Cary Street Grows to $10.7B with Former Osaic Affiliate
Cary Street Partners, a $10.7 billion RIA based in Richmond, Va., has acquired a Sarasota, Fla.-based registered investment advisor formerly affiliated with Osaic.
IFS Advisors Inc. is led by financial advisor Daniel J. Wolff, who will become a financial advisor and managing director at Cary Street and whose firm has taken on the Cary Street name.
Wolff ran IFS as an affiliate of Securities America, a broker/dealer consolidated into Osaic, for about 14 years, amassing about $340 million in client assets, according to regulatory filings and a Cary Street spokesperson.
“We’ve watched CSP’s thoughtful growth and how they consistently invest in people, culture, and innovation,” Wolff said in a statement. “I knew this was the right move to ensure our clients continue to receive world-class service with even more resources behind them.”
The acquisition is Cary Street’s second of 2025 and will be its 20th office nationwide.
It’s also the first deal since an April announcement that it had received an investment and ownership stake from CIVC Partners in a recapitalization of other outside investors. The RIA said partners at the firm had committed to reinvesting a “significant majority of current ownership” while adding new partners to the firm, all of which will lead to funding organic and inorganic expansion.
Osaic Affiliate StoneBridge Adds $210M Advisor from VALIC
StoneBridge Advisors Inc., a Maryland-based affiliate of national broker/dealer Osaic, has recruited advisor Ryan Grossman from VALIC Financial Advisors Inc.
Grossman brings $210 million in assets under advisement in the move through his work with individuals and households. His practice manager, Susan Gallant, and client service coordinator, Michelle Kellner, will join him at StoneBridge.
StoneBridge was founded by Michael Ward in 2005 and is led by managing partner Sara Cicero.
Grossman cited StoneBridge’s “advisor-first culture and robust support ecosystem, including advanced technology tools, business development resources and a broad suite of investment solutions,” according to a statement.
He’s the latest to join Osaic in recent months; others include Wichita, Kansas-based wealth management firm NoxNumis, and Auburn, Ind.-based Ever Wealth.
On Thursday, the broker/dealer announced that its division focused on advisors at banks and credit unions added five credit union wealth management programs to its network, representing almost $500 million in combined assets.
Cetera’s Avantax Acquires $180M WealthCare Financial
Avantax Inc., Cetera’s tax-focused financial planning and wealth division, has acquired Indianapolis-based WealthCare Financial Group, which also has a tax focus for its practice. The $180 million firm’s advisors have been affiliated with Avantax since 2019.
Jeffrey Watson founded WealthCare Financial in 1997 based on demand from clients seeking tax-focused financial planning. He is moving as part of a succession plan, with his two wealth advisor staff members joining Avantax as W-2 employees.
Watson said he evaluated different options for selling the firm and settled on Avantax because of the seamless transition for clients and employees and the opportunity for those employees.
“Serving clients is the most important and rewarding aspect of this business, and it quickly became clear that expanding our relationship with Avantax would help ensure the best experience for our clients,” Watson said in a statement. “In addition, our team members have bright career paths ahead as Avantax employees, and this new relationship chapter expands the services we provide clients while leveraging Avantax’s tools, technologies and resources.”
Raymond James Adds 2 New Practices
Raymond James has bolstered its employee and independent advisor channels with two new advisory practices.
Advisors Lisa Fouraker and Steven Victor are leaving Janney Montgomery Scott, where they oversaw more than $165 million in client assets, to start Victor-Fouraker Group of Raymond James.
The pair will be based in Devon, Pa., and will be joined by two team members to advise individuals, families, businesses, endowments, and non-profits.
“The firm’s advanced technology platform enhances our ability to deliver sophisticated financial strategies, while the flexibility and independence afforded to advisors is a supportive foundation to build a strong, enduring team,” Fouraker said in a statement.
Fouraker started her career as an advisor with Smith Barney in 1997 after working in computer technology. Victor began his career at Merrill in 1983.
St. Petersburg, Fla.-based Raymond James also announced advisors Martha Maki and Kayla Rivet are joining the independent advisor channel from broker/dealers Edward Jones and LPL Financial, respectively.
Maki previously managed $190 million in client assets at Edward Jones and will lead the new firm, Maki Financial, in Claremont, N.H.
Rivet will join her as the two focus on advising business owners and individuals, specializing in women and LGBTQ+ investors.
“After a lot of due diligence, I found Raymond James offers an appealing technology platform and a depth of back-office support to allow us to work efficiently and focus on spending time with our clients,” Maki said. “It’s also important that Raymond James feels philosophically aligned with our practice and also values having a positive impact in their local community.”