Rise Growth Partners Takes Minority Stake in $3.1B Florida RIA

Rise Growth Partners has purchased a minority stake in a Florida-based registered investment advisory firm, which manages about $3.1 billion in total client assets. 

Cyndeo Wealth Partners, founded in 2020, is led by CEO and president Matt Kilgroe, who was previously affiliated with UBS Wealth Management prior to launching Cyndeo. 

Cyndeo Wealth Partners provides wealth planning and tax-related services to high-net-worth clients, including athletes, corporate executives, and entrepreneurs, Rise Growth Partners said. 

Cyndeo provides services to over 1,000 individual clients with about 15 financial advisors, according to the firm’s latest Form ADV updated in January. The RIA also has offices in Lake Mary and St. Petersburg, Florida. 

Cyndeo stated that its decision to select Rise Growth Partners stems from its “exclusive focus” on expanding its wealth management services and the team’s experience with scaling and operating advisory businesses. 

Dynasty Financial Partners, which helped launch Cyndeo, has rolled over its investment in Cyndeo as part of the deal and will continue to provide Cyndeo with technology, investment banking, and investment platform support. 

The stake will go towards accelerating recruitment and onboarding of financial advisors across Florida and the Southeast region, as well as boosting operational infrastructure, brand, and go-to-market strategy, and supporting M&A initiatives. 

“We treat this like a team, because teams want to win,” Joe Duran, co-founder and managing partner at Rise Growth Partners, said. “Together, this positions us to be truly ambitious, particularly in lifting high-performance advisors out of the wirehouse environment and giving them independence without sacrificing scale or support.” 

The transaction marks Rise Growth Partners’ fourth deal, and first of a firm within Dynasty Financial’s network.

Back in October, Rise Growth Partners also made a minority investment in St. Louis-based RIA Krilogy, which oversees over $4 billion in total client assets. 

Rise Growth Partners formally made its first investment in OnePoint BFG Wealth Partners, which was formerly known as Bleakley Financial Group, back in 2024. 

During the same year, Rise Growth Partners secured $250 million in backing from Charlesbank Capital Partners, a middle-market private equity firm. Charlesbank also took a majority stake in Rise Growth Partners.

Pictured: (Left to Right) Joe Duran, Rise Growth’s Managing Partner Terri Kallsen, Matt Kilgroe, and Dynasty Financial’s CEO and President Shirl Penney