RIA M&A and Investments Roundup: February 2026

Consolidation in the RIA space remained robust in February, as Dakota tracked 29 M&A transactions totaling approximately $64B in client AUM, bringing the tally for the first two months of the first quarter to 65 deals involving $155B in AUM.

The headline deal value number for the month was heavily influenced by two sizable transactions. First, Neuberger Berman agreed to acquire assets of McKinsey & Co.’s RIA and investment arm MIO Partners, including the transfer of roughly $20B in managed assets, while Genstar Capital- and Lightyear Capital-backed Cerity Partners’ planned merger with based Verus Investments includes $17.5B in regulatory AUM as of the firm's last Form ADV filing in March 2025. Notably, the Seattle-based institutional consulting and OCIO platform boasts $1.2T in total assets under advisement.

Beyond those two scale-tipping deals, activity continued to be dominated by sponsor-backed serial acquirers. CAPTRUST Financial Advisors, whose backers include GTCR and Carlyle, announced three acquisitions that add approximately $7B in AUM; KKR-backed Beacon Pointe Advisors did three deals covering $1.8B in AUM; and EP Wealth, which is backed by Berkshire Partners and Ares, disclosed three acquisitions in the Southwest totaling $843M in AUM.

Despite the continued strong deal activity, the rumor pipeline remained fairly light during the month, though a take-private of $89B wealth manager AlTi Global reportedly remains in play even after Corient withdrew from the bidding, while Constellation Wealth Partners-backed Bogart Wealth may soon be joining the fray, with the firm reportedly preparing to enter the acquisition market, targeting RIAs with $400M to $3B in assets as it works toward a long-term goal of reaching $22B in AUM by 2033.

On the growth capital front, sponsor-backed investment activity saw a noticeable uptick during the month. The largest transaction involved Warburg Pincus leading a $1B minority investment in Cerity Partners, alongside additional capital raises and stake purchases involving Constellation Wealth Capital, Merchant Investment Management, Dynasty Financial Partners, and Wealth Partners Capital Group. The investment activity reflects a broader industry trend in which recapitalizations and minority investments are increasingly being used to support platform expansion and capability development across wealth management firms, as noted by ECHELON Partners CEO Dan Seivert in the firm's latest M&A Deal Report.

ECHELON further said it expects RIA M&A activity in 2026 to remain elevated and potentially rival or surpass 2025’s deal volume, supported by strong buyer and seller sentiment. The firm anticipates continued expansion of the buyer universe, with the number of unique acquirers already rising 17.6% year over year in 2025 as PE sponsors and strategic platforms launch or accelerate acquisition strategies. ECHELON also expects service expansion to play an increasingly central role in dealmaking, as national advisory platforms pursue acquisitions that broaden capabilities across tax, estate planning, and other specialized services. These integrated advice models are becoming a competitive differentiator, allowing firms to deepen client relationships and capture more new assets. At the same time, recapitalizations among large consolidators could add to transaction volume as financial sponsors approach the end of typical holding periods, while mid-sized RIAs managing $1B to $10B in assets face mounting pressure to pursue partnerships to support growth and succession planning. With improving public market conditions potentially reopening IPO pathways for scaled advisory firms, ECHELON said M&A will remain a core strategic option even as additional liquidity avenues emerge.

Announced M&A

Northeast

• Neuberger Berman agreed to acquire assets of McKinsey & Company’s New York-headquartered advisory and investment arm, MIO Partners, which primarily serves McKinsey partners, employees, and alumni. The deal reportedly transfers $20B of MIO’s alternative investment strategies assets to Neuberger and includes MIO’s financial advisory business.
• Kestra-backed Bluespring Wealth Partners acquired Plymouth, MA-based financial planning firm SHP Financial, adding approximately $2.3B in total assets and expanding its New England footprint.
• KKR-backed Beacon Pointe Advisors acquired Andover, MA- and Newburyport, MA-based The Financial Advisors, a $1.2B RIA led by partner and managing director Michael Kumph that serves business owners and multi-generational families across investment, tax, and retirement planning. Beacon Pointe also acquired Newport, MA-based Financial Planning Solutions, which oversees about $350M in client assets and is led by partner and managing director Rick Fingerman.
• Atlanta, GA-based Merit Financial Advisors acquired GlennCo, a Newtown, PA-based wealth management firm, adding approximately $208M in total assets and marking its seventh office in Pennsylvania. GlennCo was previously affiliated with Commonwealth Financial Network.

Southeast

• GTCR- and Carlyle-backed CAPTRUST Financial Advisors acquired $830M Tampa, FL-based Suncoast Prosperity Advisors, a former division of Suncoast Equity Management which operates independently. The deal adds locations in Sanibel, FL and Highlands, NC.
• Galway Holdings-owned Cleveland, OH-based RIA MAI Capital Management acquired Hurricane, WV- and Jupiter, FL-based RIA LOC Investment Advisers, adding approximately $759M in AUM and bringing MAI to more than $72.6B in total assets as of Jan. 1.
• Constellation Wealth Capital-backed, Colorado Springs, CO-based RIA Summit Wealth Group acquired Franklin, TN-based Premier Private Wealth, a $470M RIA led by CEO Michael Comstock. Following the deal, the firm is launching Summit Wealth Group Family Office Services, which will focus on HNW and UHNW families.
• OneDigital acquired North Carolina-based Derse Morgen Financial Advisors, a former Osaic affiliate with roughly $330M in AUM as of year-end 2025.
• Omaha, NE-based Carson Group, which is backed by Bain Capital and oversees around $55B in AUM, fully acquired its Carson Wealth location in Milton, GA. The location is led by managing partner and wealth advisor G.C. Lewis and oversees about $218M in advisory and brokerage assets.

Midwest

• CAPTRUST Financial Advisors acquired Overland Park, KS-based $2.4B RIA Meritage Portfolio Management, which provides wealth management services to high-net-worth individuals, as well as retirement plan and endowment and foundation investment management.
• RedBird Capital Partners-backed Arax Investment Partners acquired $1.5B Cleveland, OH-based RIA GFP Private Wealth. GFP CEO Carina Diamond will join Arax Advisory Partners, the firm’s independent advisory platform.
• Rise Growth Partners-backed RIA OnePoint BFG Wealth Partners acquired $700M Minneapolis-based Voyage Wealth Architects. Voyage Wealth, formerly affiliated with Northwestern Mutual, is led by CEO Brian Eder, who said the firm evaluated "more than 30 potential partners" before signing the deal.
• Osaic affiliates Shore Group Advisors (Kirkwood, MO) Butler Associates Financial Planners (St. Louis) are merging to create a Sunset Hills, MO-based Osaic-supported advisory firm operating under the Shore Group Advisors name, with roughly $500M in AUM.
• Beacon Pointe Advisors acquired Lake Geneva, WI-based RIA Voyager Wealth Management, which is composed of a four-person advisory team managing roughly $229M.
• Constellation Wealth Capital-backed, Alpharetta, GA-based Merit Financial Advisors acquired $217M Southgate, MI-based advisory TL Financial Group, formerly affiliated with Commonwealth Financial, marking Merit’s first office in Michigan.
• Clayton, Dubilier & Rice- and Stone Point Capital-backed Focus Financial Partners Inc. completed the acquisition of substantially all business lines of Chicago, IL-based Kovitz Investment Group, folding the firm into Focus Partners Wealth. The deal adds approximately $35B in client assets to Focus Partners Wealth’s existing $140B, as of September 30, 2025.

Southwest

• Osaic’s Boston-based RIA CW Advisors (CWA) acquired Rovin Capital – an RIA with offices in Lehi, UT, and Mesa, AZ – adding $849M in AUM and AUA. The deal brings CWA's AUM to over $16B and marks the firm's entry into Utah.
• Bain Capital-backed $55B Carson Group fully acquired its Carson Wealth office in Scottsdale, AZ. The office, led by managing partner and advisor Brent Pine, oversees about $430M in AUM.
• Berkshire Partners and Ares Management-backed Torrance, CA-based RIA EP Wealth Advisors made three acquisitions in the Southwest in February. It acquired $390M Santa Fe, NM-based LongView Asset Management. LongView founder David Cantor will join EP Wealth as senior vice president. EP Wealth managed $42.2B in assets as of the end of 2025. EP Wealth also acquired $300M Phoenix-based Thompson Wealth Management, which specializes in serving federal employees, as well as agreeing to acquire Fort Worth, TX-based InvestmentHunter Wealth Services, which oversees about $153M and is led by advisor Hunter Hardy.

West

• Genstar Capital- and Lightyear Capital-backed Cerity Partners agreed to merge with Seattle-based Verus Investments, an institutional investment consulting and OCIO firm with about $1.2T in AUA.
• Flexpoint Ford-backed, Cleveland-based RIA Clearstead Advisors acquired Seattle, WA-based $5.1B multi-family office RIA The Clarius Group, expanding its UHNW and family office capabilities. The transaction brings Clearstead to roughly $55B in total client assets.
• CAPTRUST Financial Advisors acquired $3.8B Orange County, CA-based RIA Alpha Cubed Investments, which has an additional office in Scottsdale, AZ.
• Aerodigm Wealth launched as an independent, partner-owned RIA in Portland, OR, after a management buyout of accounting firm Delap LLP's wealth division, Delap Wealth Advisory. The firm oversaw around $1.5B in AUM as of year-end 2025 and serves UHNW clients. Managing partner Jared Siegel and Delap LLP principal Dave DeLap also joined Aerodigm.
• One Digital acquired San Jose, CA-based Silicon Valley Retirement Services, adding approximately $1.4B in retirement plan assets, and will integrate with Atlanta, GA-based OneDigital’s Bay Area operations spanning Palo Alto, Cupertino, San Mateo, San Francisco, Pleasanton, and San Jose, CA.
• Wealth Partners Capital Group- and HGGC-backed Waverly Advisors (Birmingham, AL) acquired Lake Oswego, OR-based RIA Pure Portfolios. The deal adds approximately $437M in AUM as of year-end 2025. Waverly's AUM stood at $30.6B as of the end of January.
• Great Hill Partners-backed $14.2B RIA Mission Wealth acquired Frisco, CO-based RightPath Investments & Financial Planning, which specializes in personalized retirement planning and manages $85M in client assets. RightPath founder Steven Smith joins Mission Wealth as special advisor, alongside advisor Megan Nuttelman.
• First Northern Bank’s wealth management arm, First Northern Advisors, acquired Roseville, CA-based Raymond James affiliate Beacon Wealth Strategies, owned and led by Tom Cicchini. Beacon Wealth clients will continue to have accounts managed through Raymond James.

M&A Rumors

As previously noted, it was another fairly quiet month for M&A rumors. CAPTRUST Financial Advisors is reportedly in talks to acquire $7.5B Pepper Pike, OH-based RIA Carnegie Investment Counsel, while Constellation Wealth Partners-backed Bogart Wealth, which has around $3.5B in AUM, is said to be preparing to enter the acquisition market, targeting RIAs with $400M to $3B in assets as it works toward a long-term goal of reaching $22B in AUM by 2033. Meanwhile, Corient reportedly withdrew from talks to acquire publicly listed $89B wealth manager AlTi Global, though the firm’s take-private process is said to remain ongoing with multiple interested parties.

Minority Investments

• Cerity Partners reportedly agreed to a $1B minority investment led by private equity firm Warburg Pincus, valuing the RIA at approximately $8.5B. Warburg is said to be acquiring shares from existing backers Genstar Capital and Lightyear Capital, and Cerity’s management team, including CEO Kurt Miscinski, reportedly plans to purchase an additional $500M in equity to become the firm’s largest shareholder group.
• West Palm Beach, FL-based RIA minority investor Wealth Partners Capital Group reportedly raised $400M in a July 2025 debt deal with private credit firm Ares Management, providing financing to Aspire Holdings, its operating and holding company jointly owned with private equity firm HGGC. Wealth Partners Capital and HGGC use Aspire to make minority co-investments in RIAs with $1B to $5B in AUM.
• J.C. Flowers reportedly agreed to invest about $200M in Accelerated Wealth Partners, an RIA investing startup led by former Focus Financial Partners executive Eric Amar.
• Constellation Wealth Capital agreed to take a minority stake in Atlanta-based $5.5B RIA BIP Wealth. BIP Wealth founder and CEO Bill Harris told Citywire that the firm plans to use the capital to acquire three to four RIAs annually and expand its geographic footprint.
• Sixth Street Partners-backed Merchant Investment Management reportedly took a minority stake in Los Angeles-based RIA IFC Advisors, which has approximately $2.5B in client assets. IFC Advisors was founded by former Wells Fargo advisors, including Marc Ackerman and Nhaman Pelphrey, and former President and CEO Jim Hays serves as executive chairman.
• Emigrant Partners-backed Elevation Point made a minority investment in newly launched Atlanta-based independent wealth manager Hampton Bluff Capital Partners, which previously operated as Odyssey Wealth Management within UBS Private Wealth Management and oversaw around $1.3B in AUM.
• TA Associates took an undisclosed stake in Atlanta-based The Forge Companies, parent of $2B RIA Advocacy Wealth Management, which primarily serves personal injury law firms and their clients.
• Dynasty Financial Partners closed a minority capital raise at a reported $1B+ enterprise value backed by existing investors Charles Schwab, BlackRock, J.P. Morgan Asset Management, Abry Partners, Glick Family Office, and Dynasty chairman Harvey Golub, alongside new investor Fortress Investment Group.

Notable International News

January also saw several notable international developments in Europe, Australia and Canada. Global asset manager Nuveen LLC, a unit of Teachers Insurance and Annuity Association of America, agreed to acquire UK-based peer Schroders plc for £9.9B ($13.49B), forming one of the world’s largest active asset managers with nearly $2.5T in AUM. Nuveen manages $1.4T in assets, while Schroders oversees £824B ($1.1T), with London expected to serve as the combined group’s non-US headquarters. Elsewhere in the UK, £14B ($18.8B) wealth manager Amber River reportedly secured an investment from US-based private equity firm Stone Point Capital, while Penta Capital, the founding private equity investor in Amber River, will remain invested. Meanwhile, KKR- and TA Associates-backed Stockholm, Sweden-based Söderberg & Partners, which has a history of backing HNW and family office-focused firms across Scandinavia, made a strategic investment in UK wealth manager Artorius Wealth Limited, marking its entry into the UK HNW and family office market.

In Australia, Hamilton Wealth Partners acquired Melbourne-based Jordan St Wealth Advisory, which specializes in HNW individuals. The deal adds Jordan St Wealth founder and principal Alastair Price, a former Morgan Stanley advisor, to Hamilton Wealth as director. In Canada, Montreal-based Desjardins Group is reportedly pursuing hires and acquisitions to expand its wealth management and capital markets businesses across the country, according to CEO Denis Dubois. A pending acquisition of Toronto-based Guardian Capital Group Ltd. would lift wealth AUM and AUA to about CAD 300B ($216B), with Dubois targeting CAD 500B ($365B) within five years, including through M&A.