Advisory M&A News – 11/19/2025

LPL Financial Takes Minority Ownership of Private Advisor Group

LPL Financial Holdings Inc. acquired a minority ownership stake in Private Advisor Group LLC, a Morristown, New Jersey-based financial services firm. Private Advisor Group, led by CEO Frank Smith, had more than $41.3 billion in assets under management as of June 30.

LPL joins Merchant Investment Management LLC as minority owners of Private Advisor Group alongside legacy shareholders.

LPL supports more than 32,000 financial advisers and the wealth management practices of approximately 1,100 financial institutions, servicing and taking custodianship of approximately $2.3 trillion in brokerage and advisory assets.

The agreement was signed and became effective on November 18. Exact terms were not disclosed.

Beacon Pointe Acquires Hemington Wealth Management

Beacon Pointe Advisors LLC acquired Hemington Wealth Management LLC, a firm based in both Chicago and Falls Church, Virginia, with $1.2 billion in assets under management. The acquisition formally closed on November 15.

Hemington serves high-net-worth individuals and families, with a dedicated focus on female clients, and offers portfolio management and other wealth management services. Its team of 16 professionals is led by CEO and Founder Eileen O’Connor and Owner and Managing Director Jen Dawson.

Hemington is the fifth female-led firm acquired this year by Beacon Pointe, the largest female-led registered investment adviser in the U.S. In a statement, Dawson said Beacon Pointe shares Hemington’s “passion for empowering women” and its culture and people “feel like a natural fit.”

With this transaction, Beacon Pointe Advisors now has approximately $55 billion in assets under advisement.

Mai Capital Management Acquires Court Place Advisors

Mai Capital Management LLC, a registered investment adviser, acquired Court Place Advisors LLC, an Ellicott City, Maryland-based registered investment adviser with $366 million in assets under management.

Court Place, which provides comprehensive investment management and tax planning services for individuals and families, will adopt Mai’s brand identity. All current Court Place employees will join Mai, including Co-Founder, Principal and Chief Compliance Officer Jack Santry, who will serve as a senior wealth adviser and managing director.

The transaction was effective November 14, and terms were not disclosed.

As of October 31, Mai had $69 billion in total assets under management and advisement.

AmeriFlex Group Acquires 2 Former Commonwealth Firms

The AmeriFlex Group, an adviser-owned hybrid registered investment adviser based in Las Vegas, acquired Blue Hills Wealth Management and Converge Wealth Partners LLC, two firms previously affiliated with Commonwealth that, combined, oversee nearly $280 million in total client assets.

Blue Hills Wealth Management, based in Plymouth, Massachusetts, oversees approximately $170 million in total client assets. It is led by Founder and Financial Adviser Daniel Romaine, Vice President and Financial Adviser Sara Kappos, and Partner Jake Bevilacqua.

Converge Wealth Partners, based in Fairport, New York, is a newly launched wealth management and financial planning firm that oversees approximately $110 million in total client assets. It is led by John Skomski and Dan Jeffery, who formerly worked with Best Times Financial, an affiliate of Commonwealth.