RIA Firms Add More Than $1.8 Billion in Client Assets Through New Teams

Three advisory firms have expanded through team moves and a practice acquisition, adding more than $1.8 billion in client assets in total. Prospera Financial Services brought on a Rochester, New York, practice with $600 million under management; Concurrent Investment Advisors added practices and individual advisors with more than $1 billion combined; and OnePoint BFG Wealth Partners acquired a Florida practice overseeing approximately $240 million.

The moves show how firms are using different approaches to expand: adding established teams, recruiting multiple practices and advisors, or acquiring a practice while opening a new office. Each transition brings a distinct mix of client relationships, planning specialties and operational needs.

Prospera adds a Rochester team

Cornerstone Wealth Management has joined Prospera Financial Services with eight advisors and $600 million in assets under management. Based in Rochester, New York, the practice serves clients in 25 states and works across retirement planning, estate strategies, risk management and multigenerational wealth.

Johnson and Richardson have nearly 75 years of combined experience. Other members of the team have previously worked at large wirehouses and independent firms, giving the group experience across different advisory business models.

“We wanted a partner that aligned with our long-term vision, and Prospera is that partner,” Johnson said.

For Prospera, the addition increases the scale of its advisor network. The firm now supports over 240 independent advisors overseeing more than $32 billion in client assets. Williams, Prospera’s president and chief operating officer, framed the support model as a consideration for larger practices: “The more sophisticated a practice becomes, the more important it is that support stays personal.”

The team’s multistate reach and range of planning work add breadth to Prospera’s platform. The source does not detail the terms of the move or how Cornerstone’s operations will change, leaving the practical transition arrangements unclear.

Concurrent adds practices and individual advisors

Concurrent Investment Advisors, based in Tampa, Florida, said it has added two practices and four individual advisors with more than $1 billion in combined assets. The firm says the additions lift its total assets under management past $29 billion.

Foreman Financial is the largest of the newly added practices, overseeing nearly $400 million. Founded by Kevin Foreman in Midland, Texas, it mainly serves business owners, corporate executives and retirees. The practice departed Raymond James, where Concurrent previously operated as a giant branch, and is now joining the firm’s current platform.

Foreman described the move as a way to pursue more sophisticated services while retaining ownership of the business identity. “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,” he said.

Benchmark Financial Advisors also joined Concurrent, moving from another independent registered investment adviser. Led by Tim P. Miller and Stephanie Hunter, the Pennsylvania team manages more than $300 million. Its work includes financial planning, tax-efficient strategies and portfolio management coordinated with clients’ estate planning attorneys.

“We are excited to join Concurrent as a strategic step toward enhancing the quality and depth of our services,” Miller said.

Four more advisors brought over $300 million in combined assets to Concurrent. The source does not identify the other two advisors or provide a breakdown of assets by individual.

Concurrent managing director and head of business development Joe Mooney said the firm aims to support growth while preserving advisor autonomy. “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,” he said.

For a firm adding several businesses at once, the headline asset figure is only one measure of expansion. How well each team’s service model fits the platform, and whether clients experience continuity through the transition, will shape the longer-term value of the additions. The source does not specify transition timelines or client retention.

OnePoint BFG opens in West Palm Beach

OnePoint BFG Wealth Partners has acquired David Siegel’s practice and is opening an office in West Palm Beach, Florida. Siegel’s four-person team includes Christopher Ballerano, Devin Kooi and Serena Craven. It oversees approximately $240 million for about 230 client households.

The practice serves senior executives, business owners, entrepreneurs, and professionals in sales and real estate. It focuses in particular on clients managing tax exposure as their businesses and wealth grow. That planning emphasis gives the Florida office a defined client base as OnePoint BFG extends its presence in the state.

“For me, the right transition had to make as much sense for my clients as it did for my team and me,” Siegel said. His 17-year IAPD record began with Northwestern Mutual in 2010.

The acquisition terms are unclear. OnePoint BFG’s recent additions of former Northwestern Mutual advisors in Tampa and Orlando provide context for Siegel’s move, though the source does not state whether the transactions followed the same structure. CEO Andy Schwartz said the team’s client focus fits the firm’s approach: “Their work with executives, entrepreneurs and growing families complements our planning-led approach.”

Across the three moves, the firms are adding assets alongside experienced teams and established client specialties. The figures indicate greater scale, while the details provided point to the central execution questions: how each business integrates its planning and service work, and how effectively the new platform supports clients through the change.

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