MAI Acquires Summit, Former Commonwealth Team Goes Independent, and President Trump Pushes to Cut Shareholder Power in the latest edition...
Take a Lap Around the Industry 🏃
Merrill Wealth Management Introduces New Unit For High And Ultra-High Net Worth Clients (The Wealth Advisor)
Family Offices Managing $727 Billion Embrace Private Equity (Bloomberg)
Upstart Aggregator Uniting Wealth Partners Adds NY Advisor Duo (Citywire)
Moneta Merges in New Jersey RIA, Expanding National Footprint (BusinessWire)
Family Office Deal Tracker
AI-powered automation platform, WorkFusion, has raised $45M in a Venture round with support from David Rubenstein's family office, Declaration Partners
Alpha Square Group has participated in a $50M Series A round for the AI-powered camera control system, Higgsfield
In a Series B funding round, Silent Push, the cybersecurity firm focused on identifying future attacks, has received $10M from Knollwood Investment to expand globally
Druid AI, the conversational AI platform, has obtained $31M in a Series C round with backing from Smedvig Capital Family Office
Adding $570M in client assets, Cleveland-based MAI Capital Management has acquired the San Mateo RIA, Summit Financial Advisors (Family Wealth Report)
Marking its fourth deal in two weeks, Corient has acquired the $4.6B multi-family office Northeast Financial Consultants, based in Connecticut (Citywire)
Formerly known as Gunter Financial Group, the Pennsylvania team associated with Raymond James has jumped to &Partners and now goes by the name Forge Point Advisors(AdvisorHub)
Managing $687M and producing roughly $4.9M in annual revenue, the Frost Saler Coles Wealth Management Group has decided to transition from UBS to Wells Fargo (AdvisorHub)
RIA Breakaway Highlight
Cleveland-area advisor team led by Michael Embrescia, James Artale, and Johnathon Opet has left Commonwealth Financial Network to launch their own RIA, EmVision Capital Advisors, which reported $340M in client assets as of April 2023.
Originally formed in 2014 as Embrescia Wealth Management under LPL’s Stratos Wealth Partners, the group rebranded under Commonwealth in 2022 and now lists 14 employees, including nine advisors, with satellite offices throughout Ohio
EmVision focuses on high-net-worth individuals, family offices, trusts, estates, and corporations, offering family office-style services including bill payment, tax planning, payroll, and insurance analysis
The breakaway comes amid advisor attrition at Commonwealth following LPL’s $2.7B acquisition, with LPL losing over 230 advisors since March—despite offering forgivable loans and retention bonuses—while rivals like Cetera, Raymond James, and Kestra attempt to recruit advisors
President Trump & SEC Push to Cut Shareholder Power
The Trump administration is pursuing regulatory changes that shift power away from shareholders and toward corporate management, raising concerns over market transparency. The SEC is exploring allowing companies to push shareholder disputes into private arbitration and considering reforms that would reduce disclosure requirements, including the president’s call to replace quarterly earnings reports with semi-annual filings. Recent actions, such as granting ExxonMobil new tools to consolidate shareholder votes, underscore this trend. SEC chair Paul Atkins has already scrapped climate disclosure proposals and signaled a rollback of executive compensation reporting rules. Supporters argue these moves reduce compliance burdens and encourage longer-term corporate thinking, particularly for smaller companies. However, critics warn they undermine decades of shareholder protections, disadvantage retail investors relative to large institutions with alternative data, and weaken the transparency that underpins the efficiency of U.S. capital markets. The changes highlight an ongoing debate over regulation, corporate governance, and investor rights.
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