$450M RIA Addition Pushes Diversify Over $10B in Assets
Diversify Advisor Network, a Sandy, Utah-based registered investment advisor with W-2 and 1099 affiliation models, has surpassed $10 billion in client assets with the addition of a breakaway Ameriprise team.
Salt Lake City-based Inventa Wealth Advisors has joined Diversify’s independent affiliation model with $450 million in client assets. The six-person team includes four partners: Travis Kell, Jason Collier, Steve Tate and Steve Williams.
“We have built a great business, and don’t want to be just a statistic or bystander,” Collier said. “We need resources and support, but we want to be heard and Diversify was the right choice for our firm’s growth.”
Diversify CEO Ryan Smith added that “this incessant rollup activity may be great for valuations, but advisors are tired of being the leverage, and not the priority, in these transactions. We are taking a different approach.”
Diversify’s advisory services division offers a 1099 independent RIA affiliation platform, while its wealth management unit is a W-2 RIA platform.
DFPG Investments is the initial parent firm that launched Diversify in 2023. Additionally, DFPG Investments provides integrated, full-service broker/dealer capabilities. Diversify’s structure allows advisors to scale, plan for succession and pursue equity ownership as their practice evolves.
Merit Acquires $281M RIA, Establishing Utah Office
Merit Financial Advisors, the Georgia-based RIA with nearly $16 billion in total client assets, has acquired its first Utah-based RIA, RCM Investments.
RCM is a $281 million advisory firm in American Fork, Utah, that specializes in investment management, retirement management, retirement income planning, insurance analysis and estate and tax planning.
The addition brings Merit’s national footprint to 47 offices. RCM will take on the Merit name and use its advisor services and back-office support. Its four principals, brothers Tony and Craig Riggs, Cameron Foster and James Houston, will join Merit as partners and wealth managers.
“We were drawn to RCM’s long-term vision—their principals have a 10+ year runway and a strong focus on service and organic growth,” Tait Lane, managing principal and partner at Merit, said in a statement.
RCM is Merit’s 37th acquisition since it received a minority investment in December 2020 from Wealth Partners Capital Group and a group of strategic investors led by HGGC’s Aspire Holdings platform.
Steward Partners Acquires $225M Arizona-based RIA
Steward Partners, an employee-owned hybrid partnership of independent advisory firms, is opening its first outpost in Arizona with the acquisition of Desert Sky Advisors in Scottsdale, Ariz.
The RIA, with an additional office in Gilbert, Ariz., was founded in 2016 and oversees $225 million in assets under management. Its team, led by managing director Matt Clay, specializes in investment planning, tax management, estate planning strategies, risk management and retirement planning services. He will be joined by another advisor, one full-time support staff member and one part-time support staff member.
“Steward is truly focused on delivering everything an advisor needs to run a successful practice and fully customizing it,” Clay said in a statement. “This model, which starts with ensuring advisors are satisfied that they are strongly supported, is what our industry needs right now, because only when that condition is met can advisors foster an environment where their team members and clients stay, and assets can grow.”
Steward launched in 2013 with private equity backing from minority stakeholders, the Cynosure Group and The Pritzker Organization.
Mariner Buys $1.4B RIA With Professional Athlete Client Base
Mega-RIA Mariner has acquired a New York City-based wealth manager with $1.4 billion in assets under management, including those of professional athletes.
The Overland Park, Kan.-based Mariner has made a deal with Taurus Asset Management, expanding its focus on working with professional athletes, which it already had in its client base.
Taurus was founded in 2004 by Brad Peck, who works with active and retired athletes. The firm will take on the Mariner name.
“Our clients have complex financial lives that demand specialized attention and a high level of sophistication, from navigating concentrated equity positions to managing cross-generational wealth planning,” Peck said in a statement. “Mariner possesses the scale, depth and in-house expertise to help us further elevate the level of service we provide without compromising the highly personalized approach our clients expect.”
Houlihan Lokey advised Taurus in the deal, and Seward & Kissel provided legal representation.
Perigon Wealth Recruits Merrill Advisor With $300M
Perigon Wealth Management, an $8.7 billion San Francisco RIA, has recruited a Merrill Lynch advisor who previously managed a $300 million book of business.
Jeremy Kovacs has left Merrill to become a managing director and wealth advisor with Perigon, based in Orange County, Calif. Kovacs specializes in working with high-net-worth and ultra-high-net-worth clients through sales of their businesses and other liquidity events.
“Jeremy’s history of success within the middle market business community enhances our ability to serve this critical segment of the American economy,” Perigon CEO Arthur Ambarik said in a statement. “As we continue to navigate a period of financial and economic uncertainty, Jeremy’s relationships with leaders in this space and his proven ability to serve the complex needs of business owners and their families will prove to be an incredible asset for Perigon.”
Kovacs was a founding partner at Brunwin, Sierznat & Kovacs at Merrill Lynch Private Wealth. Before that role, he held leadership positions at BNY Mellon Wealth Management. He started as an investment manager at Wells Fargo.
“As I considered how to best serve my clients and help them address the dynamic business environment, I knew working with an independent RIA was likely the right choice,” Kovacs said in a statement. “I needed a firm that prioritized technology investment, operational capacity and a leadership team as dedicated to the success of my clients as I am, and I found that in Perigon. This team and platform can compete with anyone in the industry.”
Since December 2021, Perigon has made acquisitions and recruited advisors across six markets; this January, it took its first outside capital, a minority stake from Constellation Wealth Capital.