Arax and LPL revealed significant additions on Monday, with both firms welcoming heavyweight advisor teams to their respective networks.
Arax Investment Partners, backed by RedBird Capital Partners, revealed it had acquired Cedrus Financial, an RIA headquartered in Littleton, Colorado, with approximately $1 billion in assets under management.
Cedrus specializes in financial planning, portfolio management, and advisor selection services, catering primarily to high-net-worth families. The firm, founded in 2013, operates across Colorado and Idaho, leveraging a century of combined experience in wealth management and business leadership.
Cedrus will join Arax Advisory Partners, the firm’s network of independent advisory firms offering specialized services to institutions, families, and professional athletes.
“At Cedrus, our goal has always been meeting the needs of our clients,” Mark Neely, managing partner at Cedrus, said in a statement Monday. “Joining the Arax platform provides access to operational synergies and technological advancements that will support the scaled growth of our business.”
Haig Ariyan, chief executive officer of Arax, highlighted the acquisition as a success story in his firm's broader strategy.
“Our multi-boutique wealth management strategy continues to attract the best in the business, supporting the growth and expansion of the Arax platform,” he said.
Last year, Arax also added several billion dollar-plus firms to its network including Excel Securities & Associates Inc., SRS Capital Advisors, and US Capital Wealth Advisors.
Meanwhile, LPL Financial announced that father-and-son advisors William “Bill” Bruen, Jr., and Andrew Bruen have joined its broker-dealer network, partnering with Paradigm Partners.
Paradigm Partners is a new partnership model launched by Paradigm Wealth Management, a W2 advisor business consisting of firms acquired by founder David Provinsal from retiring advisors. The new Paradigm Partners model lets advisors affiliate with Paradigm and LPL under a 1099 scheme, with the ultimate goal of becoming a single partnership of those affiliate advisors.
The Bruens, previously with UBS, reportedly managed approximately $1.3 billion in advisory, brokerage, and retirement plan assets. They bring nearly a century of family wealth management experience, beginning in 1922 when the family patriarch James Bruen launched his practice.
“For over a century, our practice’s guiding principle has been to provide clients with ‘a plan for today, tomorrow, and generations to come,’” Andrew Bruen, who has worked in the family business since his school years, said Monday.
Andrew Koltunowicz, managing partner and co-founder of Paradigm Partners, said the Bruens' pedigree and philosophy make them strong additions to the firm.
“Their longstanding history in their community, commitment to clients, multigenerational wealth management expertise and focus on delivering personalized advice make them an ideal fit for our firm,” Koltunowicz said in a statement Monday.
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