MarshBerry’s Ascend Summit is an exclusive event designed for a select group of elite private wealth executives and firm owners to examine how leading firms are navigating today’s Golden Age of wealth management. This year’s inaugural event was held in Park City, UT on January 28-30, 2026.
Nearly every conversation at Ascend this year was anchored by one idea: every firm is on a path –whether it realizes it or not. As John Wepler, MarshBerry CEO, framed it in his State of the Industry address, wealth management firm owners ultimately face three options: sell it, milk it, or grow it. Each path is valid. None are accidental.
A golden age – with a decision to make
Wealth management has never been more attractive. Strong organic growth, expanding margins, record valuations, and unprecedented capital inflows have created historic opportunity. Mergers and acquisitions (M&A) activity reflects that momentum with 394 wealth management transactions announced, compared to just 74 deals in 2015 and yet capital continues to outpace supply.
Importantly, MarshBerry leaders and subject matter experts emphasized a critical reality: favorable markets do not guarantee durable firms – a point embraced by attendees. As top-performing organizations are compounding growth, roughly 25% of firms are shrinking, and the median firm is growing only at the pace of inflation. The distinction, as Wepler emphasized, is intention.
Firms that choose to grow, rather than drift or extract, are institutionalizing leadership, investing in talent, expanding services, and measuring true organic growth independent of market appreciation. Growth is no longer optional. Wepler predicted the industry would see a shift to accountability for growth.
Growing from a practice to a true enterprise
In a candid conversation with MarshBerry Managing Director Kim Kovalski, Charlie Rocco shared how intentional alignment transformed Moneco Advisors from a lifestyle practice into a scalable enterprise. The lesson: ownership drives alignment.
By moving away from a 1099 structure and expanding equity participation, Moneco created shared accountability, accelerated talent development, and reinforced a culture where advisors think and act like partners. Growth was measured not just in assets under management (AUM) or revenue, but in equity value created, a powerful lens for reinforcing performance, retention, and long-term commitment.
Talent, growth, and discipline
John Orsini, MarshBerry Director, had a fireside chat with Peter Mallouk, CEO of Creative planning with a forward-looking discussion on the forces shaping the next phase of wealth management. Talent scarcity, intensifying competition for advisors, and the rise of AI were recurring themes.
As Mallouk emphasized, talent has become the industry’s defining constraint. He offered guidance for how to win at the war for talent by investing continuously, developing future leaders, getting equity into the hands of the next generation, and addressing misalignment early.
Clarity amid global uncertainty
Adding important macro context to the discussion, keynote speaker MS NOW’s senior economic analyst Ron Insana offered a sobering view of the broader economic and geopolitical backdrop shaping decision-making today. From shifting monetary policy expectations and rising geopolitical risk to the accelerating capital demands of AI and infrastructure, Insana emphasized that uncertainty is no longer episodic – it is structural. In such an environment, attempting to time markets or rely on external tailwinds becomes increasingly risky. Instead, firms must focus on what they can control: balance sheet resilience, disciplined growth, leadership depth, and strategic clarity. His message reinforced a central Ascend theme that the strength of a firm’s fundamentals will determine how well it navigates the next period of volatility.
Strong valuations for top performers
As MarshBerry President Phil Trem highlighted, M&A activity remains at historic levels, with demand continuing to outpace supply and a growing number of private equity-backed buyers competing for quality firms. But valuation alone is no longer the differentiator. Buyers are increasingly focused on fundamentals: true organic growth, leadership depth, ownership alignment, and long-term readiness. Acquisitions can accelerate a well-defined growth strategy, but they cannot replace one. In the end, firms that have clarity around whether they intend to sell, milk, or grow will retain the greatest control over their outcomes—regardless of market conditions.
Capital as a tool – not a strategy
Gerard Vecchio, MarshBerry Managing Director along with Rick Dennen from Oak Street Funding, Jenny Thappa from Ares Management and Greg Mashinter from Peloton Capital, reinforced another Ascend theme: capital amplifies clarity; it does not replace it.
Whether evaluating debt, minority investment, or majority partnerships, the right structure depends on a firm’s growth ambitions, risk tolerance, leadership depth, and cultural readiness. Used well, capital can accelerate hiring, service expansion, and acquisitions. Used poorly, it magnifies misalignment.
Across discussions, alignment between owners, leadership, and capital partners emerged as the defining success factor.
Life after the deal
A post-transaction panel led by MarshBerry Director Rob Madore featuring Carson Shadowen of Cerity Partners and Brian Johnson of Composition Wealth offered practical lessons for firms considering a sale.
The panelists noted that clients cared less about transaction mechanics and more about continuity. (i.e., Will my advisor still be here? Will this make my experience better?) Firms that communicated clearly, aligned culturally with their partner, and focused relentlessly on client outcomes emerged stronger. Access to resources, capabilities, and opportunities that had previously been out of reach are critical gains. In hindsight, both leaders emphasized the value of early engagement of an advisor who could provide trusted advice well before entering a process to sell.
The Ascend Summit capped off with a forward-looking perspective on the wealth management industry. To maintain a competitive advantage, experts advised converting clients into advocates and retaining talent as defining competitive advantages, particularly as the competition for advisors intensifies. In addition, when evaluating acquisition opportunities, firms should aim to isolate true organic growth by stripping out market appreciation and acquisition-driven growth. When market conditions reset, they will expose the underlying fundamentals of each business.
MarshBerry’s Ascend Summit
If you attended this year’s Ascend Summit and wish to discuss any of the topics or strategies for unlocking growth or value, please email or call MarshBerry at 440.354.3230.
Stay tuned for Ascend 2027 to experience the exclusive, invite-only networking event tailored for top private wealth executives and firm owners. Registration includes ski lift tickets for two days, and significant others are welcome to attend.
