Rare are the acquisitive registered investment advisors who don’t have private equity backing these days. Industry data and insights firm AdvizorPro recently found that 295 RIAs have either majority or minority stakes from PE firms, a 16% jump from its mining of the public data in 2024. This week’s deal roundup, however, points out an anomaly.
But before that, in case you missed it … never sleep on Creative Planning, which sources told WealthManagement.com this week has agreed to acquire SageView Advisory in what would be a significant addition to the RIA’s already robust workplace retirement plan business. In the meantime, we went behind the scenes of a deal Carson Group made for an RIA launched by two former wirehouse advisors, and &Partners, founded by former president and CEO of Wells Fargo Advisors David Kowach, shows it’s not just gaining advisors from his former employer by announcing the addition of teams from LPL Financial and Raymond James.
$520M New Jersey RIA Shuns PE-Backed Acquirers, Picks Moneta
Lane Hipple was founded in 2003 by Thomas Lane and includes partner Andrew Hipple, who joined in 2011. The firm oversees about $520 million in AUM, having grown by over $100 million as of the end of 2024, when it had $418 million under management.
Moneta has been on a national acquisition run since 2019, adding offices in Boston, Boulder, Chicago, Denver, and Kansas City. It does not have private equity backing and is owned by its partners.
“We explored many options,” Lane said in a statement. “Some of the first conversations we had were with private equity-backed firms. While they offered attractive financial terms, something didn’t sit right. Those discussions felt transactional—focused more on dollars than people. It felt like we’d be selling our soul. And that’s not who we are.”
Waverly Advisors Snags $465M Former LPL Affiliate
Waverly Advisors, an acquisitive registered investment advisor with about $20 billion in assets under management, has increased its footprint in Ohio with the acquisition of Brass Tax Wealth Management, formerly an LPL Financial-affiliated firm.
Neal Schulte founded Brass Tax and includes his son, Nick, and daughter, Leah, who are partners and wealth advisors at the firm. The firm had been with LPL since 2018, according to BrokerCheck.
Through the deal, Birmingham, Ala.-based Waverly will have nine offices in Ohio. It is the firm’s 25th acquisition since an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in December 2021.
WAGN RIA Uniting Wealth Poaches Two From Cambridge
Uniting Wealth Partners, an RIA based in Denver that is part of the Wealth Advisor Growth Network, has acquired the practice of Rick and Alecia Dougherty of Rochester, N.Y.
The Dougherty duo will bring about $235 million in AUM to Uniting Wealth, according to an August Form ADV.
Rick Dougherty had previously been with Cambridge Investment Research for about 14 years, and Alecia had been with the broker/dealer for about five years, according to BrokerCheck.
“As we look ahead to the ongoing growth of our firm and what’s next from a succession perspective, we were drawn to the advantage Uniting Wealth Partners provides,” Rick Dougherty said in a statement.
WAGN gives its network firms access to technology, compliance, accounting, marketing, transition and recruiting services. It has over 500 wealth management firms in the network, and manages about $554 million in its own RIA, according to its most recent Form ADV.
People’s Bank and Trust Drops LPL for Cetera
Cetera has poached from its crosstown rival in San Diego, LPL Financial, to win over a Kansas-based bank and its investment arm.
Peoples Bank and Trust and its Peoples Financial Management and Planning will shift its $120 million in assets under administration from LPL to Cetera Financial Institutions after “a comprehensive evaluation process” looking at “growth support, responsiveness, attention to detail and overall service quality for clients.”
According to the announcement, the bank made the decision after a few months of looking.
Cetera Financial Institutions underpins the investment programs of over 450 banks and credit unions.
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