Top RIA Channel Updates in June 2026

Consolidation in the RIA space moderated somewhat in June, with Dakota tracking 31 announced US wealth management M&A transactions totaling approximately $26.2B in client AUM — down from May's 39 deals and $52.9B, though deal count remains elevated relative to historical averages. The Northeast led by deal value, with five transactions totaling approximately $16.3B, anchored by Pathstone's acquisition of $12B Conshohocken, PA-based Mill Creek Capital Advisors — the month's headline transaction by a wide margin — and Waverly Advisors' acquisition of $3B Pittsburgh-based Smithfield Trust Company.

The Southeast was the busiest by deal count, with 12 transactions totaling approximately $3.6B, driven by a broad sweep of acquisitions across Florida and the broader region by serial acquirers including Carson Group, Modern Wealth Management, Arax Advisory Partners, Mariner, and Creative Planning. The West followed with eight transactions totaling approximately $4.1B, led by AlphaCore Wealth Advisory's acquisition of $1B Denver-based Elk River Wealth Management, EP Wealth Advisors' acquisition of $900M Menlo Park, CA-based Opes Wealth Management, and Mission Wealth's acquisition of $866M Bellevue, WA-based FRG Family Wealth Advisors. The Midwest contributed four transactions totaling approximately $1.3B in disclosed AUM, and the Southwest added two deals totaling approximately $902M, including MAI Capital Management's acquisition of $734M Dallas-based Service Academy Capital Management.

On the minority investment front, Wealth Partners Capital Group and HGGC's Aspire Holdings platform agreed to back $3.3B Salt Lake City, UT-based Crewe Advisors, and TPG Growth agreed to invest in Atlanta-based Smith + Howard, whose RIA affiliate carries nearly $727M in AUM.

The M&A rumor pipeline saw notable activity, with Hightower Advisors reportedly pursuing a controlling-stake sale at $353.7B AUM with Goldman Sachs and Ardea Partners retained, and both $22.1B Summit Trail Advisors and $11B Parallel Advisors also reportedly exploring sales.

Internationally, the month's headline transaction came from Mubadala Capital-backed Corient, which agreed to acquire €4.5B Paris-based multi-family office Letus Private Office as part of its broader European expansion, while Audax Private Equity-backed Harbourfront Wealth Group agreed to acquire Toronto- and Calgary-based Cumberland Partners, adding $5B in AUA, and separately agreed to a new investment from Berkshire Partners at a valuation of C$1.775B ($1.25B).

The broader backdrop continues to support elevated transaction volumes. MarshBerry data through May put year-to-date announced transactions at 160 — an 11.1% increase over the same period in 2025 — with private capital-backed buyers accounting for 68.8% of deals and the top three acquirers (Hightower, Carson, and Savant) representing 13.8% of all activity across 39 states. "Buyer appetite remains robust," said MarshBerry director John Orsini, "as both strategic and financial acquirers pursue opportunities to expand scale, enhance capabilities, and deepen their presence in attractive markets."

Announced M&A

Northeast

• Kelso & Company and Lovell Minnick Partners-backed RIA Pathstone acquired $12B Conshohocken, PA-based RIA Mill Creek Capital Advisors. The firm joins Pathstone’s existing Newtown Square, PA office.
• Wealth Partners Capital Group- and HGGC-backed Waverly Advisors acquired $3B Pittsburgh-based trust company Smithfield Trust Company, and separately, Frederick, MD-based WealthPlans, LLC and affiliated tax firm Cooley & Associates, P.C., adding about $250M.
• TA Associates- and Onex Corporation-backed Wealth Enhancement agreed to acquire the $760M New York-based Shufro-Glass Group of Shufro Rose led by Gregory Shufro and Steven Glass. Shufro and Glass will become equity holders of Wealth Enhancement.
• Carlyle-backed MAI Capital Management acquired $273M Old Saybrook, CT-based RIA Saybrook Wealth Group, which specializes in serving commercial construction professionals and families with special needs dependents.

Southeast

• Crestview Partners-backed Modern Wealth Management agreed to acquire $1.1B Clearwater, FL-based RIA Flaharty Asset Management. Client assets will transition from LPL to Fidelity as part of the deal.
• Bain Capital-backed Carson Group acquired $1.1B Lake Mary, FL-based Osaic affiliate Jackson Wealth Management, marking Carson's 46th integrated office.
• TRIA Capital Partners-backed Modera Wealth Management acquired $311.6M Plantation, FL-based RIA Northstar Financial Planners. The firm focuses on serving pre-retirees, Florida Retirement System special risk employees, and families of children with special needs. Founder Allen Giese joins as wealth manager and principal.
• Genstar Capital-backed Cetera Financial Group acquired $300M Johnson City, TN-based RIA Marmo Financial Group. The eight-person team joins Cetera as W-2 employees under Cetera Planning Partners.
• RedBird Capital Partners-backed Arax Advisory Partners acquired $236M Coral Gables, FL-based wealth and tax advisory firm Millares Asset Management, with co-founder Maria Millares and sons Ruben and Javier Millares joining.
• Leonard Green & Partners and Neuberger Berman-backed Mariner agreed to acquire $218M Jupiter, FL-based RIA Atlantic Wealth Partners, focused on serving first responders in Florida’s Palm Beach and Martin counties, including local police, fire rescue and emergency service organizations.
• 119th Street Capital- and Pelican Capital-backed Maridea Wealth Management acquired $180M Daytona Beach, FL-based RIA Ashford Investment Advisors, marking Maridea's first Florida office. The Ashford team will continue working from its existing office.
• BharCap Partners-backed GCG Advisory Partners acquired $180M Knoxville, TN-based advisory firm Head Investment Partners – a former Osaic affiliate – marking GCG's first Tennessee presence. Founder Daniel Head joins as operating and equity partner.
• Stone Point Capital-backed Bluespring Wealth acquired Element Wealth Advisors, a Kestra Financial-affiliated firm in Atlanta. The firm will continue under its existing name, led by managing partners Todd Mitman and Jeremy Reese.
• SkyKnight Capital- and Dragoneer Investment Group-backed Simplicity Group acquired Melbourne, FL-based retail wealth and annuity firm August H. Velten & Associates, founded by August Velten, who becomes a Simplicity Partner. The firm will rebrand as Simplicity Wealth Advisors: Melbourne.
• Stone Point Capital-backed Alliant Insurance Services subsidiary Senior Market Sales acquired Nocatee, FL-based retirement planning firm Stratton & Company, which focuses on serving retirees through annuity and income-planning strategies.
• General Atlantic- and TPG Capital-backed Creative Planning agreed to acquire Fort Myers, FL-based accounting and advisory firm MarkhamNorton Accountants+Advisors. It provides tax, accounting, forensic accounting, business valuation, litigation support, and advisory services.

Midwest

• Wayzata, MN-based firms – $600M retirement-focused RIA Fiat Wealth Management and $350M UHNW-focused boutique advisory firm Pack Private Wealth – merged into a new holding company MDWP.
• Estancia Capital Partners- and LLR Partners-backed Soltis Investment Advisors acquired $325M Dayton, OH-based Artifex Financial Group, co-founded by Doug Kinsey and Darren Harp.
• SkyKnight Capital and Dragoneer Investment Group-backed Simplicity Group Holdings acquired Chicago-based estate and benefits planning firm Benefit Planning, Inc., a Northwestern Mutual affiliate practice. Founder Bob Muzikowski joins Simplicity as partner.
• ABRY Partners-backed Prime Capital Financial acquired Wichita, KS-based advisory firm Access Capital, founded by Sean Spencer, adding him as partner and managing director in the RIA's Wichita office. The firm focuses on business succession, estate and tax planning, and charitable strategies.

Southwest

• Carlyle-backed MAI Capital Management acquired $734M Dallas-based UHNW RIA Service Academy Capital Management, joining MAI's Evoke division. The firm constructs bespoke portfolios using both private and public market investments. Founder Brian Sears continues as senior managing director.
• Kelso & Company-backed Savant Wealth Management acquired Albuquerque, NM-based Meridian Wealth Advisors and affiliate Meridian Tax Advisors, adding about $168M in AUM. The firm serves high-net-worth individuals and couples approaching or in retirement.

West

• Constellation Wealth Capital-backed AlphaCore Wealth Advisory acquired $1B Denver-based RIA Elk River Wealth Management, bringing the seven-person team into its Cherry Creek, CO office. Elk founder Chris Freimuth joins as managing partner.
• Berkshire Partners- and Ares Management-backed EP Wealth Advisors acquired $900M Menlo Park, CA-based RIA Opes Wealth Management, founded by Mark Duvall. Opes combines real estate and wealth management expertise, serving tech professionals across Silicon Valley.
• Great Hill Partners-backed Mission Wealth acquired $866M Bellevue, WA-based RIA FRG Family Wealth Advisors, and an unnamed Southern California firm, adding more than $1B combined.
• Osaic-owned CW Advisors acquired $655M Torrance, CA-based RIA Catalina Capital Group, founded by Chris Frantz, establishing CW Advisors' first Southern California office.
• Neuberger Berman-backed Mariner acquired $320M California-based Wealth Conscious Management, adding a team focused on entertainment-industry clients led by founder Tyler Robuck and co-leader Bennett Gross.
• Bain Capital-backed Carson Group acquired the $270M Arvada, CO practice of advisor Ted Swenson, marking Carson Wealth's 47th integrated office. The firm serves a multigenerational client base.
• Stone Point Capital-backed OneDigital Investment Advisors acquired Reno, NV-based advisory and insurance firm Hendricks & Associates, founded by Edward Hendricks, expanding OneDigital's Nevada presence.

Rumored M&A

• Goldman Sachs CEO David Solomon said the firm is open to acquisitions in its $3.8T asset and wealth management business, citing "gaps in scale" as a rationale for future M&A.
• Hightower Advisors is reportedly pursuing a controlling-stake sale at $353.7B AUM, retaining Goldman Sachs and Ardea Partners. Thomas H. Lee Partners has held control since 2017, and CEO Larry Restieri succeeded Bob Oros in 2025.
• $22.1B New York UHNW-focused wealth manager Summit Trail Advisors is reportedly exploring a sale, retaining Ardea Partners, following the departure of three partners to NewEdge Wealth in late 2025. The firm has already held preliminary talks with multiple strategic acquirers, per sources.
• $11B San Francisco RIA Parallel Advisors, majority-owned by Golden Gate Capital, is reportedly pursuing a controlling-stake sale, retaining William Blair to run the process.
• LPL Financial is reportedly in talks to acquire $2.8B Burlington, MA-based Commonwealth Financial Network affiliate Axial Financial Group. Axial was founded in 2006 and operates three offices.
• Charlotte, NC-based $2B Novare Capital Management is actively exploring acquisitions amid an ongoing ownership transition following Emigrant Partners' 2025 minority stake (40%).
• Waverly Advisors has signaled appetite for more deals in southwestern Pennsylvania following its acquisition of Pittsburgh-based Smithfield Trust Company, per the Pittsburgh Business Times.

Minority Investments

• Wealth Partners Capital Group and HGGC's Aspire Holdings platform agreed to make a minority investment in $3.3B Salt Lake City, UT-based RIA Crewe Advisors. The investment will fund acquisitions and organic growth initiatives.
• TPG Growth agreed to invest in Atlanta-based Smith + Howard, whose RIA affiliate Smith & Howard Wealth Management carries nearly $727M in AUM, mostly from high-net-worth clients.
• $10.2B Radnor, PA-based RIA Callan Family Office made a strategic investment in Bellevue, WA-based estate planning platform Vanilla, along with a joint product development partnership for ultra-high-net-worth clients.

Notable International News

June saw broad international deal activity across Europe, Asia-Pacific, and Canada. In the UK, Madison Dearborn Partners-backed Wealthspire's Ground Control Business Management acquired Arena Wealth, a business management firm serving professional golfers, marking Ground Control's second UK deal; Arena will rebrand to Ground Control. Irish wealth firm Goodbody, owned by AIB Group, agreed to acquire £700M Belfast-based Legacy Wealth Management, while Motive Partners agreed to acquire London-based pension investment platform Mobius (£30B+ AUA) from Phoenix Equity Partners. Elsewhere in Europe, Rothschild & Co agreed to fully acquire Hamburg-based multi-family office bank Marcard, Stein & Co from the M.M.Warburg Group, gaining a German banking license in the process. Mubadala Capital-backed Corient is also set to acquire €4.5B Paris-based multi-family office Letus Private Office as part of its broader European expansion.

In Canada, Audax Private Equity-backed Harbourfront Wealth Group agreed to acquire Toronto- and Calgary-based Cumberland Partners and its subsidiaries, adding $5B in AUA, and separately secured a new strategic investment from Berkshire Partners at a valuation of C$1.775B ($1.25B), with Audax retaining a significant stake.

In Asia-Pacific, White Mountains Insurance Group- and MassMutual-backed Kudu Investment Management took minority stakes in two Australian wealth managers in separate transactions: Melbourne-based Drummond Capital Partners (A$6.6B AUM) and Sydney-based Australian Financial Planning Group (A$3B AUM). In India, Deutsche Bank agreed to sell its retail banking, private banking, and wealth management business — covering roughly €2.7B in loans and 150,000 customers — to Kotak Mahindra Bank, while General Atlantic is reportedly in talks to acquire PAG's approximately 54% stake in Nuvama Wealth Management in a deal valued at approximately $1.82B.