Advisory M&A News – 8/26/24

Rise Growth Partners Announces First Strategic Investment in Bleakley Financial Group

Rise Growth Partners, a financial partner for registered investment advisers, announced its first strategic minority investment in Bleakley Financial Group.

Bleakley is a wealth advisory and financial planning firm established more than three ago, whose advisers currently service almost $10 billion in advisory assets, as of June 30. This partnership will give Bleakley the resources and capital to attract firms, adviser teams and individual advisers.

“For a long time, we have considered bringing on a partner to accelerate our evolution into a nationally recognized firm,” said Andy Schwartz, a principal in Bleakley, in a statement. “In Rise, we found a strategic partner with not only capital but also the expertise to expand a national firm that attracts top-tier growth-oriented advisors.”

Earlier this year, Rise announced a $250 million investment commitment from Charlesbank Capital Partners, supporting its efforts to invest in select RIAs nationwide.

Sanctuary Welcomes $400M North Carolina-Based TOVA Wealth

Sanctuary Wealth has welcomed TOVA Wealth, a Wilmington, North Carolina-based practice with more than $400 million in client assets. The firm is led by its founder and managing partner, Katie Medina. Also on the team are Michael Tunney and Eric Starkey, advisers, and Amy Kepler, a client associate.

“Deciding to move forward with our own firm is a consequential decision and is not something we take lightly,” said Medina in a statement. “Sanctuary speaks our language and comes highly recommended by others who have left Merrill to start their own business within the network.”

According to Sanctuary, as an independent firm, TOVA is not beholden to any financial institution. It offers flexibility to its clients and is committed to making personalized financial planning accessible to everyone.

“After spending their entire careers at a wirehouse, Katie and her team wanted the autonomy to run their business and serve clients as they felt best,” said Vince Fertitta, president of wealth management at Sanctuary Wealth. “They believed that remaining employees of a large bank was no longer the best environment. […] After thorough reflection and due diligence, they chose Sanctuary Wealth’s hybrid, multi-custodial and shared ADV model.”

Veterans of Dimension Fund Advisors Launch Parkwoods Wealth Partners

Parkwoods Wealth Partners LLC announced its official launch, introducing a platform designed to support the growth and succession planning of registered investment advisories. The firm also announced the successful integration of its first partner, FMF&E Wealth Management LLC, based in Syracuse, New York.

Parkwoods was founded by industry veterans previously with Dimensional Fund Advisors: Al Sears and Ed Edwin, formerly of DFA, in partnership with Chris Gardner, an RIA practitioner, combined to create a platform tailored for advisers and aligned with DFA’s investment philosophy.

“Many independent advisors today face a difficult choice: sell their practice and lose control, or maintain independence at the cost of developing sustainable second-generation talent and diversifying what’s often their largest personal asset,” said Sears, co-founder and CEO, in a statement. “Our model allows advisers to maintain their well-earned professional autonomy while accessing the benefits and security of a larger organization.”

Parkwoods centralizes operational tasks such as compliance, trading, human resources and custodian-related activities, allowing advisers to dedicate more time to client relationships and strategic growth, according to firm.

Diversify Advisor Network Acquires Perspective Financial Services

Diversify Advisor Network, the adviser-founded wealth management firm, has added Perspective Financial Services LLC, a Phoenix-based fee-only firm with $290 million in assets under management.

Perspective was founded in 2003 by industry veteran Mike McCann, with a team of seven advisers, most of whom have been with Perspective for more than 15 years. They will join Diversify Wealth Management LLC, Diversify’s W2/Partner RIA platform.  

“This was a big win for the Diversify family,” said Jina Horton, vice president of business development at Diversify, in a statement. “The entire Perspective team has an extraordinary dedication to their clients and their community. They align perfectly with the long-term vision we are creating at Diversify.”

In addition to Perspective, Diversify welcomed Jason Zivich, formally with WealthSource, to its independent RIA, Diversify Advisory Services LLC. Zivich is based out of Manhattan Beach, California, and oversees $150 million in fee-based assets from ultra-high-net-worth investors.