Wealth Advisor Growth Network (WAGN), a firm that helps financial advisors launch and scale independent wealth management businesses, announced the sale of Elk River Wealth Management to AlphaCore Wealth, a wealth management firm backed by Constellation Wealth Capital.
Elk River Wealth Management was launched in 2020 after a team of advisors departed the Bank of Oklahoma to pursue independence. At inception, the firm managed approximately $360 million in assets under management. With support from WAGN, Elk River expanded to more than $1 billion in assets, resulting in a significant liquidity event for its owners.
WAGN worked with Elk River throughout its growth journey, providing assistance with the transition to independence, operational infrastructure, and organic growth initiatives. The transaction with AlphaCore Wealth is expected to provide Elk River with additional resources and strategic alignment to continue serving clients.
The acquisition highlights the broader trend of financial advisors pursuing independence to increase ownership, accelerate growth, and build enterprise value. WAGN said it remains focused on partnering with advisors through key stages of development, including firm launches, expansion efforts, and eventual monetization opportunities.
KEY QUOTES:
“Elk River represents why we built WAGN: to help advisors control their futures, build equity, and create lasting enterprise value. This transaction demonstrates what’s possible when advisors bet on themselves.”
Jay Hummel, Partner, Wealth Advisor Growth Network
“This outcome reflects years of disciplined execution, client-first focus, and a commitment to building something meaningful. WAGN was instrumental in making the leap to independence and maximizing our value.”
Chris Freimuth, CEO, Elk River Wealth Management
“We believe advisors create both client and enterprise value through independence. Elk River’s journey is a case study in what’s possible.”
John Phoenix, Partner, Wealth Advisor Growth Network
