Wealthspire Acquires $380M CA-Based Marin Financial
Wealthspire, a $31 billion registered investment advisor that is part of Aon’s NFP, has made its first deal of 2025 with the acquisition of a $380 million RIA based in Larkspur, Calif.
Marin Financial Advisors was founded by financial advisor Dave Shore, who died of cancer in 2024. The firm’s leadership was taken on by Principal Colin Drake, who joined in 2018 after running his own RIA, Drake Wealth Management.
Marin is joining the larger RIA to “preserve continuity and expand client support,” such as trust and estate planning, tax and insurance guidance, and investment research, according to the announcement. The firm will take on the Wealthspire name, but Drake and Christine Cione, client service director, will continue working with clients.
Drake referred in a statement to his former partner, Shore, and the effect his passing had on the decision to join a larger RIA.
“After losing Dave, I knew we needed a partner we could trust to help carry this work forward,” Drake said. “Having worked with the firm’s West Coast team (at predecessor firm Private Ocean) for over a decade, the team members are already like family, and I feel confident that this relationship honors the past while preparing us for the future.”
New York-based Wealthspire has 25 offices in the U.S. with more than 130 advisors. It is an RIA division of NFP, which was acquired by Aon in 2024.
Raymond James Snags Another Commonwealth Team
Stew Flaherty and Tami Colvin, formerly advisors at LPL Financial’s Commonwealth Financial Network, have joined Raymond James’ independent advisor channel, RJFS.
The Westerville, Ohio-based duo had managed about $305 million in client assets under the name FlahertyColvin, and had been with Commonwealth for about 12 years.
They are now operating under that name as a Raymond James firm, with a focus on families and individuals, business owners, pre-retirees and women. The team includes registered representative Lia Casino and two client service associates.
Raymond James’ “culture aligns with ours in that we value relationships, focus on the long-term and put people first,” Flaherty said in a statement.
St. Petersburg, Fla.-based Raymond James has had some success in the competitive scramble to lure Commonwealth advisors after the announcement that the largest broker/dealer in the U.S., LPL, would be acquiring the firm.
LPL, which finalized the deal this August, said it expects to meet its goal of retaining at least 90% of Commonwealth advisors and complete a full platform integration by the end of 2026.
EP Wealth’s Eighth Deal of ‘25 is for Santa Fe, N.M.-based Women-led RIA
EP Wealth Advisors, one of the country’s most acquisitive RIAs, has made its eighth deal for an RIA with Santa Fe, N.M.-based Better Money Decisions.
After the deal, co-owner Lorraine Ell will retire from her position as managing partner. Lea Ann Knight will stay on to become a regional director and partner with EP Wealth. The firm, which has $370 million in assets under management, will take on the EP Wealth name and continue with its specialization in working with women through life transitions such as divorce and retirement.
The decision to join EP Wealth was partly to provide a transition for clients with Ell’s retirement, according to the announcement.
“Lorraine and I have shared a vision of putting people at the center of every financial decision,” Knight said in a statement. “As we look to the future, joining EP gives us an even greater ability to bring that vision to life.”
Torrance, Calif.-based EP Wealth now manages over $36.4 billion in assets across 54 offices in 19 states. The RIA received a minority investment from Berkshire Partners in 2020 to help fuel its acquisitions, but is currently seeking a new minority investment partner.
Fortis Capital Adds Fast-Growing Risemint Partners
Fortis Capital Advisors, a $1.2 billion Prairie Village, Kan.-based RIA, has added Evergreen, Colo.-based Risemint to its platform and Form ADV.
Bryce Johnson started fee-only Risement with zero assets when he founded it in 2018 after being lead portfolio manager at two Denver-based firms. He has since grown Risemint’s assets to $120 million by working with families and businesses.
“Among the many characteristics that made this partnership ideal is our shared commitment to continuously investing in and improving our service offerings,” Johnson said in a statement.
Fortis Capital Advisors will provide back-office support, with Johnson working with clients and being the lead portfolio manager.
Small Broker/Dealer TrustFirst Moves to Osaic
Osaic, one of the country’s largest broker/dealers, has snagged a team with about $177 million in AUM in a move that will wind down its prior small broker/dealer setup to have them operate as an Osaic affiliate.
The Knoxville, Tenn.-based group of financial advisors at a small broker/dealer called Trustfirst will transition to Osaic under the leadership of advisor John Kennedy. In the meantime, his former partner, Don Taylor, will wind down the firm’s former broker/dealer and RIA business.
“After years of managing the day-to-day complexity of running our own firm, we were ready for a partner that could help us streamline operations and focus on what matters most—our clients,” Kennedy said in a statement.
The other advisors making the move are Ted Shaver, Leslie Grossman, James “Tony” Powers, and Daniel MacDonald.
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