Elite Consulting Partners has acquired 3xEquity in a move the consulting firm says will boost its valuation analysis, succession planning, and M&A advisory support for the wealth management industry.
3xEquity is a valuation and advisory platform for financial advisors, RIAs, broker-dealers, and wealth management firms.
In a statement, Moorestown, New Jersey-based Elite Consulting Partners said that the deal will also boost its ability to provide recruitment and retention and enterprise growth strategies to its clients
“Enterprise value has become one of the most important strategic conversations happening inside advisory firms today,” said Elite Consulting Partners CEO Frank LaRosa, in a statement. “By bringing 3xEquity into the Elite ecosystem, we’re expanding our ability to help firms navigate growth, acquisitions, succession planning, recruiting, and long-term scalability with better data, better tools, and deeper strategic support.”
Kirkland, Washington-based 3xEquity was founded more than 15 years ago by Jeff Crosby, a former wealth manager at Ameriprise Financial Services.
3xEquity will continue operating as a standalone business under the 3xEquity brand, according to Elite Consulting Partners.
Elite Consulting Partners said that it plans to expand 3xEquity’s offerings through additional valuation services, enterprise subscription models, licensing opportunities, advisor education initiatives, and enhanced M&A and succession planning support.
M&A is certainly a hot topic within the advisory industry. This year is off to a blistering pace, with 93 deals announced in the first quarter, according to the latest DeVoe & Company RIA M&A Deal Book, easily surpassing the 75 deals in the same period last year.
In its report, DeVoe also noted that the RIA seller market is shifting upmarket, with larger firms representing an increasing share of transaction activity.
Succession planning is another huge focus for advisory firms. One report from Cerulli projects nearly two-fifths of advisors (38%) are set to retire in the next decade, while the "rookie failure rate" at the other end of the pipeline makes it that much harder for the industry to preserve its talent pool.
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