Maridea Wealth Management, an independent RIA firm based in Brooklyn, has expanded its footprint in the Midwest through the acquisition of an RIA formerly affiliated with LPL.
Maridea announced Thursday that it has acquired Pinnacle Wealth Management, a Chicago-based RIA founded in 1994.
The deal brings Pinnacle’s team and its founder, Brian Sheehy, under the Maridea banner, furthering the firm’s national growth strategy.
Pinnacle, known for its focus on high-net-worth clients and personalized financial planning, was previously affiliated with LPL Financial. The firm will now transition to Maridea’s independent RIA platform, a move that Maridea says will enhance its service offerings for both clients and advisors in the region.
“Brian's philosophy of transparent client guidance and customized wealth solutions aligns perfectly with our values at Maridea,” Mier Wang, founder and chief executive officer of Maridea, said Thursday. “The Pinnacle team’s deep commitment to client success and strong reputation in the Midwest make them an ideal partner as we continue building a premier wealth management platform.”
Prior to launching Maridea, Wang's record with Finra shows he was registered as a broker with JPMorgan and Barclays.
Sheehy, who brings nearly thirty years of experience to the table – including previous registrations with John Hancock, Royal Alliance, and World Equity Group, according to his Brokercheck record – will join Maridea as a senior investment advisor and help lead the firm’s Chicago office.
Four years after joining LPL in 2020, he moved his business to Maridea, drawn by its national platform, entrepreneurial culture, and executive leadership.
"Leaving LPL was not a decision I took lightly, but the opportunity to join Maridea felt like the right next step,” said Sheehy. “I’m thrilled to help grow Maridea’s presence in Chicago."
Maridea oversees $469 million in regulatory assets under management, according to its latest form ADV filed with the SEC this month.
The acquisition follows a recent strategic investment by private equity firms 119th Street Capital and Pelican Capital, announced in April. That investment was intended to support the firm's expansion and pursuit of additional acquisitions.
Maridea, incorporated in 2023 and headquartered in New York, now employs more than thirty advisors and professionals nationwide, with a presence spanning from New York to California.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
