Updates and Acquisitions in the RIA Industry: New Owners, Board Members, and Strategies
Meketa Capital, a subsidiary of Meketa Investment Group, has recently undergone some significant changes with new owners and board members. The firm, which was created earlier this year to provide customized private investment opportunities for RIAs, announced that the Widger family office has made an investment in the company through East Bay Merchant Partners.
Ashley Widger, a member of the Widger family office, has become an owner of Meketa Capital and will be working closely with the firm to expand its product offerings and RIA relationships. Chuck Widger, Ashley’s father and business partner, has also joined the firm’s board. Chuck Widger is the former founder and CEO of Brinker Capital, bringing over 30 years of experience in the industry.
In addition to the Widger family’s investment, Meketa Capital CEO Michael Bell has also bought a stake in the firm. These changes are part of the firm’s long-term strategic plan to expand access to private markets investing for financial intermediaries and their clients.
Meanwhile, Cetera’s first pure RIA acquisition, The Retirement Planning Group (TRPG), has made its first acquisition since joining Cetera Holdings. TRPG acquired the assets of Dightman Capital Group, a local practice overseeing about $61.2 million for 123 individual clients. This acquisition is the first of many as Cetera looks to bring more RIAs under the TRPG brand.
Snowden Lane Partners, a wealth management platform, has added a mother/son team with $208 million in client assets to its New York City headquarters. Ornella and Brian Solomon, operating as the Lewis-Solomon Group, have joined Snowden Lane as managing directors. This addition comes after a successful year for Snowden Lane, which saw the addition of 12 advisors with over $1 billion in combined assets.
SEIA, a California RIA with $19 billion in client assets, has hired a new Director of Estate, Tax, and Financial Planning to lead an expansion of multi-generational financial planning services. April Rosenberry, formerly with EP Wealth, will be working with clients to develop tax-efficient strategies for wealth transfer.
Overall, these changes and acquisitions in the RIA industry reflect a growing trend of firms expanding their offerings and seeking strategic partnerships to better serve their clients.
