It's another month, another flurry of announcements from the RIA space including a new family office division at Wealthspire, Carson deepening its reach in California, and First Manhattan taking in a veteran-led planning practice in Jackson, Wyoming.
Wealthspire is formalizing and expanding its work with ultra-high-net-worth households through a new Wealthspire Family Office platform aimed at complex, multigenerational relationships.
The New York-based firm overseeing nearly $600 billion in assets is combining capabilities from Wealthspire, Fiducient Private Client and Ground Control into a single offering for families with significant complexity and scale. According to a release on Monday, the family office platform currently works with more than 300 families representing close to $50 billion in assets, with an average relationship north of $130 million in AUM.
Each family is paired with a lead advisor who coordinates a broader team across wealth strategy, investments, tax and estate planning, family office accounting, and day-to-day financial operations. The goal is to keep a single point of contact for the firm's most complex relationships, pulling in specialists as needed for issues such as legacy planning, family governance, financial education, and lifestyle coordination.
“Families with significant wealth are making more consequential decisions more often,” said Chad Tischer, managing director and chair of the Wealthspire Family Office Council. “What they value is a coordinated approach that brings discipline to the process and continuity to the relationship.”
The launch is positioned as the next step in Wealthspire’s evolution after its capital restructuring and integration efforts last fall.
Carson Group is expanding its West Coast footprint with the acquisition of Applied Financial Planning, an Irvine, California-based RIA that traces its roots to a tax-focused practice launched in 1986.
Carson, headquartered in Omaha and overseeing more than $56 billion in AUM, has acquired the partner firm after a long relationship that began when Applied’s founder became an early client of Carson’s coaching program. Applied later affiliated with Carson as an independent partner in 2020.
Applied Financial Planning reported approximately $635 million in advisory and brokerage assets. Over the years, the firm has grown into a multigenerational wealth management shop with seven advisors and an 11-person support team, offering financial planning, investment management, retirement and estate planning, and tax strategy.
Carson is framing the deal as a way to provide more scale, infrastructure and tax resources while allowing the local team to keep its relationship-driven approach.
Burt White, CEO at Carson Group, said the move represents "what advisors can build through decades of disciplined leadership, deep client relationships and a commitment to serving families across generations.”
Under the new structure, Applied’s clients are expected to gain access to Carson’s technology stack, high-net-worth solutions, tax planning tools and support network, while advisors retain autonomy in how they serve households.
Applied marks Carson’s 39th wholly owned Carson Wealth location, coming on the heels of similar beneficial takeovers that happened last month in Arizona and Georgia.
First Manhattan is also leaning into selective expansion, adding Beddow Capital Management and its founder, veteran investor Edward Beddow, to the firm.
The New York-based investment adviser manages more than $36 billion and is bringing on Beddow Capital, a Jackson, Wyoming-based RIA with over $300 million in AUM. Beddow, who has nearly four decades of market experience, joins as senior managing director and portfolio manager and will continue to serve clients from Jackson.
“We are highly intentional about the investors and people we invite to join First Manhattan,” said chief executive Zachary Wydra. “Ed has built a thoughtful, client-centered practice that has been driven by successful fundamental investing over many decades.”
Beddow’s background includes an MBA from the Stanford Graduate School of Business and an early-career stint in investment banking before shifting fully into investment management. His approach centers on concentrated, high-conviction portfolios with an emphasis on intrinsic value and long-term ownership.
For clients, the tie-up is pitched as a way to keep Beddow’s existing investment philosophy in place while tapping into deeper institutional research, operational support and integrated planning and trust capabilities.
“Joining First Manhattan allows me to continue serving clients with the same investment philosophy that has defined my career,” Beddow said, adding that the firm’s research depth and operational strength “meaningfully broaden what we can deliver to clients over time.”
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