The RIA and broker-dealer space remains highly active, with major team moves, strategic acquisitions, and firm launches reshaping the competitive landscape. In this edition of our RIA & Broker-Dealer Roundup, FINTRX, your source for private wealth data intelligence, highlights the most notable advisor transitions, headline M&A activity, and newly launched firms that defined May 2025.
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Rep Movement
- $4B Adero Partners joins Focus Financial’s largest hub.
- Sanctuary adds $2B UBS team through strategic partnership.
- &Partners recruits $650M Ameriprise team on Long Island.
- Rockefeller brings in a $300M advisor from Morgan Stanley.
- Ex-Wells Fargo team launches 26East under &Partners.
- Steward picks up the $700M Georgia team, enters Gainesville.
- Raymond James lands $2.7B Trustmark business from LPL.
- UBS loses $1.4B to Wells, Stifel, and Morgan Stanley.
- Ashton Thomas adds $900M SVB duo in San Francisco.
- RBC recruits $1.6B UBS team in Idaho.
M&A Moves
- Edelman buys $426M Cahill Wealth, expands in Midwest.
- VisionPoint & Navitas merge to form $3.7B Balefire.
- Cary Street acquires $360M Florida firm, hits 20 locations.
- Mercer crosses 100 deals with $885M double acquisition.
- Hightower acquires $2B aviation-focused RIA in Dallas.
- Mather Group adds $200M Pillar Wealth in Bay Area.
New Launches
- $400M Ameriprise team breaks away to launch Pendulum.
- JP Morgan team exits to launch UHNW-focused RIA.
- $1.8B QTR Family Wealth debuts in Florida.
- $1B Third View Private Wealth opens in Connecticut.
Read on for more info...
$4bn Adero Partners joins Focus Partners Wealth
Focus Financial Partners has expanded its largest hub, Focus Partners Wealth, by adding Adero Partners, a California-based RIA managing $4 billion in client assets. The Walnut Creek firm joins the $140 billion AUM hub to further strengthen Focus Financial’s national presence and its commitment to client-focused growth. The announcement signals a strategic move to deepen capabilities and scale across its partner network.
→ Adero Partners, a $4B RIA based in California, joined Focus Partners Wealth.
→ Focus Partners Wealth is the largest hub within Focus Financial, managing $140B in assets.
→ Terms of the transaction were not disclosed.
Sanctuary adds $2bn wealth team from UBS
Sanctuary Wealth has added 1280 Financial Partners, a UBS breakaway team managing approximately $2 billion in client assets, to its growing platform. The team joins through Sanctuary’s strategic capital partnership program, which involves minority investments in affiliated firms. 1280 Financial Partners has offices across Fort Myers, Miami, Augusta, and Sandusky, signaling Sanctuary’s continued geographic expansion. The group is led by managing partners Tom Burt, Duane Ohly, Charlie Todd, and John McGee, and includes several senior professionals and support staff.
→ A UBS team managing $2B in assets joined Sanctuary Wealth under the name 1280 Financial Partners.
→ The team, led by managing partners Tom Burt, Duane Ohly, Charlie Todd, and John McGee, will participate in Sanctuary’s strategic capital partnership program.
→ Additional members include SVPs Brett Kinzel, John Petracco, Carol Powell, and VP Richard Allen Flippo.
&Partners Snags $5.2-Million Ameriprise Team on Long Island
&Partners has successfully recruited the Geller Private Wealth team from Ameriprise Financial, a move that adds $650 million in client assets and $5.2 million in annual production to its growing platform. The Long Island-based team is led by industry veteran Todd J. Geller, alongside advisors Richard J. Rubin and Gerald Kirschner. This marks yet another significant acquisition for &Partners, which has rapidly expanded its footprint since launching 18 months ago. The firm has attracted teams from major institutions, including Wells Fargo and Merrill Lynch, and now manages approximately $30 billion in assets.
→ &Partners recruited a $5.2 M-producing Ameriprise team managing $650M in client assets.
→ The Geller Private Wealth group includes veterans Todd J. Geller, Richard J. Rubin, and Gerald Kirschner.
→ &Partners has grown to 83 teams and $30B in assets, recruiting heavily from Wells Fargo and Merrill Lynch.
→ Recent hires include a $2B Wells Fargo team and a $686M Merrill Lynch team.
Rockefeller nabs $300m advisor from Morgan Stanley
Rockefeller Global Family Office has continued its aggressive recruitment strategy by hiring Rachel Zhang, a former Morgan Stanley advisor who managed approximately $300 million in client assets. Zhang joins Rockefeller as a managing director and private advisor and brings senior client associate Peggy Simmons with her. Together, they’ve launched Zhang Wealth Partners, a new team focused on serving high and ultra-high-net-worth clients from Rockefeller’s Newtown, Pennsylvania office. This move reflects Rockefeller’s ongoing push to attract top talent from major wirehouses and expand its national footprint.
→ Rachel Zhang joins Rockefeller from Morgan Stanley, bringing a $300M book of business.
→ Zhang is joined by senior client associate Peggy Simmons to form Zhang Wealth Partners.
→ Zhang’s client base includes high and ultra-high-net-worth individuals and families.
&Partners Brings on Another Ex-Wells Fargo Team
&Partners, the St. Louis-based hybrid broker-dealer founded by former Wells Fargo Advisors CEO David Kowach, has added another ex-Wells Fargo team to its growing platform. Advisors Doug Walters and Patrick Hoene have launched 26East Private Wealth in Jupiter, Florida, alongside senior relationship manager Julie Rapp. The team, which brings nearly two decades of combined Wells Fargo experience, will operate as an affiliate of &Partners and custodies with Fidelity. Since its 2023 launch, &Partners has grown to over $14.1 billion in client assets across 80+ firms, with the majority of its recruits coming from Wells Fargo and Edward Jones.
→ Doug Walters and Patrick Hoene launched 26East Private Wealth after leaving Wells Fargo with nearly 20 years of combined experience.
→ The new team includes senior relationship manager Julie Rapp and will affiliate with &Partners, using Fidelity as custodian.
→ &Partners now oversees $14.1B in assets across 80+ partnered firms since launching in August 2023.
Steward Partners adds $700m Georgia team
Steward Partners, a private equity-backed hybrid RIA, has announced the acquisition of Moore’s Wealth Management, a Georgia-based advisory team managing $700 million in client assets. This marks one of Steward's first deals of the year and expands the firm’s footprint into Gainesville, Georgia. The nine-person team is led by founder Scott Moore and his sons Chris and Brian Moore, along with partner Mark Peterson. Previously, Moore’s Wealth Management operated using Advisory Services Network’s back-office platform.
→ Steward Partners acquired Moore’s Wealth Management, a $700M Georgia-based RIA.
→ The nine-person team includes founder Scott Moore, his sons Chris and Brian, and partner Mark Peterson.
→ This marks Steward’s first location in Gainesville, GA.
→ Financial details of the deal were not disclosed.
LPL loses $2.7B institutional client to Raymond James
Raymond James has scored a major win by onboarding Trustmark National Bank’s $2.7 billion wealth management business, which is moving over from LPL Financial. The deal brings 33 financial professionals, including 18 advisors, under Raymond James’ institutional division. Trustmark, which operates across five southern states, selected Raymond James for its balance of boutique-level service and large-scale capabilities. While LPL lost this sizable account, it simultaneously made its recruiting gains by attracting teams from Ameriprise and Cetera, and Stifel also made moves by hiring from Merrill Lynch.
→ Trustmark National Bank moved its $2.7B AUM wealth business from LPL Financial to Raymond James.
→ The transition includes 33 financial professionals, with 18 financial advisors.
→ Trustmark operates in Alabama, Florida, Mississippi, Tennessee, and Texas.
→ Raymond James’ institutional division will now support Trustmark’s advisory services.
UBS Teams With $1.4 Billion Combined Move to Wells Fargo, Stifel, Morgan Stanley
UBS Wealth Management USA has suffered another wave of advisor departures, with three teams managing a combined $1.4 billion in assets leaving for Wells Fargo Advisors, Stifel Financial, and Morgan Stanley. In San Diego, the Excel Wealth Management group, led by Juleane Spittler and Christopher Jette, joined Wells Fargo with $533 million in assets. In Tyler, Texas, Michael and Zachary Sabota’s $530 million practice joined Stifel, opening a new office there. Meanwhile, in New Jersey, David Potischman moved his $385 million book to Morgan Stanley. These exits come as UBS faces rising attrition following internal cost-cutting, with many former advisors citing culture and operational structure as key reasons for switching firms.
→ Excel Wealth Management, managing $533M, left UBS for Wells Fargo in San Diego.
→ Michael and Zachary Sabota moved their $530M practice to Stifel, opening a new office in Tyler, Texas.
→ Stifel has aggressively expanded in Texas, adding at least four prominent teams since April.
Ashton Thomas recruits $900m advisor duo in Bay Area
Ashton Thomas Private Wealth has expanded its West Coast presence by adding advisors Lance Millar and Stewart Preziose to its San Francisco office. The duo, who previously managed a combined $900 million in assets at SVB Private (a division of First Citizens Bank), will operate under the newly formed Speritas Private Wealth Team. Millar steps into the role of partner and managing director, while Preziose joins as a wealth advisor.
→ Ashton Thomas adds Lance Millar and Stewart Preziose, who previously managed $900M at SVB Private.
→ The new team will operate as the Speritas Private Wealth Team in San Francisco.
→ Millar becomes a partner and managing director; Preziose joins as a wealth advisor.
→ Both advisors previously worked at SVB Private, now part of First Citizens Bank.
UBS Team Managing $1.6 Billion Skips to RBC in Idaho
RBC Wealth Management-U.S. has recruited a high-powered UBS team managing $1.6 billion in client assets, continuing a wave of advisor departures from UBS’s U.S. wealth division. The Boise-based team is led by industry veterans Sandra Dalton, William Bahney, and Michael Treinen, comprising a total of eight members. RBC cited its advisor-friendly culture and access to senior leadership as key draws for the group. This marks the latest in a series of competitive hires by RBC, which has also poached teams from UBS and Merrill Lynch, managing hundreds of millions of dollars in recent months.
→ RBC recruited a $1.6B UBS team in Boise led by 40- and 50-year industry veterans Sandra Dalton and William Bahney.
→ The team includes eight members, such as Sandra’s son Benjamin Dalton and longtime broker Michael Treinen.
→ RBC has recently added other major teams: a $500M UBS team in New York, a $500M Merrill team in Austin, and a $1.2B J.P. Morgan team in NYC.
→ UBS also lost teams managing $450M (to Raymond James) and $2B (to Sanctuary Wealth) in recent weeks.
Edelman acquires $426m RIA with life sciences niche
Edelman Financial Engines, the $293 billion RIA based in Santa Clara, California, has acquired Cahill Wealth Management, a $426 million firm headquartered in Kalamazoo, Michigan. The acquisition aligns with Edelman’s broader strategy to grow its presence in the Midwest. Cahill Wealth, led by founder Ryan Cahill, specializes in serving executives in the pharmaceutical and life sciences sectors. Cahill and his two staff members have joined Edelman as full-time employees, with Cahill now serving as the director of financial planning. The deal closed on May 1st.
→ Edelman Financial Engines acquired $426M Cahill Wealth Management to expand Midwest footprint.
→ Ryan Cahill joins Edelman as director of financial planning, along with two staff members.
→ Cahill Wealth focused on financial and tax planning for pharmaceutical and life sciences executives.
VisionPoint, Navitas merge to launch $3.7bn RIA Balefire
VisionPoint Advisory Group and Navitas Wealth Advisors have merged to form Balefire, a newly established SEC-registered RIA with $3.7 billion in AUM as of January 1, 2025. Structured as a "merger of equals," Balefire combines over 60 professionals to offer a full suite of services, including wealth management, tax planning, and corporate solutions for affluent clients. Led by co-managing partners Jason Hester and John Hoffman, the firm operates in 19 states and serves clients across 39. With ambitious goals, Balefire aims to grow its AUM to $42 billion, annual revenue to $215 million, and team size to 300 professionals over the next decade.
→ VisionPoint and Navitas merged to form Balefire, launching with $3.7B in AUM and 60+ professionals.
→ Jason Hester (Navitas) and John Hoffman (VisionPoint) will serve as co-managing partners.
→ Balefire plans to grow to $42B AUM, $215M revenue, and 300 team members within 10 years.
→ Advisor Growth Strategies (AGS) advised on the merger.
Cary Street Partners grows Florida presence with $360m buy
Cary Street Partners has completed its second acquisition of 2025 with the purchase of IFS Advisors Inc., a Sarasota, Florida-based firm managing $360 million in client assets. Led by longtime Sarasota resident Daniel Wolff, IFS expands Cary Street’s Florida footprint and marks its 20th national location. Wolff will join Cary Street as an advisor and managing director. The deal follows Cary Street’s recent sale of a controlling interest to private equity firm CIVC Partners, which is still under regulatory review. This acquisition reflects Cary Street’s strategy of methodical, brand- and culture-driven growth.
→ Cary Street acquired IFS Advisors, a $360M Sarasota-based firm led by Daniel Wolff.
→ This marks Cary Street’s 20th office and second deal of 2025.
→ Wolff joins as managing director; IFS was previously affiliated with Osaic and custodied with Schwab.
→ The deal follows Cary Street’s controlling stake sale to CIVC Partners, currently under review.
Mercer crosses 100 acquisitions with double deal
Mercer Advisors, a $71 billion mega-RIA, has surpassed the 100-acquisition milestone with the purchase of two firms: $810 million Tufton Capital Management in Maryland and $75 million Lewis Wealth Management in Colorado. Since initiating its M&A strategy in 2016, Mercer has completed 101 deals, rapidly expanding its national footprint. The acquisitions significantly strengthen Mercer’s regional presence in both the Washington, D.C., metro area and Colorado, where it now manages $5.5 billion across eight offices. CEO Dave Welling emphasized the firm’s integrated platform approach and credited Mercer’s broad ownership structure and strategic investors, including private equity firms and Singapore’s sovereign wealth fund GIC, for enabling sustained growth.
→ Mercer Advisors crossed 100 acquisitions with the purchase of Tufton Capital ($810M) and Lewis Wealth Management ($75M).
→ Tufton, based near Baltimore, adds nearly $3B in assets to Mercer’s D.C. area presence.
→ Lewis Wealth enhances Mercer’s Colorado footprint, now totaling $5.5B AUM across eight offices.
→ Over 620 Mercer employees hold ownership stakes; major backers include Altas, Genstar, Oak Hill, and GIC.Recent → M&A activity includes deals totaling over $1.5B across KY, TN, GA, and OR in 2025 alone.
Hightower Acquires $2B Airline-Focused RIA
Hightower, a $168 billion RIA, has acquired Smith Anglin, a Dallas-based wealth management firm specializing in aviation industry clients. Founded in 1967 and currently managing $2 billion in assets, Smith Anglin will retain its name while joining Hightower’s ADV and broader network of 140 advisory firms. The 34-person team, led by partner Steve Anglin, brings deep expertise in serving pilots from major airlines like Southwest, Delta, and United. This acquisition continues Hightower’s aggressive M&A streak under outgoing CEO Bob Oros, who will soon be succeeded by former Goldman Sachs AYCO CEO Larry Restieri.
→ Hightower acquired $2B Dallas-based RIA Smith Anglin, known for serving airline industry clients.
→ The 34-person team, led by Steve Anglin, will retain its brand under Hightower’s ADV.
→ The deal follows Hightower’s earlier 2025 investment in $3.8B Lindbrook Capital.
→ CEO Bob Oros is stepping down this spring, to be succeeded by Larry Restieri (ex-Goldman Sachs AYCO CEO).
The Mather Group Lands Fourth Bay Area-Based RIA
The Mather Group, a Chicago-based RIA managing $14 billion in assets, has acquired Pillar Wealth Management Inc., a $200 million AUM firm located in Walnut Creek, California. This marks Mather’s fourth acquisition in the San Francisco Bay Area and its 21st overall since 2018, though it’s the first deal since May 2023. Pillar, led by Hutch Ashoo and Chris Synder, specializes in serving high- and ultra-high-net-worth clients with services ranging from investment management to estate planning.
→ Mather Group acquired $200M Pillar Wealth Management in Walnut Creek, CA.
→ The deal, marks Mather’s fourth Bay Area acquisition and 21st overall since 2018.
→ Pillar will adopt the Mather brand post-acquisition.
→ Mather is backed by private equity firm The Vistria Group.
$400m team exits Ameriprise to form Illinois RIA
Advisors Matthew McWherter and Tom Parker have departed Ameriprise Financial to launch Pendulum Wealth Partners, a new independent RIA based in Itasca, Illinois. Their nine-person team, including eight advisory professionals, reportedly managed around $400 million in assets at Ameriprise. Pendulum, which is currently in its SEC registration approval period, will operate under parent company Mosaic Holdings and focus on integrated financial services for entrepreneurs and high-net-worth clients.
→ Matthew McWherter and Tom Parker launched Pendulum Wealth Partners after leaving Ameriprise.
→ The team managed approximately $400M in assets and includes nine employees.
→ The firm is affiliated with CPA firm Fates, Bodily and Parker PLLC and will be custodied with Charles Schwab.
→ Ameriprise has faced multiple advisor departures recently, including Sandy Bolton’s launch of SanWealth Partners.
Entire team exits JP Morgan to launch independent RIA
Jesus Fomperosa, a longtime JP Morgan Managing Director and leader of one of the firm's largest international teams in Miami, has left the firm along with his entire team to launch an independent RIA. Fomperosa, who has nearly 30 years of experience serving ultra-high-net-worth clients, particularly in Mexico, has worked in major financial centers including Geneva, New York, and Miami. His breakaway reflects a growing industry trend of senior advisors leaving wirehouses to gain autonomy and offer more customized wealth management services.
→ Jesus Fomperosa and his entire JP Morgan team exited to start an independent RIA.
→ Fomperosa led a major UHNW team in Miami focused on Mexican clients.
→ He has held senior roles at Banesto and Banco Bilbao Vizcaya before joining JP Morgan in 2002.
$1.8bn team exits Bison Wealth to launch Florida RIA
Wes and Chad Hunter, formerly of Bison Wealth and long-time Merrill Lynch advisors, have launched their own independent RIA, QTR Family Wealth, based in the Orlando area. The seven-person team oversees $1.8 billion in total assets under advisement, with $583 million in discretionary AUM. Their decision to break away was driven by a desire for full control over operational decisions and client service. QTR functions like a multi-family office, focusing on organic growth rather than acquisitions, and serves approximately 190 clients, 75% of which come from just 20 core families. The firm is multi-custodial (Schwab and Fidelity) and partners with vendors like Orion, Jump, and WealthBox.
→ Wes and Chad Hunter launched QTR Family Wealth after leaving Bison Wealth, managing $1.8B in assets.
→ The team previously operated as The Hunter Group at Merrill Lynch and joined Bison in 2022.
→ The firm aims for organic growth and has no plans for acquisitions or outside capital.
Third View Private Wealth Officially Launches with Advisors Previously Managing
Third View Private Wealth, an independent SEC-registered RIA, has officially launched in Westport, Connecticut. Founded by advisors Frank McKiernan, Jerry Sneed, and Zoltan Pongracz, who previously managed approximately $1 billion in client assets, the firm offers a multi-family office experience tailored to high-net-worth and ultra-high-net-worth clients nationwide. The firm delivers services including private wealth management, tax strategy, estate planning, and philanthropic advisory services.
→ Third View Private Wealth launched with a founding team that previously oversaw ~$1B in assets.
→ Founders Frank McKiernan, Jerry Sneed, and Zoltan Pongracz bring deep multi-family office expertise.