RIA M&A and Investments Roundup: March 2026

Consolidation in the RIA space picked up in March compared to the previous month, with Dakota tracking 37 announced US wealth management M&A transactions totaling approximately $81.1B in client AUM. March's headline AUM total was heavily skewed by Carlyle’s majority stake acquisition in $72.6B RIA MAI Capital Management.

Excluding MAI, deal activity was more in line with recent trends, with activity driven by sponsor-backed consolidators and national platforms. Savant Wealth Management was among the most active acquirers, announcing multiple transactions totaling more than $10B in AUM, including its $6B acquisition of Exencial Wealth Advisors and $3.9B purchase of Heritage Financial Services. Hightower Advisors also stood out, adding approximately $5B in AUM through its acquisition of Journey Strategic Wealth.

The M&A rumor pipeline showed modest activity during the month. Seattle-based $13B RIA Freestone Capital Management is reportedly exploring a minority stake sale, while $33.6B RIA Allworth Financial is said to be weighing a majority stake sale.

On the growth capital front, minority investment activity remained steady, with transactions involving firms including Cyndeo Wealth Partners, RIA Advisors, and Verdence Capital Advisors reflecting continued demand for capital to support recruiting, platform expansion, and M&A.

Internationally, TPG Capital- and General Atlantic-backed Creative Planning agreed to acquire UK-based firm MASECO, adding more than $5B in AUM and expanding its cross-border wealth management capabilities.

More broadly, industry tailwinds continue to support elevated deal activity. As Goldman Sachs co-head of asset management investment banking Kyle VanFleet noted in a recent report, the convergence of strong asset growth, an aging advisor base, and the ongoing generational wealth transfer – expected to shift as much as $124T in assets – continues to drive consolidation in the RIA space. At the same time, one-third of advisors, representing roughly 40% of industry assets, are expected to retire within the next decade, creating a supply-demand imbalance that continues to fuel consolidation. Private equity remains a key driver of this trend, with firms continuing to deploy capital into scaled platforms that can consolidate smaller RIAs and drive operational efficiencies. As the report notes, these dynamics – combined with limited buyer capacity among next-generation advisors – are expected to sustain elevated levels of M&A activity in the near to medium term.

Announced M&A

Northeast

• Thomas H. Lee Partners-backed RIA Hightower Advisors agreed to acquire Summit, NJ-based hybrid RIA Journey Strategic Wealth, adding approximately $5B in AUM to Hightower Signature Wealth. Journey Strategic Wealth was formerly affiliated with broker/dealer Purshe Kaplan Sterling Investments.
• Fee-only RIA Savant Wealth Management acquired Westwood, MA-based RIA Heritage Financial for an undisclosed consideration. The transaction added $3.9B to Savant's AUM and marked the firm's largest partnership to date. Savant also acquired $550M Melville, NY-based RIA Heller Wealth Management.
• Mercer Global Advisors – backed by Oak Hill Capital, Genstar Capital, and Altas Partners – acquired Portsmouth, NH-based $1.57B RIA Charter Oak Capital Management, expanding its footprint across New Hampshire, Massachusetts, and Maine.
• Owings Mills, MD-based Legacy Capital reportedly merged with Mt. Washington, MD-based Clipper City Capital, creating a combined $1.8B wealth management firm. The two firms are Ameriprise private wealth advisory practices. Legacy is the surviving entity and plans to pursue additional acquisitions, including larger advisory firms.
• Ares Management- and Berkshire Partners-backed, Torrance, CA-based EP Wealth Advisors acquired Bethesda, MD-based RIA Divergent Planning LLC, adding approximately $418M in AUM and seven team members.
• RedBird Capital Partners-backed Arax Investment Partners acquired Poughkeepsie, NY-based $170M Omni Financial Advisory Group, a boutique advisory firm previously affiliated with Cetera, adding it to HNW-focused RIA platform Arax Advisory Partners.
• Bain Capital-backed Carson Group fully acquired New London, NH-based $134M ZeroCelsius Wealth Studio, which has been affiliated with Carson since 2023.
• Miami-based Emigrant Bancorp, parent company of RIA minority investor Emigrant Partners, agreed to acquire a majority interest in Waltham, MA-based Fortis Management Group, a provider of family office services to UHNW families.
• Wealth Partners Capital Group- and HGGC-backed RIA Waverly Advisors reportedly agreed to acquire Pittsburgh-based Smithfield Trust, a chartered trust company providing fiduciary, investment management, estate, tax, and charitable planning services to wealthy individuals and family offices.

Southeast

• Aspen Standard Wealth acquired New Bern, NC-based RIA BlueSky Wealth Advisors, adding $1B to its AUM.
• Constellation Wealth Capital-backed RIA Merit Financial Advisors acquired Marietta, GA-based Yeomans Consulting Group, adding approximately $434M in AUM. Yeomans CEO Randy Yeomans and president Nicholas Yeomans will both join Merit as wealth manager and partner.
• Long Ridge Equity Partners-backed $6.8B RFG Advisory completed a majority acquisition of $320M Richmond, VA-based RVA Wealth Management. It will continue operating under its brand as a W-2 partner firm within RFG’s platform, and focuses on retirement and income planning for mass affluent clients.
• Beacon Pointe Advisors acquired $220M Franklin, TN- and Irvine, CA-based Pacifica Wealth Advisors, merging it with its existing team in Newport Beach, CA.
• Cary Street Partners agreed to acquire $186.3M Palm Beach-based RIA Pursuit Wealth Management, marking its expansion into South Florida's HNW market.
• Stone Point Capital-backed Bluespring Wealth Partners added $60M Tampa, FL-based Pittman Financial Group to its network, with the firm merging into Bluespring partner Security Financial Management.

Midwest

• $72.6B Cleveland-based RIA MAI Capital Management agreed to sell a majority stake to funds managed by private equity firm Carlyle, valuing the RIA at more than $2.8B, with Carlyle expanding its existing investment from 2021 and Galway Holdings, funds managed by Harvest Partners, and Oak Hill Capital exiting their positions. MAI employees will retain a significant minority stake.
• TA Associates- and Onex Partners-backed RIA Wealth Enhancement acquired a $1.2B team formerly with Overland Park, KS-based TFB Advisors. The team of six advisors serves HNW individuals, business owners, hospitals and hospital systems, and dental practices.
• Cambridge Investment Research, an independent broker-dealer and RIA, acquired $800M Des Plaines, IL-based WealthPlanners as part of its advisor continuity and succession strategy. The deal brings seven advisors into a newly formed $1B Cambridge WealthPlanners unit.
• Kentucky-based RIA MCF Advisors acquired $617M Wealth Planning Corporation (WPC), bringing MCF’s total AUM to $4.7B.
• Stone Point Capital- and CPP Investments-backed OneDigital Investment Advisors acquired $435M Blaine and Hopkins, MN-based wealth management firm Munkeby Kramer, which was previously affiliated with United Planners' Financial Services of America.
• Genstar Capital- and Lightyear Capital-backed Cerity Partners acquired Wheaton, IL-based $379.3M RIA Edge Financial Advisors. Edge, which offers financial planning and customized portfolio management services to HNW clients, will operate under the Cerity Partners name.
• Bain Capital-backed Carson Group acquired Neligh, NE-based Furstenau Financial, which serves about $245M in AUA. Managing partner and advisor Ryan Furstenau and his team joined from LPL Financial.
• $1B Atlanta, GA-based Ty J. Young Wealth Management acquired Cincinnati-based Senior Wealth Advisors, providing Senior Wealth Advisors’ clients access to the firm’s broader wealth management, retirement planning and insurance services.
• $10B Radnor, PA-based RIA Callan Family Office acquired Ada, MI-based Clarity Family Offices, a family wealth consulting firm, bringing expertise in tax planning, governance structuring, and family office administration.
• Genstar Capital-backed Cetera Financial Group acquired $135M Indianapolis-based wealth management and tax planning practice Matkovic Financial Group, adding the team to the Avantax Planning Partners community within Cetera’s RIA and Branches channel.

Southwest

• Savant Wealth Management acquired $6B Oklahoma City-based RIA Exencial Wealth Advisors, its largest transaction to date.
• Beacon Pointe Advisors purchased $475M Addison,TX-based MGB Wealth Management, merging it with its existing team in Dallas.
• 119th Street Capital- and Pelican Capital- backed, New York-based $1B RIA Maridea Wealth Management acquired Phoenix-based tax-focused wealth advisory firm Chichester Financial Group.

West

• Cynosure Group- and TRIA Capital Partners-backed Plancorp Wealth Management acquired $1B Fresno, CA-based RIA Regency Investment Advisors. The deal will fully integrate Regency into Plancorp’s platform across brand, systems, and operations, bringing Plancorp’s client assets to roughly $9.6B post-transaction.
• $6.7B Los Angeles-based Composition Wealth acquired $900M Tacoma, WA-based firm Edgewater Wealth Management. The eight-advisor team was formerly with Northwestern Mutual Private Client Group.
• $3.36B Foster City, CA-based RIA Summitry acquired $721M Pasadena, CA-based RIA Vantage Wealth. Summitry is owned by Aspen Standard Wealth, which is backed by Alpine Investors.
• TPG Capital-backed Creative Planning acquired $660M Seattle, WA-based Duncan & Haley Ltd. Duncan & Haley advises private clients on investing, tax strategies, retirement planning, estate planning, and trust services.
• Carson Group acquired Irvine, CA-based $635M partner firm Applied Financial Planning. Applied Financial began as a tax-focused practice and has evolved into a multigenerational wealth management firm.
• New York-based $36B First Manhattan acquired Jackson, WY-based $300M RIA Beddow Capital Management. Edward Beddow joins First Manhattan as senior managing director and portfolio manager and will continue advising clients from Jackson.
• Waverly Advisors acquired Seahurst, WA-based McBride Financial Advisors, expanding its presence in the Pacific Northwest. As part of the transaction, $181M advisor Michael McBride, founder of McBride Financial Advisors, will join Waverly.
• Parthenon Capital-backed Choreo acquired the assets of Irvine, CA-based Insight Wealth Strategies, an RIA with approximately $110M in AUM.
• Trinity Hunt Partners-backed, Dallas-based Springline Advisory acquired San Francisco Bay Area-based SD Mayer Advisory, a full-service accounting, advisory, and wealth management firm. SD Mayer will continue operating under its existing leadership.

M&A Rumors

• Seattle-based RIA Freestone Capital Management, which manages about $13B in client assets and focuses on in-house investment management, is reportedly exploring a sale of a minority stake.
• Lightyear Capital- and Toronto-based Ontario Teachers’ Pension Plan Board-backed $33.6B Folsom, CA-based RIA Allworth Financial is reportedly exploring a majority stake sale.
• London-based $6B AGC Equity Partners is reportedly sourcing minority investments in RIAs through its US wealth arm, AGC Plover Hill, targeting five to six RIAs managing $1B-$5B in client assets, seeking non-controlling stakes of up to 49%.

Minority Investments

• Hunt Valley, MD-based wealth advisory Verdence Capital Advisors has entered into an equity partnership with Wealth Partners Capital Group and private equity firm HGGC. Verdence’s management team will retain significant ownership, while Emigrant Partners exits its stake.
• Rise Growth Partners made a strategic minority investment in $3.1B St. Petersburg, FL-based RIA Cyndeo Wealth Partners. Dynasty Financial Partners, which helped launch and invest in Cyndeo, will roll over its stake.
• New York-based Accelerated Wealth Partners, led by CEO and founder Eric Amar, made a minority investment in Houston-based RIA Advisors, a $1.84B AUM wealth management firm led by CEO Connie Mack.
• Parsippany, NJ-based Merchant Investment Management-backed $24B Summit Financial, made a minority investment in New Jersey-based RIA Signet Financial Management, which manages $1.2B in client assets.
• Private equity firm 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.
• Seattle, WA-based $4.7B Moss Adams Wealth Advisors spun out from Baker Tilly's Moss Adams with backing from The Cynosure Group, launching as an independent RIA that will rebrand as Threadline Wealth in May.
• Orlando, FL-based alternative asset manager Abacus Global Management agreed to acquire a $53M strategic minority equity stake in $18B Fairport, NY-based Manning & Napier, a diversified wealth and asset management firm.

Notable International News

January also saw several notable international developments across Europe and Australia. TPG Capital- and General Atlantic-backed Creative Planning agreed to acquire UK-based firm MASECO, adding more than $5B in AUM and expanding its cross-border wealth management capabilities. Elsewhere in Europe, Norway-based wealth manager Formue acquired Denmark-based multi-family office Secure Spectrum, adding approximately $6.2B in AUM and strengthening its presence across Scandinavia.

Additional activity in the UK included Fairstone’s acquisition of £1.5B Prosperity Wealth, while Söderberg & Partners continued its expansion in the region through strategic investments in three advisory firms, and Precision Capital-owned, Luxembourg-based Quintet Private Bank is reportedly exploring a potential sale of its London-based Brown Shipley wealth management business. In Australia, Bain Capital agreed to acquire the wealth management business of Perpetual Limited, further highlighting continued private equity interest in global wealth platforms.