Composition Wealth Adds Two Teams with $480M in Assets
Composition Wealth, a Los Angeles-based registered investment advisor pursuing a national footprint, has acquired two RIAs with combined $480 million in client assets.
Blue Oak Capital will join the firm in the Bay Area, and Centricity Wealth Management will mark Composition’s first Ohio office in Columbus. The firms, which will both take on the Composition Wealth name, will boost the acquisitive RIA’s total client assets to $9.5 billion, making it another near-$10 billion firm in the sector this year.
Thomas Baker co-founded Blue Oak Capital in 1999 and said in a statement he sold to Composition “to tap into a broader team of specialists while continuing to deliver the personalized guidance my clients expect and deserve.”
Centricity Wealth is a fee-only RIA founded by husband-and-wife team Chris and Wendy Ciehanski in 2013. They chose Composition to “expand our capabilities in financial, tax and estate planning to meet our clients’ evolving needs,” Wendy Ciehanski said in a statement.
Composition Wealth rebranded from its original name, Miracle Mile, in February 2025, partly because it wanted to expand beyond its L.A. roots. The firm is backed by private equity firm Corsair Capital, which took a stake in it in 2022.
Since Bruce Milam took over as Composition’s CEO in June 2023, the RIA has acquired eight firms in cities such as Baltimore, Chicago, Los Angeles and Seattle.
Hue Partners was the financial advisor to Blue Oak Capital, and Diamond Consultants advised Centricity Wealth.
$8B Procyon Adds $600M Connecticut-based RIA
Procyon, a Shelton, Conn.-based RIA that is part of the Dynasty Financial Partners network, has acquired Wooster Corthell Wealth Management, another Connecticut-based advisory firm managing about $600 million in client assets.
The deal is Procyon’s first since it sold a stake to Constellation Wealth Capital to help fuel its growth. The latest deal grows Procyon’s northeastern footprint and brings total assets under management to about $8 billion.
Matthew Corthell, CEO of Wooster Corthell, will continue at the firm’s Glastonbury, Conn., office while the firm takes on the Procyon name. He will join with two other advisors and five staff members.
Procyon has 56 staffers across Connecticut, New York, Tennessee and Maryland.
Dynasty Investment Bank, which the RIA platform launched in 2023, was the financial advisor to Procyon on the deal.
Carson Group Acquires $608M Aveo Capital
Carson Group, the $42 billion mega-RIA, has acquired Englewood, Colo.-based Aveo Capital, which will rebrand as a Carson Wealth office.
Aveo will join Omaha, Neb.-based Carson as a wholly-owned firm with $608 million in client assets. Co-founders Keys Tinney, Brian Rorick and Michael Beerman will join Carson with the goal of expanding services for clients, according to an announcement.
The group founded Aveo in 2011 with backgrounds from Wall Street firms, including Bank of America’s Merrill Lynch and Prudential. In addition to Rorick and Beerman, the group has 11 other wealth advisors, a retirement plan advisor and other staff members.
“The Englewood team’s proactive approach to succession planning and commitment to developing the next generation of financial advisors aligns seamlessly with our long-term vision,” Michael Belluomini, Carson Group’s senior vice president of mergers & acquisitions, said in a statement. “We’ve been impressed by their proven ability to recruit new advisors, which contributes to our inorganic growth goals.”
Carson has over 50 Carson Wealth locations and over 150 partner offices in its advisory network.
RIA Holding Company Aspen Snags Third RIA Since Founding
Aspen Standard Wealth, a New York City-based RIA holding company launched in 2024, has acquired its third firm with Hartford, Conn.-based SKY Investment Group.
SKY was founded in 2005 and manages about $880 million in client assets. The firm works with individuals, families, businesses and institutions, focusing on multigenerational education and wealth transfer.
Aspen, founded by CEO Aly Kassim-Lakha, acquires RIAs to continue operating under their own brand names while supporting them in areas including business development, marketing, and compliance. It acquired a $2.9 billion Boston-based firm in April, with Kassim-Lakha stressing the long-term holding plan for RIAs that Aspen acquires.
“In Aspen, we’ve found a durable platform and a partner that respects our legacy, culture, and long-term vision for the future—and that is incredibly reassuring and empowering,” Aveo founder and chief investment officer Robert Bingham said in a statement.
$580M RIA Velorum Wealth Joins Sanctuary’s Partnered Channel
Velorum Wealth Management, an Indianapolis-based RIA with $580 million in client assets, is launching with Sanctuary Wealth’s partnered independent model.
Bernard Reed left the Bank of Montreal’s private wealth division to start the new RIA focused on individual and family business owners who control companies valued between $10 million and $100 million.
“Coming from an extremely large institution and starting an independent practice can be a major leap of faith,” Reed said in a statement. “I see myself as a problem solver for my clients, but to be effective, I needed to have the right tools. Sanctuary gives me those tools. These resources are immediately catapulting my capabilities past where I was and are setting me up for ongoing success.”
Before BMO, Reed was vice president and private wealth advisor at Key Corporate & Commercial Bank and vice president, private wealth advisor at Regions Bank.
“As the industry continues to evolve, the move to independence is starting to reach private bankers,” Sanctuary Wealth CEO Adam Malamed said in a statement. “Coming from the confines of a bank, Bernard gravitated to the freedom, flexibility, control and choice we’ve built into our platform. He is looking to expand his capabilities by bringing on additional advisors, and we are here to help him achieve that goal.”
The Indianapolis-based Sanctuary now has over 125 partner firms with over $50 billion in assets on the platform. The RIA is part-owned by Azimut, an Italy-based asset manager, and private equity firm Kennedy Lewis Investment Management.
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