Top RIA Channel Updates in January 2026

It was more of the same in January following a 2025 that set records in M&A activity and sponsor-backed investment in the RIA and wealth space. Dakota tracked 36 M&A transactions of US wealth managers involving approximately $91B in AUM, with 10 deals involving firms with client assets of over $1B.

The month's biggest headlines came from Raymond James and Janus Henderson. The former added to its stable of independent boutique investment managers with its agreement to acquire Clark Capital Management Group, which provides institutional-quality solutions to a national US footprint of advisors and affluent clients, boasting approximately $46B in assets and sub-assets under management. London-based Janus Henderson agreed to acquire $20B AUM, New York City-based Richard Bernstein Advisors, which provides tailored asset allocation solutions to major wirehouses, select RIA platforms and TAMPS.

In contrast to all the dealmaking activity during the month, the M&A rumor mill was fairly quiet. RIA stakes action was a bit busier though, headlined by Chicago-based aggregator Cresset raising $300M in preferred equity through existing investor Constellation Wealth Capital and new investor Blue Owl Capital, including Blue Owl founders Doug Ostrover and Marc Lipschultz investing through their Black Owl Capital Investments family office. Elevation Point was the most active RIA investor in January, taking a stake in $1.3B, Atlanta-based Harbor View Private Wealth as well as staking Forta Wealth Partners, an Indianapolis-based advisory team that joins from Merrill Lynch, where it handled about $900M in client assets.

Looking ahead, DeVoe expects the RIA M&A engine to stay hot in 2026. In a new report, the strategic advisor to RIAs argues PE has become the market’s central accelerant, driving roughly 70% of deal volume, while firms on both sides increasingly pursue transactions to solve for growth, which is now executives’ top concern and the leading motivation for both buyers and sellers. At the same time, persistent structural pressures – especially succession affordability and uncertainty (only 22% believe the next generation can buy out founders, and 42% don’t know) – along with a sharp shift toward cultural fit as the key acquisition criterion, should keep consolidation active even as valuations largely stabilize rather than reset.

Announced M&A

Northeast

• Raymond James agreed to acquire Philadelphia-based Clark Capital Management Group, which boasts approximately $46B in assets and sub-assets under management. Clark will retain its brand and become an independent boutique investment manager within Raymond James Investment Management.

• London-based asset manager Janus Henderson agreed to acquire $20B AUM New York City-based Richard Bernstein Advisors (RBA). The RIA is led by founder, CEO and CIO Richard Bernstein, who will join Janus as global head of macro and customized investing and previously served as chief investment strategist at Merrill Lynch.

• Cerity Partners, which is backed by Genstar Capital and Lightyear Capital, acquired $2.98B Rockville, MD-based RIA SOL Capital Management, which focuses on high- and ultra-high-net-worth clients, for an undisclosed sum.

• Mariner acquired two RIAs, adding around $1.8B in AUA. Rockland, MA-based First National Advisors, a five-advisor firm with expertise in advising medical and dental practices, is led by partner Michael Hebert and has around $1.5B in AUA. Pittsburgh, PA-based Strava Wealth is led by co-owner and CIO Adam Wright and has three advisors and around $360M in AUA.

• Choreo agreed to acquire RIAs Northeast Financial Group and Herbein Financial Group, which have a combined $1.3B in client assets. Both RIAs, based in Allentown and Reading, PA, are led by Josh Laychock. Choreo will add six advisors as part of the acquisition.

• Sponsor-backed aggregator Mercer Global Advisors agreed to acquire Lake Placid, NY-based RIA Long Run Wealth Advisors and its seven-person team managing approximately $640M in AUM.

• Kestra subsidiary Bluespring Wealth Partners acquired Coghill Investment Strategies, a Pittsburgh-based wealth manager with about $600M in AUM, as well as Front Porch Financial, a Cranford, NJ-based advisor managing approximately $73M in client assets, via a merger agreement with fellow Kestra network partner US Financial Services.

• Vistria Group-backed $11.7B RIA The Mather Group acquired $300M Red Bank, NJ-based The Hogan-Knotts Financial Group. Hogan-Knotts is led by principals and advisors Robert Hogan and Timothy Knotts.

• Monterey, CA-based aggregator Modern Wealth Management acquired a Rochester, NY-based advisory practice with around $300M in client assets. The four-person team is led by managing director Craig Houck.

• Integrated Partners acquired Guilford, CT-based Fair Street Advisors. The team, led by founder, managing partner, and advisor Vincent Esposito, includes partner and advisor Connor Dolan and manages approximately $233M in AUM.

Southeast

• Cetera acquired Louisiana-based wealth manager Darnall Sikes Wealth Partners, which has about $1.9B in AUM overseen by six advisors. Darnall Sikes Wealth will join Avantax Planning Partners, the tax planning unit within Cetera's RIA model.

• HGGC-backed Apella Wealth expanded its Mid-Atlantic footprint with the acquisition of Virginia-based PBMares Wealth Management, which reported $1.3B in regulatory AUM, marking Apella’s 25th transaction to date.

• Generational Wealth, a newly formed wealth management and financial planning firm, launched under one brand following a $100M merger between South Florida Financial Services (SFFS) and another unnamed advisor. The combined firm, headquartered in North Palm Beach, FL, will manage around $900M in assets and be led by SFFS founder Branden Schiralli.

• Prime Capital Financial acquired Salisbury, NC-based wealth manager Bradshaw Rogers Financial Partners, which has a seven-person team providing integrated wealth and tax planning services and manages approximately $600M in AUM.

• Rockford, IL-based, sponsor-backed aggregator Savant Wealth Management acquired Knoxville, TN-based $498M APC Financial Planning. The Tennessee RIA is led by president and advisor Joe Ottaviano, who bought the firm in 2021.

Midwest

• Bain Capital-backed Carson Group acquired Quincy, IL-based wealth advisory Schlipman Wealth, a long-time partner firm that will rebrand as Carson Wealth as part of the transaction. The firm, with $500M in AUM, is led by managing partner and advisor Mark Schlipman.

• Carson Group also fully acquired its Minneapolis-based Carson Wealth location, which has about $395M in assets and has been a part of the Carson ecosystem since 2005. Carson said the move from a minority stake to full ownership is designed to fuel regional expansion and support the firm’s next generation of leadership.

• Mercer Global Advisors agreed to acquire Morton, IL-based Poterack Capital Advisory and its $265M in client assets. Poterack is led by CEO and advisor Ryan Poterack and includes wealth manager Alec Quaid.

• Atlanta-based RIA Merit Financial Advisors acquired SSC Wealth, the wealth management division of Topeka, KS-based SSC CPAs + Advisors. SSC Wealth primarily serves UHNW individuals and has about $259.6M in AUM.

• Rothschild Wealth Partners acquired Chicago-based RIA Windgate Wealth Management, which manages around $200M in client assets. Windgate is led by CEO, CIO, and advisor Michael Corbett, and managing director, partner, and advisor Sean Condon.

• Credent Wealth Management acquired Kalamazoo, MI-based MainStreet Financial Advisors and its approximately $150M in AUM as the Crestline Investors-backed RIA continued to expand its national footprint.

Southwest

• Florida-based Bimini Capital Management subsidiary Bimini Advisors Holdings agreed to acquire a controlling 80% stake in Oklahoma-based investment advisory firm Tom Johnson Investment Management, which is led by president and CIO Richard Parry and manages approximately $1.6B in client assets.

• Genstar Capital-backed Cerity Partners acquired Texas-based Austin Private Wealth, integrating APW’s $1.4B in assets and its specialized tax and cross-border planning expertise into Cerity’s national platform, while expanding the firm’s footprint in the Austin market.

• EP Wealth Advisors – which is backed by Ares Management and Berkshire Partners – acquired Scottsdale, AZ-based Capital Insight Partners, adding $730M in AUM. Nine members of the firm will join EP Wealth, including co-founder Susan Anastasiadis.

• Folsom, CA-based RIA Allworth Financial acquired Denton, TX-based Grunden Financial Advisory, which has around $500M in AUM. The firm is led by partner advisors Ricky Grunden Sr., Dave Ragan, and Susy Thomas, with all three, including CEO Grunden, continuing in their existing roles.

• Cetera acquired Plains Wealth Management, a Houston-based independent practice overseeing about $400M in assets. The team, formerly affiliated with Cetera's Avantax, joins The Retirement Planning Group within Cetera.

• Credent Wealth Management acquired Tulsa, OK-based First State Investment Advisors, adding approximately $100M in AUM and expanding its footprint in the Southwest. our advisors to its platform.

• Great Hill Partners-backed RIA Mission Wealth, acquired Austin, TX-based PBL Wealth Management – which reported $75M in regulatory AUM in its most recent Form ADV. PBL’s founder Adam Broughton joins as a partner and senior wealth advisor.

West

• KKR-backed Beacon Pointe Advisors agreed to acquire Larkspur and Walnut Creek, CA-based Litman Gregory Wealth Management from iM Global Partner, adding $2.7B in client assets, 18 professionals, and three offices across Northern California and Missouri. The deal will integrate Litman Gregory’s expertise in tax and estate planning into Beacon Pointe’s allWEALTH platform.

• Corient acquired Palo Alto, CA-based RIA Palo Alto Wealth Advisors, which manages $766.7M in client assets and is led by partner and CEO Kurt MacAlpine.

• Constellation Wealth Capital-backed Avior Wealth Management acquired $500M RIA Protection Point Advisors, which is based in Sacramento, CA, and led by CEO and founder Rick Watson.

• Wealthspire’s Ground Control Business Management acquired Los Angeles-based business and wealth management firm Ceres Financial Management, which serves entertainers, entrepreneurs, and other high net worth individuals.

• Angeles Wealth Management acquired Los Angeles-based XO Capital – which reported $186.6M in regulatory AUM in its most recent Form ADV – to create Angeles Family Office. XO co-founders Adam Stern and Jason Oclaray will work with Angeles Wealth's discretionary portfolio management and wealth advisory team in the new entity.

M&A Rumors

January proved a relatively quiet month on the M&A rumor front. The parent company of $7.6B, Erie, PA-based RIA HBKS Wealth Advisors, Canfield, OH-based accounting firm Hill, Barth & King, has reportedly retained Houlihan Lokey to assist in finding a private equity investor for either a minority or majority stake sale, while Kudu Investment Management-backed RIA First Long Island Investors is reportedly pursuing a sale and has retained Piper Sandler as its investment banker.

Minority Investments

• In a headline-making move, Cresset reportedly raised about $300M in preferred equity capital. Cresset’s minority investor, Constellation Wealth Capital, agreed to make the investment alongside alternative asset manager Blue Owl Capital. Blue Owl founders Doug Ostrover and Marc Lipschultz invest in Constellation through their family office, Black Owl Capital Investments.

• Elevation Point Invests in $1.3B Breakaway Harbor View Private Wealth

• Elevation Point did two minority stake deals in January, making an investment in Harbor View Private Wealth, an Atlanta-based breakaway team overseeing approximately $1.3B in client assets under supervision, and staking Forta Wealth Partners, an Indianapolis-based advisory team that joins from Merrill Lynch, where it handled about $900M in client assets.

• Cambridge Investment Research made a minority investment in The AmeriFlex Group, an advisor-owned hybrid RIA based in Las Vegas with 11 advisors managing over $1B in client assets. The firm's current leadership team, including COO Jesse Kurrasch, will maintain full strategic control following the investment.

• Concurrent Investment Advisors took minority stakes in Dallas-based Capital Ideas and Austin-based Bearing Financial Advisors. The two operate under Alpha Capital Dallas and have a combined $385M in AUM.

Notable International News

January proved a busy month for deal-making in the wealth space, particularly in Europe and Latin America. In Europe, highlights included TPG Capital-backed Creative Planning making a double swoop, agreeing to acquire $4.8B British wealth manager Maseco Private Wealth and agreeing to buy US-registered Swiss wealth manager Baseline Wealth Management, which oversees over $1B in client assets. Elsewhere in Europe, Lovell Minnick Partners-backed W1M Wealth Management, the recently rebranded entity of Waverton and London & Capital, agreed to acquire Vermeer Partners, a London-based firm managing over £2B ($2.7B) in assets.

BTG Pactual-backed private banking group EFG International agreed to fully acquire private bank Quilvest Switzerland and integrate it into its subsidiary EFG Bank. Zurich-based Quilvest handles about CHF 5.3B ($6.8B) in client assets, has a strong presence in Latin America, and focuses on UHNW individuals. Miami-based Insigneo, which focuses its $30B AUM business on HNW clients in Latin America and is backed by Bain Capital Credit and JC Flowers & Co., is reportedly exploring a capital raise to fund further expansion, while in Brazil, Estancia Capital Partners-backed asset manager Azimut Group agreed to acquire a majority stake in Brazilian wealth management firm Unifinance Group, which specializes in the UHNW segment and manages approximately R$4.1B ($766.7M) in assets.