$38B Carson Group strengthens Midwest presence with MAG Wealth Management expansion

Carson Group has entered into a groundbreaking partnership that bolsters its presence in the Midwest while exemplifying its appeal to succession- and growth-minded advisors.

On Wednesday, the firm officially unveiled its first-ever Carson Wealth location in Minnesota through a partnership with MAG Wealth Management, a multigenerational practice that has achieved a significant leap in scale – a common challenge for small independent firms – through a process of inorganic expansion.

Following its acquisition of Premier Financial Resources in 2022, MAG Wealth Management announced it has now snapped up Ovation Wealth Advisors, subsequently rebranding to Carson Wealth. The deal gives rise to a new entity with $350 million in assets under management, with Carson Group taking a 30 percent minority equity stake.

A key piece of Carson's broader strategy, according to the firm, is to help advisors achieve growth by breaking through key AUM barriers. The sweet spot for that, it says, is firms that lie between $100-$200 million, and $750 million-$1 billion in AUM.

The newly aligned Carson Wealth office will continue to operate from its locations in Paynesville, Little Falls, and Minneapolis, Minnesota with plans for future expansion. The eight-person team, led by founder Jeremy Willner and his son, Hayden Willner, aims to leverage Carson’s resources to address scalability challenges and ensure long-term continuity for their clients.

“Our journey with Carson Group, from coaching to partnership and now to equity participation, demonstrates the power of aligning with a national brand,” Jeremy Willner said in a statement. “This partnership represents a pivotal moment in our firm’s journey, offering a compelling path for us to overcome growth plateaus and secure our legacy.”

MAG Wealth Management is the latest example of what Carson Group described as the "full Carson journey," which combines operational support, technology, and equity participation. Developed over the decades under its eponymous founder Ron Carson, who retired in April and has embraced a new identity as part of an apparent spiritual awakening, the model supports firms at various stages of their business lifecycle.

“One of our goals is to meet our advisors and partners where they are, and where they want to be met,” said Carson Group CEO Burt White, who was elevated to the role in April. “For some, that’s coaching and receiving expert support or learning from a community of like-minded individuals. For others, it’s one of our many flexible partnership agreements.”

For Jeremy Willner and his team, the partnership also addresses the question of succession planning, a pressing issue in an industry where the average age hovers around 55. Carson Group’s approach helps tackle these hurdles while empowering advisors to focus on client service and expanding their firms.

“With the addition of Jeremy and his team, we continue to strengthen our Midwest presence and gain a proven team dedicated to client service and multi-generational planning,” White said. “Their expertise in inorganic growth strategies will enhance our entire network as we continue to evolve in this dynamic industry.”

Carson Group’s network now includes more than 150 partner offices across the US, overseeing $38 billion in assets. The firm isn't stopping there, said Michael Belluomini, vice president of mergers and acquisitions, as it pursues a "growth strategy [that] heavily relies on the value we can provide our partners."

“Many of our Carson partners are at important junctures in their practice – whether that be nearing retirement, acquiring new companies and therefore needing support with scale, or simply looking for help with operational challenges," Belluomini said. "We’re glad to be a strategic, flexible partner to these advisors.”