Rise Growth Partners, a privately held venture that provides strategic backing to growth-oriented RIAs, has taken a minority stake in Cyndeo Wealth Partners, a Florida-based RIA that's now aiming to accelerate advisor recruiting and broaden its geographic footprint.
The deal pairs Rise with Dynasty Financial Partners, which also took a minority stake in Cyndeo as it launched in 2020.
The RIA is led by Matt Kilgroe, a UBS veteran who was previously with Merrill for 20 years. Operating from St. Petersburg and Lake Mary, Florida, Cyndeo now manages roughly $3.1 billion in client assets for a select clientele that includes small to mid-size business owners, entrepreneurs, and professional athletes in the NBA and NFL.
“We've had terrific growth at the firm, both organically and inorganically, but felt like we were beginning to run up against a spot where we needed a capital partner to continue to recruit [and] expand .... without letting the services and the attention to detail for our clients and our advisors slip,” Kilgroe, who leads Cyndeo as president and CEO, told InvestmentNews in an interview.
The move marks the fourth RIA minority investment by Rise, whose founding vision was first announced in 2023 by founder and industry veteran Joe Duran, now its managing partner. Since then, it's made strategic investments in Bleakley Financial Group, a New Jersey-RIA that rebranded to OnePoint BFG last year; Grimes & Company, which operates in Massachussets; and St. Louis-based Krilogy.
While minority investments for RIAs declined last year – Echelon Partners' 2025 RIA M&A deal report found they represented roughly a sixth of all deals involving sellers with at least $1 billion AUM last year, a 42.3% drop from 2024 – they're still an appealing option for companies seeking continued growth after reaching a certain level of scale. They're also a way to take chips off the table, according to Echelon, as elevated valuations in wealth management offer an attractive window for many founders to collect partial liquidity.
"We wanted to stay independent and in control," Kilgroe said. “I rolled the majority of my equity – this is not a cash‑out scenario for me or any of our original partners – and the same goes for Dynasty.”
According to Kilgroe, Cyndeo decided to test the market for new capital partners six to nine months ago. The process, spearheaded by Dynasty Investment Bank, led to a dozen suitors, including some offering to acquire the whole business.
"One important piece is that the firm now has a value. When we launched five or six years ago, we were out there saying what we thought the firm was worth, but we didn't know," he said. "Now that we have stock and equity with validation and a stamp of value on it, we're talking about something real in the marketplace.
“It is an exciting chapter to partner alongside Rise as we continue our long-standing relationship with Cyndeo,” Dynasty CEO Shirl Penney said in a statement. "We’ve been proud to support the firm since its launch, and we’re excited to continue backing Cyndeo as an investor and strategic partner."
In the end, Kilgroe said Rise's experience in wealth management and its minority-only investment structure gave it a decisive edge.
For Duran, the value of the partnership with Cyndeo goes beyond its Florida presence and high-net-worth athlete focus. "We've been looking to find a home for broker‑dealer lift‑outs and the recently independent broker‑dealer segment," he told InvestmentNews.
While Rise usually avoids bank processes, Duran said his previous acquaintance with Kilgroe, as well as the opportunity to partner with Penney and Dynasty, made Cyndeo an exception worth making.
"Many advisors who left the wirehouses and have independent practices with $300–$500 million are struggling to keep up with innovation and maintain services," he said. "Being part of Dynasty along with Cyndeo's leadership allows for a great home for those advisors who want to grow but want to concentrate on serving clients under a strong brand and leadership team."
Under the new arrangement, Dynasty will continue to provide Cyndeo with platform services, including technology, investment infrastructure, and investment banking support. Duran said Rise will supply strategic and operational support, a team dedicated to advisor integration and assistance with brand and go-to-market strategy, while also supporting selective M&A initiatives as the firm continues to expand across Florida and the Southeast.
“For advisors looking for a combination of cash and equity, we’re well positioned to pay cash and deliver an equity that we think will have tremendous upside in the future,” Kilgroe said.
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