Expansion Strategies Among Major RIAs
NewEdge Wealth is planting a flag in Texas. The firm, which serves ultra-high-net-worth clients, just opened its 20th office in Houston. This move centers on a team of advisors moving over from AllianceBernstein’s Bernstein Private Wealth Management. The incoming group brings $2.2 billion in assets under management to the firm.
Jeffrey Thompson and Shannon Willems join the new office as managing directors. Sara DeJay Willis takes the role of vice president. This group has spent more than 30 years helping business owners manage exit strategies and complex estate plans. Rob Sechan, founder of NewEdge Capital Group, stated the move reflects the specific needs of Houston’s growing economy. The firm now holds a presence in major hubs including New York, Chicago, and Miami.
Acquisitions Drive Service Diversification
Stevens Capital Partners is looking to change its service model by acquiring a tax practice. The Omaha-based advisor, which manages $800 million, picked up the Dallas-based firm J.F. DePetris Jr., CPA, PLLC. This deal adds over 300 tax clients to the roster and broadens the company’s reach to 15 states. The firm now serves clients in more than 40 states.
David Stevens, who previously worked at TD Ameritrade for two decades, founded his current firm in 2020. His strategy involves building a one-stop shop for tax preparation, estate planning, and investments. Stevens notes that clients currently expect these services bundled together. He says that organic growth drove the firm to hit its $800 million milestone. The company also commits 10% of its profits to community causes.
Wealth Enhancement Scales Up Assets
Wealth Enhancement is continuing an aggressive acquisition pace. The Minneapolis-based firm, which oversees $161 billion in assets, announced two separate deals this week. These additions represent a combined $854 million in new client assets for the company.
One deal involves Weinand Financial in Olympia, Washington. Mike Weinand brings $644 million in assets and four support staff members. This team has a long history of helping Washington State employees handle retirement benefits. The second acquisition adds Servo Wealth Management in Oklahoma City. Founder Eric Nelson brings $210 million to the firm. Nelson is a former associate of the Equius Partners team that joined Wealth Enhancement back in 2023.
Mid-Market Deals in Chicago
Maridea Wealth Management is deepening its Chicago footprint. The Brooklyn-based firm, which manages $1.8 billion, acquired Park Ridge Financial to add $187 million in assets. Rick Pucci, who led Park Ridge for 17 years, will join Maridea as a senior investment advisor. His team will operate out of the Chicago office the firm opened in September 2025.
Janney Montgomery Scott is also moving into the Chicago area. The firm added Madura Private Wealth Group, a team departing Wells Fargo. This group manages $420 million in assets. Daniel and Ethan Madura will lead the new office in Lake Forest, Illinois. These moves across the RIA space highlight the ongoing push by larger firms to capture market share through both direct recruitment and the purchase of smaller tax-focused practices.