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1 week ago | 
citywire.com | Alec Rich |William Johnson |Eva Thomas |Sam Bojarski
Despite ongoing jitters in the US equities market, Charles Schwab saw continued growth and set record net revenues in the first quarter of 2025.
In the brokerage giant’s Q1 earnings report, which was released on Thursday, Schwab reported income of $1.9bn, or $.99 earnings per share, as the company gained nearly $138bn in core net new assets.
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1 week ago | 
citywire.com | Alec Rich |Sam Bojarski |William Johnson |Eva Thomas
A Connecticut RIA has accepted minority investment from Karl Heckenberg’s Constellation Wealth Capital.
Procyon Partners, an $8bn RIA, said Thursday that the deal with serial RIA investor Constellation will allow the firm to scale its operations and facilitate hiring.
Sources told Citywire in December that Procyon was in the market for a minority investor. Citywire also reported last month that Constellation Wealth Capital and Rise Growth Partners were in talks to invest in the RIA.
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1 week ago | 
citywire.com | Sam Bojarski |Ian Wenik |Alec Rich
Savant Wealth Management has earned a name for itself as one of the RIA industry’s most prolific acquirers, but the firm took its foot off the gas a bit during the 2024 calendar year.
The Rockford, Ill.-based RIA revealed four acquisitions last year, all RIAs with less than $600m in assets under management. According to its chief executive, Brent Brodeski, it was part of a deliberate strategy to support its partner firms.
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1 week ago | 
citywire.com | Sam Bojarski |Ian Wenik |Alec Rich
Concurrent Investment Advisors has reached the $10bn assets under management threshold after posting strong recruiting results in the first quarter.
The Tampa, Fla.-based hybrid RIA said Thursday it grew its assets by roughly $2bn in Q1, bringing on six teams and 17 advisors in total during the period.
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1 week ago | 
citywire.com | Ian Wenik |Sam Bojarski |Alec Rich |Joe Duran
RIA technology company Orion informed a number of its employees on Monday that they are losing their jobs, according to sources with knowledge of the situation. Employees hit by the layoffs will work their final day at Orion on May 9, the source said.
The extent of the layoffs at Orion were not immediately clear. Orion says on its official website it employed roughly 1,300 people as of the end of 2024.
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1 week ago | 
citywire.com | Ian Wenik |Sam Bojarski |Alec Rich
The $10bn wealth manager Bleakley Financial Group has brought on two advisory teams with more than $1bn in combined assets, the firm said Wednesday.
The two teams were formerly affiliated with Northwestern Mutual and are based in markets in Virginia, Florida and Idaho. Specific financial terms of the deal were not disclosed.
One of the teams is Miller Financial Services, which consists of founder Jeff Miller and equity partners Chris Glasscock and Colin Smith.
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1 week ago | 
citywire.com | Sam Bojarski |Alec Rich |Ian Wenik
New York City RIA Summit Trail Advisors has settled a lawsuit filed against it by Citizens Bank late last year.
The December of 2024 suit filed in New York Supreme Court for Manhattan centered on client poaching allegations. Citizens Bank accused the RIA of recruiting one of its advisors, Jose A. Reynoso, and facilitating his efforts to solicit clients of the bank in violation of his contract provisions.
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1 week ago | 
citywire.com | William Johnson |Alec Rich |Ashley McConnell |Eva Thomas
Alternatives-focused software platform Luma Financial Technologies has raised $63m in a funding round led by investment firm Sixth Street Growth.
The capital raise marks the completion of Luma’s third tranche of funding, which Luma chief executive and president Tim Bonacci said is his firm’s largest to date. Along with Sixth Street, Luma’s existing investors include industry heavyweights like Morgan Stanley, Bank of America, UBS and TD Bank Group.
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1 week ago | 
citywire.com | Ian Wenik |Sam Bojarski |Alec Rich
RIA financier Focus Financial Partners is planning to sell some of its international wealth management businesses, according to sources with knowledge of the situation and investor materials viewed by Citywire.
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1 week ago | 
citywire.com | Eva Thomas |Ian Wenik |Andrew Foerch |Alec Rich
Creative Planning has pulled off its biggest acquisition of 2025 — so far.
The $354bn mega-RIA has acquired Monterey Private Wealth, a $1bn wealth manager headquartered in the central California city of Monterey. Specific financial terms of the transaction, which closed on March 31, were not disclosed.
‘Being able to find a bastion of talent with a lot of strong advisors with capacity to cover that region is fantastic,’ Creative Planning chief executive Peter Mallouk said of the deal.
