Two regional consolidators each bought a registered investment advisory practice with more than $400 million in assets this week, according to WealthManagement.com's Deals & Moves column published October 9. The Mather Group acquired Legacy Consulting Group in Plano, Texas, while AlphaCore added Blue Rock Financial Group in Sussex County, Delaware. Terms were not given in the material reviewed.
The buyers differ in size and geography. InvestmentNews reported that Chicago-based, fee-only Mather oversees $17 billion. AlphaCore is California-based and, per InvestmentNews, has been making acquisitions to build a presence on the Mid-Atlantic coast. Each deal extends a regional position the buyer is already building.
Legacy Consulting Group is run by partners Roger Shake and Steven Wachs, who each have more than 35 years in the business, according to InvestmentNews. The deal gives Mather a larger presence in the Dallas-Fort Worth market, a region InvestmentNews said the firm has been building out.
InvestmentNews also reported that the Legacy purchase continues Mather's acquisition-driven growth this year. It has also absorbed a $300 million planning firm in New Jersey and another Chicago-based firm focused on business owners. WealthManagement.com has reported that Mather was founded in 2011 with $150 million in assets and was acquired by Vistria Group in spring 2022.
On the AlphaCore side, InvestmentNews reported that Blue Rock's team will remain in Sussex County, working from AlphaCore's Rehoboth Beach office and coordinating with the firm's Bethesda, Maryland location. WealthManagement.com described Blue Rock as a nine-person team serving business owners and high-net-worth families with a technology-driven approach to client engagement.
WealthManagement.com said the deal follows AlphaCore's acquisition of SPC Financial, whose team helped launch AlphaCore Tax Services in November 2025. Dick Pfister is AlphaCore's founder and CEO, according to the outlet.
The column also covered two other transactions. Business Wire reported on October 6 that Summit Wealth Group acquired the practice of advisor Scott Hardy, representing approximately $189 million in client assets. Hardy is moving from Commonwealth Financial Network and will serve clients from Summit's existing Brentwood, Tennessee office. InvestmentNews reported earlier this year that Summit's CEO, Randy Morris, led a team that left Commonwealth to launch the firm.
FA-Mag reported on October 6 that San Francisco-based BakerAvenue, founded in 2004 with $6.3 billion in assets under management, closed a strategic minority investment from Constellation Wealth Capital. WealthManagement.com described it as Constellation's 18th deal since former Emigrant Partners CEO Karl Heckenberg founded it in late 2023. According to Dealroom, BakerAvenue's leadership keeps majority ownership and operating control, and FA-Mag said the firm expects to use the capital to expand tax preparation, estate planning and corporate trustee services.