Cary Street Partners, a wealth and asset manager based in Richmond, Va. with about $10bn in assets under management, has sold a controlling interest to private equity firm CIVC Partners. The transaction gives CIVC a slight majority ownership interest in the Richmond, Va.-based wealth and asset manager.

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Without disclosing the exact size of CIVC’s ownership position, Cary Street Partners chief executive Joe Schmuckler said CIVC now owns a slight majority stake in the RIA. He said 35 employee and executive shareholders rolled their existing equity forward through the deal at ‘close to 100% in aggregate value.’

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Dalphia Partners served as Cary Street’s exclusive financial advisor in the transaction.

The Chicago-based private equity firm made its RIA industry debut this week, striking a deal to invest in $10bn Cary Street Partners.

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After evaluating RIAs from the sidelines for the better part of a decade, private equity firm CIVC Partners has finally found its Goldilocks fit.

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Citywire reported on Monday that the Chicago-based, middle market-focused investment shop agreed to take a majority interest in Cary Street Partners, a Richmond, Va.-based wealth and asset manager with roughly $10bn in client assets.

NEW YORK, March 13, 2025 /PRNewswire/ -- Turning Rock Partners ("TRP" or "Turning Rock"), a New York City-based private investment firm, has closed a senior financing with Silverleaf Wealth Management ("Silverleaf" or "The Company"). TRP provided $30M in expansion capital to support Omaha, NE-based Silverleaf in their next phase of growth.

Turning Rock targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America.

Bankers and lawyers are using personal goodwill sales to help W-2 and 1099 advisors monetize their practices at capital gains tax rates rather than ordinary income. A new wrinkle has emerged in the RIA M&A market that is helping employee-model advisors monetize their practices with the same tax advantages enjoyed by independent RIAs. Investment bankers and M&A lawyers lately have ramped up their use of an advisor’s ‘personal goodwill’ — a tax concept that refers to an individual’s reputation, experience and relationships with clients — as a structuring tool in acquisitions and recruitment deals.

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Personal goodwill has existed as a salable asset recognized by the US Tax Court since the Martin Ice Cream Co. v. Commissioner case of 1998, but only recently — the last 18 months or so, says M&A advisor and Dalphia Partners chief executive Jim DiPisa — has it made a splash in the RIA space. Amid soaring valuations and stiff competition for quality businesses, DiPisa said, RIA acquirers have started turning towards wirehouse and independent broker-dealer channels to add advisors.

‘This shift has led to the use of innovative deal structures, including personal goodwill transactions, to capitalize on opportunities in these channels,’ he said.

Mega-RIA Mariner Wealth Advisors has revealed its first deals since being recapitalized by Neuberger Berman in October. The Overland Park, Kan.-based firm said Wednesday that it has agreed to add Atlas Financial in Sarasota, Fla., and Newport Advisory in Newport Beach, Calif. The deals bring in a combined $878m in client assets to Mariner’s book and bring the serial RIA acquirer to 126 offices around the country.

Atlas Financial is led by advisor Orion Marx and had been affiliated with Lincoln Financial Advisors (LFA) since 1995. Marx was tapped this year as president of The Resource Group – an internal network of the top financial planners within LFA. His departure for Mariner follows the acquisition of LFA by private equity-backed independent broker-dealer Osaic, a deal which closed in May.

Overland Park, Kan. – December 4, 2024 – Mariner, a leading national financial services firm, today announced it has acquired Sarasota, Fla.-based Atlas Financial and Newport Beach, Calif.-based Newport Advisory in a pair of deals that will bring the firm a combined total of approximately $878 million assets under management.

The acquisitions of Atlas Financial and Newport Advisory grow Mariner’s national footprint to 126 offices nationwide and establish the firm’s second offices in both Sarasota and Newport Beach. In deepening its presence in these key markets, Mariner takes another step toward its vision of growing to 5,000 advisors by 2027.

TORRANCE, Calif.--(BUSINESS WIRE)--EP Wealth Advisors, a leading independent registered investment adviser (“RIA”) with an expanding national presence and client base, has added Joe Palumbo and Adam Fein as Senior Vice Presidents. Palumbo and Fein share a focus on serving the unique needs of professional athletes, coaches, collegiate athletes with Name/Image/Likeness deals and high-net-worth individuals. They’ll become a part of EP’s San Diego region, with strong affiliation to the firm’s Utah-based offices in connection with their client roster.

Like their two clients chosen in the first round of last week’s National Football League draft, a pair of former RBC Wealth Management advisors have joined a new team.

Joe Palumbo and Adam Fein have left RBC to join $23bn RIA EP Wealth Advisors, the firm announced on Tuesday. The duo were both named senior vice presidents at EP and will continue working with professional athletes and coaches at the firm. EP said in a press release that they’ll join its San Diego region, with a ‘strong affiliation to the firm’s Utah-based offices in connection with their client roster.’ 

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Both Palumbo and Fein were part of RBC’s Illinois-based Heide Wealth Management Group, which Forbes said oversees roughly $973m in client assets. They joined EP last month, but the firm announced the move Tuesday.