The deal introduces a new model for advisor growth and succession in private banking. Credit: PeopleImages.com – Yuri A/Shutterstock.

MAG Wealth Management, a Carson partner firm, has acquired Minnesota financial planner Ovation Wealth Advisors and rebranding as Carson Wealth.

Carson Group will take a 30% equity stake in the business.

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The deal is said to introduce a new model for advisor growth and succession planning within the private banking sector.

This merger is claimed to establish the first Carson Wealth branded location in Minnesota, with $350m in assets under management (AUM).

The Minnesota-based team, led by founder and wealth advisor Jeremy Willner and his son Hayden Willner, aims to address the growth challenges faced by independent advisors.

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.

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“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.”

The newly formed Carson Wealth offices will continue to operate from their existing locations in Paynesville, Little Falls, and Minneapolis, Minnesota.

Carson Group, which now includes the new Carson Wealth branch, manages $38bn in assets and serves over 50,000 client families across its network of more than 150 partner offices, including over 50 Carson Wealth locations.

Carson Group CEO Burt White said: “With the addition of Jeremy and his team, we continue to strengthen our Midwest presence and gain a proven team dedicated to client service and multi-generational planning.

“Their expertise in inorganic growth strategies will enhance our entire network as we continue to evolve in this dynamic industry.”