The momentum in RIA dealmaking continued in earnest Tuesday with a flurry of announcements, including noteworthy additions at Mission Wealth, NorthRock Partners, and Elevation Point.
Mission Wealth has merged with PBL Wealth Management in Austin, adding founder Adam Broughton as a partner and senior wealth advisor and deepening its presence in one of the country’s fastest-growing markets.
PBL, which serves high-income professionals and business leaders, brings a client base that leans heavily on tax-aware planning, equity-based compensation guidance, and retirement income strategies. Those capabilities fit squarely with Mission Wealth’s focus on comprehensive planning for high-net-worth households, the firm said.
“Adam's thoughtful approach aligns well with our planning philosophy and strengthens our ability to serve clients in one of the fastest-growing markets in the country,” said Matthew Adams, chief executive and managing partner of Mission Wealth.
Apart from building on last year's acquisition of Logic Capital in Texas, the deal also folds in PBL’s library of educational content, which Mission Wealth plans to use to help clients better understand their options around taxes, equity awards and long-term planning decisions.
Mission Wealth now oversees more than $14.1 billion in client assets under management.
In the Midwest, NorthRock Partners has added Martin & Associates, an Illinois advisory firm that previously affiliated with Ameriprise Financial, in a move that brings about $500 million in assets under management and pushes NorthRock past $11 billion in total AUM.
NorthRock's first addition for the year, Martin & Associates is led by a tight-knit advisory team with an emphasis on long-term relationships and disciplined advice.
As part of the transition, the team will plug into NorthRock’s “Personal Office” model, which brings together specialists across investments, tax strategy, estate planning, insurance, legal coordination, business advisory and philanthropy.
“Passing $11 billion in assets reflects the direction of our firm, but it's not what defines us,” said Rob Nelson, chief executive and founder of NorthRock Partners. “We're focused on building the future of professional advice – one that isn't siloed into just financial decisions, but integrates every dimension of a client's life.”
NorthRock now serves more than 3,900 clients and manages over $11 billion in assets.
Elevation Point is continuing to lean into minority-stake partnerships with growth-minded advisors, taking a strategic interest in Forta Wealth Partners, a newly launched Indianapolis RIA overseeing more than $900 million in assets under supervision.
The Forta group previously operated as the Turner Group within Merrill Lynch Wealth Management and was recently recognized as a best-in-state wealth team by Forbes. Led by principals Will Turner, Jon Shurtz, and Harrison “Taylor” McDougal, the group works with C-suite executives, business owners, multigenerational families, institutions and professional athletes across 26 US states.
“For us, independence is about the freedom to deliver a truly differentiated client experience,” Turner said. “Launching an independent firm in partnership with Elevation Point provides access to best-in-class resources and support to enhance what we do best, while ensuring we remain in full control of our business and true to the values that have earned our clients' trust.”
Elevation Point, which collaborates with Goldman Sachs on custody solutions, said it has invested in independent teams overseeing about $11.9 billion in client assets under supervision since its launch roughly 19 months ago, including the recent debut of Harbor View Private Wealth, a $1.3 billion firm in Atlanta.
Founding partner and chief executive Jim Dickson said Forta’s “youthful, seasoned team with a relentless drive to exceed client expectations” fits the firm’s strategy of backing advisors looking to scale in independence.
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.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
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