Just days after it announced the acquisition of West Coast Financial, a financial advisory firm headquartered in Santa Barbara, Cerity Partners has grown again.
The 16-year-old RIA firm has merged with Cook Wealth, a Raleigh-based wealth management firm, expanding its financial planning, investment management, and tax planning and preparation services into North Carolina.
The $529 million AUM Cook Wealth is led by Brian Cook who started at the firm in 1998, became managing partner in 2004, and owner in May 2023. He was previously director of portfolio investments at Pappas Capital and a senior financial analyst at GSK.
The team includes 27 employees.
“Cook Wealth’s talented team and deep client relationships reflect a clear commitment to holistic, client-first service,” said Claire O’Keefe, Partner & Head of Partner Development at Cerity Partners. “This merger not only expands our footprint in the Raleigh market but also deepens our ability to serve private and corporate clients with personalized solutions. We’re thrilled to welcome them to the firm.”
The M&A market in the RIA space is vibrant with an aging population of firm owners looking to cash out and/or secure the future of their businesses beyond their retirement. And optimism remains despite the current economic and market turmoil.
Among the firms that are pursuing growth through acquisition is Mercer Advisors which recently added Vishria Bird Financial Group in Memphis, and D. Scott Neal in Kentucky to its network adding a combined $883 million in assets under management and expanding its presence in the Southeast.
Mercer's principal of M&A partner development Martine Lellis shared her insights with InvestmentNews into why unlocking growth is central to mega RIA's M&A strategy.
"It's probably the most competitive environment that we've ever seen," Lellis said. "When you have many well-capitalized buyers out there competing for what we consider high quality partner firms, then I think just maintaining the ability to be nimble in terms of the way that you structure these deals is incredibly important."
The quartet of deals across New York, Florida, Ohio, and New Mexico reinforces the fast-growing integrator's leading position in the independent space.
UBS and Wells Fargo have made their own additions in the Northeast, including a Massachusetts duo defecting from Commonwealth.
Goldman Sachs' new private credit fund aims to bring alternatives to 401(k) plans, joining a wave of asset managers targeting the DC market.
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With 102 transactions logged in the three-month period up to June, Echelon Partners is projecting a new banner year for dealmaking across the industry.
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.
