It's another week, another burst of M&A movement in the RIA space with Steward Partners, MAI Capital, and AlphaCore each extending their reach across the East Coast and Mountain West markets.
Steward Partners, the full-service, employee-owned, independent financial services firm has announced a strategic partnership with Zelniker Dorfman Private Wealth, an 11-person advisory team overseeing approximately $2.4 billion in client assets.
Steward said the new team, which includes six advisors and represents more than 100 years of combined industry experience, marks the largest wirehouse breakaway in its recruiting history.
The team is led by Scott Zelniker and Peter Dorfman, partners and wealth advisors who arrived from UBS, according to their BrokerCheck records with FINRA.
The practice at Zelniker Dorfman Private Wealth is built around some of the more complex client segments in wealth management: business owners navigating liquidity events, multi-generational families, and professional athletes and entertainers.
It also serves women in wealth and operates a next-generation segment focused on gaming and content creators.
"Over the course of my career, I have had the privilege of watching families grow across generations," Zelniker said in a statement. "We are not just managing wealth. We are positioning families for whatever comes next."
"We could have stayed in our seats at a wirehouse, ridden things out, and eventually retired. But that would have been a disservice to our clients and to the next generation of their families," Dorfman added.
The partnership extends Steward Partners' footprint across the Northeast Corridor – with offices in New York City and Connecticut – and adds reach along Florida's East and Gulf Coasts.
Steward Partners reported more than $52 billion in total client assets as of April.
MAI Capital Management, which also has a focus on high-net-worth planning, announced the acquisition of Saybrook Wealth Group.
MAI's addition of the Old Saybrook, Connecticut-based RIA managing approximately $273 million in assets expands its presence across the state and the surrounding region.
The Saybrook deal was announced just as Carlyle officially became a majority owner of MAI, following the completion of a transaction previously announced in March.
Stephen Norton, who founded Saybrook after a career at some of the industry's largest wirehouses – his BrokerCheck record features stops at UBS and Edward Jones – built the firm around fee-only, fiduciary advice for more than 300 client households.
Saybrook's core clientele includes high-net-worth individuals and families, executives, retirees, and commercial construction professionals. The practice is also known for its work with families who have dependents with special needs.
Saybrook will adopt the MAI brand name and access to its platform of investment, planning, and family office professionals. Norton, who joins as a senior wealth advisor, said his primary motivation was operational.
"As Saybrook has grown, more of my time has gone toward running the business and managing operational responsibilities," he said, pointing to the opportunity to offload those and "stay focused on delivering thoughtful advice."
AlphaCore Wealth Advisory announced the addition of Elk River Wealth Management, a seven-person team advising nearly $1 billion in assets.
Operating with a focus on high-net-worth and ultra-high-net-worth households in Colorado and Arizona, the team will be based in the Cherry Creek area of Denver.
Chris Freimuth, founder and CEO of Elk River, built the practice over a decades-long career serving a select group of clients. Through the partnership, the Elk River team gains access to a broader suite of services including tax strategy and preparation, concentrated risk management, trust and estate review, family governance, and philanthropic planning.
Freimuth will assume the role of managing partner at AlphaCore, leading both teams in the fast-growing Cherry Creek and Phoenix markets.
Aidan Walsh, AlphaCore's head of corporate development, noted the firm had cultivated its relationship with Freimuth over five years before closing the deal. "Their local leadership and client focus make them an ideal partner as we continue to scale," Walsh said.
The deal follows AlphaCore's earlier acquisitions of Johnston & Associates and All Season Financial in Colorado, and brings the firm's total headcount to more than 120 professionals across five primary offices in California, Colorado, Texas, Maryland, and Connecticut.
Dick Pfister, founder and CEO of AlphaCore, said the deal reflects the firm's stated strategy of pairing organic growth with disciplined acquisitions.
(Erratum: A previous version of this story indicated that Peter Dorfman arrived at Steward Partners from Wells Fargo, when in fact he was previously with UBS. We regret the error.)
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