Emigrant Partners takes minority stake in Mutual Group to fuel national expansion

Emigrant Partners has made a strategic investment in Mutual Group, a national platform that provides broker-dealer and advisory services to independent financial advisors and RIAs.

The deal gives Mutual access to fresh capital and strategic support as it looks to widen its national footprint, deepen advisor engagement, and push forward platform improvements, according to a statement released Thursday. Financial terms of the transaction were not disclosed.

Mutual's current leadership team will hold on to a majority ownership stake and continue directing both the firm's strategy and day-to-day operations, a setup that tracks with Emigrant's standard playbook as a minority, non-voting investor.

Founded in 1982, Mutual serves more than 270 advisor teams and independent RIAs that collectively manage upward of $15 billion in assets. Its service lineup spans broker-dealer and advisory capabilities, including Evolve, a proprietary tool designed to help RIAs move commission-based business into a fee-only structure without the burden of traditional dual registration.

Jenny Souza, president and CEO of Emigrant Partners, said Mutual holds "a unique position in the independent community," pointing to its 44-year history and a decade of work diversifying its offerings beyond the traditional broker-dealer model. "We're excited to work with Mutual's leadership as they continue to expand services across multiple business lines," she said.

Aaron Jasper, chief executive of Mutual, called the partnership "a meaningful step forward in Mutual's evolution." He said the firm was deliberate about finding a partner with both strategic depth and a long-term perspective to support its growth.

The announcement extends a fairly busy stretch for the broader Emigrant organization. Earlier this month, Emigrant Partners disclosed a minority stake in Keen Wealth Advisors, a $1.3 billion RIA based in Overland Park, Kansas, that specializes in retirement, tax, estate, and investment planning. That deal followed the same minority, non-voting structure, with Keen's founder and CEO Bill Keen staying on to lead the firm.

Amid last year's busy season for RIA M&A, Echelon's 2025 deal report counted 41 minority transaction announcements, the second-highest ever total of minority deals in its yearly tracking. While that represented a 21.2% decline from the record set in 2024, the report said demand for such transactions remained strong in the larger end of the market, with the average seller in a minority transaction holding just under $25 billion.

In March, parent company Emigrant Bancorp agreed to acquire a majority interest in Fortis Management Group, a non-investment family office firm near Boston. That transaction served as the cornerstone of Emigrant Family Office, a newly created division designed to offer ultra-high-net-worth families and their advisors a coordinated suite of non-investment services, from customized financial reporting to family governance and estate planning coordination.

With the Mutual investment now in the fold, Emigrant Partners counts 22 firms in its portfolio, overseeing combined assets of roughly $130 billion.