Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
RIA consolidation has stayed at record levels for three straight quarters. Dakota Marketplace tracked 238 announced RIA acquisition deals worth roughly $451 billion in client AUM across the first seven months of 2026 alone. Most of that volume, and most of the press coverage, concentrates on a handful of mega-platforms, Wealthspire, Corient, and Hightower among them, where manager selection has already consolidated to home-office approved lists decided above the individual advisor.
The ten platforms below sit one tier down: mid- and upper-mid-market aggregators below the Hightower/Carson/CAPTRUST/Cerity group. None of them have locked in an enterprise-wide approved list yet, which is exactly why they're worth prioritizing now rather than after they mature into the next Hightower.
Top 10 Emerging RIA Aggregators
1. Prime Capital Financial
AUM: $50.0B
Prime Capital Financial is a national, advisor-owned hybrid RIA with roughly 180 owners across about 68 offices. Carlyle became its PE backer in August 2026, replacing three-year backer Abry Partners after more than 30 acquisitions took the firm from $2.5 billion to $50 billion in AUM.
PE Backer: Carlyle (replaced Abry Partners, August 2026)
What This Means for Fundraisers: As the largest platform on this list, Prime Capital is closer to the enterprise-consolidation stage than the other nine. A backer change this recent typically means the manager lineup is under fresh review.
2. EP Wealth Advisors
AUM: $42.2 B
Headquarters: Torrance, CA
EP Wealth Advisors is a fee-only RIA roll-up backed by Berkshire Partners since 2020, joined by Ares Management in 2025. The firm made three acquisitions in the Southwest in February 2026 alone and entered the East Coast market in April through its acquisition of Divergent Planning.
PE Backer: Berkshire Partners & Ares Management
What This Means for Fundraisers: EP Wealth has the highest deal volume on this list, eight-plus acquisitions since taking on PE capital, which means a steady flow of newly onboarded advisor teams and fresh manager-lineup reviews to track.
3. Waverly Advisors
AUM: $35.5B
Headquarters: Birmingham, AL
Waverly Advisors is a fee-only roll-up that has completed more than 31 deals since taking capital from Wealth Partners Capital Group and HGGC in 2021. The firm was reportedly pursuing a recapitalization as of July 2026.
What This Means for Fundraisers: Waverly's 31-plus acquisitions since 2021 make it the most acquisitive platform on this list, and a pending recapitalization could bring a new backer and a fresh look at existing manager relationships.
PE Backer: Wealth Partners Capital Group & HGGC
4. Merit Financial Advisors
AUM: $24.0B
Headquarters: Atlanta, GA
Merit Financial Advisors is a hybrid RIA roll-up that swapped its prior backers, Wealth Partners Capital Group and HGGC, for Constellation Wealth Capital in 2025. The firm doubled its AUM in a single year through 13 acquisitions.
PE Backer: Constellation Wealth Capital (replaced WPCG/HGGC, 2025)
What This Means for Fundraisers: A doubled AUM base in one year means Merit's newly acquired practices likely still carry their prior manager relationships into the platform, since a backer swap alone doesn't re-underwrite existing lineups the way a full sale would.
5. Arax Advisory Partners
AUM: $23.2B
Arax Advisory Partners, rebranded from Arax Investment Partners, is backed by RedBird Capital Partners. The firm added Ashton Thomas Private Wealth, roughly $8 billion in AUM, as its seventh deal of 2026, and its CEO has said alternatives are central to the firm's strategy.
PE Backer: RedBird Capital Partners
What This Means for Fundraisers: Arax is one of two firms on this list most explicit about building out alternatives and family-office capabilities, making it a more likely near-term opening for alts and SMA distribution than the group average.
Dakota Marketplace tracks RIA aggregator accounts and verified contacts across the home office and advisor-team level, including every platform on this list. Filter by Private Equity backer, AUM, recent acquisition activity, and custodian or alternative platform access. Book a demo.
6. OnePoint BFG Wealth Partners
AUM: $15.0B
OnePoint BFG Wealth Partners, formerly Bleakley Financial Group, took a minority stake from Rise Growth Partners in 2024. The firm is shifting its advisor base from 1099 to W-2 status while building out six to eight regional hubs.
PE Backer: Rise Growth Partners (minority stake, 2024)
What This Means for Fundraisers: A minority stake typically leaves existing manager relationships in place rather than re-underwriting them, so outreach here should reach the underlying practice rather than wait on a home-office mandate.
7. Modern Wealth Management
AUM: $14.0B
Modern Wealth Management launched in April 2023 with $200 million in backing from Crestview Partners and has completed roughly 20 deals in three years. Per Dakota's Q2 2026 RIA M&A Report, the firm is still exploring a recapitalization.
PE Backer: Crestview Partners
What This Means for Fundraisers: At roughly 20 deals in three years, Modern Wealth is one of the newer entrants on this list, and its recapitalization exploration is worth tracking since a new backer could reset how the platform approaches manager selection.
8. Mission Wealth
AUM: $10.6B
Headquarters: Santa Barbara, CA
Mission Wealth is a high-net-worth planning firm, majority employee-owned, with more than 35 offices. The firm took a minority investment from Great Hill Partners in 2025, and recent acquisitions include Diversified Asset Management and FRG Family Wealth Advisors.
PE Backer: Great Hill Partners (minority stake, 2025)
What This Means for Fundraisers: As with the other minority-stake platforms on this list, Mission Wealth's acquired practices likely retain their existing manager relationships rather than being re-underwritten against a new approved list.
9. Apella Wealth
AUM: $10.5B
Headquarters: West Hartford, CT
Apella Wealth is an evidence-based RIA founded in 2014 and built around factor-based investing. Its most recent acquisition was the firm's 27th overall and 16th since Wealth Partners Capital Group and HGGC took a stake in 2021, a pace of roughly two deals a month.
PE Backer: Wealth Partners Capital Group & HGGC
What This Means for Fundraisers: Apella's factor-based, passive-leaning approach makes it a harder fit for higher-fee active strategies than most platforms on this list.
10. MCF Advisors
AUM: $4.7B
Headquarters: Lexington, KY
MCF Advisors is a fee-based RIA roll-up that took Wealth Partners Capital Group and HGGC's Aspire Holdings minority stake in March 2025. The firm has completed three deals since, most recently in April 2026.
PE Backer: Wealth Partners Capital Group & HGGC (Aspire Holdings stake, March 2025)
What This Means for Fundraisers: As the smallest platform on this list, MCF is the clearest example of the thesis behind this ranking: a firm still adding practices at a steady clip that could look very different in two years.
What This Tier Means for Fundraisers
This tier is still expanding rather than consolidating. A $5 billion platform on this list can reach $10 billion or more within two years, while the largest platforms are mostly integrating what they've already acquired rather than growing through new deals.
Three of the ten, Prime Capital, Merit, and EP Wealth, changed or added a PE backer in the past year, and all three were minority investments rather than full sales. That distinction matters: a minority stake typically leaves existing manager relationships in place, while a full sale re-underwrites the target against the acquirer's approved list.
One sponsor relationship can span several platforms in this tier. Wealth Partners Capital Group and HGGC alone back three platforms on this list, Waverly, Apella, and MCF, and took a $3.3 billion stake in Crewe Advisors this same quarter.
Manager relationships at most of these firms remain decentralized. Since acquired practices tend to keep their existing relationships, outreach needs to reach the underlying practice directly rather than wait on a home-office mandate that may not exist yet.
Dakota Marketplace tracks RIA aggregator accounts and verified contacts across the home office and advisor-team level, including every platform covered here. Filter by PE or institutional backer, AUM and recent acquisition activity, custodian and alternative platform access, or home office versus advisor-team contact level. These platforms are still setting their manager lineups.
Book a demo of Dakota Marketplace to reach these firms before they consolidate into the next Hightower.
