RIA moves: Captrust snaps up $3.1B RIA in New York

It's been a wild week of headlines coming in from Wall Street with earnings season in full swing. 

But that doesn't mean dealmaking has stopped in the RIA world, with a number of deal announcements this week led by a strategic expansion by the trillion-dollar RIA giant Captrust in the Northeast.

Captrust enters upstate New York, adds Carolinas Investment Consulting

Captrust Financial Advisors, which officially crossed $1 trillion in assets last year, has established its first outpost in upstate New York with the addition of Cobblestone Capital Advisors, a Rochester-based firm with $3.1 billion in client assets.

The move brings 42 new employees, including 15 advisors, into the Captrust fold and marks the firm’s third office in the state, joining locations in New York City and Long Island. Cobblestone, led by CEO John DiPasquale, will adopt the CAPTRUST brand as part of the integration.

DiPasquale said in a Wednesday announcement that both firms “shared a deep commitment to our clients, our colleagues, and our communities,” and that joining Captrust “not only strengthens everything we've built for our clients but also expands what's possible for our future.”

Rick Shoff, managing director at Captrust, noted that Cobblestone’s team-based approach “aligns perfectly with our mission,” describing the deal as a strategic fit that strengthens the firm’s presence in the Northeast.

Captrust has made other moves in 2025. In March, the firm acquired Carolinas Investment Consulting, an investment consulting and financial planning firm based in Charlotte with more than $1.4 billion in assets and 20 employees. 

Captrust is looking to lean harder into its inorganic growth strategy, having hired Mike Wunderli from Echelon Partners as its head of mergers and acquisitions this summer.

NorthRock Partners accelerates West Coast growth

NorthRock Partners, headquartered in Minneapolis, has brought WGG Wealth Partners of Roseville, California, into its growing network.

The addition of WGG, a 15-advisor team overseeing $2.7 billion in assets, strengthens NorthRock’s presence in California and expands its Personal Office advice model on the West Coast. WGG’s advisors, previously affiliated with Ameriprise, join NorthRock as part of a total integration approach.

Rob Nelson, CEO of NorthRock, said the firm is “partnering with advisors who share our vision of deeper, more holistic advice,” and that WGG’s team “could amplify their impact” through NorthRock’s platform.

This marks NorthRock’s third acquisition of 2025. In July, the firm acquired Parkside Advisors, a Berkeley-based RIA with $800 million in assets, further solidifying its Bay Area footprint. The firm also expanded in Chicago earlier this year by bringing on a team from LPL.

Nelson said NorthRock aims to double its assets from $6.5 billion at the start of the year to about $13 billion by year-end, with organic growth expected to reach 15%.

Carnegie Investment Counsel deepens Florida presence

Carnegie Investment Counsel, an Ohio-based RIA with more than $7 billion in assets, has acquired AHL Investment Management, a Florida firm managing $220 million. The transaction, effective October 1, is part of Carnegie’s broader strategy to expand in high-growth markets and strengthen its national service capabilities.

Richard Alt, CEO and principal of Carnegie, said in a Tuesday announcement that AHL’s team brings “valuable expertise and trusted client relationships,” and that the alignment in values “strengthens the foundations of our firm for long term success.”

This is the second major deal for Carnegie in 2025. Earlier in the year, the firm acquired Eagle Ridge Investment Management, a Stamford, Connecticut-based RIA with $1.3 billion in assets and 14 staff. That acquisition increased Carnegie’s assets under management by more than one-fourth and expanded its reach in the Northeast.