March saw a welcome bounce-back in deal volume and AUM changing hands after a down February, though one blockbuster deal may have papered over the cracks a bit. Dakota tracked 28 RIA M&A-related deal announcements during the month, well up from 16 the prior month, with at least $302.1B in AUM moving in those deals versus just $32.6B in February.
However, LPL's blockbuster acquisition of $285B Commonwealth Financial Network for $2.7B in cash made up the bulk of the month's AUM tally. Also worth noting, none of these numbers include the $7B in AUM LPL acquired from Bedminster, NJ-based The Investment Center, which closed in March but was announced back in September 2024. In fact, the next largest deal announcement in the month was Wealth Enhancement's purchase of $3B, Cleveland-based RIA Marcum Wealth. So while March did represent something of a recovery from a down February, it still ultimately paled in comparison to the 43 deal announcements representing approximately $340B in AUM in January, which itself followed a record-setting fourth quarter.
On the RIA investment side, March was even quieter than February, with Dakota tracking just four confirmed growth investments, compared to five in the month prior. A brief winter of RIA deal discontent could come up flowers in the end though, with some big M&A deals potentially in the offing -- perhaps most notably more rumblings around $10B Los Angeles RIA Churchill Management, with Focus Financial rumored to be among the possible buyers -- and Blackstone reportedly considering getting into the RIA investing via its Tactical Opportunities strategy, which is also rumored to be gearing up for a $10B Fund V fundraise.
Mergers & Acquisitions
Composition Wealth Acquires Seattle RIAs Vinoble, Unionview
Composition Wealth, formerly Miracle Mile Advisors, acquired Seattle-based $630M Vinoble Group and $300M Unionview Wealth Partners, marking the firm's first transaction since its rebranding.
Prime Capital Acquires SineCera, Launches Family Office
Prime Capital Financial established a family office division to serve ultra-high-net-worth clients through the acquisition of $1.55B boutique multi-family office SineCera Capital.
Focus Merges Canadian Partners Dorchester, Cardinal Point
Focus Financial Partners partner firm Dorchester Wealth Management, headquartered in Montreal, has joined Toronto-based Cardinal Point Capital Management, an affiliate of Cardinal Point, Focus Partners Canada, in a transaction that closed on March 1.
EP Wealth Grows Denver Presence with $190M Holben Group Buy
EP Wealth further expanded its Colorado footprint with the acquisition of Denver-based The Holben Group and its $190M in assets under management.
Apollon Wealth Enters NY With C.J. Lawrence Acquisition
Apollon Wealth Management has broadened its reach into New York City by acquiring C.J. Lawrence, a firm managing $484M in assets for affluent clients.
F.L. Putnam Buys AOG Wealth Management
F.L. Putnam Investment Management Company acquired AOG Wealth Management, a Reston, VA-based RIA with $330M in client assets.
CAPTRUST Acquires $1.4B Charlotte (NC) RIA CIC
CAPTRUST Financial Advisors has acquired Carolinas Investment Consulting (CIC), a Charlotte, NC-based RIA, adding $1.4B in client assets. The deal closed in January.
Mariner Acquires $730M Affiliated California RIA Ocean Heights
Mariner Wealth Advisors acquired Ocean Heights Advisors, a $730M affiliate in Newport Beach, CA, which will move from Mariner's independent platform to become a fully integrated Mariner firm.
HUB Hires TN Advisors, Acquires Books of Business
HUB International has expanded its Nashville presence by recruiting Steve Glasgow and Jordan Sibler and purchasing their books of business.
Apella Wealth Adds $518M Marrella Private Wealth
Marrella Private Wealth (MPW), with $518M in managed assets, was acquired by Apella Wealth, expanding Apella's reach in Wyomissing, PA. The transaction closed on March 7.
Americana Partners Buys $2B UHNW RIA Boulevard Family Wealth to Enter CA
Americana Partners, part of the Dynasty Financial Partners network, purchased fellow network member Boulevard Family Wealth in Beverly Hills, CA, adding about $2B in assets and opening its first non-Texas location.
LPL Closes on Acquisition of $7B RIA The Investment Center
LPL Financial has finalized its acquisition of The Investment Center, a broker-dealer and RIA based in Bedminster, NJ, adding $7B in brokerage and advisory assets.
Twenty Four Wealth Buys Alpha Beta Gamma Wealth
Twenty Four Wealth Management, an LPL affiliate through Stratos Wealth Partners, has acquired Alpha Beta Gamma Wealth Management, pushing its total assets under management over $1B.
True Path Acquires Branches from Premier Wealth Strategies
The Oregon, Washington, California, and Idaho offices of Premier Wealth Strategies, formerly owned by Jon Rustad, have been acquired by West Linn, OR-based True Path Capital Strategies.
Merit Acquires $1.6B Idaho RIA Sanctuary Wealth
Merit Financial Advisors acquired Sanctuary Wealth Management and Sanctuary Fiduciary Services, establishing its presence in Idaho in a deal that closed on March 14th.
Pure Financial Buys Personal Investment Management
Pure Financial Advisors acquired Personal Investment Management (PIM) of Redmond, WA, adding $567M in client assets. This acquisition, closed on March 14th, marks its first since 2023.
Bluespring Buys $400M Wisconsin RIA Charter Capital
Brookfield, WI-based Charter Capital Management (CCM), an independent RIA managing $406M in regulatory assets, has been acquired by Kestra's Bluespring Wealth Partners.
Waverly Purchases $400M Baltimore RIA GGM Wealth
GGM Wealth Advisors, a Baltimore-based RIA catering to high-net-worth clients with $400M in assets, has joined Waverly Advisors' network. The transaction was finalized on March 21.
OneDigital Acquires BayBridge Capital's Retirement Services Division
BayBridge Capital Retirement Services, from Pleasanton, CA-based BayBridge Capital Group, has been acquired by OneDigital Investment Advisors, a unit of OneDigital, increasing the firm's presence in the San Francisco Bay Area.
CW Advisors Acquires $1.3B NJ RIA Delta Financial
CW Advisors acquired Delta Financial Group, a $1.3B fiduciary firm in Basking Ridge, NJ, and Leathe & Associates, a $122M firm in Eliot, ME.
Report: Focus Among Potential Bidders for $10B LA RIA Churchill
Focus Financial Partners is said to be in negotiations to acquire Churchill Management, a $10B RIA located in Los Angeles.
Wealth Enhancement to Buy $516M Dallas RIA XO Wealth
XO Wealth Management, a $516M RIA based in Dallas, has been acquired by Wealth Enhancement, adding to its Texas footprint and marking its 11th location in the state.
LPL Confirms Deal to Buy Commonwealth Financial
LPL Financial entered a definitive agreement to acquire Waltham, MA-based Commonwealth Financial Network for $2.7B in cash, in a transaction that is expected to close in the second quarter of 2025.
Wealth Enhancement Buys First International Bank's Wealth Services Unit
Wealth Enhancement has expanded its reach into North Dakota by acquiring First International Bank & Trust's wealth services unit in Watford City, adding $518M in client assets.
Mercer Expands in Tennessee and Enters Kentucky With Dual Acquisitions
Mercer Global Advisors has expanded its footprint by acquiring Vishria Bird Financial Group in Tennessee and D. Scott Neal, an investment management firm in Kentucky.
Waverly Advisors Acquires Boston RIA NBW Capital
Waverly Advisors' acquisition of Boston-based NBW Capital closed on March 28, with NBW reporting $622M in regulatory assets under management
First Manhattan Buys $500M RIA Grand-Jean
First Manhattan has increased its assets by over $500M through the acquisition of San Francisco-based RIA Grand-Jean Capital Management.
Report: Wealth Enhancement to Buy $3B RIA Marcum Wealth
Wealth Enhancement, a hybrid RIA and serial acquirer based in Plymouth, MN, has agreed to acquire Marcum Wealth, a $3B RIA located in Cleveland.
RIA Investments
Report: Constellation Wealth, Rise Growth in Talks for Procyon Investment
Constellation Wealth Capital and Rise Growth Partners are in talks to invest in Procyon Partners, a $7.8B RIA in Shelton, CT, supported by Dynasty Financial.
Report: Blackstone Mulls Maiden RIA Investment
Blackstone is said to be considering its first venture into the RIA space via its Tactical Opportunities unit, which manages $37B.
Summit Financial Stakes $830M NJ RIA Gateway Advisory
Gateway Advisory, an RIA managing $830M with offices in Parsippany and Troy Hills, NJ, has received a minority investment from Summit Financial, the firm’s 21st investment since 2024.
Turning Rock Backs Silverleaf Wealth with $30M in Financing for Expansion
Silverleaf Wealth Management, an LPL-affiliated RIA in Omaha, NE, has received $30M in expansion capital from private investment firm Turning Rock Partners.
WPCG, HGGC Partner Buys Minority Stake in MCF Advisors
MCF Advisors, a $3.3B RIA in Lexington, KY, has received a minority investment from Wealth Partners Capital Group (WPCG) and HGGC Aspire Holdings to fuel its expansion efforts. The deal closed on March 7th.
Bleakley Receives Rise Backing, Names Chief Growth Officer
Bleakley Financial has partnered with Rise Growth Partners to drive key growth initiatives, including accelerated M&A, the addition of expansion-focused leadership, and a planned rebranding.
Other News
Dynasty Adds Goldman, UBS Vets to Lead Investment Bank
Dynasty Investment Bank, the investment banking division of Dynasty Financial Partners, appointed Sam Anderson and Harris Baltch as co-heads to lead the business.
Mercer Advisors Appoints Co-lead for RIA M&A
Ted Motheral has joined Mercer Global Advisors as principal of M&A partner development, working alongside Martine Lellis, who began in the same capacity in May 2024.
