AlphaCore to Acquire $1B Colorado RIA

AlphaCore Wealth Advisory will be buying a seven-person advisory team, which manages roughly $1 billion in assets under management, and will further expand the firm’s footprint in Colorado. 

Denver-based Elk River Wealth Management, founded by CEO Chris Freimuth, was launched in 2020 and specializes in investment management, financial planning, insurance planning, trust management, banking and alternatives investments. 

Following the acquisition, which is expected to close later this month, Elk River’s team will fully transition to AlphaCore, and Freimuth will assume the role of managing partner and lead the teams in Cherry Creek and Phoenix, Arizona, AlphaCore said. 

“[Elk River] were drawn to the firm’s consistent organic growth and its commitment to building a platform that helps advisors deliver more for clients. AlphaCore’s established presence in Denver and dedicated local advisors give us additional depth and collaboration on the advisory side, while preserving the highly personalized service our clients value,” Freimuth said.

The transaction marks AlphaCore’s third Colorado-based deal, following its acquisitions of All Season Financial Advisors and Johnston & Associates.

Since 2020, Elk River has been backed by Merchant Investment Management and Wealth Advisor Growth Network and is majority-owned by Freimuth. 

Prior to founding Elk River Wealth, Freimuth served as CIO and president at Denver-based RIA CoBiz Wealth, which is now known as BOK Financial, following its merger with the firm in 2019.

La Jolla, CA-based AlphaCore Wealth Advisory, which manages about $10 billion in assets under management, is majority-owned by CEO Dick Pfister and its employees. In 2023, the firm sold a minority stake to Constellation Wealth Capital. 

Pictured: Chris Freimuth