor that specializes in serving the airline community. The deal adds approximately $2.8 billion of client assets and roughly 60 employees across offices in Dallas, Atlanta, and Seattle, increasing Allworth's assets under management to over $7.5 billion; the transaction remains subject to customary regulatory approvals.

Cerity Partners announced a merger with Fort Worth-based Karsten Advisors, a $500 million wealth management firm led by Tom Karsten. The transaction expands Cerity Partners' footprint in Texas and Colorado and adds Karsten's comprehensive wealth, tax and planning capabilities to Cerity's national RIA platform.