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Consolidation in the RIA space accelerated in September, with Dakota tracking 36 announced US wealth management M&A transactions totaling approximately $49.2B in client AUM, up from August's 23 deals and $30.6B. The Northeast led by both count and value, with 13 transactions totaling roughly $35B, more than 70% of the month's disclosed total. The region was anchored by Wealth Enhancement's agreement to acquire $22.5B Boston-based RWA Wealth Partners, the month's headline deal by a wide margin, and AlphaCore Wealth Advisory's addition of Streamline Family Office, which represents nearly $5B in client assets.
The Midwest followed by value with nine deals totaling approximately $5B, led by Cerity Partners' $2B acquisition of Gilbert & Cook, which marks the firm's entry into Iowa. The Southeast added six transactions totaling about $4.7B, headlined by Waverly Advisors' $1.7B addition of Heartwood Wealth Advisors. The West contributed six deals totaling roughly $3.8B, led by Sequoia Financial Group's acquisition of $2.3B BSW Wealth Partners. The Southwest was quietest, with a single deal for an undisclosed sum. Separately, RFG Advisory merged two affiliate practices across three states to form $750M WFA Volare.
Outside the traditional RIA channel, Creative Planning agreed to acquire institutional investment consultant RVK, which advises clients with a combined $4.3T, while Envestnet agreed to buy portfolio management and trading technology provider Vestmark.
On the minority investment front, DTCC took a strategic stake in $1.2T alternatives platform iCapital, and New Mountain Capital exited its stake in $63B Lincoln Investment, returning the firm to full family and advisor ownership. Elsewhere, Savvy Wealth raised a $100M Series C to expand its AI platform for advisors.
The rumor pipeline pointed to alternative deal structures. Bain Capital is reportedly in talks to reinvest in $65B Carson Group through a continuation vehicle. $10B SignatureFD is reportedly weighing both control and minority investors for its first outside capital raise. GTCR- and Reverence Capital-backed Allspring Global Investments is reportedly exploring a sale that could value the $642B asset manager at about $4B.
Internationally, private equity circled several sizable UK platforms. CD&R and Warburg Pincus are reportedly in advanced talks to buy Canaccord Wealth in a deal that could top £1B ($1.34B), and CVC Capital Partners, Carlyle and Great Hill Partners are reportedly eyeing £30B ($40.4B) W1M. In Europe, Jyske Bank agreed to acquire DKK 40B ($6.2B) Danish wealth manager Formuepleje, while Corient expanded into the Cayman Islands with its acquisition of $2.6B multi-family office FortCay Family Advisory.
Looking ahead, Dakota Research expects RIA M&A to finish 2026 at record levels, with volume holding near 100 transactions per quarter, according to a recent episode of the Dakota Insights podcast. The bigger shift may be in how deals are structured as the pool of independent RIAs shrinks. Traditional majority buyouts still account for roughly 60% to 65% of deal volume, but minority investments, continuation vehicles and PE-to-PE recapitalizations are becoming more common, as several of September's deals and rumors suggest.
Several large transactions could shape the rest of the year. Thomas H. Lee Partners has reportedly retained advisors to sell a controlling stake in $353B Hightower Advisors. CD&R is reportedly exploring a minority stake sale in the roughly $500B Focus Financial Partners while remaining its controlling owner. Wealth Enhancement, now buying RWA, is itself in a sale process, with Carlyle and Bain Capital reportedly the final bidders.
Announced M&A
Northeast
- TA Associates- and Onex-backed Wealth Enhancement agreed to buy $22.5B Boston-based RWA Wealth Partners, one of the largest woman-led RIAs in the US, in an exit for Summit Partners. Corient had reportedly been in talks for RWA in August.
- Constellation Wealth Capital-backed AlphaCore Wealth Advisory acquired Dover, MA-based Streamline Family Office, a non-advisory family office representing nearly $5B in client assets, to form a dedicated UHNW affiliate.
- Thomas H. Lee Partners-backed Hightower Advisors moved $1.6B North Andover, MA-based affiliate Boston Hill Advisors into its Hightower Signature Wealth (HTSW) platform.
- Genstar Capital- and Lightyear Capital-backed Cerity Partners agreed to acquire two New York City-based practices of Shufro Rose & Co. managing a combined $1.4B.
- Carlyle- and GTCR-backed CAPTRUST Financial Advisors bought Compass Advisors and Long Island Wealth Management, two affiliated Melville, NY-based RIAs with a combined $1.2B.
- Hightower's HTSW platform added $752M Hingham, MA-based Sandy Cove Advisors, which focuses on legacy planning and life transitions, including divorce.
- Integrum Holdings-, Lightyear Capital- and Ontario Teachers' Pension Plan-backed Allworth Financial acquired $665M Rochester, NY-based wealth and tax advisory firm High Falls Advisors, which brings two private funds.
- Toronto-based multi-family office Prime Quadrant added New York-based Central Family Advisors, a fixed-fee, non-discretionary advisor with more than $600M in assets under advisement.
- Wealth Partners Capital Group- and HGGC-backed Verdence Capital Advisors acquired $564M Hunt Valley, MD-based RIA Harvest Investment Consultants, its second deal since an April equity investment.
- Kelso & Company- and Cynosure Group-backed Savant Wealth Management acquired $542M Corning, NY-based Socha Financial Group, which specializes in serving Corning Incorporated employees and retirees.
- 119th Street Capital- and Pelican Capital-backed Maridea Wealth Management bought $217M New Britain, PA-based Pultro Financial Management, a behavioral finance-focused retirement practice. The deal gives Maridea its first Pennsylvania office.
Southeast
- Wealth Partners Capital Group- and HGGC-backed Waverly Advisors acquired $1.7B Richmond, VA-based Heartwood Wealth Advisors, its 36th deal since 2021.
- Cynosure Group- and Ares Management-backed Steward Partners bought $950M Marietta, GA-based RIA American Financial Advisors, which built its client base among Delta Air Lines employees.
- Crestview Partners-backed Modern Wealth Management acquired $710M Jacksonville, FL-based Sanchez Wealth Management Group, a 26-year LPL Financial affiliate. It is Modern Wealth's third Florida deal in five months.
- Wealth Partners Capital Group-backed Apella Wealth acquired $544M Mount Pleasant, SC-based RIA Morris Financial Concepts, its 28th acquisition.
- Rise Growth Partners-backed OnePoint BFG Wealth Partners took on $400M Tampa, FL-based Bast Financial Group, a seven-person former Northwestern Mutual team.
- Wealth Enhancement acquired the advisory business of $376M Glen Allen, VA-based hybrid RIA Dickerson Jackson & Associates, led by Jeff Dickerson and Todd Jackson.
Midwest
- Cerity Partners agreed to acquire $2B West Des Moines, IA-based Gilbert & Cook, marking its entry into Iowa.
- Bixby Wealth Solutions-backed F.L.Putnam Investment Management acquired Red Granite, a $1B Milwaukee-based large-cap growth team at Ziegler Capital Management.
- Constellation Wealth Capital-backed Merit Financial Advisors bought the $888M Deerfield, IL-based practice of former Commonwealth Financial Network affiliate Tim Brennan. Brennan separately acquired a $57M Wisconsin practice.
- Bain Capital-backed Carson Group acquired $367M Westlake, OH-based retirement planning RIA Elios Financial Group, its 50th integrated office.
- Sammons Financial Group-backed NorthRock Partners added $350M Wisconsin-based Triumph Wealth Management, which advises closely held business owners on transition and succession.
- Allworth Financial acquired $282M Indianapolis-based Holistic Financial Partners, which specializes in divorce financial planning.
- SkyKnight Capital- and Dragoneer Investment Group-backed Simplicity Group bought Des Moines, IA-based insurance marketing organization Whitney and Associates and its $103.6M affiliated RIA, Altitude Capital Management.
- Maridea added Marietta, OH-based wealth firm River Cities Financial Services and affiliated insurance agency Dietz, Futrell & Walters Insurance, giving it its first Ohio presence.
- Atlanta-based Ty J. Young Wealth Management acquired Washington, MO-based annuity practice Senior Insurance Services from retiring advisor Eric Rudd.
Southwest
- Ty J. Young acquired Mesa, AZ-based Bethel Retirement Planning, which specializes in retirement benefits for federal employees, in a succession deal.
West
- Kudu Investment Management-backed Sequoia Financial Group acquired $2.3B Boulder, CO-based RIA BSW Wealth Partners, which serves a national client base from Boulder and Denver.
- Apella acquired $384M San Rafael, CA-based Longview Financial Advisors, its second deal within a week.
- Wealth Enhancement bought the advisory business of $345M Anchorage, AK-based Arbor Capital Management, its first Alaska location.
- Modern Wealth acquired $290M Auburn, CA-based LPL affiliate AWA Wealth Management, its second deal this month.
- Constellation Wealth Capital-backed Summit Wealth Group acquired $220M Portland, OR-based Financial Investment Team, its first Pacific Northwest branch.
- Savant added $213M Thousand Oaks, CA-based Cedarstone Advisors, its fifth California office. President and advisor Steve Coker joins Savant as a member-owner.
Multiple Regions
- Long Ridge Equity Partners-backed RFG Advisory merged two affiliate practices – WFA and Volare Wealth Advisors – to form $750M WFA Volare, which spans Louisiana, Missouri and Alabama and whose clients include professional athletes.
Other Deals
- General Atlantic- and TPG Capital-backed Creative Planning agreed to acquire Portland, OR-based institutional consultant RVK, which advises some 200 institutions with a combined $4.3T.
- Bain Capital-backed Envestnet agreed to acquire portfolio management and trading technology provider Vestmark, which supports more than $2T in assets. envestnet
- Aquiline Capital Partners took a controlling stake in MassMutual-owned wealthtech Flourish, whose cash-management platform serves more than 1,300 RIAs.
- Anthropic is soliciting bids from RIAs ranging from $20B to more than $100B to manage employee wealth ahead of its expected IPO.
Rumored M&A
- GTCR- and Reverence Capital-backed Allspring Global Investments, a $642B asset manager, is reportedly exploring a sale that could value it at about $4B.
- Bain Capital is reportedly in talks to reinvest in $65B Carson Group through a continuation vehicle. Bain initially took a minority stake in Carson Group in 2021.
- $10B Atlanta-based RIA SignatureFD has reportedly hired Goldman Sachs to pursue its first outside investor. It is exploring options with both control and minority investors.
Minority Investments
- DTCC made a strategic investment in alternatives platform iCapital, which services $1.2T, as part of a private markets infrastructure partnership.
- New Mountain Capital exited its non-controlling stake in $63B Fort Washington, PA-based broker-dealer and RIA Lincoln Investment, returning full ownership to the Forst family and advisors.
- $9B New York-based RIA Savvy Wealth raised a $100M Series C led by Halo Fund to expand its AI platform for advisors.
Notable International News
September's international activity centered on the UK and continental Europe, where private equity circled several sizable wealth platforms. There were additional deals in Canada, the Cayman Islands and Australia.
In the UK, CD&R and Warburg Pincus are reportedly in advanced talks to buy Canaccord Wealth in a deal that could top £1B ($1.34B). CVC Capital Partners, Carlyle and Great Hill Partners are reportedly circling Lovell Minnick Partners-backed, £30B ($40.4B) W1M. Lee Equity Partners-backed Shackleton Advisers agreed to acquire £800M ($1.08B) Scotland-based Aberdein Considine Wealth. 7IM Group-owned Lync Wealth Management bought two Belfast, Northern Ireland firms, adding roughly £300M ($405M). Schroders said its wealth division will weigh HNW acquisitions.
In Europe, Jyske Bank agreed to acquire DKK 40B ($6.2B) Danish wealth manager Formuepleje. Legend Holdings is reportedly exploring a sale of Banque Internationale à Luxembourg at a valuation of about €2.5B ($2.8B). In Switzerland, Delen Private Bank opened a Zurich office and is targeting acquisitions, and Pollen Street Capital launched consolidator Swiss Equity House.
Elsewhere, Focus Financial Partners partner firm Gelfand, Rennert & Feldman acquired Burlington, Ontario-based entertainment business manager Danyliw & Mann, its first move into Canada. Corient bought $2.6B Cayman Islands-based multi-family office FortCay Family Advisory. In Asia-Pacific, Merchant Investment Management took a $255.9M stake in $97B Sydney-based Ironbark Financial Group, its largest investment outside the US.
