Emigrant Partners, the RIA capital and advisory services arm of Emigrant Bank, has taken a minority stake in Mutual Group, a broker/dealer and registered investment advisor platform supporting 270 advisor teams and independent RIAs overseeing about $15 billion in assets.
The deal, which allows Mutual Group’s leadership to maintain majority ownership in the firm, represents Emigrant’s second acquisition this year. It follows news last week that Emigrant took a stake in Keen Wealth Advisors, an Overland Park, Kan.-based RIA with $1.3 billion in assets.
“As with any investment we make, we look for strength of leadership, clear strategic vision, and opportunity for expansion into areas of the wealth market that are backed by long-term macro growth trends,” said Jenny Souza, president and CEO of Emigrant Partners. “Mutual Group checks all of these boxes. In addition, and much like our prior investment in Stratos, Mutual’s differentiated and hybrid business model services, supports, and leverages the independent advisor segment, while diversifying our partner firm network beyond the advisor and end-client typically served by a pure play RIA.”
Mutual Group was founded in 1982 and operates as a platform supporting advisors through both its broker/dealer entity and advisory capabilities, making it a unique investment for Emigrant, beyond the pure-play RIAs. The firm has a similar model to Stratos Wealth Holdings, the hybrid RIA platform acquired by SEI last year. Emigrant exited its investment in Stratos at that time.
While the investment in Mutual does not represent a dramatic shift in Emigrant’s deal strategy, the sale of Stratos left a lane for the company to play in that hybrid platform space. The investment will allow Mutual to expand its national footprint, deepen advisor engagement and improve the platform.
“This investment allows us to maintain our independence and client-centric focus, while aligning us with a partner and network of firms that are among the industry’s elite,” Mutual Group CEO Aaron Jasper said in a statement.
Within its broker/dealer, Mutual operates Evolve, a program that helps RIAs transition from commission-based business to fee-only business. It allows advisors to provide advisory services on direct broker/dealer assets.
This follows news in March that Emigrant’s parent company launched a family office division seeded by its acquisition of Fortis Management Group, a Boston-area family office services provider.
Mark Rogozinski, who joined Emigrant in 2025 as head of family office services, will serve as president of Emigrant Family Office, while Ken Eyler, who joined last year as managing director of family office services, has been appointed managing director of the new unit. Fortis CEO Jay Goldfarb will also serve as managing director upon the deal’s closing.
