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

Rep Movements

• - $300M Allegiant Private Wealth leaves Merrill for Ameriprise
  - LPL adds a $425M EverMark trio from RBC, its 50th SWS team
  - $950M Springs Wealth Group departs Ameriprise for Raymond James
  - Stifel grabs $2.1B Summa Group from Oppenheimer in LA
  - $500M father-son team exits Morgan Stanley for Raymond James
  - RBC opens NY office with a $1.1B UBS breakaway
  - Rockefeller recruits a $1.6B UBS team in Florida

M&A Moves

• - Arax adds $4B Schechter, eyes $10B AUM
  - Mercer picks up $2B Full Sail in Oklahoma City
  - Coldstream merges with $2B Cable Hill in Oregon
  - HUB acquires $343M Veripax post–$1.6B raise
  - Lido buys $830M Exchange Capital in Michigan
  - Osaic to acquire $13.5B CW Advisors
  - Apollon enters Ohio with a $1.7B Janney team
  - Merit adds $365M AMP in Wisconsin
  

New Firm Launch

• - LPL duo launches Evergreen Wealth Partners across OR & MT
  

Read on for more info...

Rep Movements

Advisor Team with Over $300 Million In Assets Joins Ameriprise Financial for Independence, Leadership and Financial Planning Capabilities

Allegiant Private Wealth, a private wealth advisory practice managing over $300 million in assets, has left Merrill Lynch to join the independent channel of Ameriprise Financial. Led by Christine Selzer, CFP®, along with Brian Selzer, CRPC™, and Brody Grove, CFP®, the Ocean City, Maryland-based team made the move to gain greater autonomy and align more closely with their focus on investment management and holistic financial planning. Christine Selzer highlighted Ameriprise’s support, independence, and advisor-centric leadership as key reasons behind the transition. The team is supported by Ameriprise’s regional leadership and is excited to operate under a model that prioritizes client outcomes on their terms.

→ Allegiant Private Wealth joins Ameriprise from Merrill Lynch with over $300M in managed assets.
→ The team is led by Christine Selzer, CFP®, along with Brian Selzer and Brody Grove.
→ Ameriprise’s advisor-focused support and leadership were major factors in the transition.
→ Allegiant operates out of Ocean City, MD and includes two support staff, with backing from Ameriprise regional leadership.

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LPL adds $425m ex-RBC trio as 50th Strategic Wealth Services affiliate 

LPL Financial has welcomed its 50th breakaway team to its Strategic Wealth Services (SWS) division, a milestone five years after launching the platform tailored for advisors leaving wirehouses. The newest team, EverMark Investment Partners, is a San Diego-based trio, Matthew Sweeney, John Folsom, and Tanner Carter, who previously managed $425 million in client assets at RBC Wealth Management. The group, supported by two senior investment associates, has joined SWS for the “partnered independence” experience, which provides infrastructure, compliance, marketing, and tech support. This move follows another recent RBC breakaway to LPL’s SWS, and comes as LPL works to retain advisors from Commonwealth Financial Network following its $2.7 billion acquisition announcement.

→ EverMark Investment Partners is the 50th team to join LPL’s Strategic Wealth Services since its 2020 launch.
→ The team managed $425M at RBC Wealth Management before breaking away to go independent.
→ Advisors Sweeney and Folsom have worked together since 2005 and were joined by Carter in 2019.
→ LPL is also working to retain advisors from Commonwealth Financial Network amid its $2.7B acquisition deal.

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Raymond James pulls $950M team from Ameriprise 

Raymond James has recruited Springs Wealth Group, a 10-advisor team overseeing approximately $950 million in client assets, from Ameriprise Financial. Based in Colorado Springs with additional offices in Texas, the team includes five managing partners, Bob Book, Andrew Inman, Tim Mason, Chris Van Stavern, and Chris Young, along with five other advisors and 13 support staff. The group cited Raymond James’ culture of independence and advisor support as key factors in the transition. Several team members had joined Ameriprise through its 2018 acquisition of Investment Professionals Inc., with others coming from Securian Financial. 

→ Springs Wealth Group brings $950M in assets and 10 advisors to Raymond James from Ameriprise.
→ Five managing partners lead the team: Book, Inman, Mason, Van Stavern, and Young.
→ The move adds 13 support staff and expands Raymond James’ independent advisor channel.

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Stifel Nabs Oppenheimer Brothers Managing $2.1 Billion in Los Angeles 

Stifel Financial has recruited the high-profile Summa Group from Oppenheimer & Co., a veteran advisory team managing $2.1 billion in client assets. Led by brothers Brian and Jeffrey Werdesheim, alongside Robert Dalie and Gary Chiate, the team is launching a new Stifel office in Sherman Oaks, CA, with six support staff. Known for its $5 million client minimum and long-standing loyalty to outgoing Oppenheimer CEO Bud Lowenthal, the team had long resisted recruiting efforts. Their departure comes on the heels of leadership changes at Oppenheimer and is seen as one of the most heavily pursued moves in Los Angeles wealth management history. 

→ The Summa Group managed $2.1B and is launching a new Stifel office in Sherman Oaks with six support staff.
→ Brian and Jeffrey Werdesheim, long-time Oppenheimer advisors, led the move alongside teammates Dalie and Chiate.
→ Their transition follows Bud Lowenthal stepping down in May 2025 and passing leadership to his son Rob.

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Raymond James recruits $500M father-son duo from Morgan Stanley 

Raymond James has added Cottonwood Capital Management, a father-son advisor team from Morgan Stanley overseeing approximately $500 million in client assets. Based in Salt Lake City, the team includes advisors Jim and Aaron Phillips, along with Registered Client Service Associates Jordan Fletcher and Nicole Klekas. They joined Raymond James Financial Services, the firm's independent advisor channel. Jim Phillips, who began his career in 1986, emphasized Raymond James’ commitment to client service and wealth preservation as key reasons for the move.

→ Cottonwood Capital Management joins Raymond James from Morgan Stanley with $500M AUM.
→ The Salt Lake City-based team is led by the father-son duo Jim and Aaron Phillips.
→ They joined Raymond James’ independent advisor channel with two client service associates.
→ The team focuses on serving business owners, executives, nonprofits, and institutions.

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RBC Plucks UBS Team Managing $1.1 Billion in NYC Suburbs 

RBC Wealth Management has recruited a nine-person team formerly with UBS Wealth Management USA, managing $1.1 billion in client assets. Operating under the name The Centennial Wealth Management Group, the team is now based out of RBC’s newly launched Purchase, NY office. Led by advisors Glenn Bianco, Michael Daly, George Kanas, Marisa Bianco, and Marc Colamaria, the group brings decades of collective experience and a reputation for guiding clients through various market cycles. RBC continues to strengthen its footprint, with over 2,200 advisors managing $640 billion in client assets.

→ The Centennial Wealth Management Group joins RBC from UBS with $1.1B in client assets.
→ The team consists of five advisors and four support staff, now based in a new RBC office in Purchase, NY.
→ Leaders Glenn Bianco, Michael Daly, and George Kanas each bring over two decades of experience.
→ RBC recently hired Brendan Krebs to oversee the Boston market, signaling continued expansion efforts.

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Rockefeller nabs $1.6bn ex-UBS team

Rockefeller Global Family Office has recruited Suskind Ripple Halliwell Wealth Partners, a $1.6 billion AUM advisory team formerly with UBS. Based in Fort Lauderdale, the eight-person team specializes in serving high- and ultra-high-net-worth clients and brings a minimum account size of $2 million. The group is led by Leonard Suskind and Seth Ripple, both longtime UBS advisors, and includes senior VPs Karleen Halliwell, Laura Raybin Miller, and Gigi Whitlock. This marks Rockefeller’s first announced hire since raising $150 million in debt financing to support M&A and advisor recruitment. The firm continues its aggressive 2025 expansion under CEO Greg Fleming, backed by Viking Global Investors, IGM Financial, and the Rockefeller family.

→ Rockefeller Capital Management recruited a $1.6B AUM team from UBS based in Fort Lauderdale, FL.
→ The new team includes MDs Leonard Suskind and Seth Ripple, both with UBS since 2013.
→ The firm has been actively poaching advisors from Morgan Stanley, JPMorgan, and Merrill Lynch in 2025.
→ Rockefeller oversees $154B and is backed by Viking Global, IGM Financial, and the Rockefeller family.

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M&A Activity

PE-backed Arax acquires $4bn Michigan RIA 

Arax Investment Partners has acquired Schechter Investment Advisors (SIA), a $4 billion AUM RIA based in Birmingham, Michigan. Led by CEO Marc Schechter, SIA becomes part of the Arax Advisory Partners platform, which supports a network of independent firms serving high-net-worth clients and institutions. While financial terms were not disclosed, SIA’s leadership rolled significant equity into the deal, which closed this past Friday. The acquisition aligns with SIA’s growth ambitions, both organic and inorganic, and marks another major step in Arax’s expansion, backed by private equity firm RedBird Capital Partners. SIA plans to scale to $10 billion in AUM and is actively exploring additional acquisitions in the $1B–$10B range.

→ Arax acquired $4B AUM Schechter Investment Advisors, adding to its growing RIA platform.
→ CEO Marc Schechter and other SIA owners rolled significant equity into Arax as part of the deal.
→ SIA serves nearly 750 high-net-worth individuals with a 14-advisor team.
→ Arax is backed by RedBird Capital and continues aggressive M&A, including prior deals with US Capital and Cedrus Financial.

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Mercer buys $2bn RIA in Oklahoma City 

Mercer Advisors has completed its third-largest acquisition to date with the purchase of Full Sail Capital, a $2 billion AUM RIA based in Oklahoma City. Founded in 2018 by David Stanley, Scott Cravens, and Zac Reynolds, Full Sail grew rapidly through organic efforts such as client referrals and local engagement. The deal, which closed Friday, brings 14 new team members to Mercer and expands its footprint in Oklahoma, where Mercer now manages over $7 billion across Texas and Oklahoma combined. The acquisition is Mercer’s 102nd since 2016 and comes as the firm strengthens its M&A pipeline with backing from strategic investors including Genstar, Altas, Oak Hill, and Singapore’s GIC.

→ Mercer Advisors acquired $2B Full Sail Capital, one of Oklahoma’s fastest-growing RIAs.
→ Full Sail brings 14 team members and around 600 family clients to Mercer.
→ The acquisition increases Mercer’s combined Texas-Oklahoma AUM to over $7B.
→ Backed by Genstar, Altas, Oak Hill, and GIC, Mercer has now completed 102 RIA deals since 2016.

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Coldstream adds $2bn Oregon RIA 

Coldstream Wealth Management, a Bellevue, WA-based RIA, has merged with Portland, Oregon-based Cable Hill Partners, adding $2 billion in client assets and a 29-person team, including 13 advisors. The deal, which closed Sunday, makes all Cable Hill employees shareholders in Coldstream, bringing the firm’s total AUM to $13 billion. Cable Hill was co-founded in 2014 by David Christian and Brian Hefele and built its client base through high-touch, community-driven growth. Christian will now serve as Coldstream’s Chief Growth Officer, with a focus on strategic client acquisition. The merger strengthens Coldstream’s retirement planning capabilities and underscores its commitment to remaining employee-owned and free of private equity backing.

→ Cable Hill Partners joins Coldstream, contributing $2B AUM and a 29-person team, including 13 advisors.
→ Co-founder David Christian becomes Coldstream’s Chief Growth Officer post-merger.
→ The combined firm now manages $13B in client assets across seven offices in four states.
→ Coldstream remains 100% employee-owned, declining private equity funding to retain independence.

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Hub snags $343m California RIA in first acquisition post-T. Rowe deal 

Hub International (HUB), the global insurance brokerage, has acquired Veripax Wealth Management (VWM), a $343 million AUM RIA based in Folsom, California. The deal, which brings VWM’s four-person team into HUB’s Central and Northern California division, comes just one month after HUB secured a $1.6 billion equity investment led by T. Rowe Price and others. Known for its retirement and strategic financial planning services, VWM will also contribute to HUB’s growing “Retirement & Private Wealth” division, which now oversees approximately $178 billion in assets. This acquisition continues HUB’s strategic expansion into the RIA space, backed by its growing list of investors including Hellman & Friedman, Altas Partners, Leonard Green & Partners, and Temasek.

→ HUB acquired $343M AUM Veripax Wealth Management, expanding its California footprint.
→ VWM specializes in retirement income planning and joins HUB’s $178B Retirement & Private Wealth division.
→ The deal follows HUB’s recent $1.6B equity raise led by T. Rowe Price, valuing the firm at $29B.
→ Investors Hellman & Friedman, Altas Partners, LGP, and Temasek all hold equity in HUB, with H&F retaining control.

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Lido Advisors acquires $830m Michigan RIA 

Lido Advisors has acquired Exchange Capital Management (ECM), an $830 million AUM RIA based in Ann Arbor, Michigan. The deal, announced Tuesday, marks Lido’s third acquisition of 2025 and expands its presence in Michigan with a second office in the state. All 13 ECM employees, including CEO Michael Reid and senior partners Kevin McVeigh, Joseph Crowley, and Andrew Stewart, are joining Lido. This is Lido’s first acquisition since selling a minority stake to HPS Investment Partners, which is currently being acquired by BlackRock. Lido, an active consolidator in the RIA space, has made multiple acquisitions in 2025, continuing its rapid nationwide growth.

→ Lido acquired $830M ECM, expanding into Ann Arbor with its second Michigan office.
→ All 13 ECM employees, including firm leaders, will join Lido following the deal.
→ The acquisition is Lido’s first since HPS Investment Partners purchased a minority stake.
→ Lido also acquired Copperwynd Financial and Bluepointe Capital earlier in 2025 and is backed by Charlesbank Capital, Constellation Wealth Capital, and employee equity holders.

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Osaic agrees to buy $13.5bn CW Advisors 

Independent broker-dealer Osaic has agreed to acquire CW Advisors, a $13.5 billion AUM RIA backed by private equity firm Audax Group. The deal, which includes equity participation from CW’s management, advisors, and Audax, allows CW Advisors to retain its brand and operate independently. Headquartered in Boston with 140 employees across 17 offices, CW Advisors was formerly known as Congress Wealth Management until a 2024 rebrand. Osaic, a $700 billion firm owned by Reverence Capital Partners, sees the acquisition as a strategic expansion into the fee-only, institutional-grade RIA segment, enhancing its reach across wealth management models.

→ Osaic agreed to acquire $13.5B AUM CW Advisors on June 17th, with the firm set to continue operating as a standalone brand.
→ The deal includes equity stakes for CW’s management, select advisors, and Audax Group.
→ CW Advisors rebranded from Congress Wealth Management in January 2024.
→ The firm, backed by Reverence Capital, maintains key custodial relationships with Schwab and Fidelity.

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Ohio-based Janney team managing $1.7bn joins Apollon 

Apollon Wealth Management has expanded into Ohio by acquiring Chornyak & Associates, a 14-person Columbus-based team managing over $1.7 billion in assets. Led by industry veteran Joseph Chornyak Sr. and joined by his son, the team transitions from Janney Montgomery Scott in a move driven by the desire for more independence and enhanced client resources. The acquisition marks Apollon’s second expansion of 2025, following its earlier entrance into New York. With its AUM currently at $9.5 billion, Apollon aims to surpass $15 billion by year-end. CEO Michael Dolberg emphasized the strategic importance of entering high-growth markets and targeting firms in the $500 million to $2 billion range as part of the firm’s ongoing national expansion strategy.

→ Apollon Wealth Management acquired Chornyak & Associates, a $1.7B Columbus-based team formerly with Janney.
→ Led by Joseph Chornyak Sr. and Jr., the team includes 14 professionals and brings Apollon into the Ohio market.
→ The deal follows Apollon’s early 2025 acquisition of $400M C.J. Lawrence in NYC.
→ Scott Hart, formerly of Raymond James and Goldman Sachs, joined Apollon in May as VP of Advisor Transitions.

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Merit adds $365m Wisconsin RIA

Merit Financial Advisors has acquired AMP Wealth Management, a $365 million AUM firm based in Whitefish Bay, Wisconsin, as part of its ongoing expansion across the Midwest. The deal, which closed on June 6th, marks Merit’s eighth acquisition of 2025 and its 39th overall since receiving minority investments from Wealth Partners Capital Group and HGGC in 2020. AMP, originally founded to serve dental professionals, has since broadened its client base to include high-net-worth individuals and small businesses. This acquisition strengthens Merit’s Upper Midwest presence and adds AMP’s four-person team, including founder Jerome Mahalick, to Merit’s growing network of wealth managers.

→ Merit acquired $365M AMP Wealth Management, expanding its Wisconsin presence to seven offices.
→ The deal closed on June 6 and added founder Jerome Mahalick and three team members to Merit.
→ This is Merit’s 8th acquisition in 2025, following recent purchases of Olympic Wealth and RCM Investments.
→ Merit expects to bring in $2B in organic assets this year and is actively pursuing further deals nationwide.

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New Firm Launch

LPL Duo to Launch RIA in the Pacific Northwest 

Two longtime independent brokers affiliated with LPL Financial, Locke Bielefeldt and Evan Harris, have teamed up to launch their own registered investment advisory firm, Evergreen Wealth Partners. Based in Oregon and Montana respectively, Bielefeldt and Harris manage a combined $377 million in client assets and bring together eight staff across their practices. Though operating under separate brand names (Willamette Wealth Partners and Harris Financial), they will offer advisory services through the new RIA, while continuing to use LPL as custodian. Separately, LPL also added Jeffrey Runyan, a $330 million AUM advisor from Wedbush Securities, to its independent network.

→ Evergreen Wealth Partners is a new RIA founded by Locke Bielefeldt and Evan Harris, who together manage $377M.
→ Bielefeldt is ranked #23 on Forbes’ list of top next-gen advisors in Oregon and will serve as CCO of the new firm.
→ Evergreen will maintain dual branding but operate under a shared ADV and charge up to 2.5% annually depending on services.
→ LPL also recruited advisor Jeffrey Runyan, who left Wedbush after 17 years of overseeing $330M in assets.

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