It was a ho-hum week in the registered investment advisor deal space, with just three acquisitions of more than $1 billion in assets.
In what feels almost slow in today’s frenzied market, Peter Mallouk’s Creative Planning continued its push into Silicon Valley with a $1.3-billion San Jose-based firm, Signature Estate & Investment Advisors made its second-largest deal ever with a $1.6 billion Cleveland-based RIA, and Beacon Pointe Advisors announced three deals for teams with a combined $1.1 billion in assets.
Perhaps more RIAs are leveraging technology rather than seeking a larger firm to scale them up, as WealthManagement.com’s Diana Britton reported from a panel of such firms at an industry conference this week. Or maybe the dealmakers were distracted. One active M&A player in wealth management, Marshberry, was itself acquired by private equity specialist Lincoln International.
But if you’re hungry for more deal news, don’t fret. We’ve got more below to round out the week.
Diversify Snags $170M Commonwealth Duo
Diversify Advisor Network, a Sandy, Utah-based registered investment advisor with W-2 and 1099 affiliation models, has poached a team from LPL Financial’s Commonwealth that had been managing about $170 million in client assets.
Financial advisors Marcus Papajohn and Kevin O’Sullivan are joining Diversify with a new practice called Boston Wealth Advisory Group. Papajohn and O’Sullivan had been with Commonwealth for about eight years after over a decade with Lincoln Financial Advisors. The duo specializes in working with first responders, nurses and other service workers.
“Advisors are tired of being the leverage in M&A deals,” Diversify CEO Ryan Smith said in a statement. “Their decision to align with Diversify underscores the growing demand for partnerships that prioritize the advisor and provide independence without sacrificing resources, support or culture.”
LPL closed its deal for Commonwealth earlier this year, with full integration slated for the end of 2026. Diversify’s advisor network oversees about $10 billion in assets through its 1099 program or equity partnership platform.
Former Pro Golfer Leaves LPL for Cetera’s Avantax
Barry Jay “BJ” Dekreek has decided to leave his practice with LPL Financial to join Cetera’s tax-focused advisor network, Avantax, at its Legacy Capital Advisors affiliate.
Atlanta-based Dekreek played on the professional golf circuit during the 1990s after being a standout golfer at Georgia State University. He has since worked in wealth management for over 20 years.
“I researched the market for a few years, and Legacy kept landing on the top of my list because of their Atlanta presence, their approach to investments, and the success their founders have had as business leaders who are committed to keeping a strong community presence,” Dekreek said in a statement.
Bluespring Wealth Adds $135M New Wall Street
Bluespring Wealth Partners, the RIA acquisition arm of Kestra Holdings, acquired Kestra Financial affiliate New Wall Street, based in Green Bay, Wisc.
Co-founders Bernie Van Eperen and Chris Battle founded the firm in 2012 and have built it to oversee $135 million in assets under management.
The acquisition is Austin, Texas-based Bluespring’s sixth of 2025.
Broadridge Buys Retirement Plan Technology Firm iJoin
In the retirement plan sector, data, insights, and custody provider Broadridge Financial Solutions acquired iJoin, which offers participant onboarding, financial wellness, and managed account investing to retirement plan savers.
According to the announcement, New York-based Broadridge plans to leverage iJoin’s participant onboarding, managed accounts, retirement income, and engagement tools to bolster its retirement plan investing, custody, and participant communications for plan providers.
“There are strong synergies between iJoin’s innovations in plan participant data aggregation and standardization, its managed account and income technologies, and Broadridge’s retirement plan servicing capabilities,” Mike Tae, group president of funds, issuer, and data-driven solutions, said in a statement. He also mentioned the convergence of retirement plans and wealth management as a driver for the deal.
iJoin is led by CEO Steve McCoy, who will remain with the firm after the deal.
“Our mission has always been to help record keepers, plan advisors, and plan sponsors connect participants to highly personalized, goal-based solutions that lead to better outcomes,” McCoy said in a statement. “Partnering with Broadridge takes that mission to the next level.”
The deal is not expected to have a “material impact” on New York Stock Exchange-listed Broadridge’s financial results.
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