Deals & Moves: NewEdge Wealth, LPL, Osaic Poach From Rivals

Deals & Moves: NewEdge Wealth, LPL, Osaic Poach From Rivals

Alex Ortolani

Fri, September 4, 2026 at 7:52 PM GMT+3 7 min read

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NewEdge Wealth, the ultra-high-net-worth division of NewEdge Capital Group, recruited four wealth managers to staff a new Fort Lauderdale, Fla., location, marking the firm's fourth office in the state, the company announced.

Paul Yates, Alexandra Escobedo, Trace Shapiro and Michael Wohlgemuth joined the firm to serve ultra-high-net-worth and high-net-worth families, family offices and institutional clients.

"This team understands the complex wealth management needs of innovators, athletes and families, and we're excited to leverage their experience in the local market as we enhance our presence in the state," said Rob Sechan, founder and managing partner of NewEdge Capital Group.

Yates has more than a decade of experience and previously worked at Bank of America's Private Bank division; Shapiro has also been working in the sector for more than a decade with Bank of America Private Bank and Merrill Lynch.

Escobedo has more than 15 years of experience and has worked at Bank of America Private Bank, Trade Station and Franklin Templeton Investments.

Wohlgemuth has more than 20 years of experience and previously worked at Bank of America Private Bank, Barry Financial Group and Thomson Financial Research.

NewEdge Wealth has more than 70 ultra-high-net-worth advisors across 20 locations, including New York, Chicago and San Francisco. In August, NewEdge Wealth opened its 20th Houston office with a team of advisors formerly with AllianceBernstein's Bernstein Private Wealth Management.

LPL Recruits Advisors from Morgan Stanley and RBC to Linsco Channel

LPL Financial, the San Diego-based independent broker/dealer with $2.6 trillion in brokerage and advisory assets, this week added a team from Morgan Stanley that oversees $395 million in advisory, brokerage and retirement plan assets to its Linsco W-2 employee channel, the independent broker/dealer said.

Financial advisors Ryan Lewis, Dan Hocking and Steve Braatz joined Linsco by LPL to launch Oakdale, Minn.-based ClearHaven Wealth Management. Lewis left Morgan Stanley to start the firm, while Hocking and Braatz joined from RBC Wealth Management.

ClearHaven will work with high-net-worth individuals and families, many of whom represent multigenerational client relationships spanning decades, the company said.

The team primarily works with clients who are approaching or living in retirement, helping them navigate investment management, wealth preservation and long-term financial planning, according to the announcement.

The team was drawn to LPL's technology, support resources and the chance to build their own brand, the company said.

"We wanted the flexibility to create our own identity and operate an autonomous practice while still having access to the resources, infrastructure and support of a leading firm," Hocking said in a statement. "LPL provided the right balance, allowing us to focus on what we do best, serving clients, without having to manage all the responsibilities that come with owning and operating a standalone business."

Osaic Snags Former Commonwealth Team Based in Wisconsin

Osaic, the Scottsdale, Ariz.-based IBD with more than $700 billion in client assets, has added Midwest Financial Group to its network, bringing $450 million in assets under advisement, according to an announcement this week.

Headquartered in Madison, Wis., Midwest Financial Group has been in operation for 35 years and left LPL's Commonwealth Financial Network to join Osaic.

Cuplin and Brandon Masbruch, chief investment officer and vice president, have led the firm for nearly 10 years, and the advisory includes five advisors and financial planners, along with support staff and dedicated Medicare, tax and employee benefits teams.

The firm selected Osaic after an extensive due diligence process following the announcement of the merger between Commonwealth and LPL, according to the announcement.

Osaic, along with other IBDs and RIAs, has been competing to land departing Commonwealth advisors since that transaction closed over one year ago.

Wealth Enhancement Acquires Two Firms, Growing to $161.7B

Wealth Enhancement, a Minneapolis-based independent wealth management firm that has grown to more than $161.7 billion in client assets, added two more firms to its footprint this week.

One of the firms, Dickerson Jackson & Associates, is a hybrid RIA in Glen Allen, Va., founded in 2004, that oversees more than $376 million in client assets and includes advisors Jeff Dickerson and Todd Jackson, as well as two support staff members.

"Over the years, we've had the privilege of supporting clients through many of life's most meaningful moments and important financial decisions," Dickerson and Jackson said in a joint statement. "Joining Wealth Enhancement gives us even more resources and capabilities to support our clients along the way, while preserving the client-centered approach that has always been at the heart of our firm."

FP Transitions advised the duo on their sale to Wealth Enhancement.

Wealth Enhancement also acquired the investment advisory business of Arbor Capital Management, an independent RIA with locations in Anchorage and Fairbanks, Alaska, overseeing more than $345 million in client assets.

The team of four advisors and two support professionals is led by Matthew Kolesky and Ty Schommer.

"For almost 30 years, Arbor Capital Management has been built on a simple principle: always put our clients first," Kolesky said in a statement. "Joining Wealth Enhancement allows us to preserve the personalized relationships and fiduciary approach our clients have come to expect."

Wealth Enhancement has been one of the most active RIA acquirers in 2026, announcing deals almost weekly. Sources also say the firm's majority owners, TA Associates and Onex Corporation, are shopping their stakes among bidders Bain Capital and The Carlyle Group. Wealth Enhancement and the potential buyers have declined to comment.

Maridea Wealth Management Enters Pennsylvania With $217M RIA

Maridea Wealth Management, a Brooklyn, N.Y.-based RIA overseeing $1.8 billion in assets, has brought on Pultro Financial Management, a New Britain, Pa.-based independent wealth management practice managing approximately $217 million in client assets. It is Maridea's first practice in Pennsylvania, according to this week's announcement.

Pultro Financial Management is made up of advisors Michael Pultro, who has worked with clients for 40 years, and his nephew, Brian Pultro, who joined the practice 11 years ago.

"We've spent four decades helping clients make sound decisions, especially when emotions run high," Michael Pultro said in a statement. "Partnering with Maridea lets us bring more resources to that work without changing the relationships at the center of it."

The Pultros join Maridea as senior investment advisors and continue to lead the practice alongside Donna Mannas and Stephanie Gillard.

Brian Pultro recently retired from the U.S. Navy as a commander after 20 years of service, including four overseas deployments.

Pultro Financial Management's clients will continue to work with the same advisor team in the same New Britain office while gaining access to Maridea's proprietary tax services, investment research capabilities and broader planning infrastructure, according to the announcement.

Maridea has grown to 12 offices and more than 60 professionals since its founding in 2023. It is backed by minority investors, 119th Street Capital and Pelican Capital.

Summit Wealth Group Enters Pacific Northwest with Deal for $224M RIA

Summit Wealth Group, a Colorado Springs, Colo.-based national independent RIA that broke away from Commonwealth last year, has acquired Financial Investment Team, a fee-based financial planning practice based in Portland, Ore., managing approximately $224 million in client assets. The deal establishes Summit's first branch in the Pacific Northwest, according to the announcement.

The firm's 10 employees, including three advisors, will join Summit, and the practice will operate under the Summit Wealth Group brand.

"Financial Investment Team represents exactly the kind of partnership Summit was built for," Summit CEO Randy Morris said in a statement. "It's a planning-first firm with deep client relationships and a team that shares our belief that growth should never come at the expense of the client experience."

The acquisition resolves a succession challenge for Financial Investment Team's founder, Diana Harrison. Summit structured a transaction that bought out Harrison's ownership stake and gave the Financial Investment Team's advisors equity in the firm going forward, in a deal orchestrated by consultancy FP Transitions.

With the addition of the Financial Investment Team, Summit now operates 12 offices across six states, overseeing about $3 billion in client assets. The firm was founded as a fee-based RIA in 2002.