True North Advisors and SageView are both deepening their presence in key US markets, while a newly independent firm, Spiegelman Wealth Management, has opened its doors in California’s East Bay.
Dallas-based True North Advisors has acquired Blue Investment Partners, a Danville, California investment management firm with $353 million in assets under management as of June 30.
The deal brings True North’s total assets to more than $5.1 billion and marks its entry into the San Francisco Bay Area, as well as a strengthened foothold in the New York Tri-State region. Blue, founded in 2018 by Brett Hoover and Matt Dublin, serves ultra-high-net-worth families and institutional investors, emphasizing long-term relationships and institutional discipline.
Mark Gehlbach, president and co-founder of True North, said the addition of Blue “strengthens the firm’s investment team and advances its reach in strategically important markets.” He added that Blue’s approach to managing complex portfolios for sophisticated clients complements True North’s core investment models.
Scott Wood, CEO and co-founder of True North, noted, “Blue’s insights, network, and client relationships add substantial value to True North’s tactical growth plan, and the firm looks forward to welcoming Brett and Matt to the team.”
The acquisition is True North’s second since forming a partnership with Wealth Partners Capital Group and the Aspire Holdings platform of HGGC in early 2024.
Meanwhile, SageView Advisory Group is enhancing its presence in North Carolina, aiming to support the region’s expanding business community. The Newport Beach-based RIA, which has more than 150 advisors across 34 offices in over 20 states, is focusing on the state’s strong corporate and job growth.
Nichole Labott, managing director for retirement plan consulting, is leading the expansion. She will receive support from wealth advisor Thomas Goldman, who is also based in North Carolina, according to a SageView spokesperson.
“North Carolina continues to see strong corporate and job growth, and SageView is uniquely able to provide advisory services for the increasing number of retirement plan sponsors in the state,” said Jon Upham, president of SageView. “Nichole and her team are experienced advisors who will anchor our efforts in the state.”
North Carolina has been recognized for having one of the nation’s fastest-growing economies, supporting large industries and research institutions. SageView’s move is designed to meet the needs of both retirement plan sponsors and private wealth clients in the region.
In December, SageView revealed its acquisition of OnTrack 401(k), a retirement plan consultancy based in Frederick, Maryland.
In the East Bay, Spiegelman Wealth Management has launched as an independent RIA, following its departure from Commonwealth Financial Network. Led by Adam Spiegelman, the family-run firm – which has began as a unit of Northwestern Mutual under Spiegelman's father Alan in 1989 – previously managed about $400 million in client assets and brings more than seventy-five years of combined experience to its new chapter.
The team, which includes two associates and a business development director, will custody assets with Fidelity Institutional Wealth Management Services and focus on providing boutique-level service to high-net-worth clients.
“After years within larger institutions, we saw an opportunity to create something fully independent – an environment where we could deliver more personalized, responsive service tailored to each client’s needs,” said Adam Spiegelman. “Gaining the autonomy to expand our technology platform and introduce new investment strategies – free from outside constraints – has been a long-standing vision of mine, one that ultimately strengthens our client relationships.”
Commonwealth advisors have sat high on recruiters' priority lists ever since LPL's March announcement that it's acquiring the firm. Between LPL's own ambitious retention goals and rival firms' aggressive efforts at bringing them over, at least one Commonwealth advisor has had to call out the disruptive experience he's had from cold-calling headhunters.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
