While it wasn't a big week for deals in the registered investment advisor space, there were some notable moves that impacted the RIA space. Dynasty Financial Partners, for example, announced several reshuffles of senior executives, the hiring of a new chief operating officer and the creation of the new roles of chief growth officer and head of core services.
In previously reported news, RIA Homrich Berg has received $18 billion sell a minority share in partnership with TPG, the San Francisco-based private equity firm, in a deal that would value it at about $1 billion. Kingswood USA acquired Nashville-based Eudaimonia Groupthree RIAs managing more than $1 billion in assets across 17 advisors. Carina Diamond, who left Dakota Wealth Management last year to start her own consulting business, has joined Gries Financial Partnersa Cleveland-based RIA, as chief growth officer in a newly created role. And the Carson Group won True North Financialan RIA based in Billings, Mont. with about $400 million in assets, marking its sixth acquisition of the year.
Dynasty Names Tim Oden Head of Growth
Dynasty Financial Partners announced several changes to its senior management team this week.
Tim Oden, a former managing director of business development at Schwab Advisor Services, was named director of growth, a new position. Oden joined the dynasty earlier this year as executive residence for 2024. Oden left Schwab late last year after more than 30 years at the company.
Dynasty launched the executive-in-residence program last year as part of its Advisor-to-CEO program, which tailors content and training to CEOs at the RIAs in its network. Andrew Marsh, co-founder of Richardson Wealth, a Canadian wealth management firm that went public in 2020, was the first executive residence of the dynasty. Last September, Marsh was appointed The first vice president of the dynasty. This week, he was named head of core services, a new role in which he will architect the services Dynasty provides to its network of firms.
Also, Marc Hineman joined the firm as chief operating officer. Most recently, he served as COO of Pico, a technology provider for financial services companies. Former Dynasty CEO Ed Swenson, left the firm last year to join Osaic.
Republic Capital Group Trading Shares
Commercial Investment Management has taken a minority, non-controlling interest in Republic Capital Group, a boutique investment bank for wealth and asset managers.
Founded in late 2015 by Managing Partner John Langston, RCG has quietly become one of the most dominant M&A players in the independent wealth management space, responsible for advising on more than $150 billion in client assets transferred in 2022 and 2023.
Meanwhile, Merchant's footprint includes $180 billion in assets in the wealth and asset management industry. It has also invested in multiple service providers in the space.
Focus Partner Buys Denver RIA
Focus Financial Partners has facilitated a sub-acquisition by one of its partner firms, with Transform Wealth acquiring Denver firm Custom Portfolio Group.
CPG was founded in 2011 by President David Twibell, and had about $176 million in client assets, according to the firm's most recent Form ADV. Transform Wealth had about $2.5 billion in assets at the end of 2023, according to Form ADV.
Transform became a partner of Focus in 2016. With offices in Denver, Colorado Springs, Colo. and Houston, the RIA is led by brothers Nathan and David Kubik.
Cetera-owned TRPG adds $185 million to firm
Retirement Planning Group, a $2.6 billion RIA in south suburban Kansas City, has acquired Parrott Wealth Management, an Austin-based firm with approximately $185 million in assets under management. This represents TRPG's fourth acquisition since it was acquired by Cetera in 2023.
William Parrott heads Parrott Wealth Management and the firm's three full-time professionals will become employees of Cetera.
Cetera Holdings, the holding company of Cetera Financial Group, announced that buying TRPG about a year ago. This represented its first acquisition of a pure RIA.