This edition of the Deals & Recruiting Roundup covers Elevation Point staking Family Office Partners, Compliance Risk Concepts acquiring Oyster, Apella buying Iron Horse, Allworth adding a pair of firms in Indianapolis, Focus acquiring David Wealth, DayMark adding an advisory team in Florida, Merit buying AMP, Apollon recruiting a $1.7 billion advisor team from Janney, Compound adding eight advisors including a Northstar team, Commonwealth recruiting advisor Patrick Funke, Orion appointing Valli Nachiappan as CTO and Snowden Lane hiring heads of business development and recruiting.
Larry's Take
The second quarter just drew to a close, and with that, it’s been three months since LPL announced the acquisition of Commonwealth. This quarter, we have seen strong recruitment efforts to attract Commonwealth’s affiliated advisors.
Instead of Commonwealth playing defense, however, they’ve been playing offense with this week’s onboarding of Patrick Funke & Associates and, earlier this month, recruiting Angelo Planning Group, with $1.5 billion in assets. Clearly, the Commonwealth team has convinced these advisors of its long-term value.
I mused about the possibility of LPL and Commonwealth turning the acquisition from an attrition story into reverse attrition about a week after the announcement. We’re many months from seeing how the full numbers will net out, but the fact that they’re making these recruiting wins three months after the announcement shows that Wayne Bloom and Rich Steinmeyer are doing something right.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.
Mergers & Acquisitions
Elevation Point Stakes $2.5 Billion Family Office Partners Of Louisiana
Minneapolis-based Elevation Point, a minority stakes partner for advisory firms, announces a minority investment in Family Office Partners, a newly established independent wealth management firm. Family Office is launching in Lafayette, Louisiana, with a team of advisors from UBS Private Wealth. It will serve clients investing in private companies, providing services like private company transactions, exit planning, ESOP strategies, liquidity planning and estate structuring.
The team of 12, led by Benjamin T. Domingue, Travis D. Frayard and Shawna S. Prejean, has approximately $2.5 billion in client assets under supervision. The deal comes shortly after Elevation Point’s recent partnership with Emigrant Partners.
“This team has built deep trust with some of the most sophisticated families in the country,” said Jim Dickson, CEO and Founding Partner of Elevation Point. “Their decision to go independent speaks volumes about where the industry is headed, and our role is to ensure they have every advantage as they build a firm that reflects their values, their clients’ needs, and their long-term vision.”
Compliance Risk Concepts Acquires Oyster Consulting To Form CRC-Oyster
Compliance Risk Concepts (CRC), a risk and compliance consulting firm, announces the acquisition of Oyster Consulting, a strategic consulting and operations firm. The combined firm, CRC-Oyster, will provide custom compliance services for financial services clients navigating regulatory complexities.
Oyster was founded by Founding Principal and CEO Buddy Doyle, who will assume an executive leadership role at CRC-Oyster. He will focus on the integration of the two firms. The acquisition was completed on June 20, and full integration is expected by the end of the year.
“Our clients look to us to be on the forefront of change, ensuring they are well positioned to succeed as the regulatory and compliance landscape evolves,” said Mitch Avnet, Founder and Managing Partner of CRC. “Our acquisition of Oyster is a testament to this commitment to our clients, allowing us to expand our capabilities, strengthen our team and better position us to serve our collective clients in deeper and more meaningful ways.”
Apella Wealth Acquires $574 Million Iron Horse, Expanding Into The Midwest
West Hartford, Connecticut-based Apella Wealth announces the addition of Iron Horse Wealth Management of Johnston, Iowa, marking Apella’s expansion into the Midwest. Iron Horse is a fee-only RIA with $574 million in assets under management (AUM). The firm is led by Founder and President Dennis Markway, who will assume the role of Regional Director at Apella.
The deal is the 22nd acquisition for Apella, and the 11th since it received an investment from Wealth Partners Capital Group in September 2021. Apella had $6.08 billion in AUM as of June 20, when the transaction closed.
“This partnership represents a significant milestone in Apella’s geographic expansion as we establish our first Midwest-based team,” said Jim Scanlan, President of Apella. “We are excited to welcome a highly respected firm, known for its unwavering commitment to clients, to Apella.”
Allworth Acquires $1.5 Billion Pair Of Advisory Firms In Indianapolis
Folsom, California-based RIA Allworth Financial acquires Indianapolis-based sister firms, Salzinger Sheaff Brock and Sheaff Brock Investment Advisors. The two manage over $1.5 billion in combined client assets. Clients of the acquired advisors will have access to Allworth’s investment management, tax strategy, estate planning, insurance and retirement services.
The transaction represents Allworth’s 42nd acquisition since 2018 and boosts the firm’s AUM and assets under administration to more than $30 billion, the firm said. Allworth is backed by Lightyear Capital and the Ontario Teachers’ Pension Plan Board. It was founded in 1993 and serves more than 28,000 households, it said.
“This partnership is part of Allworth’s broader strategy to build a scaled, multi-generational firm that meets the complex needs of today’s high-net-worth investors,” said David Gilreath, Managing Director at Sheaff Brock. “By integrating specialized talent, expanding geographic reach, and investing in deep planning capabilities, Allworth is positioning itself as a destination for both clients and advisors seeking a more sophisticated, comprehensive, and personalized wealth management experience.”
Focus Financial Acquires $239 Million RIA David Wealth Of Virginia
Focus Partners Wealth expands its presence in the greater Washington area with the acquisition of Fairfax, Virginia-based RIA David Wealth Management. The transaction adds approximately $239 million to Focus Partners’ regulatory AUM.
Focus Partners Wealth is a member of Focus Financial Partners, a partnership of wealth management, business management and financial services firms. This deal marks the second acquisition for Focus Partners Wealth since its rebranding in January. The firm also recently acquired Churchill Management.
“I have known the team at Focus Partners Wealth for many years, and the caliber of their people made them an ideal partner,” said Jim David, Managing Member of David Wealth. “As a multi-generational firm, we are deeply committed to delivering exceptional service to the families who entrust us with their financial futures. Joining Focus Partners Wealth allows us to continue providing the personalized guidance our clients expect, supported by the expanded resources and expertise of a like-minded team.”
DayMark Acquires $350 Million Advisory Team In Florida
Cincinnati-based DayMark Wealth Partners expands to Southeast Florida with the addition of an advisory team that previously managed $350 million. Joining DayMark are Managing Partners Steve Rowe and Emily Rowe, along with Managing Partner Victoria Riker, Managing Partner Patric Strader, Executive Director of Client Relations Shayne Cullens and Director of Client Relations Madison Iandoli.
The advisors were recruited from Wells Fargo, FiNet and Janney Montgomery Scott. DayMark, founded in 2022, primarily operated in Illinois, Ohio, Connecticut and Utah prior to this acquisition. DayMark is a member of the Dynasty Financial Partners’ Network.
“This acquisition demonstrates DayMark’s continued ability to attract elite teams that demand the highest standards,” said Mike Quin, Co-Founder and Managing Partner of DayMark Wealth Partners. “It also establishes our foothold in one of the nation’s most coveted and dynamic wealth management markets.”
Merit Acquires $365 Million AMP Wealth Management Of Wisconsin
Atlanta-based Merit Financial Advisors announces the acquisition of Whitefish Bay, Wisconsin-based AMP Wealth Management. AMP serves affluent individuals and small businesses, offering a dividend stock strategy that will be integrated with Merit’s platform, Merit said.
The deal increases Merit’s assets by $365 million. It is Merit’s 39th acquisition since receiving a minority investment from Wealth Partners Capital Group and additional investors in December 2020. Merit also recently acquired RCM Investments in Utah and Olympic Wealth in Washington.
“AMP’s dividend-focused strategies and long-standing GIPS-compliant performance bring a distinct advantage to our investment platform,” said Zachary and Josh Mersberger, Managing Principals and Partners at Merit. “We’re excited to incorporate their investment approach for Merit's clients and expand our presence in Wisconsin.”
Advisor Transactions
Apollon Expands Into Ohio By Picking Up $1.7 Billion Janney Team
Apollon Wealth Management announces its expansion into Ohio with the addition of Chornyak & Associates, a Columbus-based financial planning firm that was previously with Janney Montgomery Scott. The deal adds $1.7 billion in client assets to Apollon. The Chornyak team of 14 professionals joins Apollon’s network and deepens its presence in the Midwest.
Apollon Wealth Management — together with its affiliate, Apollon Financial — manages over $9.5 billion in client assets, not including the new Chornyak assets, according to Apollon. Apollon is backed by Merchant Investment Management.
“We’re excited to join a firm that values independence and client service as much as we do,” said Joseph A. Chornyak, Sr., who is Founder at Chornyak & Associates and Wealth Management Advisor and Managing Director at Apollon Wealth Management. “Working with Apollon allows us to keep our focus on what matters most: our clients, while accessing a broader set of resources and support.”
Compound Adds Eight Advisors, Including A Northstar Team
Family office Compound Planning announces the addition of eight financial advisors, including a three-person team from Northstar Financial Management that includes Founder Kaitlin Jones, Financial Advisor Mark Mooring, and Financial Advisor and Chief Operating Officer Charlotte Jones. Moscow, Idaho-based Northstar oversees $120 million in client assets.
Also joining Compound are: Michelle Leightner in Denver; Hali London in Bethesda, Maryland; Jan Shull in Des Moines, Iowa; James Taylor in Phoenix; and Brandon Wyand in Morrison, Colorado. The group collectively managed $835 million in client assets, Compound said, adding that a total of 17 advisors have joined its network in 2025.
“We’re excited to welcome Kaitlin, Mark, and Charlotte to Compound, along with Michelle, Hali, Jan, James, and Brandon, as they each offer specialized experience that will undoubtedly elevate our clients’ experience,” said Christian Haigh, Co-Founder and Co-CEO of Compound Planning.
Commonwealth Recruits $430 Million Advisor Team In Phoenix
Commonwealth Financial Network recruits Phoenix, Arizona-based Patrick Funke & Associates to its network. The practice, managed by Advisor Patrick Funke together with Registered Sales Associate Jennifer Funke, advised on more than $430 million in client assets as of Aug. 21, 2024, according to Commonwealth. The team was previously with Osaic.
Patrick Funke specializes in small corporate retirement plans. Commonwealth is headquartered in Waltham, Massachusetts and San Diego, California. Its network has approximately 2,345 advisors, who oversaw more than $344 billion in client assets as of Dec. 31.
“We aim to be a lower-cost provider, offering financial planning and investment services consistent with what I describe as an evidence-based approach to investment selection,” said Patrick Funke, adding, “The Commonwealth model means partnering with a high-level, professional team that’s relationship-focused, not transaction-oriented.”
Promotions & People Moves
Orion Appoints Valli Nachiappan As Chief Technology Officer
Omaha, Nebraska-based wealthtech provider Orion appoints Valli Nachiappan as Chief Technology Officer (CTO), to lead efforts to enhance its advisor platform with AI and emerging technologies. She reports to Reed Colley, President of Orion Advisor Technology.
Nachiappan previously served as Vice President of Engineering at Zendesk, where she led the company’s work on AI-based solutions for client engagement. Prior to that, she held senior positions at Zaplabs and Yapstone. Orion’s advisor technology is used to service $4.7 trillion in assets under administration and $98.6 billion of platform assets as of Mar. 31, the firm said.
“What drew me in was the tech team’s energy, the company’s mission and the opportunity to build innovative, scalable, and secure wealthtech solutions that help advisors and investors thrive,” said Valli. “I’m excited to drive Orion’s technology strategy forward by leveraging emerging technologies, harnessing the power of data and AI, and building a secure, scalable platform that keeps us ahead of industry trends and delivers lasting value to our clients.”
Snowden Lane Hires Managing Director Of Business Development And Director Of Recruiting
New York City-based RIA and broker-dealer Snowden Lane Partners recruits Rob Russak to be Managing Director of Business Development, improving communication between advisor teams, supporting their growth strategies and working on new technology initiatives. Russak previously held roles at Merrill Lynch, Morgan Stanley and Wells Fargo.
Snowden Lane also hires Dana Crane as Director of Recruiting. She will lead the firm’s effort to recruit additional advisor teams from large firms and independent RIAs. Crane previously ran her own recruiting practice. Prior to that, she worked at Koren Rogers Executive Search.
“Bringing Rob and Dana on board is a clear signal of our ambition and momentum,” said Greg Franks, Managing Partner, President and COO of Snowden Lane. “Rob’s industry breadth and experience will be instrumental in driving our business development strategy forward, while Dana’s proven advisor recruiting track record will help us attract top-tier talent from across the industry.”
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