MAG Wealth Management, a Paynesville, Minn.-based registered investment advisor and Carson Group partner, has acquired Ovation Wealth Advisors, an RIA in Minneapolis. In conjunction with the deal, Carson Group has taken a 30% stake in the combined firm, which will become the first Carson Wealth branded location in the state of Minnesota.
The blended company will have $350 million in assets under management and eight team members. Jeremy Willner founded MAG Wealth Management in 2003. The team will maintain its three Minnesota locations and will be led by Willner and his son, partner and wealth advisor Hayden Willner. The deal will allow Jeremy Willner to have a succession plan for the business.
"Our journey with Carson Group, from coaching to partnership and now to equity participation, demonstrates the power of aligning with a national brand,” Jeremy Willner said. "This partnership represents a pivotal moment in our firm's journey, offering a compelling path for us to overcome growth plateaus and secure our legacy. By aligning with Carson Group, not only are we enhancing our capabilities but also solidifying our commitment to our clients by ensuring a lasting legacy for our firm for years to come."
Based in Omaha, Neb., Carson Group was founded in 1983 by Ron Carson and serves financial advisors and investors through its three businesses—Carson Wealth, its retail wealth management arm; Carson Partners, an RIA partnership platform; and Carson Coaching, an advisor coaching service. Carson Group currently manages $38 billion in assets across all three, serving more than 50,000 families through a network of more than 150 partner offices, including more than 50 Carson Wealth locations.
In April, Carson stepped down from his role as chief executive to become chairman of the board, with Burt White, managing partner and chief strategy officer, taking over his position.
That same month, Carson’s former CMO Mary Kate Gulick filed a lawsuit against the firm, claiming it did not adequately respond to allegations a Carson employee had committed sexual assault and that Carson made the decision to keep the employee at the company.
