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

Rep Movements

- Wells Fargo FiNet recruits Clearwater Private Wealth Advisors from Ameriprise 
- &Partners adds Forge Point Advisors 
- Osaic lands Virtus Wealth Solutions, recruits all-female team from Commonwealth
- LPL brings in Worley Monroe Advisors from Edward Jones 
- Elevation Point backs launch of Loxahatchee Capital 
- RBC Wealth adds BLS Financial Group from UBS 

M&A Activity

- Mercer Advisors buys Eagle Wealth and West Oak Capital 
- Corient to acquire Breed’s Hill Capital in Boston
- Modern Wealth buys Public Safety Financial/Galloway to build Phoenix hub
- MAI Capital acquires Summit Financial Advisors 
- Carson Group buys Wells Trecaso Financial Group 
- Concurrent purchases Next Retirement Solutions 

New Firm Launches

- Granite Islands Private Wealth debuts in CT
- TRG Wealth Management launches in Atlanta
- Promontory Wealth launches on Mariner’s Independent platform 
- EmVision Capital Advisors files/launches in Ohio 
- OpenArc Corporate Advisory forms from Merrill lift-out 
- Rightside Financial launches with Osaic’s Signature Equity Partners 

Read on for more info...

Rep Movements

Indie Wars: Wells Fargo FiNet Scoops Up Billion-Dollar Ameriprise Team in Indiana 

An 11-advisor team managing $1 billion at Ameriprise Financial’s independent channel has joined Wells Fargo’s Financial Network (FiNet), marking one of the largest advisor moves of September. The Clearwater Private Wealth Advisors team, led by Greggory J. Keele and Ryan N. Perkins, officially joined FiNet on September 4, 2025, bringing along 12 support staff. Based in Indianapolis with additional offices in Fort Wayne, the team cited FiNet’s global resources and the ability to maintain business ownership as key motivations for the switch. The move highlights Wells Fargo’s accelerating momentum in attracting large independent practices to its FiNet platform amid heightened competition for top-producing teams.

→ The 11-advisor Clearwater Private Wealth Advisors team manages $1B in assets and joined FiNet in early September.
→ The team operates from offices in Indianapolis and Fort Wayne, Indiana, with 12 support staff.
→ Wells Fargo FiNet continues expanding by recruiting external advisors from major firms like UBS, Merrill Lynch, and Osaic.
→ The move comes as Ameriprise faces increasing advisor attrition, with CEO James Cracchiolo acknowledging the loss of multiple billion-dollar teams in recent quarters.

View Wells Fargo FiNet Profile in FINTRX

Raymond James Team Managing $600 Million Jumps to &Partners 

A $600 million Raymond James team based in Oil City, Pennsylvania, has joined &Partners, a fast-growing firm founded by former Wells Fargo executives. The five-person team, now operating as Forge Point Advisors, is led by David J. Gunter and Stephen P. Uzonyi, along with advisor David Alexander Gunter and two support staff. Their move marks another significant win for &Partners, which has been aggressively recruiting from major brokerages to fuel its expansion. The firm, which now manages $38 billion in assets across more than 90 advisory teams, aims to reach $120 billion by 2028 through its hybrid broker-dealer and RIA model that gives advisors greater autonomy and higher revenue participation.

→ The Forge Point Advisors team joined &Partners from Raymond James & Associates on 9/05/2025
→ Team leaders David J. Gunter and Stephen P. Uzonyi bring decades of wirehouse and asset management experience.
→ The move involved a full rebrand from Gunter Financial Group to Forge Point Advisors.

View &Partners Profile in FINTRX

Osaic recruits $460m team from rival Commonwealth 

Independent broker-dealer Osaic has recruited Virtus Wealth Solutions, a $460 million all-female advisor team that departed from Commonwealth Financial Network (CFN). Based in Morgantown, West Virginia, Virtus is led by Rachel Wood, alongside financial planner Tressa Wood and five support staff. The firm joined Osaic’s ‘supported independence’ channel, which provides W-2 advisors with full access to the company’s infrastructure, technology, and business consulting services. The move comes amid heightened recruiting competition following CFN’s $2.7 billion sale to LPL Financial, as many advisors weigh new affiliations.

→ Virtus Wealth Solutions manages $460M in client assets and is led by Rachel and Tressa Wood.
→ Rachel Wood brings 18 years of experience from MSI Financial Services and MassMutual’s MML Investors Services before joining CFN in 2020.
→ Osaic CEO Jamie Price praised the firm’s all-women team for its mentorship-driven culture and entrepreneurial mindset.
→ The move adds to a wave of advisor departures from Commonwealth following its $2.7B sale to LPL, which has already seen more than 230 advisors exit since March.

View Osaic Profile in FINTRX

LPL Financial recruits $400m Edward Jones advisors in Missouri 

LPL Financial has recruited Benjamin Worley and Robert Monroe, two veteran Edward Jones advisors from Dexter, Missouri, who oversee a combined $400 million in advisory, brokerage, and retirement plan assets. The duo has formed Worley Monroe Advisors under LPL’s broker-dealer and RIA platforms after an extensive search for a firm that better aligned with their client service philosophy and professional growth goals. Their transition underscores the growing wave of advisors leaving traditional firms like Edward Jones for more flexible, advisor-centric models offered by LPL.

→ Worley Monroe Advisors manages approximately $400M and is based in Dexter, Missouri.
→ Benjamin Worley and Robert Monroe bring a combined 36 years of experience from Edward Jones.
→ Their new firm, Worley Monroe Advisors, will operate out of Dexter, Missouri, under LPL’s broker-dealer and RIA platforms.
→ The advisors cited LPL’s infrastructure and support as key factors in their move toward greater independence. 

View LPL Profile in FINTRX

UBS Private Wealth Team Managing $1.4-Bln Jumps to Elevation Point 

Andrew Plum and Thomas Cullen, formerly of UBS Financial Services, have broken away to launch Loxahatchee Capital in partnership with Elevation Point, the fast-growing independent wealth platform founded by the former CEO of Sanctuary Wealth. The Florida-based team, which managed $1.4 billion in assets for ultra-high-net-worth clients, left UBS’s Private Wealth division to pursue greater flexibility and open-architecture access to financial solutions. Their move adds to Elevation Point’s accelerating momentum as it continues to attract top-producing UBS advisors nationwide.

→ Loxahatchee Capital, based in Tequesta, Florida, was launched by Andrew J. Plum and Thomas J. Cullen along with a seven-person team.
→ The advisors previously operated as The 440 Group at UBS, serving clients with $10M+ in assets.
→ Their new firm will be custodied with BNY Pershing and affiliated with Purshe Kaplan Sterling.
→ Elevation Point, founded in 2024, now oversees nearly $4.4B in advisory assets and takes minority stakes in its recruited practices.
→ The firm’s leadership includes ex-UBS executives Brad Smithy and Robert B. Tamarkin, underscoring its focus on attracting top wirehouse talent.

View Elevation Point Profile in FINTRX

RBC recruits former UBS advisors in Detroit area managing $1.1bn 

RBC Wealth Management has strengthened its Midwest presence with the addition of BLS Financial Group, a six-person team from UBS managing more than $1.1 billion in client assets. Based in Bloomfield Hills, Michigan, the group includes advisors Jonathan Modiano, Adam Jones, and Mark Steinberg, supported by Tricia Fitzsimons, Kristen Charlton, and Daniel Welsh. Formerly part of UBS’s Succession Wealth Partners, the team brings a multi-generational client base of high- and ultra-high-net-worth individuals. The move underscores RBC’s continued growth push in the Detroit area as it competes aggressively for top talent from major wirehouses.

→ BLS Financial Group manages $1.1B and operates out of Bloomfield Hills, MI, under RBC Wealth Management.
→ All three lead advisors (Modiano, Jones, and Steinberg)  were long-tenured UBS veterans, with Modiano and Steinberg serving nearly 20 years at the firm.
→ RBC Wealth, a division of RBC Capital Markets, oversees roughly $640B in U.S. client assets.
→ The recruitment follows RBC’s recent addition of Kevin Carey, a $1B advisor from J.P. Morgan, highlighting its aggressive expansion strategy in 2025.

View RBC Capital Markets Profile in FINTRX

M&A Activity

Mercer nets $850m in double deal across Idaho and Oregon 

Mercer Advisors has extended its aggressive 2025 M&A streak with a double acquisition, adding Eagle Wealth Management of Oregon and West Oak Capital of Idaho. The deals, totaling $850 million in combined client assets, reinforce Mercer’s dominance as one of the most active consolidators in the RIA space. The additions bring Mercer’s total acquisitions this year to 11, matching its 2024 total and positioning it to hit up to 20 by year-end. Both firms bolster Mercer’s footprint in high-growth Western markets and align with its strategy of acquiring RIAs with in-house tax capabilities and multigenerational client focuses.

→ Eagle Wealth Management manages $350M in assets and is led by Chad and Cami Staskal in Bend, Oregon, where Mercer is expanding its Pacific Northwest presence.
→ West Oak Capital, managing $500M, is based in Eagle, Idaho, with an additional office in Westlake Village, California, led by Byron Snider.
→ Mercer has completed 11 deals so far in 2025, including Family Wealth Planning Group ($1.2B), O’Brien Wealth Partners ($1.1B), and Full Sail Capital ($2B).
→ Backed by Altas Partners, Genstar Capital, Oak Hill Capital, and GIC, Mercer now manages $81B and employs 1,320 people, with more than 670 holding equity in the firm.

View Mercer Profile in FINTRX

Corient buys $3.5bn Boston RIA 

Corient, the RIA arm of CI Financial, has announced its third multi-billion-dollar acquisition in just one week, agreeing to purchase Breed’s Hill Capital, a Boston-based multi-family office managing $3.5 billion in client assets. The deal, which follows Corient’s acquisitions of Stonehage Fleming ($175B AUM) and Stanhope Capital Group ($40B AUM) earlier in the week, marks another major step in Corient’s rapid expansion into the ultra-high-net-worth and family office space. The transaction strengthens Corient’s foothold in the New England market while expanding its service capabilities for multi-generational clients.

→ Breed’s Hill Capital, founded by John J. Edwards in 2013 after his departure from Lake Street Advisors, manages $3.5B in AUM.
→ Corient’s parent company, CI Financial, was acquired in August 2025 by Mubadala Capital, a subsidiary of Abu Dhabi’s sovereign wealth fund, for $8.8B.
→ Corient is minority-backed by Bain Capital and other private equity investors.
→ With the addition of Breed’s Hill Capital, Stonehage Fleming, and Stanhope Capital, Corient’s assets are projected to reach approximately $430B in early 2026.

View Corient Profile in FINTRX

Modern Wealth acquires $1.1bn first responder-focused Phoenix RIA 

Modern Wealth has expanded its national footprint and entered the Phoenix market through the acquisition of Public Safety Financial/Galloway (PSF), a Mesa, Arizona-based RIA managing $1.1 billion in client assets. Founded by Mike Galloway, a former police lieutenant and Marine Corps veteran, PSF specializes in serving first responders, military veterans, and government employees, providing retirement planning, survivor assistance, and financial wellness education. The deal marks Modern Wealth’s 18th acquisition since its 2023 founding, pushing its total assets past $10 billion and establishing Phoenix as its largest corporate hub. Modern plans to leverage the acquisition to launch a new organic growth center in the region and continue its rapid national expansion.

→ Public Safety Financial/Galloway serves 3,000+ public safety households across roughly 100 police and fire departments nationwide.
→ The firm employs 42 professionals, many of whom have first responder backgrounds, and was founded in 2006 by Mike Galloway.
→ The RIA plans to open a large Phoenix office to serve as an advisor development hub, partnering with Arizona State University to attract early-career talent.
→ Backed by Crestview Partners, Modern Wealth was founded by former United Capital executives and now oversees $10B+ AUM, targeting $28B by 2028.

View Modern Wealth Profile in FINTRX

Summit Financial Advisors Joins MAI Capital Management 

MAI Capital Management, a Cleveland-based RIA with more than $35 billion in total assets, has expanded its West Coast presence with the acquisition of Summit Financial Advisors, a San Mateo, California-based firm managing $570 million in client assets. The deal marks MAI’s continued national growth and reinforces its focus on high-net-worth and emerging affluent clients. Founded in 1998 by Rafael Velez, Summit built its reputation advising Silicon Valley executives and entrepreneurs on equity-based compensation, concentrated stock holdings, and tax-efficient wealth strategies. Velez and his team will remain in place, with Velez taking on the role of Regional President and Senior Managing Director at MAI.

→ Summit Financial Advisors, founded by Rafael Velez, manages $570M and specializes in equity compensation and complex tax strategies for tech executives.
→ Summit’s entire team will join MAI, ensuring continuity of client service while integrating into MAI’s national wealth management platform.
→ Rafael Velez will serve as Regional President, Senior Managing Director, expanding MAI’s leadership in California.
→ MAI Capital Management, led by CEO Rick Buoncore, now operates 33 offices nationwide with over 500 employees and $31B+ in AUM.

View MAI Capital Management Profile in FINTRX

Carson Group Buys Ohio RIA Managing $570 Million 

Carson Group has acquired Wells Trecaso Financial Group, a $570 million RIA based in Akron, Ohio, marking its 31st fully owned location and continuing its nationwide expansion strategy. Founded in 2019 by Morgan Stanley breakaways Douglas E. Wells and Ralph E. Trecaso, the six-person firm includes advisors Christopher Walters and Samuel Trecaso (Ralph’s son). Under the deal, which closed on September 8, 2025, Wells and Trecaso sold 100% of their ownership to Carson and received equity stakes in return. The firm will rebrand as Carson Wealth in early 2026, joining Carson’s employee-based RIA model, which focuses on advisor development and client experience.

→ Wells Trecaso Financial Group manages $570M in client assets and will transition to Carson Wealth in early 2026.
→ Founders Doug Wells and Ralph Trecaso became managing partners under the new structure and received equity in Carson Group.
→ The deal expands Carson’s Midwest presence, reflecting CEO Burt White’s focus on succession planning and next-gen advisor development.
→ Carson Group, headquartered in Omaha, Nebraska, oversees $48B in assets and has completed 17 acquisitions in 2025.

View Carson Group Profile in FINTRX

Concurrent buys out $10bn retirement-focused affiliate 

Concurrent Investment Advisors has completed its first full acquisition, purchasing long-time affiliate Next Retirement Solutions, a San Diego-based firm that manages $10 billion in retirement plan assets. The deal, announced on September 8, 2025, was financed with a mix of equity and cash and marks a milestone in Concurrent’s evolution from an OSJ network to a fully independent hybrid RIA platform. Led by Managing Director Paul Neuner, Next oversees more than 300 retirement plans serving 150,000 participants. The firm will rebrand as Concurrent Retirement, further solidifying Concurrent’s national retirement and institutional advisory presence.

→ Next Retirement Solutions manages $10B in retirement assets, primarily 401(k), defined benefit, and non-qualified plans.
→ The deal was financed with a cash-and-equity mix, according to Concurrent CEO Nate Lenz.
→ Paul Neuner and his seven-person team joined Concurrent, deepening its expertise in institutional retirement plan consulting.
→ David Montgomery, formerly of OneDigital ($142B), now leads Concurrent’s retirement services division, which was expanded in preparation for the acquisition.
→ Backed by Merchant Investment Management since 2021, Concurrent now oversees roughly $14B in AUM and $16B in retirement assets.

View Concurrent Investment Advisors Profile in FINTRX

New Firm Launches

Former Merrill and Hightower Advisors Create New Independent Advisory Firm in Connecticut  

Granite Islands Private Wealth, LLC, a new independent RIA headquartered in Guilford, Connecticut, officially launched on September 2nd, marking a major move by seasoned advisors Charles Andriole and Robert DeLucca to take their independence to the next level. The firm, formed by the long-time Merrill Lynch and Hightower team known as The Andriole Group, collectively oversees over $1 billion in client assets and provides personalized wealth management and retirement plan advisory services to individuals, families, and businesses nationwide. Backed by tru Independence for infrastructure and operational support, Granite Islands aims to deliver a highly customized, fiduciary-focused client experience anchored in long-term planning and multi-generational relationship building.

→ The newly launched Granite Islands Private Wealth is led by Founders and Managing Directors Charles Andriole and Robert DeLucca.
→ The firm’s team includes Michele Arsenault (Operations Manager) and Lorenzo P. Gaudioso, CFP®, C(k)P®, CRPS® (Wealth & Retirement Plan Advisor).
→ tru Independence provides Granite Islands with compliance, technology, and operational support to power its boutique RIA model.

View Granite Islands Private Wealth Profile in FINTRX

Advisors from failed Mercer deal launch Atlanta RIA 

Atlanta-based advisors Jeffrey Shaver and Jody Young, formerly of ACG Wealth and previously entangled in a failed acquisition dispute with Mercer Advisors, have reemerged with the launch of TRG Wealth Management (short for The Reserve Group). The new independent RIA, headquartered in Atlanta, is a partnership between Shaver, Young, and two former HB Wealth professionals, Thomas Houle and Cody Collins. Targeting ultra-high-net-worth clients, TRG aims to deliver a boutique, family office-style experience with an emphasis on direct advisor accessibility and high-touch service. The firm currently manages just under $100 million in client assets and plans to double that by year’s end through organic growth initiatives, while remaining intentionally independent and private equity-free.

→ TRG Wealth Management launched in Atlanta, Georgia, led by CEO Jeffrey Shaver and President Jody Young.
→ The firm’s partners include Thomas Houle (formerly Director of Business Development at HB Wealth) and Cody Collins (former Family Office Associate at HB Wealth).
→ TRG has already signed on nearly $100M in client assets and is targeting $200M by year-end 2025.
→ TRG is fully independent, maintains custody with Charles Schwab, and has no plans to seek private equity investment.
→ Shaver and Young previously ran ACG Wealth ($1.3B AUM), which they sold to Mercer Advisors in 2021, a deal that later collapsed and led to ongoing litigation between both parties.

Mariner recruits 2 JPM reps to $40bn indy platform 

Two former J.P. Morgan advisors, Kyle Briggs and Joseph Thomason, have broken away from the wirehouse to launch their own firm, Promontory Wealth, with the backing of Mariner Wealth Advisors’ Independent platform. Both previously served as vice presidents and investment associates with The McNamee White Group, a Los Angeles-area J.P. Morgan practice managing over $1 billion. Their new firm, based on the West Coast, will cater to high-net-worth families and young entrepreneurs seeking comprehensive wealth management. The move reflects a growing trend of experienced wirehouse advisors opting for independence while leveraging the infrastructure of major RIAs like Mariner.

→ Briggs and Thomason launched Promontory Wealth under Mariner’s Independent platform, which manages roughly $40B.
→ Both advisors previously worked with The McNamee White Group, led by Daniel White and John McNamee, who remain at J.P. Morgan.
→ Mariner Wealth Advisors oversees $577B in assets and is majority-owned by CEO Marty Bicknell, with backing from Neuberger Berman, Leonard Green & Partners, and Penfund.

10-advisor Commonwealth team files to set up Ohio RIA 

Three former Commonwealth Financial Network (CFN) advisors, Michael Embrescia, James Artale, and Johnathon Opet, have launched EmVision Capital Advisors, an independent RIA based in Aurora, Ohio, as CFN transitions to LPL Financial following its $2.7 billion sale. The firm, registered with the SEC and awaiting full approval under the 120-day rule, manages and advises on roughly $850 million in assets. EmVision will operate as a multi-custodial firm, working with LPL, Fidelity’s National Financial Services, and Charles Schwab, and plans to continue expanding through M&A, having already invested in seven advisory practices since 2017. The launch reflects a broader wave of advisor independence amid the Commonwealth-LPL consolidation.

→ EmVision Capital Advisors was founded by Michael Embrescia, James Artale, and Johnathon Opet in Aurora, Ohio.
→ The firm manages and advises on ~$850M in assets with a team of 10 advisors and five support staff across four offices statewide.
→ The launch coincides with LPL’s acquisition of CFN, which manages $285B and is in the process of onboarding 3,000+ advisors, with retention offers totaling $485M.

View EmVision Capital Advisors Profile in FINTRX

$129bn team ditches Merrill to form Dynasty-backed RIA; wirehouse sues for raiding 

In one of the largest breakaway moves the industry has ever seen, a 50-advisor team from Merrill Lynch has departed to form OpenArc Corporate Advisory, an independent Atlanta-based RIA with minority backing from Dynasty Financial Partners. The new firm, led by Erik Bjerke, Jeff Crowell, and Jim Kaufman, oversees approximately $125 billion in assets, including $100 billion in retirement plan assets under administration and $25 billion in private client AUM. OpenArc serves Fortune 1000 companies and ultra-high-net-worth clients, focusing on retirement and stock compensation plans. The historic move has sparked a federal lawsuit from Merrill, accusing OpenArc, Dynasty, and Charles Schwab (its chosen custodian) of orchestrating a “corporate raid.” Despite the legal battle, Dynasty CEO Shirl Penney framed the breakaway as a major win for advisor independence and client choice.

→ OpenArc Corporate Advisory launched in September 2025 with 50 advisors and roughly $125B in client assets.
→ The firm’s leadership team, Bjerke, Crowell, and Kaufman, previously ran Merrill’s Global Corporate and Institutional Advisory Services (GCIAS) group.
→ Merrill Lynch filed a federal lawsuit accusing OpenArc, Dynasty, and Charles Schwab of a “premeditated corporate raid.”
→ Dynasty Financial Partners made a minority, non-controlling investment in OpenArc and will provide technology, investment platform access, and M&A support.
→ The partnership with Charles Schwab gives OpenArc multi-channel reach, leveraging Schwab’s administrative platform to serve corporate clients and executives directly.

View OpenArc Corporate Advisory Profile in FINTRX

$400m Ohio advisor exits Valic for Osaic affiliate 

Bart Butler, a veteran financial advisor with more than 25 years of experience, has launched Rightside Financial in Columbus, Ohio, in partnership with Osaic’s Signature Equity Partners, an advisor-owned OSJ. Butler, who previously managed $400 million in client assets at Valic Financial Advisors, made the move to gain greater independence and access to Osaic’s technology, resources, and support infrastructure. His new firm will focus on helping clients navigate major life transitions while maintaining a deeply personalized approach to wealth management. The launch comes amid Osaic’s ongoing recruitment surge and broader restructuring efforts as it continues to grow its national advisor network.

→ Rightside Financial joins Osaic’s Signature Equity Partners, led by Scott Ward Armstrong, as part of the firm’s expanding OSJ network.
→ Bart Butler spent 23 years at Valic Financial Advisors before establishing his independent firm.
→ Osaic has been highly active in 2025, recruiting advisors from Commonwealth, acquiring Innovative Wealth Team in July, and purchasing $13.5B RIA CW Advisors earlier this year.
→ Backed by Reverence Capital Partners, Osaic now oversees roughly $700B in client assets and supports about 11,000 financial professionals.

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