May 2026 Advisor & People Moves

Consolidation in the RIA space kept up its hot pace in May, with Dakota tracking 38 announced US wealth management M&A transactions totaling approximately $52.9B in client AUM. The month's headline AUM figure was driven largely by activity in the Southwest, where three transactions — led by Mesirow's pending acquisition of Austin, TX-based LeafHouse Financial Advisors ($22.8B AUM) and Corient's agreement to acquire Tulsa, OK-based Capital Advisors ($7.8B AUM) — accounted for about $30.6B, or almost 60% of total deal value. Excluding the Southwest, activity ran broadly in line with recent months, with deals distributed across all five domestic regions.

The Northeast followed with 11 transactions totaling approximately $5B, spanning serial acquirers CAPTRUST, Beacon Pointe, and Bluespring alongside independent deals. The Midwest also contributed 11 transactions, totaling approximately $4.1B, headlined by Wealthspire's pending acquisition of Indianapolis-based Fi3 Advisors ($1.2B) and Focus Partners Wealth's agreement to acquire EverNest Financial Advisors ($960M). The West produced nine transactions totaling approximately $2.3B in disclosed assets, with Wealth Enhancement closing two deals in Oregon and California, Savant completing a dual-close across the same two states, and wealthtech firm YourStake making its first RIA acquisition with Colorado Springs, CO-based First Affirmative Financial Network.

On the minority investment front, activity was led by Brown Advisory's strategic stake in $18B Washington, DC-based OCIO firm RockCreek and TRIA Capital's non-control investment in $22B New York-based multi-family office Offit Capital, reflecting continued appetite for structured partnerships among larger independent platforms. Two significant PE recapitalization processes also emerged during the month: Chicago-based The Mather Group ($17B+ AUM) is reportedly pursuing a new PE backer as The Vistria Group seeks a partial exit, and Monterey, CA-based Modern Wealth Management ($14B AUM) is exploring a recapitalization just over three years after its April 2023 launch.

The broader backdrop continues to support elevated transaction volumes. At the BNY INSITE conference earlier this month, DeVoe & Company founder David DeVoe noted that M&A activity in the wealth management space rose 18% year-over-year in 2025 and has increased a further 18%–24% so far in 2026, with private equity involved in approximately 89% of transactions over the past two years. The supply-side of the M&A equation shows no signs of easing either: according to the June 2026 issue of the Cerulli Edge, more than 26,000 advisor retirements are projected over the next decade, representing the largest addressable acquisition market by AUM. Cerulli estimates the RIA channel will eclipse $4T over that period, and noted that more than half of RIAs are currently seeking an acquisition — a share that has grown steadily as firms recognize the opportunity. "Advisor retirements remain the largest addressable market for RIA acquisitions in terms of assets under management," said Stephen Caruso, associate director at Cerulli. "On average, these retiring advisors have larger books of business than employee advisors looking to break away."

Announced M&A

Northeast

• Redbird Capital Partners-backed Arax Advisory Partners acquired Poughkeepsie, NY-based The Oak Group from Wells Fargo Advisors, a team founded by advisors Ryan Peek and Gary Ben-Ezra managing approximately $1.5B in client assets across the Hudson Valley.
• GTCR- and Carlyle-backed CAPTRUST Financial Advisors acquired Devon, PA-based Stillwater Capital Advisors ($1.25B AUM), co-founded by Doug Swope, adding a fifth Pennsylvania office. Stillwater will adopt the CAPTRUST brand.
• Kestra-backed Bluespring Wealth acquired Morristown, NJ-based Synthesis Wealth Planning, a Kestra affiliated practice. Synthesis will merge with IFG Wealth Strategies, a firm previously acquired by Kestra, bringing the combined firm to about $1.1B in AUM.
• Ares Management-backed Steward Partners acquired Wisdom Rock Financial Advisory Group, a seven-advisor greater Rochester, NY team managing over $500M and led by founding partner Michael Keys and advisor partner Christopher Neitz, both also affiliated with Ameriprise Financial Services.
• KKR-backed Beacon Pointe Advisors acquired Stoneham, MA-based Financially In Tune ($360M AUA), founded by advisor Jeanne Sullivan. The deal is Beacon Pointe's sixth Massachusetts addition in two years; its New England presence now totals approximately $4.3B.
• Wealth Partners- and HGGC-backed MCF Advisors ($4.68B AUM) acquired Newport, KY-based Hoff Bujnoch & Associates ($250M AUM), with advisor Digger Bujnoch joining from LPL. The deal is MCF's third acquisition since partnering with WPCG and HGGC's Aspire Holdings platform in March 2025.
• SEI-backed Stratos Wealth Holdings completed the acquisitions of 11 already-affiliated partner practices totaling approximately $4.8B in client assets across seven states, including Veritas Boston (Rockland, MA), Windsor Wealth Management (Gladwyne, PA), and Stratos Private Wealth Westchester (Westchester, NY).
• Westlake, OH-based Prosperity Capital Advisors merged five affiliated wealth firms under a single brand, including OneTeam Financial (Cranford, NJ), , and FSC Wealth Advisors (Fishkill, NY), with the combined entity representing $4.7B in AUM across 98 advisors.

Southeast

• Ares Management-backed Steward Partners acquired Tampa Bay, FL-based Jazz Wealth ($450M AUM); the team retains the Jazz Wealth name, an ownership stake in Steward, and its existing Goldman Sachs custodial relationship.
• Stratos Wealth Holdings completed the acquisitions of 11 already-affiliated partner practices totaling approximately $4.8B in client assets across seven states, including Kowal Financial Services (Fairfax, VA).
• Westlake, OH-based Prosperity Capital Advisors merged five affiliated wealth firms under a single brand, including J Alison Wealth Management (Charleston, SC), with the combined entity representing $4.7B in AUM across 98 advisors.

Midwest

• Madison Dearborn Partners-backed Wealthspire agreed to acquire Indianapolis-based Fi3 Advisors ($1.2B AUM), which focuses on family office-style service for HNW and UHNW families. Fi3 and Wealthspire’s Fiducient Advisors have been affiliated for a decade. The deal is Wealthspire's second Indianapolis acquisition of 2026.
• Clayton, Dubilier & Rice-backed Focus Partners Wealth agreed to acquire Carmel, IN-based EverNest Financial Advisors ($960M AUM), led by managing partners Frank Esposito and Niki Woodworth. The deal is set to close in Q3.
• Apollon Wealth Management acquired Delafield, WI-based Senglaub Financial Group ($650M AUM), formerly affiliated with Independent Financial Group. Apollon and affiliate Apollon Financial together handle around $15B in AUM.
• Omaha and Lincoln, NE-based $558M Prairie Wealth Advisors merged with The McEwen Group, a team departing RBC Wealth Management with more than $400M in AUM and about $200M in 401(k) plan assets, pushing the combined firm past $1B. Managing director Tim McEwen joins as president and partner; the transaction was structured as an equity deal.
• Encore Financial, a member of the Affiliated Advisors network, acquired Financial Planning Partners ($90M AUM), a Minneapolis-based practice led by advisor Joan Gilles formerly with Cetera, bringing Encore's total AUM to more than $1.2B across 11 advisors.
• Stratos Wealth Holdings completed the acquisitions of 11 already-affiliated partner practices totaling approximately $4.8B in client assets across seven states, including Spain & Smith Wealth Advisors (Pepper Pike, OH), True North Wealth Partners (Dublin, OH), Jamie Turk Holdings (Beachwood, OH), and Pistone Wealth Advisors (Pepper Pike, OH).
• Westlake, OH-based Prosperity Capital Advisors merged five affiliated wealth firms under a single brand, including L Smith Holistic Wealth Management (Avon, OH) and Hammer Financial Group (Schererville, IN), with the combined entity representing $4.7B in AUM across 98 advisors.

Southwest

• Chicago-based Mesirow agreed to acquire Austin, TX-based LeafHouse Financial Advisors, adding $22.8B in AUM to its Mesirow Fiduciary Solutions platform ($115.2B); the combined platform is expected to reach approximately $138B. LeafHouse's technology subsidiary will continue as a standalone entity.
• Mubadala Capital-backed Corient agreed to acquire Tulsa, OK-based Capital Advisors ($7.8B AUM), led by CEO Keith Goddard and president Andy Brown, adding Corient's first Oklahoma office.
• HPS Investment Partners-backed Lido Advisors acquired Tulsa, OK-based Jackson Hole Capital Partners ($1B AUM), founded by Channing Smith and John Hastings in partnership with the Biolchini Family.
• Stratos Wealth Holdings completed the acquisitions of 11 already-affiliated partner practices totaling approximately $4.8B in client assets across seven states, including Marquis Wealth Group (Tucson, AZ).

West

• Wealthtech firm YourStake acquired Colorado Springs, CO-based First Affirmative Financial Network ($1B AUM) and is relaunching the firm as Formative, combining First Affirmative's 35-year advisor network with YourStake's technology platform.
• Kelso- and Cynosure-backed Savant Wealth Management ($50B AUM) simultaneously closed two deals, adding approximately $371M in AUM: Beaverton, OR-based North Ridge Wealth Advisors ($223M), and Walnut Creek, CA-based Desmond Wealth Management ($148M), with Savant also acquiring affiliated tax firm Desmond Consulting Group.
• Constellation Wealth Capital-backed Merit Financial Advisors acquired Seattle-based Pradel Financial Group ($420M AUM), led by Paul Pradel, formerly of Commonwealth Financial Network. Pradel serves roughly 110 client households, with a focus on concentrated stock positions and complex wealth planning.
• TA Associates- and Onex-backed Wealth Enhancement acquired Folsom, CA-based Lake Tahoe Wealth Management ($318M AUM), which serves business owners, professionals with equity compensation, and clients approaching or in retirement. It also acquired Bend, OR-based Sherpa Wealth Strategies ($108M AUM), which works primarily with high-net-worth clients and focuses on retirement planning, tax-efficient strategies, wealth preservation, and legacy planning.
• Oak Hill Capital-, Genstar Capital-, and Altas Partners-backed Mercer Advisors acquired Thousand Oaks, CA-based Eagleson Arndt Financial Advisors ($100M AUM), founded by Vicki Arndt, extending Mercer's presence in Ventura County and Greater Los Angeles.
• Stratos Wealth Holdings completed the acquisitions of 11 already-affiliated partner practices totaling approximately $4.8B in client assets across seven states, including Stratos Private Wealth San Diego (CA) and PTM Financial (Chula Vista, CA).

Want to track RIA M&A activity as it happens? Every firm in this roundup is in Dakota Marketplace. Talk to an expert!

M&A Rumors

• Overland Park, KS-based Prime Capital Financial ($39.1B AUM), minority-backed by Abry Partners, is reportedly pursuing a new investor with Goldman Sachs and William Blair retained as advisors. The firm is led by chairman Scott Colangelo, CEO Glenn Spencer, president Scott Duba, and vice chairman Tim Hakes.
• $27B AUM TAMP SMArtX Advisory Solutions has reportedly retained Broadhaven Capital Partners to advise as it reportedly seeks a new equity investor. Joseph Zabik from Broadhaven is leading the engagement.
• Crestview-backed $14B Monterey, CA-based Modern Wealth Management ($14B AUM), backed by Crestview Partners, is reportedly exploring a recapitalization. Crestview backed the firm at inception in April 2023 with $200M.
• Chicago-based The Mather Group ($17B+ AUM) is reportedly pursuing a new PE investor as The Vistria Group seeks to partially exit its majority stake, first acquired in April 2022 via its $2.68B Vistria Fund IV at a reported price of over 10x revenue.

Minority Investments

• RockCreek Brown Advisory ($173.5B AUM) made a strategic investment in Washington, DC-based OCIO firm RockCreek ($18B AUM), with founder Afsaneh Beschloss continuing as CEO and also appointed vice chair of Brown Advisory. RockCreek will operate independently.
• TRIA Capital Partners made a non-control minority investment in New York-based multi-family office Offit Capital ($22B AUM), led by CEO Ned Offit. TRIA's prior partner firms include Pathstone Family Office, Modera Wealth, Plancorp, and WMS Partners, the last of which merged with Homrich Berg in 2025 following a TRIA exit.
• North Little Rock, AR-based Sowell Management sold a minority stake to Merchant Investment Management, the firm's first outside equity sale since its 2001 founding. Merchant's capital will fund the new Advisor Partnership Program, offering affiliated advisors equity ownership and growth capital.
• J.C. Flowers & Co.-backed Accelerated Wealth Partners made a strategic minority investment in New York-based Brooklyn Fi ($563M AUM), co-founded by Ally Jane Ayers and Shane Mason, specializing in financial planning and tax strategy for tech employees and founders navigating equity compensation events.
• Merchant Investment Management-backed Concurrent Investment Advisors added newly launched Houston-based TAVO Wealth ($1.2B AUM), founded by former Raymond James advisors David Ahlquist, John O'Shea, Nick Troiano, and Steve VanNostrand, Concurrent CEO Nate Lenz reportedly said the firm will take a minority stake in the new practice.

Notable International News

May saw significant deal activity across Europe and Asia-Pacific. The month's headline international story came from the UK, where KKR- and TA Associates-backed Söderberg & Partners is reportedly preparing a bid for Benchmark Capital (£38.6B AUM), the advice network being sold by Schroders with Perella Weinberg Partners managing the process; HGCapital, TowerBrook Capital Partners, Vitruvian Partners, and Aquiline Capital Partners are also among interested parties, with Deutsche Bank analysts estimating a price of £133M–£266M. Also in the UK, Flexpoint Ford-backed AFH Wealth Management (£11B/$14.8B AUM) is reportedly exploring a sale with Fenchurch Advisory Partners and Ardea Partners retained to advise, and Goldman Sachs Alternatives-backed AAB Wealth acquired Harpenden-based BpH Wealth Management and Olney-based Jane Smith Financial Planning, bringing its total assets under advice to £2.5B ($3.35B) across more than 2,500 client families. London-based Northcote Equity is also reportedly in talks to acquire Lockhart Capital Management, a wealth manager founded in 2017 with offices in Cobham, Aberdeen, and Leeds.

Elsewhere in Europe, Milan-based Intesa Sanpaolo has reportedly begun due diligence on Madrid-based Singular Bank (€20B AUM), majority owned by Warburg Pincus, which is seeking €300M for the business in what would represent Intesa's first material entry into the Spanish market. Elsewhere, Qualium Investissement-backed Paris-based wealth advisory Groupe Allen (€2B AUM) acquired London-based Altyx Financial Planning and Altyx Corporate in a full buyout marking its UK entry, as the firm targets €5B in AUM by 2030. In Germany, Swiss Life Germany agreed to acquire Telis Group, a financial advisory firm with approximately 1,800 advisors, bringing its total advisory network to approximately 8,000 and annual fee income above €1B ($1.16B).

In Asia-Pacific, PT Bank OCBC NISP Tbk agreed to acquire the retail banking and wealth management operations of PT Bank HSBC Indonesia, covering IDR 89.8T ($5.16B) in AUM and 336,000 customers across 26 branches, in a transaction expected to close Q2 2027.

RIA consolidation isn't slowing down, and neither is the intelligence behind it. Dakota Marketplace tracks every acquirer, target, and deal signal in the wealth management space. Talk to an expert here!