RIA & Broker-Dealer Roundup: August '25 Moves, M&A Deals & Emerging Players

Rep Movements

- Raymond James adds two teams from Wells Fargo and Thrivent
- &Partners recruits Lumitas Wealth Strategies from Commonwealth
- NewEdge Wealth opens first Chicago office 
- Rockefeller poaches Merrill duo (Rosenblum Wealth Partners) 
- LPL lands Skyward from Wedbush
- Fifth Third Wealth Advisors enters Denver with three ex-BNY advisors
- LPL welcomes Concentric Wealth Management from Avantax by Cetera

M&A Activity

- Aspen Standard Wealth acquires MG Financial in the Boston area
- Ashton Thomas partners with Honolulu’s Kobo Wealth to enter Hawaii
- SageView buys Cap Strat, adding $24B AUA and $750M AUM
- RWA Wealth Partners acquires Moirai Wealth
- Merit Financial Advisors acquires Global Wealth Advisors 
- Wealthspire buys Marin Financial Advisors in the Bay Area

New Firm Launches

- Tempo Wealth debuts in Ohio with $650M
- Alta Vera Global Capital Advisors launches with $400M
- Holistic Wealth Advisors goes independent with $350M 
- SKM Wealth Management launches in Connecticut 
- Dial Square Private Wealth launches under Sanctuary
- Longleaf Capital Group forms in Alabama

Read on for more info...

Rep Movements

Raymond James Adds 2 Teams Managing $500M

Raymond James Financial Services has added two advisor teams managing a combined $500 million in client assets from Wells Fargo and Thrivent Financial. West Hoffman Wealth Management, based in Virginia Beach, VA, and Pinnacle Wealth Management, based in Antigo, WI, both joined the firm’s independent advisor channel, citing Raymond James’ client-first culture, technology, and resources as key drivers behind their moves.

→ West Hoffman Wealth Management departs Wells Fargo with $276M in client assets, joining Raymond James’ independent channel.
→ Co-founder Todd West contributes 36 years of experience, while Jason Hoffman began his career at Smith Barney in 1994.
→ Pinnacle Wealth Management transitions from Thrivent with $240M+ AUM, strengthening Raymond James’ Midwest presence.
→ U.S. Army veteran Travis Rose and former Thrivent regional director Jeff Breit lead the Wisconsin group.

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&Partners Lures Second Commonwealth Team in as Many Weeks

&Partners, the St. Louis-based hybrid broker/dealer founded by former Wells Fargo Advisors CEO David Kowach, continues to expand aggressively, adding Lumitas Wealth Strategies from Commonwealth Financial Network. The Minnesota-based team brings $520 million in pre-transition AUM, further strengthening &Partners’ recruiting momentum as LPL finalizes its acquisition of Commonwealth. The firm now oversees $35.7 billion in assets and has set ambitious growth targets as it capitalizes on market disruption and advisor movement.

→ Lumitas Wealth Strategies adds $520M AUM to &Partners and is co-led by Dana Schwinck and Justin Mishacoff, both with prior Wells Fargo ties.
→ Of the 87 teams recruited to date, nearly 40% include at least one female advisor, reflecting &Partners’ strong appeal to women-led practices.
→ Recent recruits also include Four Corners Wealth ($769M AUM) and Tuckaway Capital.

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NewEdge Wealth Continues Nationwide Expansion with Addition of First Chicago Team

NewEdge Wealth has expanded into Chicago with the addition of veteran wealth manager David Chase and his team, marking the firm’s first location in the city. Chase, who brings 20 years of experience from Wells Fargo Advisors, Credit Suisse, and Bernstein, joins alongside three associates to bolster NewEdge’s Midwest presence. The move is part of NewEdge’s nationwide expansion, which has added a dozen wealth managers in the past year to meet demand from high- and ultra-high-net-worth clients.

→ David Chase and three associates join NewEdge Wealth, launching the firm’s first Chicago office.
→ Chase brings 20 years of experience from Wells Fargo Advisors, Credit Suisse, and Bernstein, advising HNW and UHNW families and institutions.
→ NewEdge Wealth now counts 50+ UHNW advisors across 16 offices, supported by parent NewEdge Capital Group.

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Rockefeller poaches $417m ex-Merrill team

Rockefeller Global Family Office has added Rosenblum Wealth Partners, a New York City-based duo led by longtime Merrill Lynch advisor Scott Rosenblum, as part of its ongoing summer hiring spree. Rosenblum, who managed roughly $417 million in client assets according to Forbes, joins as a private advisor and managing director, alongside Alessandra Sirabella as senior relationship manager and VP. The move extends Rockefeller’s aggressive advisor recruitment strategy, which has brought in multi-billion-dollar teams from major wirehouses throughout 2024.

→ Scott Rosenblum, a veteran advisor managing about $417M AUM, leaves Merrill after 18 years to join Rockefeller as managing director.
→ Alessandra Sirabella also departs Merrill, taking on the role of senior relationship manager and VP at Rockefeller.
→ The hire adds to Rockefeller’s string of major recruits, including $1.6B and $2.6B UBS teams this summer and a $3.4B Merrill team earlier this year.
→ Rockefeller now oversees $170B+ in assets and recently raised $150M in new financing to fuel acquisitions and advisor growth.
→ The firm is backed by Viking Global Investors, IGM Financial, and the Rockefeller family.

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$700m athlete-focused wealth team featuring MLB All-Star joins LPL Financial

LPL Financial has added Skyward, a Houston-based wealth team managing about $700 million in assets, to its broker-dealer and RIA platforms. The six-advisor group, led by Lynn and Matthew Houston alongside former MLB pitcher Ross Stripling, joins from Wedbush Securities. Known for serving business owners, retirees, and professional athletes, Skyward cited LPL’s advanced technology and platform capabilities as key reasons for the move.

→ Skyward, a Houston team with $700M AUM, leaves Wedbush to join LPL’s broker-dealer and RIA platforms.
→ The group is led by Lynn and Matthew Houston, with partner Ross Stripling, a former MLB All-Star turned advisor.
→ The move was driven by LPL’s advanced technology and scalable platform, seen as vital for younger clients.
→ LPL now manages $1.9T in assets and continues its major advisor transitions following the Commonwealth acquisition.

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Fifth Third RIA unit adds $1bn Denver trio from BNY

Fifth Third Wealth Advisors (FTWA), the $6 billion RIA arm of Fifth Third Bank, has expanded into Denver with the addition of three veteran advisors from BNY Wealth. The team, Steve Starzec, Scott Ulaszek, and Sarah Williamson, managed a combined $1 billion in assets and will join FTWA as managing directors. Their arrival marks FTWA’s first presence in Colorado as the firm continues to recruit billion-dollar teams to scale its high-net-worth business nationwide.

→ FTWA opens its first Colorado office by adding three advisors from BNY Wealth.
→ Steve Starzec, Scott Ulaszek, and Sarah Williamson bring a combined $1B in client assets.
→ The firm targets high-net-worth clients in the $3M–$10M range, citing limited service options.
→ Recent additions include a $1.8B Truist team, a $2B TIAA trio, and new CIO Chris Osmond.

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LPL Financial Welcomes Concentric Wealth Management 

LPL Financial has added Concentric Wealth Management, a Cincinnati-based team overseeing $715M in client assets, to its broker-dealer and RIA platforms. Led by Patrick Burke, CPA®, and Matt Tarka, AAMS®, CRPS®, the firm began as an accounting practice more than 40 years ago and expanded into wealth management 15 years ago. The group, which moved from Avantax by Cetera, works with a wide range of clients, including business owners, retirees, and professional service providers.

→ Concentric Wealth Management joins LPL with $715M in client assets across advisory, brokerage, and retirement plans.
→ The firm is led by Patrick Burke, CPA®, and Matt Tarka, AAMS®, CRPS®, alongside a team of more than 10 advisors and staff.
→ With this addition, LPL further strengthens its national network of 29,000+ advisors and $1.9T in assets under management.

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M&A Activity

Aspen Standard Wealth Buys $1.1B Boston Area RIA

Aspen Standard Wealth has expanded its Boston-area footprint with the acquisition of MG Financial, a $1.1 billion RIA based in Braintree, Massachusetts. Led by CEO and CIO Mary Gilligan, MG Financial specializes in serving entrepreneurs, executives, and families through a holistic wealth management model. This marks Aspen’s fourth acquisition since its 2024 launch as the private equity-backed firm continues building a national platform of enduring RIA partnerships.

→ MG Financial, a $1.1B Braintree, MA-based RIA, joins Aspen Standard Wealth in its fourth acquisition since launching in 2024.

→ Recent Aspen deals include New England Private Wealth Advisors ($2.9B AUM), Summitry ($2.8B AUM), and SKY Investment Group ($880M AUM).
→ Aspen was launched in April 2024 by Aly Kassim-Lakha and is majority-owned by Alpine Investors.
→ The firm’s model centers on preserving partner identity while fueling sustainable growth for RIAs.

$8bn Ashton Thomas strikes deal to enter Hawaii 

Ashton Thomas Private Wealth has expanded into Hawaii through a partnership with Kobo Wealth Conservancy, a Honolulu-based RIA managing $155 million. Kobo, with over 18 years of history serving high-net-worth clients, retirement plans, pension funds, and foundations, will now operate as Kobo Private Wealth under the Ashton Thomas umbrella. The move builds on Ashton Thomas’ nationwide expansion strategy as part of Arax Investment Partners, backed by RedBird Capital.

→ Kobo Wealth brings $155M AUM, 100+ clients, and 18 years of operations in Hawaii and the mainland U.S.
→ The team includes Cris Borden (managing wealth advisor), Benny Tran (wealth advisor & portfolio analyst), and Catherine Lau (operations & client services).
→ Ashton Thomas oversees $8B+ in assets and has been part of Arax Investment Partners since 2023.

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SageView buys $25bn retirement plan consultancy

SageView Advisory Group announced its first acquisition of 2025 with the purchase of Cap Strat, an Oakbrook Terrace, Illinois-based retirement and wealth management firm. Cap Strat oversees $24 billion in institutional assets under advisement and $750 million in wealth AUM, bringing 23 team members, including six executives who will join as managing directors, to SageView. The deal strengthens SageView’s retirement plan focus while further expanding its wealth management capabilities.

→ SageView Advisory Group made its first 2025 acquisition with the purchase of Cap Strat, a retirement and wealth management firm.
→ Cap Strat adds $24B in institutional assets under advisement and $750M in wealth AUM to SageView.
→ The firm’s 23 employees, including six senior executives, will join SageView as managing directors.
→ SageView, backed by Aquiline Capital Partners, now manages $238.5B in assets across more than 30 offices nationwide.

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$18bn RWA Wealth Partners returns to M&A market with Bay Area buy

RWA Wealth Partners, an $18 billion private equity-backed RIA, has completed its first acquisition in more than two years with the purchase of Moirai Wealth Management, a $344 million San Francisco-based firm. The four-person Moirai team, led by founder Karen Schmid, will be combined with RWA’s Bay Area group in a new downtown San Francisco office set to open this fall. The deal marks the first acquisition under CEO Michelle Knight, who took over leadership in 2024.

→ RWA Wealth Partners completed its first acquisition in over two years, buying Moirai Wealth Management with $344M AUM.
→ Moirai’s four-person team, led by founder Karen Schmid, will merge with RWA’s Bay Area office and move into a new San Francisco location this fall.
→ Backed by Summit Partners since 2020, RWA manages $18B in assets.

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Merit buys $860m ex-Commonwealth practice

Merit Financial Advisors has completed one of its largest transactions of 2025, acquiring Global Wealth Advisors (GWA), a Lewisville, Texas-based RIA with $860 million in client assets. The 16-person team, led by Kris Maksimovich and Chris Powers, joins Merit as regional directors and partners, expanding the firm’s footprint across Texas and beyond. The deal accelerates Merit’s growth in the state while adding scale to its national platform amid a busy year of acquisitions.

→ GWA adds $860M AUM and 16 team members with offices in Texas, Florida, and Pennsylvania.
→ Leaders Kris Maksimovich and Chris Powers become regional directors, tasked with driving growth across Texas.
→ The deal doubles Merit’s Texas-based assets to $1.6B and expands its presence to seven offices in the state.
→ This marks Merit’s ninth acquisition of 2025, following recent deals in Florida, Wisconsin, and Utah.

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Wealthspire adds $380m California RIA in 2025 deal debut

Wealthspire Advisors has announced its first acquisition of 2025 with the purchase of Marin Financial Advisors, a Larkspur, California-based RIA managing about $380 million. Led by principal Colin Drake and client service director Christine Cione, Marin serves roughly 170 clients and brings decades of history in the Bay Area. The deal also reflects a personal connection; Drake previously worked at Private Ocean Wealth Management, which was acquired by Wealthspire in 2021.

→ Marin adds $380M AUM and 170 clients, with a minimum account size of $500K, to Wealthspire’s platform.
→ Principal Colin Drake and client service director Christine Cione join Wealthspire as part of the transaction.
→ Wealthspire now manages $31B across 25 offices with 130+ advisors, backed by Aon, which is reportedly exploring a sale of the RIA.

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New Firm Launches

RIA Tempo Wealth Launches With $650M, Executive Client Focus 

Tempo Wealth, a newly launched RIA based in Independence, Ohio, has officially gone live with $650 million in client assets and a niche focus on serving company executives. Founded by advisors Corbin Blackburn, Tim Farley, and Bernie Garrah, the firm evolved from their time at Skylight Financial Group and Cleveland Wealth, gradually building a specialized practice before branching out independently. Tempo Wealth emphasizes independence, advanced technology, and expanded investment offerings, including alternatives tailored for high-net-worth clients.

→ Tempo Wealth has launched as an independent RIA with $650M in assets and retained 99% of client accounts.
→ The firm was founded by Corbin Blackburn, Tim Farley, and Bernie Garrah after building their practice under Cleveland Wealth.
→ The team focuses on advising corporate executives at both public and private companies.
→ Tempo upgraded its infrastructure with Advyzon’s all-in-one platform and expanded custody relationships with Schwab and Altruist.

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Ex-JPMorgan Bankers Launch Wealth Firm Managing $400 Million

Alta Vera Global Capital Advisors, a new independent wealth firm founded by former JPMorgan private bankers Jerry Garcia and Chris Gatsch, has launched with $400 million in assets and ambitious plans for rapid growth. The firm will provide wealth management, capital raising, and hedging solutions, while leveraging OneSeven’s RIA platform for compliance and operations and partnering with additional firms for trading and private market access. Backed by Merchant Investment Management, Alta Vera aims to attract top talent from Wall Street banks and expand internationally.

→ Alta Vera launches with $400M in assets and a strategy to recruit teams from major banks.
→ CEO Jerry Garcia spent 15 years at JPMorgan and most recently worked at Azura, building its Western Hemisphere business.
→ Chris Gatsch, president and COO, merges his firm, Lakehouse Private Wealth, into Alta Vera and brings experience from JPMorgan and Merrill Lynch.
→ The firm partners with OneSeven for operational support, Sextant Capital Solutions for private markets, and Millbank Dartmoor Portsmouth for trading strategies.
→ Alta Vera is backed by Merchant Investment Management, which owns 20% of OneSeven and manages $250B across partnerships.

Holistic Wealth Advisors Announces Launch as Fully Independent RIA

Holistic Wealth Advisors (HWA) has officially launched as a fully independent, SEC-registered RIA with $350M in client assets. Founded and led by Stacy A. Clifford, AIF®, the woman-owned firm operates from offices in Clifton Park, NY, and Guilford, CT, serving families nationwide. The transition gives HWA greater flexibility, control, and long-term alignment while maintaining continuity for clients.

→ HWA is woman-founded and owned, led by Stacy Clifford, with a team of six advisors and seven support staff.
→ The firm brings together 175+ years of combined advisor experience, including CFP® and AIF® professionals.
→ Independence was supported by Ascendia Partners, providing consulting, compliance, and succession planning.
→ The firm continues to partner with AssetMark as its core investment platform to ensure seamless operations.

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Former Citizens Private Wealth exec launches Connecticut RIA

SKM Wealth Management, a new independent RIA based in Wethersfield, Connecticut, has officially launched under the leadership of Stephen Mulhall Jr., a former VP at Citizens Private Wealth and Charles Schwab. The SEC-registered firm, approved on July 10, will provide financial planning and consulting services with a $500K household minimum, and will use Charles Schwab as its custodian.

→ Stephen Mulhall Jr. launches SKM Wealth Management in Wethersfield, CT, after senior roles at Citizens Private Wealth and Charles Schwab.
→ The firm offers retirement planning, risk management, tax strategies, and estate preservation with a $500K household minimum.
→ Custody was provided by Charles Schwab, per regulatory filings.

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UBS Private Wealth Team Managing $1.2-Bln Launches Indie Practice With Sanctuary

Sanctuary Wealth has recruited another major UBS breakaway team with the launch of Dial Square Private Wealth in Irvine, California. Led by James Chiate and Anthony Guinane, the advisors managed about $1.2B at UBS Private Wealth before making the move. They are joined by staff members Nazgol Nekoomaram and Owen Galasso, while other members of their former UBS group remained at the wirehouse. Dial Square will be in custody with Charles Schwab and Goldman Sachs, while Sanctuary provides compliance, technology, and transition support.

→ James Chiate and Anthony Guinane depart UBS with $1.2B in client assets to launch Dial Square Private Wealth.
→ Support staff Nazgol Nekoomaram and Owen Galasso move with them, while other Wise River Advisors colleagues, including Craig Chiate, stay at UBS.
→ Dial Square will be in custody with Charles Schwab and Goldman Sachs, supported by Sanctuary’s tech and operations platform.

Morgan, Merrill teams break away to form $2bn firm with Arkadios

Longleaf Capital Group has officially launched in Dothan, Alabama, as a $2B+ independent practice formed by advisors from Merrill Lynch and Morgan Stanley with support from Arkadios Capital. Founding partners Todd Thornell Sr. and Cory Singletary (Merrill) joined forces with C. Thomas Lee, George Liddon, Jonathan Lee, and Lee Forehand (Morgan Stanley) to combine complementary expertise in wealth management, tax, retirement, and estate planning. The new firm will custody assets with Fidelity and leverage Arkadios’s infrastructure and resources.

→ Six founding partners from Merrill Lynch and Morgan Stanley unite to create Longleaf Capital Group.
→ The practice launches with $2B+ in client assets and custody through Fidelity.
→ The firm partners with Arkadios Capital, an Atlanta-based IBD overseeing $14B in assets across 75 offices.

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