Published on wealthsolutionsreport.com on 4/15/2025 | Authored by Larry Roth

Deals & Recruiting Roundup: Modern Wealth, Ameriprise, Docupace And More

Acquisitions By Modern Wealth, Bain Capital And Prospera. Recruiting By Ameriprise, Osaic And Raymond James. Alaris On Retaining Clients During Transition. Merit Partners With Fidelity. Appointments By Crescent Grove, Soltis, Bluespring and Docupace.

WSR Staff

3rd Week Of April, 2025

9 minute read

This edition of the Deals & Recruiting Roundup covers Modern Wealth’s acquisition of two firms, Bain Capital’s stake in Lincoln, Prospera’s purchase of Cutter & Company, Ameriprise’s recruitment of Langley Federal Credit Union, Alaris’ Jacqueline Martinez on why recent market volatility provides an opportunity for advisors joining large firms, Osaic recruiting NoxNumis, Raymond James recruiting a team from Wells Fargo, Merit joining Fidelity’s Wealth Advisors Solutions program, Crescent Grove’s appointment of a Chief Business Development Officer, Soltis naming Head of Mergers and Acquisitions, Bluespring’s appointments and Docupace hiring a Head of Mergers and Acquisitions.

Larry’s Take

In providing her views on advisor transitions in light of current market volatility, Jacqueline Martinez says something that will catch your attention: “Most transitions result in client retention rates exceeding 100%, thanks to increased wallet share.” That’s not a math error – advisors can exceed 100% retention.

What Martinez says here is more than just recalculating the odds and outcomes, it’s a mindset shift. We can be so risk averse that we let it expand into what behavioral finance calls “loss aversion,” giving greater weight to avoiding losses than making gains. Clients aren’t the only ones subject to behavioral finance – we all are. Advisors faced with potential losses on their life’s work can often play it too safe.

That’s not to say that making a transition or, in a related manner, finding an M&A buyer, is always the right decision. It’s to say that advisors can let emotions get in the way of a more satisfying future for themselves and their clients. If you are thinking that a move may be better for your future, you owe it to yourself to check that you’re not accidentally putting your thumb on the hesitation side of the scales.

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

Modern Wealth To Surpass $7 Billion In AUM With Acquisitions Of Wade, Planned Asset Management

RIA Modern Wealth Management finalizes an acquisition of Campbell, California-based Wade Financial Advisory in late March and expects to close on the purchase of Planned Asset Management in Calabasas, California, this month. The transactions will help the RIA’s expansion in that state and increase its assets under management (AUM) to over $7 billion, it said.

Founded by Rodney Wade, Wade Financial manages over $700 million in assets and serves more than 250 households in the greater Silicon Valley area, including technology entrepreneurs, professionals, executives and multigenerational families. Planned Asset Management, founded by Morrie W. Reiff, is an independent advisory firm managing more than $350 million in assets that serves more than 200 households, including individuals, families, small business owners, corporations and charitable trusts.

“These acquisitions represent a meaningful step forward on multiple fronts as Modern Wealth expands its footprint, adds top-tier talent and deepens its service offerings,” said Jason Gordo, the RIA’s Co-Founder and President.

Bain Capital Buys Nearly 10% Stake In Lincoln Financial

Private equity money continues to pour into the wealth management industry as Bain Capital will spend $825 million to acquire a 9.9% stake in Lincoln Financial. The deal gives life insurance and annuity provider Lincoln a boost to its asset management business: The two companies will enter a 10 year partnership in which Bain will manage private credit, structured assets, mortgage loans and private equity. Lincoln will use the proceeds to pay down debt, grow spread-based earnings and optimize its legacy life portfolio.

Under terms of the deal, which is expected to close during the second half of this year, Lincoln will sell approximately 18.8 million shares of its common stock to Bain for $44 per share, based on a 25% premium to the 30-day volume-weighted average price as of April 8. The transaction also restricts Bain’s ability to divest its stake.

“Today’s announcement marks a pivotal milestone for Lincoln and highlights our commitment to delivering long-term value for our stakeholders,” said Ellen Cooper, Chairman, President and Chief Executive Officer of Lincoln Financial. “This partnership aligns us with a highly reputable organization whose powerful platform and shared values and goals will enable us to accelerate the execution of our strategy.”

Prospera Financial Services Acquires Cutter & Company

Dallas-based independent broker-dealer Prospera Financial Services buys Cutter & Company, a St. Louis-based independent broker that manages $2 billion in client assets, 40 advisors and 12 employees. The acquisition closed on March 31.

Cutter CEO Deborah Castiglioni, President William Meyer and the entire staff will remain with the company. Castiglioni is tasked with the transfer of the Cutter staff to Prospera’s back office. According to a press release, Cutter made this decision to help it streamline operations, ensure compliance and access technology.

“As we looked for the right partner to support our next phase of growth, Prospera was the clear choice,” Castiglioni said. “Our shared values of client service and advisor-centric decision-making provide clear cultural synergies with excellent opportunities for future growth. Working with Prospera will enable our team to focus on our advisors’ needs, providing them with enhanced technology and tools to grow their businesses.”

Advisor Transactions

Langley Federal Credit Union Selects Ameriprise For Wealth Management

Ameriprise Financial, based in Minneapolis, says Langley Federal Credit Union transitioned its Langley Wealth Management unit to the Ameriprise Financial Institution Group. Langley has five advisors, Najib Khan, Bonnie Blaylock, Amber Marois, Corey Watson and Frank Nickey, who collectively managed $450 million in assets.

Based in Newport News, Virginia, with offices across the Hampton Roads area and in Richmond, Virginia and Raleigh, North Carolina, Langley has 395,000 members, 680 employees and 20 branches, and manages $5.4 billion in assets.

“We’re thrilled Langley Federal Credit Union selected Ameriprise to strengthen their ability to offer comprehensive financial planning and investment solutions tailored to their clients’ needs,” said Jay McAnelly, Group Vice President, Ameriprise Financial Institutions Group. “Clients across Virginia and North Carolina put their trust in Langley, and we’re honored to bring the outstanding wealth management capabilities of Ameriprise Financial to them.”

Osaic Lands Kansas-Based Wealth Management Firm NoxNumis

Osaic says NoxNumis in Wichita, Kansas, will join its community of advisors. NoxNumis, which manages over $450 million in assets, focuses on retirement planning, tax minimization, estate distribution, investment management and business and farm succession planning.

Led by John Toothaker and Ron Gabel, the NoxNumis team includes five wealth managers, an insurance agent, two operations executives and a network of client service specialists. to the move will give NoxNumis access to Osaic’s AI-based tools designed tostreamline workflows, reduce administrative burdens and increase efficiency. Osaic will also provide NoxNumis with a broader and deeper bench of investments and better pricing to its clients.

“We are excited to fully leverage extensive support that Osaic can offer through their robust investment platform, innovative tech solutions, coaching and consulting services,” Toothaker said. “When the time is right, Osaic’s scale and access to their community of advisors is also going to dramatically increase our prospects for future acquisitions,” Gabel added.

Raymond James Recruits Team From Wells Fargo

Raymond James says it recruited a team of Perrysburg, Ohio-based advisors from Wells Fargo, where they previously managed approximately $769 million in client assets, to Raymond James & Associates, its employee advisor channel.

Joining Raymond James are advisors Marcus Jones, Eric Sommers, Michael “Mick” Foster and Christine Rutherford and client service associates Christie Watson and Abbey Cymbola. The team, which will be known as Foster Jones Sommers Investment Group of Raymond James, serves families and individuals, family offices, endowments and foundations, pre-retirees and corporate executives.

“We are proud to welcome Marcus, Eric, Mick and Christine to Raymond James,” said Amy Smart, Central Regional Director for Raymond James & Associates. “Their depth of experience and strong client relationships make them an outstanding addition to our firm. This high-performing team’s commitment to excellence reflects the caliber of professionals who choose Raymond James, and we are excited to see the impact they will make as part of our team.”

Market Volatility Offers Advisors Joining Large Firms The Chance To Prove Value: Jacqueline Martinez, Alaris Acquisitions

Recent market volatility naturally worries investors but advisors migrating to new firms shouldn’t fret too much about losing clients, Jacqueline Martinez, Managing Director of Alaris Acquisitions, tells WSR.

“One of the most common – and often unfounded – fears advisers face during a transition is that clients won’t follow them to their new firm,” says Martinez. “While exceptions exist, particularly when G2 advisers are not properly equitized, the reality is that most transitions result in client retention rates exceeding 100%, thanks to increased wallet share.”

In fact, volatility is the perfect time for advisors to step up and remind clients of their value, she says. Advisors can especially gain a competitive edge if they join larger firms that can offer well-resourced platforms, including proactive communication and differentiated strategies.

“In periods of market volatility, clients often question whether their current adviser is equipped to guide them through uncertainty,” Martinez said. “This presents an ideal moment for advisers to step in with clarity, conviction and meaningful solutions. Volatility doesn’t just test adviser-client relationships – it often strengthens them. When handled well, it becomes a catalyst for asset consolidation, as clients seek a trusted partner to steward more of their wealth with confidence and care.”

Strategic Partnerships

Merit Joins Fidelity’s Wealth Advisor Solutions Program

Merit Financial Advisors in Atlanta says it will join the Wealth Advisors Solutions program offered by Boston-based Fidelity Investments. Merit has over 40 offices and managed $12.27 billion in assets as of Dec. 31.Under the program, Fidelity will introduce potential clients looking for personalized services to Merit advisors. Merit has custodied with Fidelity since 2016.

In March, Merit acquired $1.6 billion Sanctuary Wealth Management, its second-largest acquisition, and 34th since December 2020, when it received minority investments from Wealth Partners Capital Group, HGGC’s Aspire Holdings and other investors.

“We’re thrilled to expand our relationship with Fidelity,” said Kay Lynn Mayhue, President of Merit. “Joining the WAS program and providing financial advice to Fidelity’s retail client base will help accelerate Merit’s mission of enriching the lives of those we serve.”

Promotions & People Moves

Crescent Grove Advisors Appoints Adam Lieb As Chief Business Development Officer

Crescent Grove Advisors, an employee-owned firm based in Lake Forest, Illinois, names industry veteran Adam Lieb as Chief Business Development Officer. Crescent Grove serves ultra-high net worth individuals and families, institutions, foundations and endowments, and manages more than $5 billion in AUM.

In his new role, Lieb is tasked with streamlining Crescent Grove’s product access and delivery and expanding the reach of Barrett Upton Capital Partners, which Crescent Grove founded in 2023 to provide private market access. Lieb joins Crescent Grove from BNY Wealth Management, where he was Senior Client Strategist for Global Family Office.

“We have known Adam for more than a decade, having worked with him during our early years as Crescent Grove launched,” said Gregg George, Founder, Managing Director and Senior Client Advisor at Crescent Grove. “His wide network of contacts in the family office and ultra-high-net-worth sectors, along with his professionalism and long industry tenure, will help us accelerate our growth—and lay the groundwork for us to bring our first-class client service and solutions-based, holistic approach to many more clients.”

Soltis Appoints Ex-Carson Executive As Head Of Mergers & Acquisitions And Partnerships

Soltis investment Advisors, headquartered in St. George, Utah, names Jeffrey Harris as Head of Mergers & Acquisitions and Partnerships. Soltis, a fee-only RIA, manages more than $10 billion in combined AUM and assets under advisement.

Harris will focus on acquisitions that will expand Soltis’ capabilities, geographic reach and long-term client value. He previously served as Associate Vice President of Mergers & Acquisitions at Carson Group.

“Jeff’s track record of building trust and creating alignment makes him a natural fit for our partnership-first approach to expansion,” said Kim Anderson, CEO of Soltis. “He brings the perfect mix of experience and strategic vision to help Soltis scale as a national wealth management platform for advisors.”

Bluespring Beefs Up Leadership Team

Bluespring Wealth Management, based in Austin, Texas, announced additions to its leadership team: Graeme Lee, Head of Strategic Growth, and Jeremy Ransom and Jon Bartholomew, Strategic Relationship Directors. It also promoted Josh Bartholomew to Head of Business Development.

With 20 years of experience, Lee served as Senior Vice President and Strategic Wealth Business Line Owner at LPL Financial. Before that, he spent eight years leading the Kestra Financial Business Consulting team. Most recently, Ransom was the Principal at Ransom Capital Ventures and Bartholomew served as Regional Director in the National Accounts group at Dimensional Fund Advisors.

“We’re pleased to welcome such impressive leaders to the Bluespring team,” said Pradeep Jayaraman, President of Bluespring. “We’ve hit the ground running this year from both a firm acquisition standpoint, and with the expansion of our strategically minded talent. In pursuit of our commitment to supporting advisors with our value-added, growth-oriented platform, we have built this team with intention and the goal of leading our firm to even greater success in the months and years to come.”

Docupace Names Former Salesforce Exec J.T. Petrilli Head Of M&A

Following the firm’s acquisition of the Canadian workflow platform Hubly, Docupace appoints J.T. Petrilli as Head of Mergers and Acquisitions. Petrilli will report to Docupace CEO David Knoch.

Petrilli was Head of FP&A (financial planning and analysis) at Mural, a San Francisco-based workflow software provider, overseeing financial reporting and companywide performance metrics. Prior to joining Mural, he spent over a decade on Salesforce’s M&A finance team, leading due diligence, financial modeling, integration planning and stakeholder alignment across more than 20 deals.

Knoch said Petrilli’s “proven track record of managing complex deals and successfully integrating acquired companies perfectly aligns with our vision to scale through strategic acquisitions. He brings both deep analytical rigor and a people-first mindset—an exceptional combination for our next phase of growth.”

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