Consolidation in the RIA space picked up in July, with Dakota tracking 33 announced US wealth management M&A transactions totaling approximately $50.5B in client AUM, up from June's 31 deals and $26.2B. The Southeast led by value with 11 transactions totaling approximately $25.9B, anchored by LPL Financial's agreement to acquire the $15B Good Life Advisors OSJ network.
The Northeast led by count with 12 deals totaling roughly $16.9B, led by Corient's agreement to acquire $4.9B Seven Bridges Advisors and Arax Advisory Partners' deal for $3B Transcend Capital Advisors. The Southwest added three deals totaling about $4.5B, led by Caprock's $4B acquisition of Venturi Private Wealth, and the West contributed three deals totaling about $1.9B, headlined by Aspen Standard Wealth's $1.3B addition of CWS Financial Advisors. The Midwest was quietest, with three deals totaling about $1.2B. Separately, Hightower Advisors moved three affiliate practices across four states into its Hightower Signature Wealth platform, adding $5B.
On the minority investment front, Bixby Wealth Solutions replaced Emigrant Partners as strategic investor in $11B F.L.Putnam Investment Management, and Leon Financial Network backed $10.2B Tocqueville Asset Management. Elsewhere, Investcorp took a majority stake in $3B Berger Financial Group, its first US wealth manager investment.
The rumor pipeline stayed active: Clayton, Dubilier & Rice is reportedly pursuing a minority-stake sale in Focus Financial Partners, and Carlyle and Bain Capital are reportedly the final bidders for $160B Wealth Enhancement in a deal that could value it near $7B. Waverly Advisors is also reportedly pursuing a recapitalization.
Internationally, Söderberg & Partners agreed to acquire Schroders' £31B ($41.5B) UK advice business Benchmark Capital, the month's headline cross-border deal, while ING Group agreed to acquire roughly 40% of Spanish private bank Singular Bank.
The broader backdrop continues to support elevated volumes. Dakota's Q2 2026 RIA M&A report tracked 103 transactions totaling $164.7B, noting that with roughly a third of advisors expected to retire within the next decade, manager-lineup resets should keep creating fresh distribution openings well beyond this quarter.
ECHELON Partners' Q2 2026 report projected roughly 500 deals (including wealth tech) for full-year 2026, topping 2025's record of 466. "Volume easing off a record quarter isn't the headline," said Dan Seivert, CEO of ECHELON Partners. "The headline is that the market still delivered its strongest second quarter and first half on record, and that activity is concentrating among a smaller group of repeat, well-capitalized buyers. That's where the industry is heading."
Announced M&A
Northeast
- Mubadala Capital-backed Corient agreed to acquire $4.9B New York-based RIA Seven Bridges Advisors, founded by CEO Larry Cohen.
- RedBird Capital Partners-backed Arax Advisory Partners signed a deal to acquire $3B Madison, NJ-based RIA Transcend Capital Advisors, founded by former NYSE CEO Duncan Niederauer. Transcend is Arax's seventh addition in 2026.
- Flexpoint Ford-backed Clearstead Advisors acquired myCIO Wealth Partners, a nine-person Philadelphia team advising roughly $2.6B in AUM across the Northeast, Mid-Atlantic, and Southeast.
- Bain Capital-backed Carson Group acquired $1.76B Lebanon, NH-based Doyle and Loughman Wealth Management Group, a Wells Fargo Advisors Financial Network team serving clients in the Upper Valley region.
- Farmington Hills, MI-based UHY combined with Newburgh, NY-based RBT CPAs, lifting UHY's wealth management arm to roughly $1.5B in AUM, up from $103M reported in March.
- Coastal Bridge Advisors merged with $1.1B Hingham, MA-based RIA One Charles Private Wealth, pushing Coastal Bridge past $10B in AUM. Founders Paul Squarcia and Erik Wallin join as managing partners.
- TA Associates- and Onex-backed Wealth Enhancement agreed to acquire the Kaminsky-Silverman Group of Shufro Rose in New York, a two-advisor team managing over $554M.
- Constellation Wealth Capital-backed Merit Financial Advisors acquired $502.5M Towson, MD-based RIA Towson Wealth Management, led by CEO Kurt Wiegert. The firm rebrands under Merit’s name.
- Emigrant Partners-backed F.L.Putnam Investment Management acquired $500M Portsmouth, NH-based RIA Seascape Capital Management, led by CEO Monica McCarthy.
- Kelso- and Cynosure-backed Savant Wealth Management acquired $240.4M South Portland, ME-based RIA Richard Brothers Financial Advisors. The deal marks Savant’s first office in Maine.
- Stone Point Capital-, CPP Investments- and Onex-backed OneDigital Investment Advisors acquired $240M New York City RIA Genesis Asset Management Group, led by Sebastian Triscari.
- BharCap Partners-backed GCG Advisory Partners partnered with East Providence, RI-based wealth manager BlueChip Financial Advisors, led by John Lemme and Michael Moretti, who join GCG as equity partners.
Southeast
- LPL Financial agreed to acquire the assets of Good Life Advisors, a Celebration, FL-based OSJ with about $15B across 200-plus affiliated advisors, closing around August 28. LPL already reportedly held a 20% stake in Good Life.
- Naples and Fort Lauderdale, FL-based Edwards Asset Management completed a succession transition with Naples, FL-based Shoaf Wealth Management, both Wells Fargo Advisors Financial Network practices, bringing Edwards to more than $3B in AUM.
- Coastal Bridge Advisors, a Focus Financial Partners affiliate backed by Clayton, Dubilier & Rice and Stone Point Capital merged with $2.38B Memphis, TN-based Waddell & Associates, which is adopting the Coastal Bridge name.
- OneDigital Investment Advisors acquired $1.8B Manassas, VA-based RIA Rosenthal Wealth Management Group, moving the team over from Cetera.
- Wealth Enhancement reportedly acquired $1.3B Cary, NC-based RIA WealthShield Partners, and agreed to acquire the investment advisory business of Cloud Investments, adding three North Alabama offices and more than $462M in client assets.
- CIVC Partners-backed Cary Street Partners acquired $506M Richmond, VA-based RIA Seneca House Advisors, marking its 22nd office nationally.
- Corient merged in $450M Nashville, TN-based RIA Music Row Wealth Management to its sports and entertainment group. The firm serves songwriters and performers in the country music industry.
- Wealth Partners Capital Group- and HGGC-backed Waverly Advisors acquired $443M Montgomery, AL-based hybrid RIA InVista Advisors. The firm has joined Waverly and dropped its LPL affiliation.
- Golden Gate Capital-backed Parallel Advisors acquired $400M Coral Springs, FL-based RIA Eaton Financial Group, marking its first move into Florida.
- Carson Group acquired $201M Covington, KY-based practice FFR Wealth Team, transitioning from an independent Carson Partners office to a Carson Wealth office.
Midwest
- Parthenon Capital-backed Choreo acquired substantially all the assets of $700M Wilmette, IL-based RIA Resource Financial Group, which specializes in transitions, liquidity events and retirement planning.
- $3.46B Evansville, IN-based Donaldson Capital Management merged with Columbus, IN-based RIA IMC Advisors, adding roughly $540M. The IMC team joins DCM’s existing Columbus office.
- Aon-owned NFP acquired North Royalton, OH-based Total Benefits Advisors, a wealth management, retirement plan, employee benefits services firm serving business owners and HNW individuals.
Southwest
- TA Associates-backed Caprock acquired $4B Austin, TX-based multi-family office RIA Venturi Private Wealth. The deal adds a new office in Oklahoma City, OK.
- Wealth Enhancement acquired wealth manager Trippon Wealth Management Group and its affiliated Houston CPA practice, adding approximately $299M in client assets. The firm specializes in the energy, healthcare and quick-service restaurant industries.
- Employee-owned, $5.9B Avidian Wealth Solutions acquired $171.5M Bellaire, TX-based RIA Ridgeback Capital Management, founded by Michael Kuznicki.
West
- Alpine Investors-backed Aspen Standard Wealth acquired $1.3B San Francisco-based fee-only RIA CWS Financial Advisors, bring its total AUM to $15B.
- Genstar Capital- and Lightyear Capital-backed Cerity Partners acquired $370.5M Portland, OR-based RIA Cordant Wealth Partners, which specializes in serving technology industry employees. Cordant will operate under the Cerity Partners brand.
- Carson Group acquired $236M Roseville, CA-based RIA Pinnacle Wealth Management, which focuses on clients in the retirement, telecoms and healthcare sectors.
Multiple Regions
- Thomas H. Lee Partners-backed Hightower Advisors moved Chicago-based Private Vista, Menlo Park, CA-based McGuirk & De Nevi Group, and Traverse City, MI/Valparaiso, IN-based Hightower Great Lakes into its Hightower Signature Wealth (HTSW) platform, in a $5B, three-practice addition.
Rumored M&A
- Private equity firm Clayton, Dubilier & Rice is reportedly pursuing a sale of a minority stake in Focus Financial Partners, with Goldman Sachs retained as advisor; CD&R is expected to remain the RIA aggregator's controlling owner. Focus's RIA network managed a combined $500B in client assets.
- Australian asset manager Macquarie Group is reportedly pursuing minority investments in US RIAs, funded through Macquarie Principal Finance.
- LPL-backed Great Valley Advisor Group, a $13B hybrid RIA, is reportedly pursuing a capital raise structured as succession financing, with Colchester Partners retained as advisor.
- Carlyle and Bain Capital are reportedly the final two bidders to acquire $160B RIA Wealth Enhancement, currently owned by TA Associates and Onex, in a deal that could value the firm at approximately $7B including debt.
- HGGC- and Wealth Partners Capital Group-backed $35.5B RIA Waverly Advisors is reportedly pursuing a recapitalization with Ardea Partners retained as advisor.
Minority Investments
- Carlyle-backed Bixby Wealth Solutions made a minority investment in $11B Lynnfield, MA-based RIA F.L.Putnam Investment Management, replacing prior investor Emigrant Partners.
- Dallas-based Leon Financial Network made a minority investment in $10.2B New York RIA Tocqueville Asset Management, its second RIA stake after a prior investment in $2.8B multi-family office Legacy Knight.
- Bahrain-based Investcorp acquired a majority stake in $3B Minnesota RIA Berger Financial Group; CEO Nick Asmus and the firm's advisors retain a significant stake.
- Austin, TX-based RIA Waterloo Capital, with about $2.26B in AUM, acquired an equity stake in fellow Austin advisory practice Ironclad Wealth.
- Prosperity Venture Partners, the family office of wealth management investor Tommy Mayes, made a strategic investment in ExchangiFi, a Palm Beach Gardens, FL-based platform for Section 351 tax-deferred exchanges; Mayes joins the company's board.
Notable International News
July saw broad international deal activity, concentrated in the UK alongside notable transactions in Spain, the Netherlands, Brazil, and Australia.
In the UK, KKR- and TA Associates-backed Söderberg & Partners agreed to acquire Schroders' £31B ($41.5B) advice business Benchmark Capital, the month's headline cross-border transaction, while Lovell Minnick Partners-backed £27B ($36.5B) London wealth manager W1M is reportedly weighing a potential sale with Rothschild & Co advising. Pollen Street Capital-backed Mattioli Woods acquired £400M ($535M) West Midlands-based KRD Financial Advisers, and TA Associates- and Synova-backed Fairstone Group added a combined £363M ($487M) in AUM across two deals: North East England's Grainger Financial Planning and Riverstone Wealth Management, and Aberdeen-based City Gate Aberdeen and Albyn Associates. CBPE Capital-backed Clifton Wealth Partnership also acquired £138M ($183M) Ipswich-based Morgan Law Financial Services, while Brooks Macdonald CEO Andrea Montague signaled further advice-firm acquisitions are likely.
Elsewhere in Europe, ING Group agreed to acquire roughly 40% of €19B ($21.7B) Spanish private bank Singular Bank from Warburg Pincus, and Delen Private Bank agreed to acquire €550M ($627M) The Hague-based wealth manager Van Lawick & Co.
In Brazil, Alza and Invés, two advisory offices affiliated with XP, are merging to create what would become XP's largest fee-based-focused affiliate office. In Asia-Pacific, EQT affiliate Windflower Pte. Limited raised its takeover offer for Australian wealth manager Perpetual to roughly A$2.55B ($1.78B), the third revised proposal in the process.
