New York-based Wealthspire announced it has entered into an agreement to acquire Fi3 Advisors, an Indianapolis-based boutique advisory firm managing approximately $1.2 billion in assets.
The deal is Wealthspire's second Indianapolis acquisition this year, following its purchase of Axia Advisory just last month.
Combined, the two deals bring Wealthspire's footprint in the Indianapolis market to roughly $3 billion in assets under management or advisement across institutional and private client relationships.
Fi3's leadership team – including managing partner Ivan Hoffman and partners Matt Simpson and Sam Muse – will remain in place following the close of the transaction.
Clients at Fi3 will gain access to the family office platform Wealthspire launched earlier this year, which bundles tax and estate planning, family office accounting, lifestyle management, and trust services.
Hoffman said in a statement that Fi3 has been focused on "doing things with intention" and that the Wealthspire partnership would allow clients to access a broader set of resources while continuing to receive the same level of personalized service.
Wealthspire chief executive Mike LaMena said Fi3's approach "aligns closely with how we serve clients, combining personalized guidance with the scale and resources needed to support more complex needs over time."
Apollon Wealth Management announced that Senglaub Financial Group, based in Delafield, Wisconsin, has joined its network. The firm manages approximately $650 million in client assets and has a foundation stretching back more than five decades, placing it among the older independent practices to change hands in recent memory.
With roots going back to 1965, Senglaub Financial is led by Jeff Senglaub and his daughter Christy Senglaub, continuing a multi-generational structure that mirrors the firm's broader focus on long-term family relationships. The deal extends Apollon's presence in the Midwest and adds several support staff to its roster, including a director of operations, a senior financial planner, and multiple client service associates.
Jeff Senglaub said in the announcement that joining Apollon would let the firm preserve its client-first philosophy "while gaining access to enhanced resources, operational support, and a broader platform."
Apollon, which collectively manages approximately $15 billion in client assets alongside its advisory affiliate Apollon Financial, said the partnership reflects its strategy of aligning with "family-led advisory teams committed to long-term client relationships."
Atlanta-based Merit Financial Advisors announced the acquisition of Pradel Financial Group, a Seattle-based practice managing nearly $420 million across roughly 110 client households.
The deal marks the 58th acquisition for Merit, which currently reports more than 55 offices nationally and approximately $26 billion in assets under management
The firm was founded by Paul Pradel, who spent more than 23 years as an advisor at Commonwealth Financial Network before building Pradel Financial Group over the past two decades.
Pradel and longtime team member Jessica Moore, who will take on the role of client relationship manager at Merit, have worked together for more than 20 years.
Pradel said the decision centered on finding a long-term partner for his clients and his team, noting that Merit "checked every box" in terms of culture and growth orientation. He also cited succession planning as a key factor, saying the move gives him "a better answer for the long term, for my clients, my team, and my family."
Alex Hansen, Merit's chief advisor success officer, pointed to the intentionality behind how Pradel built the practice – and to Moore's role specifically – as factors that distinguished the firm. "At Merit, we believe great teams, not just individual advisors, drive long-term success," Hansen said.
Pradel Financial Group, which will rebrand under the Merit name, is the latest advisor team to splinter away from Commonwealth since it was acquired by LPL last year. While a report by Muriel Consulting in January reckoned that 22.5% of Commonwealth's advisors had walked away from LPL as of December 31, CEO Rich Steinmeier continues to insist that his firm's retention efforts have been working.
“In terms of asset retention, we are in the mid-80s today, and we continue to track towards our target of 90% retention,” Steinmeier told analysts attending LPL's first-quarter earnings call last week.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
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