This edition of the Deals & Recruiting Roundup features our newest Recruiter of the Month, Eddie Rollins, Managing Director at BridgePort Financial Solutions.
We also cover Bogart Wealth’s deal with Constellation Wealth, Wealth Enhancement’s acquisition of VanceGray, Focus Financial Partners’ network deal, Carson Group’s new advisors, Compound Planning’s recruits and hires, Envestnet’s new CEO, Berkshire and ECHELON release M&A reports, Ashton Thomas’ new Partners, Rockefeller’s private advisor recruits, Coldstream’s new CIO, Merit’s new partnership exec and Kingswood’s CIO appointment.
Larry’s Take
This week’s Deals & Recruiting Roundup covers many new executive hires, foremost of which is Envestnet’s hire of Chris Todd as CEO. Though some of this can be chalked up to top-of-the-year movement of professionals to new firms, there is a deeper trend we’re witnessing. A year ago, Mark Hurley, CEO of Digital Privacy and Protection, made waves at the MarketCounsel Summit by predicting that the genteel phase of our industry would give way to a “jungle” of competition.
The scramble for executive talent that we’re seeing as of late is an early stage of his prediction, in which firms need industry-experienced and creative leadership to establish growth, both organic and inorganic, which relies on multiple initiatives across organizations and their service providers. Finding there is not enough to go around, competition for talent increases.
In addition, the banner year for M&A that both Berkshire and ECHELON reported for 2024, coupled with the trillions in capital sitting on the sidelines that private equity and capital providers want to put to use, will drive competition higher for executive and professional talent in our industry. As Hurley said, firms must lock down their talent. It may become that the best way to compete with capital-backed firms for executive hires is to become capital-backed yourself.
If you would like to discuss Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.
Mergers & Acquisitions
Bogart Wealth Inks Investment Deal With Constellation Wealth
Bogart Wealth, an independent wealth management firm and RIA in McLean, Virginia, announced it closed on a new investment deal with Constellation Wealth Capital, a strategic investor that provides capital to wealth management firms and multi-family offices.
Bogart expects to use the funds to boost its client services, technology solutions, recruitment initiatives and marketing activities. Bogart Wealth will remain an independent RIA with employees being the majority of its owners. The firm holds approximately $3 billion in assets under advisement, including $2.7 billion in assets under management (AUM).
“We’re very excited to welcome Constellation Wealth Capital as partners in our mission to help clients achieve financial peace of mind by preserving and maximizing intergenerational wealth,” said James Bogart, Founder and CEO of Bogart Wealth. “The CWC team brings significant experience to our organization that will serve our team well and demonstrate our deep commitment to our clients and their families. This investment serves as a strong validator of our firm’s mission, vision, marketplace position, and growth trajectory.”
Wealth Enhancement Acquires VanceGray
Minneapolis-based Wealth Enhancement has acquired RIA VanceGray Wealth Management, located in Bangor and Ellsworth, Maine. The acquisition of VanceGray Wealth Management closed on Dec. 31, and was Wealth Enhancement’s 22nd closed transaction of 2024.
Under the deal terms, Wealth Enhancement will add VanceGray’s team of four advisors and six support staff, which oversees more than $409 million in client assets. Founded in 2006, VanceGray provides investment and asset management, retirement planning, customized tax strategies and comprehensive estate planning. The firm specializes in working with retirees, seniors, small business owners and individuals.
“We are delighted to welcome Vance Gray and his exceptional team of financial professionals to Wealth Enhancement,” said Jeff Dekko, CEO of Wealth Enhancement “Working together, we will leverage our shared passion for comprehensive wealth planning while keeping our clients at the center of everything we do. It is the key to our mutual growth and continued success.”
Two Focus Financial Firms Link Up With SCS
New York City-based Focus Financial Partners announced two of its network firms, Lake Street Advisors Group and Edge Capital Group, will join SCS Financial, Focus Partners Family Office and OCIO, located in Boston. The deal is expected to close in the first quarter of 2025.
Once the deal is complete, Lake Street and Edge will add about $3.49 billion and $6.98 billion in regulatory AUM to SCS, which holds $32 billion in regulatory AUM. With the transaction, Lake Street furthers SCS’ presence in the Northeast, while Edge expands the SCS presence in the Southeast and Southwest.
“At Lake Street, we are highly attuned to the challenges and opportunities facing today’s ultra-high-net-worth families and are dedicated to helping our clients address those challenges. We seize every opportunity to further their success,” said Buddy Webb, CIO of Lake Street. “Joining SCS will allow us to tap into a broader array of industry-leading investment solutions and capabilities and, in turn, provide even more rewarding client experiences.”
Berkshire: M&A Last Year Hit A Record, Another Strong Year In Store For 2025
According to Berkshire Global Advisors’ “2024 Wealth Management M&A Report,” last year was a record year for dealmaking, with 269 transactions completed involving RIAs with more than $100 million in AUM. That barely eclipsed the previous high of 268 in 2023. The report said the fourth quarter of 2024 was particularly active. The report was authored by the firm’s wealth management team, which is led by Partner Bomy Hagopian.
Advisor demographics and the demands of high and ultra-high net worth clients were key factors behind the uptick in activity. Equally important was private equity’s continued attraction to the space, which the report says stems from the industry’s “recurring and sticky revenue stream, vast potential for robust M&A activity and accelerated organic growth opportunities.”
The report also predicted that 2025 would be another good year for M&A due to tailwinds created by favorable regulatory and tax policies. Those factors, it said, will likely “boost M&A activity in the wealth management industry during this new year.”
ECHELON Report Shows Big RIA M&A Gains
ECHELON Partners released an early version of The 2024 RIA M&A Deal Report Executive Brief as a preview of the full version the firm will provide in February.
According to the report, yearly wealth management deal volume reached a record 366 announced transactions, with a 5-year CAGR of 12.3% from 2020 to 2024. The growth was fueled by favorable macroeconomic conditions and a record-breaking fourth quarter with 125 announced deals. ECHELON analysts expect the M&A industry to build on the momentum, with 2025 expected to accumulate even greater growth.
The report also noted, “After two years of decline, private equity activity surged in 2024, driven by growth investments and minority recapitalizations in large RIA platforms such as TPG’s investment in Creative Planning and Neuberger Berman’s investment in Mariner.”
Meanwhile, the wealthtech industry experienced a 32.7% increase in deal volume compared to 2023, driven by the need to provide robust, holistic technology solutions to both advisors and end-clients, ECHELON reported.
Advisor Transactions
Carson Adds Two New Advisors In Firm Rebrand Deal
Carson Group, an Omaha, Nebraska-based wealth advisory firm with more than $40 billion in AUM, is adding California-based advisors Kiho Choi and John Dunphy. The pair will join the Carson platform and rebrand as Twin Pines Wealth Management. The new firm will hold approximately $411 million in assets.
The new alliance will allow Twin Pines to expand client services primarily via access to Carson’s network of resources and technology stack, which is expected to aid the team in improving client service while scaling operationally.
“Our goal at Carson Group is to give advisors who have built incredible practices and client bases the support and tools they need to best serve their clientele, while tackling the complex challenges that come with growing a business,” said Gregg Johnson, National Sales Director at Carson Group. “Kiho Choi and John Dunphy have spent the past three decades building something special, and we're honored to help them continue to grow in their next chapter.”
Compound Planning Adds Four New Advisors
Wealth management firm Compound Planning announced the addition of four advisors, along with new appointments to its leadership team. The firm added 30 total advisors last year, including the four announced on Thursday, surpassing the 10 advisors who joined it in 2023 and doubling its assets under management (AUM) in 2024 over the prior year.
The new advisors are: Matt Faubion, Jakub Kubrak, Dimitry Farberov and Michael Hunter. Compound also appointed Allison Tully as Head of Trading; Steve Fallat as Head of Engineering; Joey Silva as Head of Finance; and Nelson Arnous as Head of Product.
Compound’s AUM was $1.4 billion as of Dec. 2023, growing to $2.8 billion in one year, the company said. Its high-net-worth clients include entrepreneurs, professionals, families and retirees.
“We’re thrilled to continue expanding our team, as these strategic hires position our firm for sustained growth in 2025 and beyond,” said Alex Farman-Farmaian, Co-Founder and Managing Director of Compound Planning.
Ashton Thomas Welcomes Three New Partners With $2.5 Billion In Assets
Ashton Thomas Private Wealth, an Arax Investment Partners portfolio company, is bringing aboard three new Managing Directors and Partners – Mark Cavalier, Jonathan Smith and Gregory Weiss, who previously served as Principals of the No. 16 Wall Street Private Wealth Management Group at Wells Fargo Advisors, where they managed over $2.5 billion in client assets.
The new additions will join former Wells Fargo Senior Vice President and Group Finance Officer Michael Hansen and four administrative staff to establish a new Ashton Thomas office in San Francisco’s Financial District. In their new roles, they will form the Pacific Private Wealth Group, focusing on servicing the needs of foundations, business entities and affluent individuals and families in the Bay Area and beyond.
“We are thrilled to welcome Mark, Jonathan, and Greg to Ashton Thomas,” said Aaron Brodt, Founder and CEO of Ashton Thomas. “We view this milestone as a meaningful statement about our growth trajectory and future vision. Through patience and perseverance, we have planted a flag in the financial epicenter of the West Coast with a team of accomplished financial professionals who share our commitment to building an intentional culture and delivering focused solutions for wealth advisors and their clients.”
Promotions & People Moves
Envestnet Appoints Todd As CEO
Berwyn, Pennsylvania-based Envestnet appointed Chris Todd as CEO, effective Jan. 21. Todd succeeds Interim CEO Jim Fox. Todd takes over a firm with more than $6.5 trillion in platform assets, over 20 million accounts and a network of more than 111,000 financial advisors.
Todd brings substantial experience as a strategic leader, most recently serving as CEO of Ultimate Kronos Group, a privately held software company, where he emphasized a culture of client focus and accountability to drive top-line growth.
“I am incredibly impressed by the Envestnet team,” Todd said. “The company has established itself as a trusted partner to financial advisors, empowering them with the tools and insights to deliver superior client outcomes. I look forward to collaborating with this talented team and our partners at Bain Capital and Reverence to advance innovation, elevate the client experience, and shape a successful, forward-thinking future together.”
Coldstream Names Shipley New CIO
Seattle-based Coldstream appointed, Bryan Shipley as Chief Investment Officer. Howard Coleman, who served as the firm’s CIO for 10 years, will oversee Coldstream’s growing fund management business and continue serving as the firm’s Chief Legal Counsel. Coldstream now represents $11.1 billion in total client assets.
Shipley joined Coldstream in 2024 as part of the approximately $2 billion merger with Arnerich Massena, where he served as Co-CEO and Chief Investment Officer. Shipley holds the CFA and CAIA designations and is a member of the CFA Institute and CFA Society of Portland.
“Even before joining Coldstream, I deeply respected the firm’s leadership and strategic approach,” Shipley said. “Working with … the executive team over the past six months has only strengthened my belief in this company. I’m thrilled to take on this role as we continue to support the range of services our clients use to achieve their financial goals.”
Merit Appoints Wahlen As New Strategic Partnerships Lead
Atlanta-based RIA Merit Financial Advisors appointed David Wahlen in the newly created role of Vice President of Strategic Partnerships. Merit said Wahlen will serve as the primary liaison for all M&A partnerships and relationships. In this role, Wahlen will source new deals, foster relationships with investment bankers and strategic partners, and collaborate with Merit’s CEO Rick Kent and President Kay Lynn Mayhue to enhance the experience for onboarded firms.
Wahlen previously worked at CAPTRUST, where he most recently served as Director of Strategic Growth. During his time at CAPTRUST, Wahlen worked on over 50 M&A transactions, helping grow the firm’s wealth AUM from $5 billion to $80 billion between 2018 and 2024.
“Merit’s culture and mission resonate strongly with me,” said Wahlen. “I am excited to bring my experience and network to a firm that is poised for significant growth and to contribute to building the RIA of the future.” Since its founding in 1998, Merit has partnered with over 40 firms, adding more than $10 billion in client assets.
Kingswood Names Ex-Eudaimonia Group Executive As CIO
New York City-based Kingswood U.S. appointed Scott Poore as Chief Investment Officer of Kingswood Wealth Advisors. Poore will lead the rebranded Kingswood Eudaimonia Asset Platform, a TAMP providing customized portfolios.
Poore most recently served as the CIO of Eudaimonia Group, delivering strategy and financial planning to the firm’s advisors. Before joining Eudaimonia in 2019, he was director of investment services for B. Riley Wealth Management and held positions at Wunderlich Securities and Morgan Keegan.
“Since partnering with Kingswood this past September, it is evident the firm and its people are committed to providing the investments and services that would help both clients and advisors prosper,” Poore stated. “By adding our investment platform to Kingswood and leveraging my experience, we hope to elevate the investment management tools available to advisors to a level where the advisor can deepen their relationship with the client.”
Big Bank Activity
Rockefeller Taps Two New Advisor Teams
In a new deal, Rockefeller Global Family Office, the wealth management division of Rockefeller Capital Management, is adding two private advisor teams – Heritage Wealth Partners of Houston and Venetos Wealth Partners of New York City.
Heritage includes Private Advisor and Managing Director Charles Vetters, Private Advisor and Senior Vice President Mark Dahl, and Senior Client Associate and Associate Vice President Maria Navarro. Heritage was previously with Morgan Stanley Wealth Management.
Venetos includes Private Advisor and Managing Director Jim Venetos, Private Advisor and Senior Vice President Peter Venetos, and Senior Client Associate and Associate Vice President Tegest Asefa-Brown. It was previously affiliated with JP Morgan Wealth Management.
“These two groups exemplify the high caliber and deep expertise of Private Advisors we continue to attract to our firm,” said Chris Dupuy, President of Rockefeller Global Family Office. “We look forward to partnering with our newest teammates to deliver our platform’s distinctive and holistic capabilities to clients in these important markets.”
Recruiter of the Month
Eddie Rollins, Managing Director, BridgePort Financial Solutions
Our Recruiter of the Month for January is Eddie Rollins, who leads strategic efforts at BridgePort Financial Solutions, such as wealth management operations, advisor solutions, compliance and technology. He helps steer the firm’s development, enhancement and delivery of the firm’s services.
Cambridge launched BridgePort as a fee-only RIA with over $1 billion in AUA a year ago. It was designed to support smaller independent advisory firms with technology, succession and acquisition, practice management, business consulting and outsourcing solutions.
The firm completed two acquisitions in the fourth quarter – PearTree Advisory Group and Premier Wealth Advisors – to surpass $2 billion in AUA for 2024.
Our conversation with Rollins follows.
WSR: What is your role in the firm’s recruiting process?
Rollins: BridgePort does not actively recruit advisors. Instead, we operate under an acquisition model. With that, as BridgePort Financial Solutions’ Managing Director, I am responsible for BridgePort’s business growth strategy, day-to-day operations and overall client experience. I’m actively involved in identifying opportunities that support our objectives, working in close partnership with the Cambridge executive leadership team and BridgePort’s Senior Vice President of Strategic Acquisitions, Dee Morgan.
We see every opportunity as unique in its ability to add value to our firm. We take a focused white-glove approach to understanding prospective advisors’ needs.
WSR: How does your offering stand out in a competitive landscape?
Rollins: BridgePort, a fee-only RIA firm, is a partner of choice for financial advisors nationwide because of the significant optionality within the transition economics. We can take minority or majority stakes in a firm or acquire them completely. That flexibility allows advisors to better understand our approach, culture, and growth strategy before making permanent decisions.
We have this flexibility because of our affiliation with Cambridge. As a closely held and internally controlled company, Cambridge is free from the three- to five-year private equity fund cycle and public market scrutiny, allowing us to build a sustainable RIA for the long term.
WSR: What are the characteristics of an ideal firm for you?
Rollins: How a firm will fit within our culture is critical. Because of our ownership structure, there is no expectation of exponential growth – sustainable and compatible acquisitions and investments will always take precedence over a pure numbers game.
We want to ensure that we can help an advisor achieve their personal goals while also providing the highest possible service experience to their clients – which is why we want to understand their motivations to engage with BridgePort. We provide scale and optionality when it comes to hard services, like custodial arrangements, technology providers, and more, and we provide greater flexibility regarding future career opportunities for an advisor’s employees.
Someone who recognizes the value of these benefits is likely someone who would thrive at BridgePort.
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at julius.buchanan@wealthsolutionsreport.com.
