Prospera Financial Services has expanded its footprint with the addition of Cornerstone Wealth Management, a Rochester, New York-based practice that brings eight advisors and approximately $600 million in client assets. The team, led by advisors Johnson and Richardson, who together have nearly 75 years of industry experience, serves clients across 25 states with a focus on retirement planning, estate strategies, risk management, and multigenerational wealth. Several team members previously worked at large wirehouses and independent firms.
"We wanted a partner that aligned with our long-term vision, and Prospera is that partner," said Johnson in a statement. Tarah Williams, Prospera's president and chief operating officer, emphasized the importance of personalized support as practices become more sophisticated. With this addition, Prospera now supports over 240 independent advisors overseeing more than $32 billion in client assets.
Concurrent tops $29 billion with six advisor moves
Tampa, Florida-based Concurrent Investment Advisors announced the addition of two practices and four individual advisors, representing more than $1 billion in combined assets. This pushes the firm's total assets under management past $29 billion. The largest addition is Foreman Financial, a Midland, Texas practice founded by Kevin Foreman, which manages nearly $400 million. Foreman Financial, which previously operated under Raymond James—where Concurrent once had a large branch—serves business owners, corporate executives, and retirees.
"As our clients' needs and goals evolve, partnering with Concurrent will help us deliver on our vision to offer sophisticated, institutional-caliber services with the dedication and autonomy of a business of our own," Foreman said. Benchmark Financial Advisors, a Pennsylvania team led by Tim P. Miller and Stephanie Hunter, also joined Concurrent from another independent RIA. The team manages more than $300 million and offers comprehensive financial planning, tax-efficient strategies, and portfolio management, coordinating with clients' estate planning attorneys.
Four other advisors with more than $300 million in combined assets also moved to Concurrent's platform: Staci Bennett, founder of Georgia-based Bennett Financial Partners, came from LPL; Michelle Kreda left Wells Fargo PCG to join BMR Retirement Group in Michigan; Adam Morgan joined Barnett Financial Group in Virginia; and Brian Stein joined The Hamilton Group in Colorado. Morgan and Stein were previously affiliated with other independent RIAs.
"Every advisor joining our platform is building a business that is distinctly their own, and we are committed to supporting each one with resources that help them grow and remain autonomous," said Joe Mooney, Concurrent's managing director and head of business development. The firm's recent growth follows its acquisition strategy targeting $3B-$10B RIAs, as outlined by its CEO after the Spire deal.
OnePoint BFG opens West Palm Beach office
Parsippany, New Jersey-based OnePoint BFG Wealth Partners has acquired the practice of David Siegel and is opening a new office in West Palm Beach, Florida. Siegel's four-person team, including Christopher Ballerano, Devin Kooi, and Serena Craven, oversees approximately $240 million for about 230 client households. The group serves senior executives, business owners, entrepreneurs, and sales and real estate professionals, with a particular focus on clients managing tax exposure as their businesses and wealth grow.
"For me, the right transition had to make as much sense for my clients as it did for my team and me," said Siegel, whose 17-year IAPD record began with Northwestern Mutual in 2010. While exact deal terms are unclear, OnePoint BFG's acquisition strategy appears to be resonating among breakaways from Northwestern Mutual this year. Aside from its biggest-ever acquisition in Chicago last month, the Rise-backed RIA has also welcomed ex-Northwestern Mutual advisors in Tampa and Orlando, Florida. This trend is part of a broader wave of advisor movement, as seen in recent recruiting by LPL, Raymond James, and RBC and independent platforms adding $1.5B in assets.
