RIA Channel Updates: Insights for August 2025

RIA deal activity slowed in August as the summer drew to a close, with Dakota tracking 26 announced transactions totaling $40.9B in acquired AUM – down from 32 deals and $57.1B in July. August activity also included $29B in institutional AUA, spread across two deals, which is not counted in the month’s total AUM.

Topping the month's deals, Galway Holdings-backed MAI Capital Management agreed to acquire Evoke Advisors, a Los Angeles-headquartered RIA with $27.7B in regulatory assets. Those will be added to MAI's $29.6B in AUM and form a combined firm operating across more than 30 offices nationwide. Mariner was another name making headlines during the month, agreeing to acquire Forté Capital and Ultra Financial Partners, which added approximately $1.7B in combined assets under advisement. Mariner, which is backed by Leonard Green & Partners and Neuberger Berman, is also is reportedly looking to acquire Atlanta-based pension consultancy Southeastern Advisory Services. Southeastern Advisory is owned and led by President Jeffrey Swanson and has $5B in assets under advisement.

On the investment front, Dakota tracked seven minority stake growth investments in RIAs during the month, with Sixth Street Partners-backed Merchant accounting for nearly half of them, taking stakes in South Dakota boutique Sterling Trustees, Kentucky RIA Meridian Wealth Management, and Southern California multifamily office Validus Capital.

Read on for Dakota’s full roundup of RIA M&A and investment news from the month of August.

M&A

• Galway Holdings-backed $29.6B wealth manager MAI Capital Management agreed to acquire Evoke Advisors, a Los Angeles, CA-headquartered RIA with $27.7B in regulatory assets. Of the total, $12.4B are discretionary assets. The firm has a total of 99 employees, of which 32 perform investment advisory functions, according to its latest Form ADV filing. The combined firm will operate across more than 30 offices nationwide. Terms of the deal, which is expected to close by the fourth quarter, were undisclosed. AO Shearman served as legal counsel to MAI. Ardea Partners LP acted as exclusive financial advisor to Evoke, and Ropes & Gray was the firm's legal counsel. Source
  
  
• NFP’s Wealthspire Advisors agreed to acquire Larkspur, CA-based $380M Marin Financial Advisors. The boutique RIA, led by Principal Colin Drake, was founded in 1987. Financial and legal terms of the deal were not disclosed. NFP is owned by global professional services firm Aon. Source
  
  
• IronBridge Wealth Counsel, an independent advisory firm headquartered in Austin, TX, acquired San Francisco, CA-based Cullen Financial Advisors, marking its entry into the city. The combined firm will oversee $2.5B in assets under advisement across 14 states. Financial and legal terms of the deal were not disclosed. Source
  
  
• Mariner acquired Forté Capital and Ultra Financial Partners, adding a combined approximately $1.7B in assets under advisement. Rochester, NY-based Forté Capital provides portfolio management and wealth planning services to nonprofits, individuals, families, and institutions, with $1.45B in regulatory assets. The firm is led by managing directors David Henion, Adil Masood, and Edmond Sheidlower. Scottsdale, AZ-based Ultra Financial is a retirement and financial planning firm specializing in advising federal employees, physicians, and business owners, as well as individuals and families. The team of four has $95.4M in regulatory assets. The Forté Capital and Ultra Financial deals will close on Aug. 31 and Sept. 30, and both the firms will adopt the Mariner name and branding. Terms of the deals remain undisclosed. Mariner is backed by private equity firms Neuberger Berman Capital Solutions and Leonard Green & Partners. Source
  
  
• Prairie Village, KS-based Fortis Capital Advisors agreed to acquire Evergreen, CO-based $120M RIA Risemint, which was founded by Bryce Johnson. Fortis manages $1.2B in assets, all of which are discretionary. Source
  
  
• Financial products distribution firm Simplicity Group Holdings acquired Lewis Center, OH-based RIA Aptus Wealth. The firm was incubated and launched out of Aptus Marketing, a brokerage general agency now operating as Simplicity Columbus. Aptus Wealth manages $95.5M in client assets, all of which are discretionary. Going forward, Aptus Wealth will operate as Simplicity Wealth Advisors, and its owner Joshua Pick will become a Simplicity partner. Simplicity Group is backed by SkyKnight Capital and Dragoneer Investment Group. Legal and financial terms of the deal were not disclosed. Source

• Kudu Investment Management-backed $27.6B Sequoia Financial Group agreed to acquire Cottonwood Heights, UT-based wealth manager The Martin Worley Group. The firm, which manages $430M in assets, provides personalized investment advisory services to individuals, multi-generational families, entrepreneurs, foundations, and trusts. Martin Worley’s Brian Worley, Terra Thurgood, and Barry Watson will become equity owners in Sequoia Financial. The deal is expected to close on Aug. 31. Benesch served as legal advisor to Sequoia Financial, Miller Johnson served as legal advisor to Martin Worley, and DeVoe & Co. provided consulting and strategic guidance to Martin Worley. Source
  
  
• Cetera employee-based RIA The Retirement Planning Group acquired Muskegon, MI-based dual wealth management and tax planning firm First Financial Advisors and its A.G. Tidswell CPA. The firm manages $300M in assets and delivers wide-ranging services to 675 households across the US, including many high-net-worth clients. As part of the deal, three advisors – Anthony Tidswell, Eric Lans, and James Mikesel – join Retirement Planning Group. Legal and financial terms of the transaction were not disclosed. Source
  
  
• Constellation Wealth Capital-backed Merit Financial Advisors acquired $860M Global Wealth Advisors, expanding its footprint in Lewisville, San Antonio, Angleton, and Snyder, TX; Naples, FL; and Canonsburg, PA. Along with a team of 14 advisors and client support staff, global wealth president Kris Maksimovich and managing partner Chris Powers will join Merit as regional directors and partners. The financial and legal terms of the deal, which closed on Aug. 18, were not disclosed. Source
  
  
• Santa Barbara, CA-based Mission Wealth acquired entrepreneurial financial planning firm Hamilton Walker Advisers. San Francisco-based Hamilton Walker reported $50M in regulatory assets under management in its most recent Form ADV. Mission Wealth said the deal brings its AUM to over $12B. Source
  
  
• Summit Partners-backed $18B RWA Wealth Partners acquired San Francisco, CA-based RIA Moirai Wealth Management. Founded in 2000 by Karen Schmid, Moirai Wealth manages $344M in assets by providing services to high-net-worth and ultra-high-net-worth individuals and families. The deal strengthens RWA's presence on the West Coast, which now includes two offices and 14 employees in California, including the four-member team from Moirai Wealth. RWA plans to establish a new office in downtown San Francisco in the fall of 2025. Financial terms of the deal, which closed on Aug. 15, were not disclosed. Source
  
  
• Canadian asset manager CI Financial’s US wealth management arm Corient acquired Dallas, Texas-based $1.54B Messick Peacock & Associates. The firm, which was founded by Chris Messick and David Peacock in 2015, was previously affiliated with Raymond James. Terms of the deal were not disclosed. The asset and wealth management investment banking team of Raymond James served as financial advisor to Messick Peacock. UAE’s Mubadala Capital recently acquired CI Financial in a CAD 12.1B ($8.76B) deal. Source
  
  
• Aquiline Capital Partners-backed RIA SageView Advisory Group acquired Oakbrook Terrace, IL-based institutional retirement plan consulting and wealth management firm Capital Strategies Investment Group, or CAP STRAT. CAP STRAT manages $25B in assets, including $750M in wealth management AUM and $24B in institutional AUA. As part of the deal, CAP STRAT's team of 23 principals, consultants, and team members will become part of SageView. Its leadership team of Barbara Best, Nancy Rizzuto, Alison Bettonville, Mike Rarey, Michael Warford, and Neil Davies will become managing directors at SageView. Financial terms of the deal were not disclosed. CAP STRAT worked with Turkey Hill Management as its investment banker and Hogan Lovells as legal counsel. SageView worked with Kilpatrick Townsend & Stockton as legal counsel. Source
  
  
• New York-based wealth manager Steward Partners reportedly acquired Longbridge Wealth Advisors. The North Canton, OH-headquartered firm, which was previously affiliated with Ameriprise, has $481M in client assets under management. Deal terms remain undisclosed. Source
  
  
• Constellation Wealth Capital-backed Merit Financial Advisors acquired a $225M specialized team from Second Half Financial Partners. The Sebring, FL-based team provides investment and retirement strategies focused on Florida's first responders, specifically firefighters and law enforcement professionals. As part of the deal, Mike Fitch, senior partner and majority owner of Second Half, will join Merit as a wealth manager and partner, alongside his team. The financial and legal terms of the deal, which closed on Aug. 6, were not disclosed. Source
  
  
• 119th Street Capital- and Pelican Capital-backed Maridea Wealth Management completed the acquisition of Colorado-based advisory firm Hoot Wealth, which was registered earlier this year and has not yet disclosed its AUM in its Form ADV. The firm was founded by industry veterans Nick Crow and Bryan Hinmon, who were also involved in launching and scaling of Motley Fool Wealth Management. Other members of the Hoot team include Michael Padilla and Jared Chase. Source
  
  
• Soltis Investment Advisors, an $11B RIA backed by Estancia Capital Partners and LLR Partners, acquired Utah-based $500M High End Financial. The firm is led by Jay Wells, who will join Soltis as senior advisor, institutional and wealth services. Terms of the deal remain undisclosed. Source
  
  
• Alpine Investors-backed Aspen Standard Wealth acquired Braintree, MA-based, $1.1B RIA MG Financial. Services offered by the firm, which is led by CEO and CIO Mary Gilligan, includes tax and estate planning, with a comprehensive asset allocation and manager selection program. Terms of the acquisition, which is Aspen's fourth deal since its inception in 2024, were not disclosed. Source
  
  
• Ashton Thomas Private Wealth, an Arax Investment Partners firm, acquired Honolulu, HI-based RIA Kobo Wealth Conservancy. The firm manages $155.4M in client assets, including $121.2M discretionary assets. The team includes managing wealth advisor Cris Borden and wealth advisor Benny Tran. Financial terms of the deal were not disclosed. Arax Investment Partners is backed by private equity firm RedBird Capital Partners. Source

• Wealth and asset management firm Arax Investment Partners, which is backed by RedBird Capital Partners, acquired Chesterfield, MO-based $1B RIA Summit Wealth Strategies. Summit Wealth will join Arax’s independent firms platform Arax Advisory Partners. Financial terms of the deal were not disclosed. Source
  
  
• Rockford, IL-based, fee-only RIA Savant Wealth Management, which is backed by Kelso and The Cynosure Group and has around $33B in AUM, acquired Los Gatos, CA-based $216M Parkworth Wealth Management. Parkworth’s principal and wealth manager, Bruce Barton and wealth managers Michal Zyla and Max Gonda will join Savant as member-owners. Terms of the deal were not disclosed. Source
  
  
• Private equity-backed Wealth Enhancement closed the acquisition of Gilbert, AZ-based independent RIA Manwaring Wealth Management. The practice, led by Joshua Manwaring as founder and wealth advisor, manages $164M in client assets. The deal, which closed on July 31, brings Wealth Enhancement’s AUM to $117.8B, including client advisory, trust, and brokerage assets. Private equity firms TA Associates and Onex Partners own stakes in Wealth Enhancement. Source
  
  
• Washington Trust Advisors, d/b/a Washington Trust Wealth Management, acquired Westerly, RI-based, $190M Lighthouse Financial Management. The firm’s founder Stephen Poplaski, wealth advisor Aaron Wade, enrolled agent Paul Drechsler-Martell, and wealth associate and enrolled agent Larry Henderson will join Washington Trust. The deal closed July 31. Washington Trust Wealth Management, which has $7.2B in client assets, is a unit of The Washington Trust Co. Source
  
  
• $77B RIA Mercer Global Advisors closed the acquisition of Family Wealth Planning Group and its affiliate Family Wealth Tax Advisory, a Naples, FL-based wealth and tax planning firm overseeing $1.2B in assets for more than 200 families. Tom LaMacchio and Nadia Keric are principals and owners of the firm. Terms of the deal were not disclosed. Mercer is backed by private equity firms Oak Hill Capital, Genstar Capital, and Altas Partners. Source
  
  
• Louisville, KY-based private wealth management firm Somnio Wealth Management reportedly acquired local accounting services firm SEA Financial. The deal closed in mid-July. Somnio Wealth, which provides securities and advisory services through LPL Financial, manages $300M in client assets. Source
  
  
• Private equity-backed mega RIA Mariner Wealth Advisors is reportedly looking to acquire Atlanta, GA-based pension consultancy Southeastern Advisory Services. Southeastern Advisory is owned and led by President Jeffrey Swanson and has $5B in assets under advisement. The firm’s latest Form ADV with SEC shows it has 32 state or municipal government entities, including government pension plans, as clients. The deal is expected to close by September-end. Mariner is backed by Neuberger Berman Capital Solutions and Leonard Green & Partners. Source

Investments

• Serial RIA investor Merchant Partners made a strategic investment in South Dakota-chartered boutique independent trust company Sterling Trustees, which was founded by Stanley Joffe and Antony Joffe in 2008 and administers $11B of client trust assets worldwide. Terms of the deal were not disclosed. Source
  
  
• Dynasty Financial Partners, which provides technology-enabled wealth management solutions for independent financial advisors, received a minority investment from Abacus Global Management. Dynasty has 57 network partner firms and $105B in platform assets. Source
  
  
• Lexington, KY-based $4.2B RIA Meridian Wealth Management also received a strategic investment from Merchant. The partnership provides Meridian with strategic resources, flexible capital, and access to Merchant’s ecosystem of independent firms and essential service providers. Financial and legal terms of the deal were not disclosed. Source
  
  
• Concurrent Asset Management, the asset management arm of Concurrent Investment Advisors, has taken a minority stake in Longboat Key, FL-based Catherine Avery Investment Management (CAIM), an independent investment manager specializing in managing customized investment portfolios for women and retirees, according to an August 18 Form ADV filing by CAIM. In the filing, the firm disclosed managing $178.9M in regulatory assets, of which $68.6M was for 48 high net worth individuals and $110.2M was as a third party sub advisor.
  
  
• Dallas, TX-based multi-family office Legacy Knight MFO reportedly raised $20M from clients in a series A round, which will be used to pay down debt and offer equity to employees. The firm manages $2.2B in client assets; $836M on a discretionary basis and $1.4B in non-discretionary assets. Source
  
  
• Sixth Street Partners-backed Merchant also reportedly purchased a minority stake in El Segundo, CA-based RIA and multi-family office Validus Capital. Validus manages $2.2B in regulatory assets, of which $1.95B are from 152 high-net worth clients. Terms of the deal remain undisclosed. Source
  
  
• EP Wealth Advisors reportedly secured William Blair and Houlihan Lokey to raise funds from outside investors. The $36.4B California RIA is currently backed by Wealth Partners Capital Group and Berkshire Partners, with Berkshire planning to retain its investment and WPCG expected to exit via the capital raise. Source

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