Arax Advisory Nabs $1.5B Hudson Valley Team from Wells Fargo, Deepening Northeast Footprint
Arax Advisory Services has scooped up The Oak Group, a $1.5 billion registered investment advisor based in Poughkeepsie, New York, marking the firm’s second deal in the Hudson Valley in 2026 and further cementing its push into the Northeast corridor.
The Oak Group, founded in 2003 by Ryan Peek and Gary Ben-Exra, brings more than 60 years of combined industry experience. The team is leaving Wells Fargo to join Arax Advisory, the RIA arm of the $41 billion Arax Investment Partners. Arax CEO Haig Ariyan described the group as “defined by its relationship-based approach,” adding that their values “directly align with our vision and strategic growth plan.”
The acquisition follows Arax’s late-March purchase of Omni Financial Advisory Group, also based in Poughkeepsie. That firm, led by Gregory Bayer alongside his children Braedon and Reilly, had previously been affiliated with Cetera before moving to Arax, according to SEC records.
Arax Investment Partners is backed by RedBird Capital Partners, a private equity firm known for investments in financial services as well as high-profile sports and media assets, including the Boston Red Sox and A.C. Milan. Arax Advisory Services operates as a coalition of independent firms serving institutions, high-net-worth families, and professional athletes.
Over the past year, Arax has been on a tear, acquiring multiple billion-dollar RIAs. In 2025, it added Summit Wealth Strategies in Chesterfield, Missouri ($1 billion in assets), Schechter Investment Advisors in the Detroit suburbs, and Cedrus Financial in Littleton, Colorado ($1 billion). In February, Arax acquired GFP Private Wealth in Cleveland, a $1.5 billion firm that had been rebranded from Gries Financial and was previously owned by the 4100 Group Financial Services.
In an earlier interview with Wealth Management, Ariyan said the firm would focus on recruiting W-2 employee teams looking to exit national platforms. He described an opportunity for advisors to transition from operating like “franchises” to launching their own 1099 RIAs, and signaled no slowdown in deal flow. “We’ve now established ourselves as a very credible partner for financial advisors who want to experience independence as a partner in a boutique,” he said.
Industry Reaction
“This is classic Arax—picking off top talent from the wirehouses with a boutique promise,” said Meredith Cole, a former RIA executive now consulting on wealth management M&A. “They’re not just buying assets; they’re buying culture. And that’s what gets advisors to jump.”
But not everyone is convinced the model scales. Tom Lassiter, a veteran financial advisor based in Albany, was blunt: “Another day, another RIA roll-up backed by private equity. The pitch sounds great—‘independence with support’—but at the end of the day, the pressure to grow AUM doesn’t go away. It just comes from a different boss.”
Janet Park, a Poughkeepsie-based advisor who left a national firm in 2023, offered a more measured take: “For teams like The Oak Group, this move makes sense. They keep their brand, their client relationships, and get better technology and back-office support. The question is whether Arax can maintain that boutique feel as they keep buying.”