RIA M&A and Investments Roundup: April 2026

Consolidation in the RIA space remained robust in April, with Dakota tracking 34 announced US wealth management M&A transactions totaling approximately $85.6B in client AUM. The month's headline deal value was heavily influenced by several sizable transactions, led by LPL Financial's agreement to acquire Mariner Advisor Network, supporting 367 advisors managing approximately $31B in assets, and Wealthspire's Fiducient Advisors' pending acquisition of Portland, OR-based Sellwood Investment Partners, an institutional advisory firm with $11B in AUM and advisement. Also notable were Hightower Advisors' agreement to take full ownership of the $9.5B Bahnsen Group, a franchise it has hosted since 2015, and Corient's acquisition of Chicago-based Vivaldi Capital Management, adding $5.6B in AUM.

Beyond those headline deals, activity was driven by sponsor-backed serial acquirers across all five regions. The Midwest was the busiest by deal count, with 13 transactions totaling approximately $46B in AUM, while the West saw eight deals totaling $23B and the Southeast five deals totaling $6.2B. Hightower stood out as the month's most active acquirer, closing or announcing three transactions across its Signature Wealth platform and franchise model. Carson Group, Wealth Enhancement Group, GCG Advisory Partners, Mariner, and Integrity each completed multiple deals as well, reflecting the continued dominance of scaled, PE-backed platforms in driving transaction volume.

On the minority investment front, Reverence Capital Partners closed a $2B+ recapitalization of Osaic via a continuation vehicle, with Ares Secondaries funds and Lexington Partners as lead investors and Bain Capital joining as a new investor as part of the broader transaction. Merchant Investment Management is also reportedly pursuing a new capital raise with existing backer Sixth Street Partners as lead investor, underscoring continued demand for capital among platforms that take minority stakes in RIAs at scale.

The broader backdrop remains historically strong. According to ECHELON Partners' 1Q 2026 RIA M&A Deal Report, the industry recorded 142 transactions in the first three months of the year (a number that includes acquisitions of wealthtech firms and other categories), setting a new all-time quarterly high and more than doubling the $805B in AUM transacted in the same period of 2025. Private equity was involved in some capacity in 72.5% of all first quarter deals, and ECHELON now projects approximately 475 total transactions for the full year, which would make 2026 the most active year in wealth management M&A history. Average assets per transaction reached $1.8B in the quarter, the highest level since 2021, reflecting continued buyer appetite for scaled platforms.

Announced M&A

Northeast

• Hightower Advisors, backed by Thomas H. Lee Partners, agreed to acquire Lexington, MA-based Lexington Wealth Management, adding approximately $3.2B in AUM to its Hightower Signature Wealth platform. The 16-advisor team serves retirees, entrepreneurs, and executives.
• Owings Mills, MD-based Legacy Capital merged with Mt. Washington, MD-based Clipper City Capital, creating a combined Ameriprise private wealth advisory practice with more than $1.8B in assets. Legacy is the surviving entity, with Clipper City founder Ben Hoffman joining the combined 30-person team. The firms are targeting $5B in assets within three to five years and plan to pursue additional acquisitions as they shift toward a family office-style model.
• Mercer Advisors, backed by Oak Hill Capital, Genstar Capital, and Altas Partners, acquired Manasquan, NJ-based Personal Financial Solutions, a wealth management firm overseeing approximately $150M in client assets.
• Leonard Green & Partners-backed Mariner acquired a Timonium, MD-based advisory practice led by Grant Palmer III, formerly affiliated with Waypoint Wealth Management, adding approximately $100M in assets. The firm focuses on evidence-based investing and retirement planning, and has adopted the Mariner name.
• Integrity added Johnstown, PA-based Perspective Wealth Planning to its Integrity Wealth platform. The firm, led by founder Matthew Fox and portfolio manager Mike Tedeschi, both formerly affiliated with Cetera, focuses on early retirement planning.

Southeast

• Waverly Advisors, backed by Wealth Partners Capital Group and HGGC, acquired New Orleans-area TruWealth Advisors, adding $3.1B in AUM and bringing total platform AUM to approximately $34.2B. Founded by Chuck Simmons, TruWealth marks Waverly's first Louisiana partnership.
• Cerity Partners, backed by Genstar Capital, acquired Nashville, TN-based Covenant Partners LLC, marking its entry into the Tennessee market. Covenant has about $1.1B in AUM and serves HNW individuals and families through a family office-style model.
• Modern Wealth Management, backed by Crestview Partners, acquired South Florida-based Legacy Wealth Management, adding $1.2B in client assets. Legacy is led by managing directors Tony DuBose and Joel Palatnik and brings a seven-advisor team serving more than 1,400 client families.
• OnePoint BFG Wealth Partners, backed by Rise Growth Partners, acquired Winter Park, FL-based Armstrong & Sinoff Financial, adding approximately $425M in client assets and establishing its first Orlando office. Partners Paul Armstrong and Adam Sinoff, formerly with Northwestern Mutual, join OnePoint as partners as the firm advances its target of six to eight regional hubs nationally.
• GCG Advisory Partners, backed by BharCap Partners, acquired Mount Pleasant, SC-based RIA Gunderson Capital Management, adding more than $420M in AUM and establishing GCG's fee-only RIA channel. President and CEO Bill Gunderson will join as an operating and equity partner

Midwest

• LPL Financial entered into a definitive agreement to acquire Mariner Advisor Network, the Overland Park, KS-headquartered advisor platform division of Mariner, supporting 367 advisors managing approximately $31B in assets. LPL minority-owned partner Private Advisor Group, backed by Merchant Investment Management, will absorb the platform's 144 hybrid advisors into its hybrid RIA model, while the remaining 223 advisors continue directly on the LPL platform.
• Corient, backed by Mubadala Capital, agreed to acquire Chicago-based Vivaldi Capital Management, adding $5.6B in AUM to its platform. Vivaldi, founded by David Sternberg and Randal Golden, serves UHNW and HNW individuals and families with an emphasis on alternative investments as part of broader portfolio construction. Vivaldi's principals will become Corient partners upon closing, expected in the second quarter.
• Wealthspire, backed by Madison Dearborn Partners, acquired Indianapolis, IN-based Axia Advisory through subsidiary Fiducient Advisors, adding approximately $1.9B in assets and expanding its institutional retirement plan consulting platform.
• Two Chicago-based Northwestern Mutual Private Client Group firms merged, creating a combined advisory business with nearly $3B in client assets. Chicago-based Heritage Planning Partners absorbed Deerfield, IL-based Gould Financial Group, with founder Daniel Gould joining as partner and advisor.
• NorthRock Partners, backed by Sammons Financial Group, acquired Midwest-based Vantage Financial Partners, adding approximately $950M in AUM and seven advisors across six offices in Wisconsin, Ohio, and South Dakota. The deal marks NorthRock's second acquisition of 2026 and pushes total AUM past $12B.
• F.L. Putnam Investment Management, backed by Emigrant Partners, acquired Kalamazoo, MI-based Arcadia Investment Management, adding more than $670M in AUM and marking the firm's first Midwest office. The deal pushes F.L. Putnam's total AUM past $10B.
• St. Louis, MO-based Socium Advisors, a Northwestern Mutual Private Client Group firm, acquired Milwaukee, WI-based Amplify Wealth Partners, adding approximately $1.6B in client assets and 26 financial professionals, pushing total AUM to about $4.3B. Amplify was founded by Jerod Spaeth, who joins as partner alongside four advisors.
• GCG Advisory Partners, backed by BharCap Partners, acquired St. Louis, MO-based Gateway Capital Advisors, adding $400M in AUM. Managing partners Dustin Ward, Shaun Griese, and Joseph Sigman will join GCG as operating and equity partners.
• Leonard Green & Partners-backed Mariner acquired a St. Louis, MO-based advisory practice led by former Benjamin F. Edwards advisors Blake Dunlop and Connor Dunlop, adding roughly $400M in assets. The three-person team serves families, business owners, professional athletes, and executives, and has adopted the Mariner name.
• The Mather Group, backed by The Vistria Group, acquired Lisle, IL-based Sebold Capital Management, a fee-only RIA focused on small business owners with approximately $364M in AUM. Sebold will integrate into TMG's existing platform.
• Carson Group, acquired $396M AUM Green Bay, WI-based Harbor Wealth Management, founded by partners Eric Heus and Brent Polzin, which has operated within Carson's independent advisor network since 2016. The firm will rebrand as a Carson Wealth office.
• Wealth Enhancement Group, backed by TA Associates and Onex Partners, acquired Ann Arbor, MI-based Parros Financial Group, a hybrid RIA with over $118M in client assets led by founder Timothy Parros, marking the firm's first location in the Ann Arbor market.
• Integrity backed by Silver Lake and Harvest Partners, acquired Columbia, MO-based JK Financial, a wealth management firm led by co-founders Jeff Kaufman and Kim Kaufman. The firm has been affiliated with Integrity since 2024.

Southwest

• Vero Beach, FL-based Bimini Capital Management, through subsidiary Bimini Advisors Holdings, acquired an 80% stake in Oklahoma City, OK-based Tom Johnson Investment Management, an RIA with approximately $1.63B in AUM, for about $12.3M. Tom Johnson will maintain investment autonomy while gaining access to Bimini's capital markets expertise and infrastructure, with options for Bimini to acquire the remaining 20% after three years.
• OneDigital Investment Advisors, backed by Stone Point Capital, added three affiliated Phoenix-based practices, Phocus Financial, Phocus Law, and Phocus Insurance Services, to its platform. The transaction adds financial planning, investment advisory, estate planning, and legal capabilities in the Southwest, with RIA Phocus Financial reporting approximately $3.26B in regulatory AUM.
• Wealth Enhancement Group, acquired Dallas, TX-based FullCircle Wealth, an independent RIA managing more than $268M in client assets led by principal partner Brent Sikes, providing financial planning, tax mitigation, and wealth transfer services to business owners, executives, and multi-generational families.

West

• Hightower Advisors signed a definitive agreement to acquire Newport Beach, CA-based The Bahnsen Group, a Hightower franchise since 2015 with approximately $9.5B in AUM. Founded by David Bahnsen, the firm has grown to 100 professionals across 12 offices and will continue operating under its own brand.
• Wealthspire's Fiducient Advisors agreed to acquire Portland, OR-based Sellwood Investment Partners, an investment advisory firm with $11B in AUM and advisement serving endowments, foundations, retirement plans, and HNW individuals. The firm will continue operating from its Portland office with its existing team.
• Merit Financial Advisors, backed by Constellation Wealth Capital, acquired Billings, MT-based Strategic Retirement Plans, adding approximately $586M in client assets. Owners and advisors Gabe Lapito and Ryan Gomendi will join Merit as area directors, wealth managers, and partners.
• Apella Wealth, backed by Wealth Partners Capital Group and HGGC, acquired Larkspur, CA-based fee-only RIA Financial Connections Group, adding approximately $625M in AUM. The firm is led by partners and advisors Jill Hollander, Brian Pon, and Kai Bogdanovich.
• Modern Wealth Management, acquired Denver-based Brown and Company, a former LPL affiliate with approximately $1B in AUM, marking its first presence in Colorado. Founder Mark Brown assumes the role of managing director and the eight-person team serves business owners, entrepreneurs, and executives.
• Carson Group, backed by Bain Capital, acquired Walla Walla, WA-based Buckley Investment Group ($120M AUM), led by founder John Buckley and partner Shannon Ebding, and a Carson Wealth location in Murray, UT ($160M AUM), led by managing partner Thom Hall. Both firms will rebrand as Carson Wealth offices.
• SkyKnight Capital- and Dragoneer Investment Group-backed Simplicity Group Holdings acquired San Diego and Palo Alto, CA-based ATS Wealth Management, specializing in advanced estate planning and multi-generational wealth strategies, adding advisors Sandeep Varma and Phylip Simmons as partners. The deal builds on a more than 15-year partnership between the firms.

M&A Rumors

• Hartford, CT-based Bradley, Foster & Sargent, one of the largest independent RIAs in the US without an external institutional investor, is reportedly exploring a sale of a controlling stake in the $8.9B firm. The firm has retained Berkshire Global Advisors as financial advisor, though sources said it could also pursue a minority investment or remain independent. Leadership includes CEO Galan Daukas and co-founder and chairman Robert Bradley.
• Chicago-based VestGen, a $6.7B RIA platform, is reportedly in deal talks with Austin, TX-based private investment firm Moontower Group, whose subsidiary Bixby Wealth Solutions makes strategic minority investments in independent wealth management firms.
• Newport Beach, CA-based Hollencrest Capital Management, an Emigrant Partners-backed $2.9B RIA, has reportedly retained Houlihan Lokey to evaluate potential transactions, including a sale or merger. The firm remains in early stages and may also consider a minority investment or no transaction.

Minority Investments

• Reverence Capital Partners closed a recapitalization of Osaic via a continuation vehicle, funding more than $2B in new capital with Ares Secondaries funds and Lexington Partners as lead investors, and welcomed Bain Capital as a new investor as part of the broader transaction. Proceeds provide liquidity to existing fund investors, with additional committed capital reserved for organic growth and acquisitions, as Osaic advances its post-integration strategy and positions for potential public markets.
• Emigrant Partners made two minority investments in April. It took a non-voting stake in Overland Park, KS-based Keen Wealth Advisors ($1.3B AUM), founded by CEO Bill Keen, and a strategic minority stake in Omaha, NE-based Mutual Group, a broker/dealer and RIA platform overseeing more than $15.3B in assets led by CEO Aaron Jasper.
• Merchant Investment Management is reportedly pursuing a new capital raise with existing backer Sixth Street Partners as lead investor, following the $750M round Sixth Street led in late 2024. Merchant, which takes minority stakes in RIAs and RIA-adjacent service providers, has grown its network to more than 130 firms collectively managing over $340B in assets.
• Austin, TX-based Waterloo Capital, led by CEO John Chatmas, acquired an equity stake in Tucson, AZ-based Allied Portfolio Management, adding approximately $240M in AUM under the Waterloo Capital name. Allied founder and former president Steve Graham will continue with the combined firm as Waterloo expands its advisor recruitment across the Tucson and Scottsdale markets.
• Merchant Investment Management-backed Concurrent Investment Advisors, a hybrid RIA with a 1099 affiliation model, took a minority stake in High Point, NC-based Montesa Wealth Management to support its launch on the Concurrent platform. The firm is led by former Merrill Lynch advisor Adolfo Montesa.

Notable International News

April saw significant deal activity across Europe, Asia-Pacific, and Canada. The month's headline international transaction came from Mubadala Capital-backed Corient, which agreed to acquire Geneva-based multi-family office Bedrock Group, adding approximately CHF8.4B ($9.5B) in client assets, as the firm advances pending acquisitions of Stonehage Fleming and Stanhope Capital Group toward a combined $468B in global client assets. In the UK, Lee Equity Partners-backed Shackleton Advisers agreed to acquire Carlyle-backed Hurst Point Group, creating a combined platform with approximately £17.5B ($22.2B) in assets under advice and 38 offices across the country, while a group of private equity firms including Hg, TowerBrook Capital Partners, Vitruvian Partners, and Aquiline Capital Partners submitted initial bids for Schroders' financial planning unit Benchmark Capital ahead of Nuveen's pending £9.9B ($12.6B) takeover of the firm. Smaller UK activity included Copper Street Capital-backed One Four Nine Wealth acquiring Mowatt Financial Planning for its 12th acquisition, and Coniston Capital-backed MWA Financial Advice completing the acquisition of Hawthorn Financial Services.

Elsewhere, in Asia-Pacific, CC Capital-backed The Westaim Corporation closed a minority stake in Australian wealth management group Insignia Financial as part of a full acquisition at an enterprise value of approximately A$3.9B ($2.5B), while Ocean Link made a minority growth capital investment in cross-border wealth manager LEO Wealth, which operates across Tokyo, Hong Kong, Singapore, and Dallas. Manulife Wealth & Asset Management also completed its acquisition of PT Schroder Investment Management Indonesia, combining two of the country's leading asset managers with a combined AUM of approximately $10.4B. In Canada, Vancouver-based Harbourfront Wealth Management is reportedly pursuing a new investor, with its backer Audax Group exploring both majority and minority options for the $12B platform.