Perhaps a drop-off in RIA M&A was inevitable following a record fourth quarter and strong January in which Dakota tracked a record 43 deal announcements representing approximately $338.3B in client assets. Things significantly cooled down in February, with Dakota tracking 16 M&A deals representing approximately $32.6B in AUM.
The month opened strongly, with Merchant Investment Management acquiring $20B Summit Financial, but in the end that deal made up over 60% of deal AUM for February. Cetera Financial Group closed out the month with the second largest deal, closing its acquisition of Protective Life's Concourse Financial Group Securities, which added $4B in AUM (and $12B AUA).
Whether the dip in M&A in February represents a pause or the beginning of a return to lower activity levels remains to be seen, but private equity interest in the space remains strong, as evidenced by Justin Ishbia -- co-owner of the NBA's Phoenix Suns with brother Mat -- reportedly seeking to get into the space by way of his Shore Capital Partners. And a sizable sale could be in the offing as well, with $6B NYC wealth manager Seven Bridges Advisors reportedly shopping a controlling stake. Dakota also tracked five RIA equity investments in the month, not far off January's tally of seven, including Sanctuary Wealth, which launched last year, making its first such investment and Rise Growth Partners staking $5.7B metro Boston RIA Grimes & Company.
Read on for Dakota’s February roundup of RIA M&A and Investment News!
Mergers & Acquisitions
Merchant Acquires Majority Stake in Summit Financial
Merchant Investment Management acquired a majority ownership stake in Summit Financial, a $20B RIA located in Parsippany, NJ.
CW Advisors Boosts Boston Network with $800M Double Pickup
CW Advisors acquired Aspen Wealth Management and Fernwood Investment Management, adding a combined $800M to the firm’s assets under management.
EP Wealth Buys Criterion Capital Advisors
EP Wealth Advisors made its first acquisition of the year with Criterion Capital Advisors in Nashville, TN, adding $500M in client assets and expanding its Southeast presence.
Mercer Global Advisors Buys Financial Partners Group
Mercer Global Advisors strengthened its metro Nashville presence by acquiring Financial Partners Group of Gallatin, TN, with $600M in client assets moving in the deal.
Clearstead Acquires $420M Chicagoland RIA Waveland Family Office
Clearstead Advisors acquired the assets of Waveland Family Office, adding $420M to the firm’s assets under management.
Carnegie Acquires $1.3B Connecticut RIA Eagle Ridge
Carnegie Investment Counsel bolstered its presence in the metropolitan New York market by purchasing Stamford, CT-based Eagle Ridge Investment Management, adding $1.3B in client assets.
Wealth Enhancement Teams Up with $618M Capstone Team
Wealth Enhancement partnered with $618M RIA Capstone Wealth Advisors to boost its footprint in the Pacific Northwest region.
Corient Acquires $600M Pittsburgh-area RIA Rootstock
Corient Private Wealth’s acquisition of $600M Sewickley, PA-based Rootstock Advisors expanded its presence in the greater Pittsburgh market.
Prime Capital Enters Metro Atlanta with Purchase of $1B RIA Sugarloaf
Prime Capital Financial added $1B AUM and Atlanta expansion via Sugarloaf Wealth Management acquisition.
Kestra’s Bluespring Acquires $560M KY RIA Reliant Wealth
Bluespring Wealth Partners acquired Louisville, KY-based Reliant Wealth Planning, adding $560M in its assets under management.
Merit Grows PA Presence with $233M Hershey Wealth Purchase
Merit Financial Advisors’ acquisition of Hershey Wealth Advisors in Pennsylvania added $233M in client assets and marked its fifth office in the state.
RayJay Affiliates Stolper AM, DCH Financial Merge to Form Wealth Oklahoma
Stolper Asset Management and DCH Financial Services of Tulsa, OK, merged to form Wealth Oklahoma, managing $370M in client assets.
Tocqueville Acquires $1.3B LA County RIA Poplar Forest
Tocqueville Asset Management acquired Poplar Forest Capital of Pasadena, CA, adding $1.3B in client assets.
Creative Planning Acquires $290M Bay Area RIA Maxwell Wealth
Creative Planning announced the acquisition of Pleasanton, CA-based RIA Maxwell Wealth Strategies.
Cetera Closes $12B AUA Concourse Financial Acquisition
Cetera Financial Group acquired Concourse Financial Group Securities, a subsidiary of Protective Life Corporation, with $12B assets under administration and $4B in assets under management.
RIA Investments and Other News
Report: Ishbia’s Shore Capital Seeking RIA Acquisitions
Shore Capital Partners, led by Justin Ishbia, is reportedly pursuing its first investment in the RIA space.
Emigrant Stakes $2.8B CT HNW Advisor Principle Wealth
Emigrant Partners made a strategic minority investment in Principle Wealth Planners, an independent wealth manager in Madison, CT, with $2.6B in client assets.
Kestra Receives $80M Investment from CPP Investment Board
CPP Investment Board reported an $80M investment in Kestra Financial in its fiscal third-quarter 2025 report, which occurred alongside the wealth manager's recent recapitalization.
Rise Growth Partners Stakes $5.7B RIA Grimes & Co
Rise Growth Partners made a strategic minority investment in family-owned $5.7B RIA Grimes & Company, headquartered in Westborough, MA.
Sanctuary Makes Minority Investment in Alluvial Private Wealth
Sanctuary Wealth's minority investment in Alluvial Private Wealth represents the inaugural transaction under its newly formalized strategic capital partnership program.
Merchant Investment Takes Control of Fin.Link
Merchant Investment Management acquired Fin.Link, a valuation and M&A planning platform, as part of its broader strategy to gain majority stakes in its partner firms.
Report: Seven Bridges Advisors Markets Controlling Stake
$6B Seven Bridges Advisors, a New York City wealth manager, is reportedly seeking to sell a controlling stake.
Elevation Point Stakes $225M Minnesota RIA Triton Wealth
Elevation Point made a minority investment in Triton Wealth, a $225M RIA located in Aitkin, MN.
