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Deals & Moves: Merit Acquires Aerospace-focused RIA, CapWealth Adds Tax Expert In addition, Ameriprise snags a $300M wirehouse team, LPL’s independent division adds a newly launched RIA, and Raymond James’ independent and employee channels bring on firms of $500M and $340M, respectively. Merit Expands in Pacific Northwest With RIA Olympic Wealth Merit Financial Advisors, an Atlanta-based registered investment advisor with about $15 billion in client assets, acquired Olympic Wealth Management, based in Bothell, Wash. The acquisition is Merit’s fifth in Washington state and adds $204 million in assets. Olympic is led by Eric Cumley, who will join Merit as a wealth manager along with teammate Sarah Lominick. The firm has a niche in working with clients in the Seattle-Tacoma aerospace sector, home to firms such as Blue Origin and SpaceX. “Eric and Sarah have built lasting client relationships by focusing on consistency, trust and clear communication,” Tait Lane, managing principal and partner at Merit, said in a statement. “Their experience working with aerospace professionals adds a valuable niche to our team and enhances our ability to serve clients in the greater Seattle area.” The deal is Merit’s 38th since it took a minority investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in December 2020. $1.8B RIA CapWealth Adds Tax Leader Harrison to Expand Services CapWealth, a Franklin, Tenn.-based RIA with $1.8 billion in client assets, said it is pushing further into a multi-service practice by hiring Blake Harrison, a tax specialist, as executive vice president of wealth management. Harrison joins the RIA from LBMC, where he was a partner and leader of the firm’s tax division. There, he focused on tax and estate strategies for high-net-worth and ultra-high-net-worth families. “We pride ourselves on deep relationships and strategic investment guidance, and Blake allows us to deliver on that promise on a new level,” Tim Pagliara, founder and CIO of CapWealth, said in a statement. “His expertise allows us to layer in a level of tax and estate planning capability to serve even the most complex client scenarios.” According to the announcement, Harrison will help the firm stop “the fragmentation many families face across tax, investment and planning services.” “Joining CapWealth allows me to go deeper with clients, to think strategically about their lives and legacies, and to be part of a team that shares that same client-first mindset,” Harrison said in a statement. Ameriprise Brings on Advisor Team with Over $300M From Merrill Ameriprise Financial has brought over a former Merrill Lynch team to its independent channel via the launch of Allegiant Private Wealth. The new Ocean City, Md.-based firm joins Ameriprise with over $300 million in client assets. Led by Christine Selzer, a private wealth advisor, the practice includes two other advisors and two support staff. “After two decades of operating within a bank structure, it became clear that our long-term vision was better aligned with an independent model,” Selzer said in a statement. “We were looking for a partner that offers independence, places financial planning front and center, and demonstrates a shared commitment to enhancing the client experience. Ameriprise checked all the boxes.” The team will work with Ameriprise Franchise Field Vice PresidentAthena McGuire and Ameriprise Regional Vice PresidentThomas North. EverMark Investment Becomes 50th RIA to Join LPL’s Independent Channel Three former RBC financial advisors have launched a new firm on LPL Financial’s independent channel. EverMark Investment Partners launches as a San Diego-based firm run by financial advisors Matthew Sweeney, John Folsom and Tanner Carter, and includes two senior investment associates. The advisors had previously managed about $425 million in client assets. According to the announcement, EverMark affiliated with LPL Strategic Wealth Services for its wealth management platform, “simplified pricing,” technology and launch support. After launch, EverMark will get access to operations support, including business strategy, marketing, and CFO and administrative assistant services. “We are fortunate to have longevity and loyalty with our clients—in fact, nearly half of our clients are multigenerational,” Sweeney said. “When clients work with us, we offer them the experience of a long-tenured team, the discipline of active portfolio management and the perspective that comes from working with multiple generations over time.” Raymond James Snags Advisors From Morgan Stanley and UBS Financial advisors Jim Phillips and son Aaron Phillips have joined Raymond James’ independent advisor channel in Salt Lake City, Utah, with a new practice called Cottonwood Capital Management. The advisors had been affiliated with Morgan Stanley, managing nearly $500 million in client assets. Separately, Raymond James announced that four financial advisors joined its employee advisor channel in New Orleans, La. Advisors Gene Novak, David Cancienne, Kerry Kungel, Travis Tresca and a senior registered client service associate have left UBS to start Novake Cancienne Tresca & Kungel Wealth Management of Raymond James. They had managed about $340 million in client assets at UBS. “The firm is investing in a modern platform that respects the personal nature of this work, and that combination made our transition an easy choice,” Novak said in a statement. Alex Ortolani is a New York-based senior reporter with WealthManagement.com with a focus on deals, moves and trends in the registered investment advisor space. In addition to financial and business reporting, he has worked in media relations and corporate communications for tech firms and Fortune 500 companies. You May Also Like Celebrating outstanding achievement in support of financial advisor success Sign up to receive the latest insights, trends, and analysis. #J-18808-Ljbffr Incline Wealth

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