The pace of RIA consolidation remains brisk as Allworth Financial and Alera Group each announced new additions to their platforms this week, furthering their reach in key regional markets and expanding their capabilities for high-net-worth and ultra-high-net-worth clients.
Allworth Financial has acquired Shorepoint Capital Partners, a Norwood, Massachusetts-based RIA with approximately $850 million in assets under management.
The deal brings 10 Shorepoint team members, including four advisors, into Allworth’s national platform. Shorepoint co-founders Tim Vanech and Luis Raposo will continue in leadership roles.
John Bunch, chief executive of Allworth, said the acquisition marks a significant step for the firm as it establishes a presence in Boston and continues to scale its platform for high-net-worth and ultra-high-net-worth clients.
Bunch said Tim, Luis, and their team bring “deep institutional investment expertise and a client-first ethos that aligns seamlessly with Allworth’s culture.”
The integration gives Shorepoint advisors immediate access to Allworth’s national resources, including AI-powered planning tools, centralized compliance, and marketing support.
Vanech said the partnership is a “natural extension of the values on which our firm was founded,” and that joining Allworth “ensures continuity for both our employees and clients, while opening the door to new growth opportunities, enhanced resources, and career development for our team.”
Shorepoint, founded in 2009, is known for its fiduciary approach and model-based investment strategies. With this acquisition, Allworth, which is backed by private equity firms Lightyear Capital and Ontario Teachers’ Pension Plan, surpasses $31 billion in assets under management and strengthens its presence in the Northeast.
Meanwhile, Deerfield, Illinois-based Alera Group has expanded its Midwest presence by adding Adam Bettis, senior partner at Alera Group Wealth Services, and Trish Connelly to its network of affiliated advisors.
The Kansas City-area practice, based in Overland Park, officially joined Alera Group on July 1.
Jeff Silverman, chief growth officer for financial services at Alera Group, said Bettis “represents exactly the type of advisor we’re looking to partner with.”
Bettis said joining Alera Group gives the team access to “institutional-level investment solutions, advanced technology and a broader range of services while allowing us to maintain the personalized approach our clients value.”
Alera Group, an independent financial services firm with $1.5 billion in gross revenue, has been active in expanding its wealth and retirement plan services. The firm, backed by private equity firm Genstar Capital, went on a short dealmaking sprint with three deals in 2022, with another deal for a $2.8 billion Virginia-based firm in 2023.
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