Corporate Roundup: JULY Acquires EIP, Nationwide Unveils Digital Experience
July Business Services, LLC has acquired Employee Incentive Plans, Inc. (EIP), effective as of May 30, 2025.
The acquisition also includes the merger of AtlasMark Financial, Inc.’s (AFI) retirement plan advisory practice with Expand Financial, LLC (EXPAND), a wholly owned subsidiary of JULY. EXPAND operates as an investment fiduciary partner, offering plan sponsors expert management of retirement plan investment lineups. EXPAND’s model, grounded in ERISA fiduciary standards, supports advisors with competitive tools and a scalable service platform designed to fuel growth.
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What RIA Sellers Can Learn–Good and Bad–From Trump’s Negotiating Tactics
For anyone navigating the RIA M&A landscape, negotiation is key. Our managing partner and founder Corey Kupfer takes a look at dealmaking through the lens of President Donald Trump's unique style in his latest piece for Barron's Advisor. Corey touches on what lessons apply, and which don't, for your next transaction, including insights on initial offers, gauging success, and provoking reactions.
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How Law Firms Are Planning for 'Rocky' Times Ahead
Law.com reporter Andrew Maloney speaks with Brian Meegan, partner at Kupfer., about how firms need to prepare for an extended economic downturn. “In a former firm of mine, we did a lot of representation of special districts. Those are lower, they tend to be negotiated rates, which are not higher billable rates, but they’re doing it day in and day out, and there’s a lot of volume there that can be dependable revenue when you need it,” explains Meegan.
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Q1 RIA M&A Sizzled, But Multiples Seemed To Cool
Financial Advisor Magazine editor Jennifer Reed speaks with Corey Kupfer, founder and managing partner at Kupfer., about how RIA M&A fared in the first quarter of the year, and how market uncertainty is leading some advisors to consider selling. “On the seller's side, it's interesting because you would think the seller definitely wants a higher valuation. And generally they do, but there's an issue or potential issue with that. “In most of these deals, you have a retention requirement a year or two out. And you have to retain at least, let's say, 95% of the revenue to get your full purchase price,” explains Kupfer.
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Why wealth management M&A is unlikely to dry up amid volatility
Corey Kupfer, founder and managing partner at Kupfer., explains how a downturn in private equity M&A can negatively impact firms with Dan Shaw at Financial Planning. “If they want a sale to a larger PE firm or to bring in a PE firm to take them out, and if the cost of capital remains high, they are going to have trouble raising funding. So they may want to hold on for a bit, or they may do a continuation of their fund” says Kupfer.
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RIA Dealmaking Is Off to a Hot Start for 2025. Can the Frenzy Last?
Corey Kupfer, founder and managing partner at Kupfer., shares insights on RIA M&A activity during times of uncertainty with Barron’s reporter Andrew Welsch. “Sellers would be more hesitant to make major changes and transition clients in a recession, plus access to capital would eventually be adversely impacted,” says Kupfer.
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A Record Breaking First Quarter for 2025 Merger and Acquisition Activity
Corey Kupfer, founder and managing partner at Kupfer., was featured in The Wealth Advisor, sharing his perspective on the future of RIA M&A activity amid ongoing market volatility and economic uncertainty. “If a recession hits, sellers will likely be more reluctant to transition their businesses, and access to acquisition financing would tighten,” explains Kupfer.
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Costly referral programs fuel RIA M&A growth strategies
With growth driving many RIAs to pursue external sales, client referral programs continue gaining traction, despite their high costs. Corey Kupfer, managing partner and founder of Kupfer., PLLC, spoke with InvestmentNews' Andrew Cohen to share his take on the value these programs deliver to RIAs and how they influence M&A valuation considerations.
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LPL's Steinmeier 'maniacally focused' on making Commonwealth advisors feel at home
Financial Planning’s Dan Shaw speaks with Corey Kupfer, founder and managing partner at Kupfer., to discuss the future of private equity-driven consolidation. "There once was all these smaller firms to buy out. Now there are a lot fewer options, and you have the winners and losers. It will still be a little while on the RIA side before that happens. But it's inevitable in my mind,” explains Kupfer.
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What LPL’s purchase of ‘crown jewel’ Commonwealth means for advisors
Corey Kupfer, founder and managing partner at Kupfer., reacts to the $2.7bn sale of Commonwealth Financial Network to LPL Financial and what the deal could signal for the larger wealth management space. “There’s no question LPL will offer some kind of retention package to sweeten the transition for Commonwealth advisors, but how the offers will be structured and what they’ll be worth is, for now, a huge wild card,” explains Kupfer.
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Dealmakers share how to bring G2 along on the M&A journey
Corey Kupfer, founder and managing partner at Kupfer., shares insight on how to properly acclimate and utilize second-generation (G2) advisors as part of a transition or merger with Sam Bojarski at Citywire. “There are ways to structure things for G2 if you get ahead of it. They can get some additional compensation or bonuses on new assets that they’ll bring in,” says Kupfer.
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How the industry's mixed signals point to further consolidation
Corey Kupfer, founder and managing partner at Kupfer., PLLC speaks with Financial Planning’s Tobias Salinger about how the lack of preparedness in succession planning throughout the industry is pointing to continued M&A. “Those in the independent RIA space have had a mindset shift from being employees to being entrepreneurs. There is an additional mindset shift to also being a dealmaker. The dealmaker mindset is different from the entrepreneur mindset. Saying that you don’t have time to finalize a deal is evidence of not having a dealmaker mindset. Dealmakers make the time, build the team and allocate the resources to get deals done,” says Kupfer.
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The Climate Tech Landscape and Meeting Energy Demand in the U.S.
Vincent Ambrose, Chief Commercial Officer of FranklinWH and Brian Meegan, Partner at Kupfer, join Jill Malandrino on Nasdaq TradeTalks to discuss the climate tech landscape and meeting energy demand in the U.S., and how this could impact the energy M&A environment.
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Personal goodwill is opening up M&A for employee advisors
Bankers and lawyers are using personal goodwill sales to help W-2 and 1099 advisors monetize their practices at capital gains tax rates rather than ordinary income.
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Why advisors should prioritize next-gen planning
Advisors are making a succession planning list and checking it twice.
After all, “succession planning is a huge deal,” said Ryan Halliday, managing partner at Crewe Advisors.
“One of the things the SEC investigates in their examinations [of firms] is what your succession plan is. We have a fiduciary responsibility to take care of the clients of the firm, and part of that is making sure there's a succession plan in place,” he said.
“It’s important that you build your firm, or as you're managing your book of business, you’re considering the qualities and the capabilities of people.”
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The Evolution of Advisor M&A Deals: What to Know Now
If you are an advisor looking to monetize your firm or book of business, you are belle of the ball — and it’s become a big ball. Take your time to get aligned and understand your options, but don’t forget that there is a pace and a rhythm to the dance.
If you want to become a serial acquirer, you have tough competition from private equity-backed buyers, so you need to have a strong value proposition. That means a model and deal structure that are attractive to the sellers who have objectives other than getting top dollar for their firms.
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In Search Of The Perfect Deal
Is there such a thing as a perfect merger or acquisition deal or exit strategy? Maybe, according to Corey Kupfer, managing partner at Kupfer Law, a law firm based in New York and Denver that helps RIAs and entrepreneurs with complex legal issues.
The answer to the first part of that question depends on a number of factors, including the goals of the merging firm owner, Kupfer said in an interview.
Studies have shown that the majority of mergers and acquisitions fail in the current market, at the same time that the financial consequences are becoming more substantial. Kupfer provides guidance to firms and advisors who are looking to make a move so they can avoid mistakes.
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What's at Stake in the Ameriprise-LPL Fight Over Client Data
A series of recruiting disputes between Ameriprise Financial Services and LPL Financial could help clarify what client data advisors are allowed to take, and the client contact they're allowed to make, when switching firms.
In a spate of recent lawsuits, Ameriprise accuses LPL of encouraging recruits to breach industry rules and abscond with the firm's client data, while LPL counters that a "bleeding" Ameriprise aims to use litigation over client information to stifle industry competition.
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ThinkAdvisor: Fidelity: RIA Deal Size Rises, Volume Eases in 2024
"Corey Kupfer, founder and managing partner at Kupfer PLLC, a law firm that represents RIAs in M&A deals, noted that non-private equity buyers have various strategies to compete for transactions with PE firms that can offer more money.
"For some of them it's more independence and flexibility in terms of the control that the advisor can maintain over their practice," he said.
Some offer advisors more capabilities or more say in the company's management, direction and growth.
One family firm also sells its "Midwest values" and culture, Kupfer noted."
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