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Founder / Operator·RIA Rollups

Matt Fleissig

CEO and Co-founder at Pathstone

Englewood, New Jersey, USA

MF
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Why they matter

Fleissig has led Pathstone's roll-up strategy through billion-dollar mergers (Hall Capital, Crestone, Mill Creek) to $100B+ AUM — a first-hand read on RIA consolidation deal terms and integration risk.

Background

Matthew Fleissig co-founded Pathstone in 2010 alongside Steve Braverman and Allan Zachariah, building it from a boutique multi-family office into one of the largest independent RIAs in the U.S. focused on ultra-high-net-worth families. He previously served as Principal at Harris myCFO Investment Advisory and as a financial planner at The Ayco Company (a Goldman Sachs subsidiary) advising Fortune 500 executives. As CEO, he has driven a rapid string of acquisitions that pushed Pathstone past $100 billion in AUM and roughly $160 billion in assets under advisement and administration.

Notable deals

  • 2024
    Led Pathstone's acquisition of Crestone Capital LLC, a $3B Boulder, CO UHNW advisory firm
  • 2024
    Led Pathstone's merger with Hall Capital Partners ($45B AUM), creating a ~$100B AUM firm
  • 2026
    Led Pathstone's acquisition of Mill Creek Capital Advisors, a $12B Philadelphia-area RIA

Call-prep brief

Background

  • Co-founded Pathstone in 2010 with Steve Braverman and Allan Zachariah; built it from a boutique multi-family office into a ~$100B AUM independent RIA
  • Prior career: Principal at Harris myCFO Investment Advisory (UHNW investment/estate/tax planning); financial planner at The Ayco Company (Goldman Sachs subsidiary) serving Fortune 500 executives
  • BA Economics, Muhlenberg College; MBA Finance, Fairleigh Dickinson University

Current Focus

  • Scaling Pathstone via M&A: closed Crestone Capital (2024), Hall Capital Partners (2024, $45B AUM), and Mill Creek Capital Advisors (2026, $12B) in rapid succession
  • Publicly stated ambition to build Pathstone into the first national UHNW brand, with a stated long-term goal of reaching $1 trillion in scale
  • Backed by Lovell Minnick Partners and Kelso & Company, who provided capital supporting the Hall Capital deal

What He Cares About

  • Preserving a "client-first," partner-owned culture through rapid integration — he and President Kelly Maregni have spoken publicly about the challenges of merging firms post-acquisition
  • Positioning Pathstone as the largest independent RIA serving UHNW families, foundations, and endowments

Sensitivities

  • Integration risk across many recently combined firms (20+ offices, 750+ team members) — culture and service consistency are open questions
  • PE capital (Lovell Minnick, Kelso) already in the cap table may shape his openness to further outside investment or eventual liquidity conversations

Questions to Ask

  1. How is Pathstone structuring equity/ownership economics across cascading acquisitions without diluting the partner-owned model?
  2. What's the underwriting bar for the next tuck-in — AUM minimum, geography, service overlap?
  3. With Lovell Minnick and Kelso capital already in place, what's the appetite or timeline for a further capital raise or strategic transaction?

Outreach draft

Subject
RIA Roll-Up Strategy & Deal Pipeline
Hi Matt, I've been following Pathstone's run of acquisitions — Crestone, Hall Capital, and most recently Mill Creek — and the path to $100B+ AUM is a compelling story in the RIA consolidation space. I'm working with a deal team studying roll-up economics and integration playbooks in wealth management, and your first-hand experience building a partner-owned multi-family office at this scale would be incredibly valuable. Would you be open to a 20-30 minute call in the next couple weeks to share your perspective on deal sourcing, valuation discipline, and post-merger integration? Happy to work around your schedule. Best, [Placeholder Name]

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