Why Hightower Had To Change Course
Corey Kupfer, founding and managing partner at Kupfer., explains to Charles Paikert at Family Wealth Report how Hightower Advisors’ new Signature Wealth division is influencing branding in the RIA industry. “This is the direction in which the industry is moving. PE investors are going to continue to push firms in this direction as single-brand more integrated models create more efficiencies, ease of scale and enterprise value,” says Kupfer.
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Why next-gen advisors can be a make-or-break factor in PE dealmaking
Corey Kupfer, founder and managing partner at Kupfer., is featured in Leo Almazora’s InvestmentNews article about next-gen advisors and how they are shaping private equity deal structures. Firms that have next-gen talent are more valuable to most of the buyers, because they want to know that there’ll be somebody that had to continue those client relationships when the founders phase out. You’ve got younger folks who are really doing well building a business and think that they have a lot of upside. Those are the tougher ones to integrate, especially because they’re going to get locked into restricted covenants, non-competes, and non-solicits that’s part of the PE deal,” says Kupfer.
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CEO change at Edelman Financial Engines shows how private equity is reshaping industry
Corey Kupfer, founder and managing partner at Kupfer., shares insight with Andrew Cohen at InvestmentNews about how Edelman Financial Engines experiments with being on and off markets, looking for growth opportunities, and changing leadership. “The largest organic growth opportunity to EFE is to capture more individual wealth management business from the participants in the many retirement plans it manages. After the recent market feedback on the potential EFE sale, it seems that the PE firms feel like Ralph Haberli is better suited to lead the organic growth-focused strategy at this time,” says Kupfer.
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Inside Hightower's move to rebrand acquired firms, court smaller RIAs
Corey Kupfer, founding and managing partner at Kupfer., shares insight about Hightower’s new Signature Wealth practice with Andrew Cohen at InvestmentNews, noting the correlation between private equity and acquisition models in the RIA industry. “I believe that private equity investors are going to continue to push firms in this direction as single-brand more integrated models create more efficiencies, ease of scale, and enterprise value,” Kupfer says.
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Next-Generation Advisors Want Equity, and Firms Are Responding Creatively
Corey Kupfer, founder and managing partner at Kupfer., connects with Cheryl Winokur Munk at Barron’s, about how firms are responding to changes with next-generation advisors, explaining that no equity structure is created equal. “You really need to speak to someone who can explain the implications and compare the various structures for you,” says Kupfer.
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The Story Behind OpenArc's Decade-Long Journey to Independence
In Alex Ortolani's WealthManagement.com piece about the recent move from OpenArc to go independent, Corey Kupfer, our Founder and Managing Partner, shared his perspective on what it takes for large advisory teams to break free from a wirehouse and what they can expect along the way.
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Charles Schwab describes claims in Merrill’s raiding suit as ‘rank speculation’
Our Founder and Managing Partner, Corey Kupfer, spoke with Citywire's Andrew Foerch about the latest high-profile legal battle brewing between Schwab and Merrill Lynch over a massive advisor departure, with one side alleging corporate raiding and the other dismissing the claims as pure speculation. Corey explained both sides' arguments, his perspective on the suit, and what this could mean for the future of wirehouse breakaways and transitions.
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Who Owns Your Client Data? A Hidden Factor in RIA Valuations
Cory Kupfer, founder and managing partner at Kupfer., speaks with Financial Advisor IQ’s Michael Taffe about using client data as a currency in RIA deals. "A lot of times folks are sold on the idea that 'you own your clients,' and they assume that means they own their data as well. And that is not always the case. The ideal is to walk out day one with the data, or transfer day one to a buyer. If that's not possible, you're stuck relying on client consent after the fact, which slows deals," Kupfer says.
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Meegan: A.I. & Energy Seeing Flows, Retail & Real Estate Cooling
Brian Meegan follows capital flows around the market and sees A.I. and energy heating up while retail and real estate are cooling. He expects the energy demand story to take years to play out because of the time it takes to build infrastructure. “There’s a lot of money to be made” in that industry and in health care. He also discusses how uncertainty is reshaping deal structures.
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Uncertainty 'Opening the Door' To Partner Comp Changes in 2025
With continued economic uncertainty and shifting demand in key practice areas, firms are reevaluating how they manage compensation.
In Andrew Maloney's Law.com article, Brian Meegan, Partner at Kupfer., weighed in on how strategic adjustments like revisiting expectations and pacing distributions can help firms stay nimble in a mixed year.
https://www.law.com/americanlawyer/2025/05/21/uncertainty-opening-the-door-to-partner-comp-changes-in-2025/
What LPL, Atria layoffs say about the firm's M&A strategies
Corey Kupfer, founder and managing partner at Kupfer., speaks with Financial Planning reporter Dan Shaw about LPL's layoff strategy with Atria and what that could mean for the future of Commonwealth. "It's very different from Commonwealth. Commonwealth has a particular culture and particular environment, and there was a much higher risk of losing advisors if those promises to keep all that weren't made. It's very different from the Atria model. They had more leeway to make cuts on the Atria side without risk of losing folks," explains Kupfer.
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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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How to sell and how NOT to sell your RIA
Corey Kupfer, founder and managing partner at Kupfer., joins a segment of Chuck Failla’s goRIA Podcast, where they discuss some considerations for RIA owners thinking about selling (or not selling) their practice. “What I love about this industry is that most of them really care that their clients are well taken care of. They’re not just looking to take top dollar,” says Kupfer.
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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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