It was a week of $1 billion registered investment advisor acquisitions.
Acquisitive firms Creative Planning, Cresset and Mercer Global Advisors all announced deals for firms with assets ranging from $1 billion to $1.4 billion.
For RIAs looking to enhance their value for future sale, whether in the $1 billion range or not, they may want to consider adding private market specialisation to their practices. At least that’s what a few RIAs with alternative investment specialization told an audience at Thursday’s RIA Edge Private Markets conference in New York City.
Wealth Enhancement Acquires $532M Indiana RIA
Wealth Enhancement has acquired FPG Private Wealth, a hybrid registered investment advisor with more than $532 million in client assets and offices in Carmel and Lafayette, Ind. The acquisition, which closed on Nov. 30, brings Plymouth, Minn.-based Wealth Enhancement’s total client assets to more than $127.8 billion.
The FPG Private Wealth team was formerly affiliated with parent company Financial Partners Group and is led by Andrew Moulton, senior vice president; Timothy Johnston, senior vice president; and Don Penn, financial advisor.
“We’re thrilled to deepen our Midwest roots through this partnership,” said Jeff Dekko, Wealth Enhancement CEO, in a statement. “The FPG Private Wealth leaders bring more than 65 years of combined industry experience, and we’re excited to welcome them to our organization.”
FPG Private Wealth offers wealth management and lending services, specialising in serving business owners.
The acquisition creates Wealth Enhancement’s first office in the greater Indianapolis market. The RIA is owned by a group of private equity firms, led by TA Associates and Onex Corporation, as well as its employees.
Allworth Snags $460M FSA Wealth
Allworth Financial adds to AUM of $31 billion with the acquisition of FSA Wealth Management, a Needham, Mass.-based fiduciary advisory firm with $460 million in AUM.
The deal brings Folson, Calif.-based Allworth six professionals, including five financial advisors and managing partners Gavin Morrissey and Simon Heslop, which expands its presence in the Greater Boston area.
According to an announcement, the acquisition supports Allworth’s strategy of moving up-market by expanding advisory capabilities in regions where clients require sophisticated financial planning. FSA’s team will relocate to Allworth’s existing office in Waltham, Mass.
The transaction follows Allworth’s October acquisition of Shorepoint Capital in Norwood, Mass.
FSA brings Allworth expertise in retirement and tax planning for high-net-worth clients. In turn, FSA will leverage Allworth’s tax and estate planning, investment research and client platforms. The firms said no structural or leadership changes are planned.
Allworth is owned by private equity firm Lightyear Capital and the Ontario Teachers’ Pension Plan Board, Canada’s largest single-profession pension plan.
Sequoia Financial Adds $406M California-Based RIA
Sequoia Financial Group has acquired Sterling Financial Group, a Pasadena, Calif.-based investment advisory firm with $406 million in assets under management. The acquisition gives the Ohio-based wealth manager its first standalone office in California and adds two new equity owners to the firm.
Sterling Financial, founded in 1998, serves 200 clients across more than a dozen states with a seven-person team led by owner and managing principal Michael Hatch and financial advisor and principal Kody Brown, both of whom became equity owners in Sequoia Financial through the deal.
Brown said Sequoia’s investment research platform and technology leadership would best serve Sterling’s clients.
The acquisition builds on Sequoia Financial’s wealth management relationship with accounting firm Eide Bailly, announced in late 2024, by giving it an office in California. Previously, Sequoia Financial operated in Eide Bailly offices in Irvine and Torrance.
DeVoe & Company represented Sterling Financial in the transaction.
Sequoia Financial, which manages $29.9 billion in assets as of September 30, has now made 12 acquisitions since 2023. The RIA received a $200 million private equity stake from Valeas Capital Partners in 2022 and a minority investment from Kudu Investment Management in 2020.
Citizens Financial Division Adds 401(k) Plan Advisors
Citizens Private Wealth, the wealth management division of Providence, R.I.-based Citizens Bank, has added a 10th advisory team, expanding its advice services to include corporate employer-sponsored retirement plans.
The new team, CF Retirement Solutions, is led by Greg Cantone and Anthony Fella and will serve clients nationally from New York City. The two advisors were formerly with Flagstar Advisors, a division of Flagstar Bank.
The addition marks Citizens’ expansion into 401(k) plan management for enterprises, with the team specializing in helping small and mid-sized businesses work on employee retirement benefits.
According to the bank, the move will create opportunities for Citizens across private wealth, private banking, commercial banking and business banking.
Citizens Private Wealth has integrated 10 teams over the past year and a half, bringing on advisors across wealth planning, investment management and banking. The teams have collectively managed more than $10 billion in client assets.
Citizens Financial Group, the holding company for the bank and its divisions, has $222.7 billion in assets as of Sept. 30, 2025, and about 1,000 branches.
