Wealth Advisor Growth Network (WAGN) announced the sale of Elk River Wealth Management, an independent registered investment advisor (RIA) it helped launch in 2020, to AlphaCore Wealth, a firm backed by Constellation Wealth Capital.
Elk River began when a team of advisors left the Bank of Oklahoma and embraced independence. Initially, the firm managed approximately $360 million in assets under management (AUM); with WAGN’s support, it grew to more than $1 billion.
“Elk River represents why we built WAGN: to help advisors control their futures, build equity, and create lasting enterprise value,” said WAGN partner Jay Hummel. “This transaction demonstrates what’s possible when advisors bet on themselves.”
WAGN partnered closely with the Elk River team—guiding the breakaway process, building operational infrastructure, supporting organic growth initiatives, and positioning the firm for long-term success. The result was a nearly threefold increase in AUM and a significant liquidity event for the firm’s owners.
The sale to AlphaCore Wealth provides Elk River additional resources and strategic alignment to continue serving clients at the highest level.
“This outcome reflects years of disciplined execution, client-first focus, and a commitment to building something meaningful,” said Chris Freimuth, CEO at Elk River Wealth Management. “WAGN was instrumental in making the leap to independence and maximizing our value.”
The transaction underscores a broader industry trend as advisors increasingly seek independence to unlock growth, ownership, and enterprise value. WAGN’s focus is on partnering with advisors at critical inflection points—whether launching, scaling, or ultimately monetizing their businesses.
“We believe advisors create both client and enterprise value through independence,” added WAGN partner John Phoenix. “Elk River’s journey is a case study in what’s possible.”
About Wealth Advisor Growth Network: WAGN is a Denver-based firm that partners with financial advisors to launch, grow, and optimize independent wealth management firms. Through strategic guidance, operational support, and growth-focused resources, WAGN helps advisors build valuable, scalable enterprises while delivering exceptional client outcomes.
About Elk River Wealth Management: Elk River is an independent RIA committed to delivering personalized financial planning and investment management services to individuals and families.
About AlphaCore Wealth: AlphaCore is a boutique wealth management firm focused on delivering institutional-quality investment solutions to high-net-worth clients. The firm is backed by Constellation Wealth Capital.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260610323142/en/
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