Advisory M&A News – 10/21/24

Carson completes deal with Sweet Financial

Carson Group, a wealth management and financial services firm, announced its second largest deal to date with the addition of Sweet Financial Partners, a Fairmont, Minnesota-based firm with roughly $1 billion in assets under administration.

Sweet Financial Partners is led by Bryan Sweet, managing partner and wealth adviser. The 12-person team will continue to operate as Sweet Financial Partners and retain its local focus while leveraging Carson’s national resources. The firm specializes in retirement planning, tax efficiency, wealth transfer and business exit planning.

Sweet has been a long-term member of Carson Coaching and has implemented many of its principles throughout his career. Sweet Financial Partners was advised by Wise Rhino Group, which provides M&A advisory services for the financial services industry.

“Bryan and his team exemplify the values and client-centric approach that Carson stands for,” Burt White, CEO of Carson Group, said in a statement. “Their expertise in comprehensive financial planning and commitment to a ‘life well lived’ mentality make them an ideal addition to our advisor community.”

Beacon Pointe Advisors Adds Landmark Wealth Management

Beacon Pointe Advisors announced its latest acquisition: Landmark Wealth Management Group, based in Lake Elmo, Minnesota. Landmark oversees approximately $1 billion in client assets under management across its four offices, which include Farmington, Minnesota; Hudson, Wisconsin; and San Jose, California.

Established in 1977, Landmark has a team of founding partners and second-generation owners. John Underwood, Landmark’s chief financial and chief operating officer, will act as the incoming Beacon Pointe managing director. In addition to Underwood, Gary Tangwall and Todd Gillingham, 33 members will join Beacon Pointe.

Landmark is Beacon Pointe’s fifth publicly announced registered investment advisory acquisition of 2024 and the first formal office presence for Beacon Pointe in Minnesota.

“Beacon Pointe is ready to embark on this exciting chapter and enter new U.S. territory with Landmark,” Matt Cooper, Beacon Pointe’s president, said in a statement. “We’ve aimed to establish a more significant presence in the Midwest, and the Landmark team seamlessly met our objectives.”

Journey Strategic Wealth Announces 2 Acquisitions

Journey Strategic Wealth, a national RIA for independent advisers, has announced two acquisitions: Creative Financial Services of Colorado Springs, Colorado, and veteran adviser Chad Faulkenberry, formerly of Charles Schwab, who will expand its reach into Orlando.

In Colorado Springs, Jill Isbell, known for her work in financial education, has integrated her firm into Journey, expanding its services. Isbell and Yenni Chesire, office manager, will continue to offer comprehensive financial planning and wealth management.

Faulkenberry, an adviser who had managed $750 million in assets at Charles Schwab, will enhance Journey’s Richmond, Virginia, practice, which has grown 40% year-over-year, by extending its presence into Orlando. His expertise in serving high-net-worth families aligns with Journey’s growth strategy.

Since its inception in 2021, Summit, New Jersey-based Journey has attracted eight advisory teams nationwide, driving an average top-line revenue growth of more than 70% for affiliated advisers.