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

Rep Movements

- Wells Fargo landed $6.3B Hingham Street Partners from UBS 
- Cresset pulled a $1.4B Houston team from Bernstein
- Indivisible Partners added $882M KH Private Wealth from Stifel 
- Rockefeller recruited $1.7B across teams from Wells, Stephens, and UBS

M&A Activity

- Wells Fargo Advisors added the $3B Munster Freeman Group from Merrill
- Wealthcare made its first post-Sammons deal with $417M Crowley Wealth
- Creative Planning acquired $1B Burt Wealth in Maryland
- Allworth Financial expanded in Boston with $460M FSA Wealth
- Wealth Enhancement entered Indianapolis with $532M FPG Private Wealth
- Mercer Advisors added $1B Glass Jacobson in the Baltimore area
- Dakota Wealth Management acquired $300M Lindenwold Advisors
- Wealth Enhancement picked up $2.2B L.M. Kohn & Company
- MAI Capital Management expanded with $527M Lowe Wealth Advisors
- Creative Planning added $900M Marshall Financial Group
- EP Wealth Advisors acquired $218M Clearview Wealth Advisors
- Sequoia Financial Group entered California with $406M, Sterling Financial
- Wealth Enhancement closed out 2025 with four deals totaling $1.4B+

New Firm Launches

- Storen Financial launched $500M Storen Legacy Partners

Read on for more info...

Rep Movements

$6.3B Hingham Street Moves to Wells Fargo from UBS 

Wells Fargo Advisors continued its recruiting momentum by landing Hingham Street Partners, a $6.3 billion advisor team that moved its entire platform from UBS to Wells Fargo’s Boston-based private client group. Founded in 2012 and led by Peter Landry, Lawrence DePaulis, and Timothy Fortune, the team cited scale, flexibility, and resources as key drivers of the move. Wells Fargo also pointed to continued investments in technology, lending, and platform scale as factors fueling recent recruiting wins, as UBS continues to face advisor attrition.

→ Hingham Street Partners, a 16-advisor team managing $6.3B and $38.5M in annual revenue, moved from UBS to Wells Fargo.
→ Founded in 2012, the firm operates across Boston, Connecticut, Florida, and Tennessee, with advisors averaging 26 years of experience.
→ Wells Fargo ranked 12th in net advisor recruiting, while UBS ranked third-worst for net advisor losses, according to Wolfe Research.

View Wells Fargo Advisors in FINTRX

Cresset snags $1.4bn advisor team from Bernstein 

Cresset continued its aggressive advisor recruiting push by bringing over a $1.4 billion Houston-based team from Bernstein Private Wealth Management. Led by longtime Bernstein executive Michael Ellington alongside Zach Gardner and Danique van der Velden, the team specializes in transaction planning, estate strategy, and tax advisory for ultra-high-net-worth clients. The move reflects both the team’s attraction to Cresset’s institutional investment platform and culture, as well as the firm’s broader momentum following recent high-profile recruiting and M&A activity.

→ Cresset recruited a $1.4B Houston-based advisor team from Bernstein Private Wealth Management, led by Michael Ellington, Zach Gardner, and Danique van der Velden.
→ Ellington spent 27 years at Bernstein and founded the firm’s Houston office before making the move.
→ The hire follows Cresset’s recruitment of a $1.8B team from Goldman Sachs and the addition of Albert Leshinsky as head of corporate development.

View Cresset Asset Management in FINTRX

Ex-Merrill Leaders’ RIA Adds $882-Mln Stifel Team in Dallas 

Indivisible Partners continued to build momentum in Dallas by adding a five-person advisor team from Stifel Financial, bringing roughly $882 million in client assets onto its platform. The KH Private Wealth team, led by Kevin Karrh and Zachary Hope, cited the appeal of independence and enhanced capabilities for serving complex clients. The move marks Indivisible’s fifth team addition since launching earlier this year and underscores its strategy of recruiting experienced wirehouse and broker-dealer advisors.

→ Indivisible Partners added KH Private Wealth, a five-person team managing ~$882M, from Stifel Financial in Dallas.
→ The team is led by Kevin Karrh and Zachary Hope, both former Merrill advisors who joined Stifel in 2019.
→ KH Private Wealth moved alongside three support staff, according to registration records.
→ The addition marks Indivisible’s fifth team since launching in January and follows a June hire from a Colorado-based RIA.
→ Indivisible offers recruits transition assistance and profit sharing, and custodies with Fidelity’s National Financial Services.

View Indivisible Partners in FINTRX

Rockefeller Snags Wells, Stephens and UBS Teams With $1.7 Billion Combined 

Rockefeller Capital Management extended its recruiting streak by adding three advisor teams managing nearly $1.7 billion in combined assets from Wells Fargo, Stephens, and UBS. The hires reflect Rockefeller’s continued focus on attracting veteran wirehouse advisors as it scales toward its long-term growth targets, supported by a recent recapitalization at a multibillion-dollar valuation.

→ Rockefeller Capital Management added three teams with nearly $1.7B in assets from Wells Fargo, Stephens, and UBS.
→ The largest team, led by Florina Shutin, managed $750M at Wells Fargo and generated about $5M in annual revenue.
→ Aughenbaugh Wealth Partners moved from Stephens with ~$400M in assets and $4.3M in revenue.
→ Forensic Investment Group joined from UBS with ~$580M in assets, led by David Smith and P. Lee Moore II.
→ The hires follow Rockefeller’s $6.6B recapitalization and align with its goal of building 250–300 advisor teams.

View Rockefeller Capital Management in FINTRX

M&A Activity

Wells Fargo Snaps Up Munster Freeman Group 

Wells Fargo Advisors continued its recruiting push by adding the Munster Freeman Group, a $3 billion private wealth team that moved from Merrill Private Wealth Management after more than a decade. Munster Freeman specializes in M&A advisory and personal wealth management for entrepreneurs and ultra-high net worth clients. Led by Bruce Munster alongside Samuel Munster and David Freeman, the team brings deep experience advising entrepreneurs and ultra-high-net-worth clients, further strengthening Wells Fargo’s presence in the Los Angeles market.

→ Wells Fargo Advisors recruited the Munster Freeman Group, a $3B private wealth team, from Merrill Private Wealth Management.
→ The team is led by Bruce Munster, Samuel Munster, and David Freeman and is now based in El Segundo, California.
→ The move follows other recent Wells Fargo hires, including a $1B team from Merrill and a $500M+ team from J.P. Morgan.

View Wells Fargo Advisors in FINTRX

Wealthcare buys $417m RIA in first post-Sammons deal 

Wealthcare Capital Management completed its first RIA acquisition since being acquired by Sammons Financial Group, purchasing Crowley Wealth Management, a $417 million Wilmington, Delaware–based firm. Crowley is a second-generation, family-owned firm founded in 1980 with integrated financial planning and tax services. The deal marks Wealthcare’s largest acquisition to date and signals an acceleration of its M&A strategy under Sammons’ ownership as the firm targets sub-$1 billion RIAs for continued expansion.

→ Wealthcare Capital Management acquired Crowley Wealth Management, a $417M RIA based in Wilmington, Delaware.
→ The transaction is Wealthcare’s largest deal to date and its first since being acquired by Sammons Financial Group.
→ The acquisition brings Wealthcare to ~$10B in client assets, according to management.
→ Backed by Sammons, Wealthcare is targeting additional sub-$1B RIA acquisitions, with more deals expected in early 2026.

View Wealthcare Capital Management in FINTRX

Creative Planning acquires $1bn Maryland RIA 

Creative Planning continued its active acquisition strategy by purchasing Burt Wealth Advisors, a Maryland-based RIA managing roughly $1 billion in assets. The deal extends Creative Planning’s push to add culturally aligned advisory firms following its landmark SageView transaction and underscores the firm’s sustained momentum across both large-scale and mid-market acquisitions.

→ Creative Planning acquired Burt Wealth Advisors, a $1B RIA based in North Bethesda, Maryland.
→ Burt Wealth traces its roots to 1985 and is led by Fred and Maria Cornelius, both long active in the Financial Planning Association.
→ The acquisition marks Creative Planning’s 15th RIA deal in two years.
→ Creative Planning now oversees ~$640B in total client assets and is minority-backed by TPG and General Atlantic.

View Creative Planning in FINTRX

Allworth nabs $460m Boston-area firm 

Allworth Financial continued to deepen its footprint in the Boston market with the acquisition of FSA Wealth Management, a $460 million advisory firm based in Needham, Massachusetts. The deal reflects Allworth’s strategy of expanding in key regional markets through culturally aligned acquisitions that add planning depth and upmarket client capabilities. FSA’s six-person team will relocate to Allworth’s Waltham, MA office.

→ Allworth Financial acquired FSA Wealth Management, a $460M RIA based in Needham, Massachusetts.
→ This marks Allworth’s second Boston-area deal this fall and third in the region over three years.
→ FSA brings strengths in tax and investment planning and an upmarket client base, led by Gavin Morrissey and Simon Heslop.
→ Allworth now operates 40+ offices nationwide and is backed by Lightyear Capital and Ontario Teachers’ Pension Plan Board.

View Allworth Financial in FINTRX

Wealth Enhancement Announces Acquisition of FPG Private Wealth, a Hybrid RIA with Over $532 Million in Client Assets

Wealth Enhancement continued to expand its Midwest footprint with the acquisition of FPG Private Wealth, a hybrid RIA based in Indiana, overseeing more than $532 million in client assets. The planning-led firm brings deep experience in asset-based lending and entrepreneurial wealth strategies, marking Wealth Enhancement’s first office in the greater Indianapolis market and lifting firmwide client assets to more than $127.8 billion.

→ Wealth Enhancement acquired FPG Private Wealth, a $532M hybrid RIA with offices in Carmel and Lafayette, Indiana.
→ The firm is led by Andrew Moulton, Timothy Johnston, and Don Penn, with 65+ years of combined industry experience.
→ The acquisition establishes Wealth Enhancement’s first presence in the greater Indianapolis market.
→ With the deal, firmwide client assets increased to $127.8B+.

View Wealth Enhancement in FINTRX

Mercer acquires $1bn Baltimore-area RIA 

Mercer Advisors continued its active acquisition strategy by purchasing Glass Jacobson Wealth Advisors, a Baltimore-area RIA and accounting practice managing approximately $1 billion in assets. The deal deepens Mercer’s footprint in the Mid-Atlantic and reinforces its focus on firms with integrated tax and planning capabilities as it heads into another aggressive year of M&A.

→ Mercer Advisors acquired Glass Jacobson Wealth Advisors, a $1B RIA and accounting practice based in Owings Mills, Maryland.
→ Founded in 2001, Glass Jacobson is led by CEO Jonathan Dinkins and serves 660+ families with a team of 20+ advisors and planners.
→ The deal strengthens Mercer’s Baltimore–Washington, D.C. presence, following its earlier acquisition of $810M Tufton Capital Management.
→ With ~$90B in managed assets, Mercer completed 20 deals in 2025 and expects to remain highly active in 2026.

View Mercer Global Advisors in FINTRX

$7.4bn Dakota makes Pennsylvania RIA buy 

Dakota Wealth Management continued its acquisition streak with the purchase of Lindenwold Advisors, a Pennsylvania-based RIA managing roughly $300 million in assets. The deal marks Dakota’s second acquisition in a month and reflects the firm’s strategy of partnering with founder-led RIAs where principals remain actively involved and retain meaningful ownership.

→ Dakota Wealth Management acquired Lindenwold Advisors, a $300M RIA based in Reading, Pennsylvania.
→ The transaction lifts Dakota’s total assets to ~$7.4B and marks its second RIA deal in one month.
→ Lindenwold was founded in 2020 by Jim King, former CIO of National Penn Investors Trust.
→ The deal was financed with a mix of cash and equity, with three Lindenwold employees becoming Dakota shareholders.
→ Backed by Emigrant Partners, Dakota continues to grow through founder-focused acquisitions.

View Dakota Wealth in FINTRX

Wealth Enhancement buys $2.2bn hybrid RIA 

Wealth Enhancement continued its aggressive acquisition pace with the purchase of L.M. Kohn & Company, a Cincinnati-based hybrid RIA managing more than $2.2 billion in client assets. Founded in 1990 by Larry Kohn, the firm serves ~2,700 households with a focus on financial planning and small business benefits consulting. The deal ranks among the firm’s larger transactions this year and reinforces Wealth Enhancement’s position as one of the most active acquirers in the RIA space.

→ Wealth Enhancement acquired L.M. Kohn & Company, a $2.2B+ hybrid RIA based in Cincinnati.
→ The 23-person team operates across Ohio, Michigan, Iowa, and Georgia.
→ Wealth Enhancement has completed 12 acquisitions in 2025, oversees $131B+ in assets, and is backed by TA Associates and Onex.

View Wealth Enhancement in FINTRX

MAI buys $527m Maryland RIA

MAI Capital Management continued its expansion in Maryland with the acquisition of Lowe Wealth Advisors, a family-led RIA managing $527 million in assets. Founded in 1980 by Harold Lowe, the firm serves ~470 households, including high-net-worth individuals, business owners, and foundations. The deal deepens MAI’s presence in the Baltimore area and builds on its strategy of partnering with long-standing advisory firms that serve complex, high-net-worth clients.

→ MAI Capital Management acquired Lowe Wealth Advisors, a $527M family-led RIA based in Columbia, Maryland.
→ Nine team members, including Harold and Gregory Lowe, joined MAI as senior managing directors.
→ MAI advises on ~$69B in total assets and follows its $27B Evoke Advisors acquisition completed in August.

View MAI Capital Management in FINTRX

Creative Planning adds $900m Pennsylvania RIA 

Creative Planning added another planning-focused RIA with the acquisition of Marshall Financial Group, a Pennsylvania-based RIA managing more than $900 million in assets. Founded in 1982, Marshall Financial provides integrated financial planning and retirement plan management services. The deal adds a well-established planning-focused firm to Creative Planning’s platform and follows a series of recent acquisitions as the firm continues to scale nationally.

→ Creative Planning acquired Marshall Financial Group, a $900M+ RIA based in Doylestown, Pennsylvania.
→ The acquisition adds 19 employees to Creative Planning’s team.
→ This marks Creative Planning’s 16th RIA acquisition in the past two years, following the $250B SageView Advisory Group deal.
→ Creative Planning oversees $390B+ in assets and is minority-backed by TPG and General Atlantic.

View Creative Planning in FINTRX

EP Wealth acquires Clearview Wealth Advisors 

EP Wealth Advisors expanded its presence in the Southwest and Pacific Northwest with the acquisition of Clearview Wealth Advisors, adding a planning-focused team and more than $200 million in client assets. The Clearview team will integrate into EP Wealth’s Phoenix operations, reinforcing the firm’s strategy of partnering with advisors who prioritize personalized, advice-led client relationships.

→ EP Wealth Advisors acquired Clearview Wealth Advisors, adding ~$218M in assets to its Phoenix region.
→ Clearview operates across the Phoenix area and the Pacific Northwest and is led by Michael and Corbin Coursey.
→ The transaction marks EP Wealth’s ninth partnership in 2025.
→ EP Wealth continues to expand nationally following its earlier NBS Financial Services acquisition this year.

View EP Wealth Advisors in FINTRX

Sequoia Financial Group of Fairlawn acquires California advisory firm 

Sequoia Financial Group expanded its California footprint with the acquisition of Sterling Financial Group, a Pasadena-based RIA managing more than $400 million in client assets. The transaction establishes Sequoia’s first standalone office in the state and underscores its strategy of partnering with culturally aligned firms as it continues to scale nationally.

→ Sequoia Financial Group acquired Sterling Financial Group, a $406M RIA based in Pasadena, California.
→ Sterling adds a seven-person team serving ~200 clients, focused on individuals, families, and small businesses.
→ The deal establishes Sequoia’s first standalone California office, building beyond its prior presence through Eide Bailly locations.
→ Michael Hatch and Kody Brown became equity owners in Sequoia as part of the transaction.

View Sequoia Financial Group in FINTRX

Wealth Enhancement adds more than $1.4bn with 4 RIA deals 

Wealth Enhancement capped off 2025 with a burst of dealmaking, announcing four acquisitions in one week that collectively added more than $1.4 billion in client assets. The flurry of transactions spanned Louisiana, Wisconsin, Utah, and California, underscoring the firm’s continued focus on scaling through regionally diverse, planning- and tax-focused RIAs heading into 2026.

→ Wealth Enhancement announced four acquisitions, adding $1.4B+ in client assets to close out 2025.
→ The acquisitions include Dent Wealth Advisors ($340M, Louisiana), AEGIS Financial ($468M, Wisconsin), Wealth Advocates ($476M, Utah), and Spectrum Wealth Management ($182M, California), along with its affiliated tax practice.
→ With these additions, Wealth Enhancement entered 2026 with ~$133B in client assets across 194 offices in 38 states, backed by TA Associates and Onex.

View Wealth Enhancement in FINTRX

New Firm Launch

Indianapolis Tax-Focused Firm Launches RIA With Dynasty 

Storen Financial recently launched its own registered investment advisor, Storen Legacy Partners, marking a strategic shift toward independence and greater control over its advisory platform. Backed by Dynasty Financial Partners, the new RIA supports the firm’s push to enhance technology, investment capabilities, and client communication as it transitions away from prior affiliations.

→ Storen Financial launched a new RIA, Storen Legacy Partners, overseeing ~$500M in assets.
→ The firm is led by Greg and Kim Storen and officially began operating as an RIA on January 1, 2026.
→ Storen Legacy Partners will leverage Dynasty Financial Partners for back-office, technology, and investment support, with Charles Schwab as custodian. 
→ The firm was previously affiliated with LPL Financial and Brass Tax Wealth Management, which was recently acquired by Waverly Advisors.
→ Storen Financial employs 38 staff, including five advisors and eight tax accountants, and serves clients across 43 states.

View Storen Legacy Partners in FINTRX

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