Amid another week of frenetic activity in the RIA space – featuring new strategic partnerships for Summit Financial and Hightower, a new private backer for Lido Advisors, and Focus Financial Partners naming a new CTO, to name some – two other firms have announced significant moves of their own.
In California, the Mather Group has entered into a strategic alliance with Pillar Wealth Management, a Walnut Creek-based firm with more than $200 million in assets under management.
The deal marks The Mather Group’s fourth acquisition in the San Francisco Bay Area and its 21st transaction since 2018.
The move aligns with the firm’s goal of establishing a stronger West Coast presence and expanding its offerings for high-net-worth and ultra-high-net-worth clients. Chicago-based Mather Group manages more than $14 billion in client assets across 12 offices nationwide.
Pillar Wealth Management was co-founded by Hutch Ashoo and Chris Snyder, who collectively bring more than three decades of experience advising affluent families. Their practice focuses on customized investment and retirement strategies, as well as tax and estate planning support.
“This partnership allows us to maintain our high-touch, boutique service model while gaining access to expanded resources and a broader platform to better serve our clients,” Ashoo said in a statement on Wednesday.
Snyder added, “Since our inception, we have been dedicated to goals-based planning and low-cost, tax-efficient investment portfolios designed to meet each client’s risk tolerance.”
Terms of the alliance with Pillar were not disclosed.
The Mather Group operates as a fee-only RIA and has built scale through a series of acquisitions while maintaining its commitment to client-centric planning.
Meanwhile, Cleveland, Ohio-based Prosperity Capital Advisors has added two senior executives to its C-suite.
Stan Milovancev has been named co-chief executive officer, while Scott Rister has been appointed co-president and chief financial officer. The appointments are part of a broader leadership realignment aimed at supporting the firm’s next growth phase.
Prosperity Capital Advisors, which oversees just over $3.7 billion in assets for its clients as of March 31, supports independent advisors nationwide with platform services, investment solutions, and practice development tools.
Milovancev joins Jason L Smith, who will transition from co-CEO to chairman. Rister will work alongside Dave Alison, who remains as co-president while shifting focus to platform expansion and advanced planning.
“Stan’s integrity and deep industry expertise make him the ideal partner to help carry our mission forward, while Scott’s strategic perspective and operational acumen makes him an asset for enhancing our future,” Smith said.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.
Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
