M&A activity in the RIA space picked up in September, with Dakota tracking 35 deals totaling $91B in acquired AUM, up from 26 deals in August with $40.9B AUM. The uptick in activity was driven largely by private equity-backed firms, which continued to serve as the primary catalyst for consolidation in the sector. September’s AUM tally excludes $518B in institutional assets under advisement and administration across three deals, as well as $214B in client assets that Corient will gain through its planned acquisitions of UK-based Stonehage Fleming and Stanhope Capital Group.
Corient Private Wealth, with the help of Mubadala Capital’s recent backing, remained the most active buyer, closing deals for $4.5B Northeast Financial Consultants and $3.5B Breed’s Hill Capital in addition to its pickups in the UK. Cerity Partners also struck a sizable deal with the acquisition of Graypoint, an Albany, NY-based RIA managing $4.5B in assets. Meanwhile, reports indicated that Creative Planning is in advanced talks to acquire SageView Advisory Group, an Aquiline Capital Partners-backed retirement plan manager overseeing $238.5B in assets.
On the investment side, OneDigital, which oversees $142B in client assets, is reportedly exploring a majority stake sale, with Evercore advising. In another move, Merchant Investment Management acquired a minority stake in Validus Capital, a Los Angeles-based multi-family office with $2.5B in assets serving ultra-high-net-worth clients.
Read on for Dakota’s full roundup of RIA M&A and investment news from the month of September.
M&A
Miami-based wealth advisor Corient, whose parent company CI Financial was recently acquired by Mubadala, agreed to acquire UK firms Stonehage Fleming and Stanhope Capital Group, adding $214B in client assets and expanding its presence into the EMEA region. The proposed deals would create a $430B independent ultra-high-net-worth wealth manager. Multi-family office Stonehage Fleming manages $175B in assets across its offices located in 12 jurisdictions. Wealth manager and advisory firm Stanhope Capital has $40B in assets. Terms of the deals, expected to close in the first half of 2026, were not disclosed. Source
Corient acquired Connecticut-based, $4.5B RIA Northeast Financial Consultants. The transaction marks Corient’s entry into the state. Houlihan Lockey served as the exclusive financial advisor to Northeast Financial. Source
Corient acquired Boston-based multifamily office Breed’s Hill Capital. Founded in 2013 by John Edwards, Breed’s Hill Capital manages $3.5B in assets, providing investment advisory to ultra-high-net-worth families. Terms of the deal were not disclosed. Cambridge International Partners served as financial advisor and Mintz as legal counsel to Breed’s Hill Capital. Source
Bain Capital-backed Carson Group acquired Anchorage, AK-based Shilanski & Associates. The firm, which manages $436M in client assets, will retain its current leadership. Shilanski was founded in 1981 by US Air Force veteran Floyd Shilanski and his wife Rosa Shilanski. Wise Rhino served as the exclusive M&A advisor to the Shilanski team. Terms of the deal were not disclosed. Source
Cetera Financial Group’s employee-based RIA The Retirement Planning Group acquired Cetera affiliate firm HMC Partners, a Greensboro, NC-based wealth advisory firm with $425M in client assets. The firm’s co-founders John Hardy and Gib McEachran, who joined in the deal, were previously affiliated with Summit Financial Networks, a community within the Cetera Advisor channel. Source
Portsmouth, NH-based independent RIA Wellesley Asset Management acquired Halbert Wealth, a wealth advisory in Austin, TX. According to Halbert’s most recent Form ADV, it has $72.8M in AUM, all of which are non-discretionary. Financial and legal terms of the deal remain undisclosed. Source
Galway Holdings-backed MAI Capital Management acquired $612M RIA J.W. Coons Advisors. Founded by James W. Coons in 2003, the firm is based in Columbus, OH, with an additional office in Naples, FL. Financial and legal terms of the deal, which closed on September 19, were not disclosed. Turkey Hill Management advised Coons Advisors. Cleveland-based MAI Capital had $31.2B in AUM and $3.8B in assets under advisement as of June 30. Source
TowerBrook Capital Partners-backed global business advisory firm EisnerAmper acquired Bolotin Financial Group, a Boston-based wealth management company that also has offices in Florida. It manages $1.1B in client assets, according to Accounting Today. Upon closing, Bolotin Financial joined Prosperity – an EisnerAmper company. Terms of the deal were not disclosed. Source
Charlesbank Capital Partners-backed business advisory and accounting firm Aprio agreed to acquire Mize CPAs, a Midwest-based accounting and advisory firm for entrepreneurs and McDonald's owner/operators, along with its affiliated wealth management firm Prism Financial Group. Upon closing, KS-based Prism Financial, which manages $1.8B in client assets, will join Aprio's RIA Aprio Wealth Management. Mize managing partner James Hilbert and Prism managing partner Tim Shmidl will join Aprio as partners. Terms of the deals, expected to close around November 1, were not disclosed. Source
Carson Group acquired Akron, OH-based Wells Trecaso Financial Group, a $570M independent advisory firm led by managing partners and wealth advisors Douglas Wells and Ralph Trecaso. The team also includes partners and wealth advisors Christopher Walters and Samuel Trecaso. Financial and legal terms of the deal were not disclosed. MarshBerry served as exclusive M&A advisor to Wells Trecaso. Carson Group is backed by private equity firm Bain Capital. Source
Private Advisor Group affiliate Artemis Wealth Advisors merged with Adam Weiner's Freedom Financial team. The merger of the two Troy, MI-based firms was effective September 1. With Weiner's roughly $70M AUM, Artemis now manages $386M in client assets. Artemis is co-led by Andrew Wilson and Cameron Staley. Private Advisor is backed by Merchant. Source
Retter Capital Management, a boutique RIA in Melbourne, FL, founded by Edwin "Eddie" Retter, merged into $12.5B Mission Wealth. Retter will join Mission Wealth as the firm's 55th equity partner. Retter Capital has $50.7M in regulatory assets under management, according to its latest Form ADV. Mission Wealth is backed by Great Hill Partners. Source
Birmingham, AL-based RIA Waverly Advisors acquired Brass Tax Wealth Management, a wealth management firm in Blue Ash, OH, with $465M in client assets. Terms of the deal, which closed on September 12, were not disclosed. Waverly Advisors, which now manages $19.9B in AUM, is backed by Wealth Partners Capital Group and HGGC’s Aspire Holdings platform. Source
Cleveland, OH-based MAI Capital Management acquired Summit Financial Advisors, a San Mateo, CA-based wealth advisory with $570M in assets. Summit, founded in 1998 by Rafael Velez, has grown into a boutique advisory firm for emerging affluent and high-net-worth clients. As of June 30, MAI Capital had $35B in total assets, including $31.15B in assets under management and $3.84B in assets under advisement. MAI Capital Management is backed by Galway Holdings, which in turn is supported by Carlyle Group, Oak Hill Capital, and Harvest Partners. Terms of the deal, which closed on September 12, were not disclosed. Advice Dynamics Partners advised Summit Financial. Source
Austin, TX-based aggregator of independent RIAs and hybrid wealth management firms Bluespring Wealth Partners acquired New Wall Street, an existing Kestra Financial firm based in Green Bay, WI, overseeing $135M in client assets. The firm was co-founded by Bernie Van Eperen and Chris Battle. Bluespring’s parent entity Kestra Holdings is majority owned by Stone Point Capital, while Oak Hill Capital holds a minority stake. Source
Overland Park, KS-based RIA Creative Planning acquired Grassi Investment Management, a wealth management firm in Santa Clara, CA, with $1.3B in AUM. Terms of the deal, which closed on Aug. 28, were not disclosed. Decerno Advisors served as the exclusive advisor to Grassi Investment. Creative Planning and its affiliates have $370B in combined assets under management. The firm has minority backing from General Atlantic and TPG Capital. Source
Reverence Capital Partners-backed Signature Estate & Investment Advisors agreed to acquire Select Money Management, a wealth management firm in Aliso Viejo, CA, with $1.6B in client assets. The move expands Signature Estate’s Southern California presence with a new office in Aliso Viejo and 10 additional advisors and staff. Greenberg Traurig served as legal counsel to Signature Estate and Transaction Legal Services acted as legal counsel for Select Money Management. Source
Newport Beach, CA-based Beacon Pointe Advisors acquired three RIAs – Alderfer Bergen & Co. in Warsaw, IN; Moser Wealth Advisors in Bellevue, WA; and Amore Ambro in Jericho, NY. Alderfer Bergen, a fiduciary financial advisory firm managing $650M AUM, is led by partners and managing directors Alan Alderfer, Michael Bergen, and Jason Gergely. Moser Wealth, which provides comprehensive tax planning and investment management services, manages $270M in client assets and is led by partner and managing director Scott Moser. Amore Ambro, an independent, fiduciary-focused wealth advisory firm, is led by partner and senior wealth advisor Louis Ambrosio and has $165M in AUM. The Alderfer Bergen and Amore Ambro deals closed on Aug. 1 and Aug. 16, respectively, while Moser Wealth officially joined Beacon on Sept. 1. Beacon Pointe, which is backed by KKR, now has $48B in assets under advisement. Source
St. Louis, MO-based Parkwoods Wealth Partners acquired Shoreline Wealth Advisors, a New Castle, IN-based RIA with $350M in assets under advisement. The deal, which closed on Aug. 1, also includes Shoreline’s affiliated tax preparation firm Shore & Co. Shoreline is led by founder Bud Shore and co-owner Jay Bumbalough. Source
New York City-based $123B independent wealth management firm Cerity Partners, which is backed by Genstar Capital, will merge with Graypoint, an Albany, NY-based RIA managing $4.5B in client assets, of which $2.8B are from 435 high-net-worth clients. As part of the deal, Daniel Nolan, president and CEO of Graypoint, will assume the role of partner and vice chairman at Cerity Partners. Upon closing, Graypoint will operate under the Cerity Partners brand. Terms of the deal were not disclosed. Republic Capital Group is advising Graypoint, and Alston & Bird is serving as legal counsel. Lowenstein Sandler is serving as legal counsel for Cerity Partners. Source
Crestview Partners-backed RIA Modern Wealth Management acquired Public Safety Financial/Galloway, a $1.1B Mesa, AZ-based RIA serving more than 3,000 public safety households across 100 plus police and fire departments. The deal lifts Modern Wealth’s AUM past $10B. The firm will launch a new division – Public Safety Financial – to serve police officers, firefighters, government employees, military veterans and their families. Gladstone Associates advised on the deal. Source
Kelso & Co.-backed Savant Wealth Management acquired St. Paul, MN-based $1.2B fee-only RIA PrairieView Partners, marking its first deal in Minnesota. As a part of the deal, which closed on August 29, PrairieView’s partner team, including Matt Weier, Paula Price, Kristy Schaffer, Jonathan Jaranson, and Bo Aylin, will join Savant as member-owners. Luke Murray, a senior wealth manager, will also become a member-owner in Savant. M&A advisory firm Alaris Acquisitions facilitated the deal. Source
Boston-based RIA New England Private Wealth Advisors acquired DHK Financial Advisors, a $1.6B RIA headquartered in Portsmouth, NH. The combined firm will manage approximately $5B in client assets. Founded in 1993, DHK provides OCIO solutions to institutions and investment management services to more than 70 clients. NEPWA was acquired by Aspen Standard Wealth in April. Source
Global professional services firm Aon agreed to sell a majority stake in NFP’s wealth business to Madison Dearborn Partners for about $2.7B. The deal includes Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms, which will be consolidated under a single brand after closing. Completion is expected late in the fourth quarter. UBS Investment Bank was lead financial adviser to Aon, with Moelis & Co. also advising. Skadden Arps and Dentons acted as legal counsel. Madison Dearborn was advised by Goldman Sachs, with legal counsel from Paul Weiss and Kirkland & Ellis. Source
Private equity-backed Apella Wealth acquired $1B, Chicago-based RIA Park Piedmont Advisors. The fee-only advisory firm – led by Nick Levinson and Tom Levinson – has $474.8M in discretionary and $546.6M in non-discretionary assets. Financial and legal terms of the deal, which closed on August 29, were not disclosed. Apella, which is backed by Wealth Partners Capital Group and HGGC, now manages $8B in client assets. Source
Osaic’s CW Advisors acquired two Pennsylvania-based RIAs – Capital Management Services and CHB Investment Group – adding $575M in assets. Terms of the Deals, which closed in August, were not disclosed. Gladstone Group advised CW Advisors on the CHB Investment deal. The CHB Investment transaction was CW Advisors’ first deal since being acquired by Osaic in August. CW Advisors now manages $14.5B in AUM across 22 offices nationwide. Source
Mercer Global Advisors, a private equity-backed mega RIA, added $850M in client assets through the acquisitions of Eagle Wealth Management of Central Oregon and Eagle, ID-based West Oak Capital. The $350M Eagle Wealth deal also brings in affiliated tax services firm Eagle Wealth Accounting. Hue Capital Partners advised Eagle Wealth, while DeVoe & Co. represented West Oak Capital, which manages $500M. Mercer Global is backed by Altas Partners, Genstar Capital and Oak Hill Capital. Source 1, 2
Independent RIA United Capital Financial Advisors acquired $1.1B The Paul Group, an ultra-high-net-worth advisory firm with established practices in the Los Angeles and metro New York markets. Terms of the deal, which closed on August 22, were not disclosed. ECHELON Partners served as exclusive advisor to The Paul Group. Source
Berkshire Partners-backed EP Wealth Advisors acquired Santa Fe, NM-based $370M RIA Better Money Decisions. The deal helps EP Wealth to boost its presence in the Southwest. Under the deal, Better Money Managing Partner Lea Ann Knight will join EP Wealth as a regional director and partner, along with a team of four wealth advisors. Meanwhile, Better Money Managing Partner Lorraine Ell will retire. Financial and legal terms of the deal were not disclosed. Source
Moorestown, NJ-based RIA Lane Hipple Wealth Management Group, with $520M in AUM, is reportedly merging into $42.8B Moneta Group Investment Advisors. The deal was characterized as an equity swap by Lane Hipple partner Thomas Lane III, and it is expected to close on October 1. Source
Overland Park, KS-based Creative Planning is reportedly in advanced talks to acquire Aquiline Capital Partners-backed $238.5B retirement plan manager SageView Advisory Group. A deal is yet to be finalized between the companies. Led by CEO John Longley, Newport Beach, CA-based SageView has 1,700 institutional clients and 5,000 individual and family clients, according to its website. Creative Planning, which manages $370B in client assets, has private equity support from TPG and General Atlantic. Source
Concurrent Investment Advisors reportedly acquired San Diego-based retirement planning firm Next Retirement Solutions, which advises on $10B in assets held in 401(k) plans, corporate stock plans, and other benefits programs. The deal closed on September 10. Concurrent Investment is backed by Merchant Investment Management. Source
Oakmont Capital Management, an RIA based in Oakmont, PA, will reportedly merge with Pittsburgh-based, institutional-focused investment consulting firm BilkeyKatz Investment Consultants, which reportedly advises on over $8B of assets. The deal, expected to close October 1, will create a combined firm with about $9B in assets under advisement. The new firm will operate under the Oakmont Capital Management name. Oakmont reported $631M in AUM in its latest Form ADV. John Koteski will be CEO of the combined firm, while Darrin Duda will be CIO, and Patrick Fisher will be head of consulting services. Sources 1, 2
Investments
RIA investor Elevation Point acquired a minority stake in Loxahatchee Capital, a newly launched multi-family office based in Tequesta, FL. The firm, which oversees $1.4B in client assets, was formed by a seven-member team that broke away from UBS. Loxahatchee is led by Andrew J. Plum, managing partner and head of the investment committee, alongside Thomas J. Cullen, partner and senior portfolio manager. The firm aims to provide bespoke wealth management and planning solutions for high-net-worth families and institutions. Elevation Point is backed by Emigrant Partners. Source
Cleveland-based Wellspring Family Office sold an unspecified stake to The Pritzker Organization. According to its most recent Form ADV, Wellspring has $4.2B in regulatory assets under management – $1.4B of which are discretionary – from 144 clients, including 115 high-net-worth individuals and 9 charitable organizations. Source
New York-based RIA investor Merchant Investment Management has acquired a minority stake in Validus Capital, a Los Angeles-based multi-family-office platform for ultra-high-net-worth families. Founded in 2022 by John Krambeer, who previously founded RIA Camden Capital, now known as Certuity, in 2004, Validus manages approximately $2.5B in client assets. Terms of the deal were not disclosed. Source
GCG Wealth Management parent entity GCG Advisory Partners completed a recapitalization with an investment from BharCap Partners. With more than $3B in assets, GCG Advisory provides liquidity and succession planning for established advisors. The newly secured investment will be used to accelerate the firm’s acquisition strategy and further enhance the firm's monetize-and-scale platform. Houlihan Lokey served as exclusive financial advisor, and Holland & Knight served as legal counsel to GCG Advisory. Simpson Thacher & Bartlett served as legal counsel to BharCap. Terms of the transaction were not disclosed. Source
Neuberger Berman reportedly exited its minority stake in Merit Financial Advisors, following the $20B RIA’s agreement to take on a new minority investment from Constellation Wealth Capital. The transaction, expected to close in the current quarter, also paved the way for Merit’s previous backers – Wealth Partners Capital Group and HGGC – to step aside. Source
OneDigital, an Atlanta-based insurance brokerage, wealth manager, and retirement plan manager, is reportedly considering selling a majority stake in the firm. The company, which oversees about $142B in client assets, has engaged Evercore to advise on the process. Led by CEO Adam Bruckman, the firm is backed by private equity firm Onex Corp. Source
