How United Capital's unconventional rolling up of a $2 billion RIA reveals how close the roll-up model is to extinction

Summary:United Capital Financial Advisers has pulled off the biggest, best-valued deal in its history, but one that may just underscore how little gas the old roll-up model has in its tank. The Newport Beach, Calif.-based ex-roll-up-turned-super-ensemble-RIA last week quasi-recruited, quasi-purchased a 23-person, $2 billion AUM team — a team that lost its chemistry with its community bank owner after a big Spanish bank purchased it.