RIA Activity in June 2025: Transitions, Trends, and Team Moves

RIA M&A deal volume and acquired AUM roughly doubled in July compared to June, with Dakota tracking 24 deals involving more than $37.7B in AUM during the month, compared to 14 deals involving approximately $18M in AUM in the month prior.

Osaic accounted for more than a third of the month's AUM deal value, as it added $13.5B RIA CW Advisors to strengthen its W2 platform, while Focus Financial kept busy, with network affiliate Focus Partners Wealth making two acquisitions -- David Wealth Management and Spectrum Wealth Management -- during the month.

Looking ahead, Hellman & Friedman and Warburg Pincus are reportedly shopping $287B Edelman Financial Engines, one the largest independent RIAs, which alongside rumors earlier this year that Aquiline Capital Partners is reportedly exploring a sale of $239B AUM SageView Advisory Group, could make for some blockbuster deals reshaping the RIA landscape.

On the investments side, Elevation Point made its first deal after receiving a minority investment from Emigrant Partners by acquiring a minority stake in Family Office Partners.

Read on for Dakota’s June roundup of RIA M&A and investment news.

M&A

• RedBird Capital Partners-backed Arax Investment Partners acquired Schecter Investment Advisors (SIA), the RIA unit of Birmingham, MI-based Schechter, adding about $4B in AUM. Source

• Seattle-based Coldstream acquired Portland, OR-based RIA Cable Hill Partners, which manages approximately $2B in client assets. The combined company has 40 certified financial planners overseeing $13B in client assets. Cable Hill Partners was represented by DeVoe & Company in the deal, which closed June 1. Source

• Mercer Global Advisors – a $71B RIA backed by Oak Hill Capital, Genstar Capital, and Altas Partners – acquired $2B wealth management company Full Sail Capital in Oklahoma City, marking Mercer's second acquisition in the state. Full Sail was founded in 2018 by David Stanley, Scott Cravens, and Zac Reynolds. Hue Capital Partners served as exclusive financial advisor to Full Sail. Source

• West Des Moines, IA-based Sammons Financial Group agreed to acquire $8B RIA and financial planning software developer Wealthcare Capital Management from NewSpring Holdings, the latest move in its expansion into the wealth management industry. Source

• Merit Financial Advisors, backed by Wealth Partners Capital Group and HGGC Aspire Holdings, acquired $281M RCM Investments in American Fork, UT, marking its entry into the state. Principals Tony Riggs, Craig Riggs, Cameron Foster, and James Houston will join Merit as wealth managers and partners. Source

• $550B serial RIA acquirer Mariner Wealth Advisors struck a deal for New York-based wealth management firm Taurus Asset Management, adding $1.4B to its client assets and expanding its footprint in professional athlete advising. Source

• Torrance, CA-based EP Wealth Advisors acquired Boise, ID, RIA Buffington Mohr McNeal (BMM), bolstering its presence in the Intermountain West and adding $900M to the firm’s client assets. The 11 BMM employees, including co-founders Carey McNeal and Bruce Mohr will join EP Wealth in the transaction. Hue Partners facilitated the transaction as the financial advisor to BMM. Source

• Waukesha-based financial services firm Ampersand partnered with Anew Advisors, a wealth management firm dedicated to serving first responders. The collaboration aims to deliver cash management solutions and provide FDIC-insured high-yield savings and adds approximately $67.8M in AUM to Ampersand. Source

• Indianapolis-based Spectrum Wealth Management, a $1.2B Focus Financial network firm, merged into Focus Partners Wealth. The 12-person team led by co-founders Robert Phillips and Leslie Thompson, serves largely medical professionals. Spectrum Wealth is the second firm to join Focus Partners Wealth after the recent acquisition of Los Angeles-based Churchill Management Group. Source

• Insurance brokerage and financial services firm Hub International – which recently raised $1.6B in a funding round led by T Rowe Price, Alpha Wave Global, and Singapore's state investor Temasek – acquired $342.9M AUM Veripax Wealth Management (VWM), a Folsom, CA-based financial planning and investment advisory firm. VWM owner Jerry Verseput and advisor Brian Wells will join Hub in the deal. Hub's RIA affiliates now advise clients with total assets of approximately $178B. Source

• Los Angeles-based Lido Advisors is acquiring $833M fee-only RIA Exchange Capital Management (ECM) in Ann Arbor, MI, its first deal since announcing a planned minority stake investment from HPS Investment Partners last month. Source

• Bluespring Wealth Partners, a serial RIA acquirer under Kestra Financial, acquired Kestra ecosystem firm SilverStar Wealth Management and will merge it with LifeBridge Financial Group in Texas, creating a $1.4B RIA. SilverStar, led by Tim Hudson, will continue to operate under its own name before eventually rebranding as LifeBridge Financial. Source

• Wealth management firm Osaic struck a deal to acquire $13.5B Boston-based, fee-only RIA CW Advisors (CWA) from Audax Private Equity, significantly growing its W2 employee affiliation channel. Source

• Dayton, OH-based RIA Beacon Capital Management acquired Chicago-based Astor Investment Management, a $1B asset manager specializing in macroeconomic, rules-based risk methodologies. The acquisition, expected to close in August 2025, aims to provide Beacon advisors with access to additional data-driven strategies. Astor CEO Bryan Novak will join Beacon, along with CIO Jan Eckstein, who will be assistant VP of portfolio design. Source

• Charlotte, NC-based Strathmore Capital Advisors acquired Bethesda, MD-based $59.3M AUM New Potomac Partners, which is led by financial advisors Robin Mitler and David Straus. Strathmore reportedly wants to make one to two acquisitions per year, focusing on the Carolinas, and it specifically plans to seek other deals in the Research Triangle area of North Carolina, where New Potomac also has an office. Source

• NerdWallet is expanding into the RIA space, acquiring $178M RIA Future You Wealth and launching NerdWallet Wealth Partners. The new venture, which is led by Future You Wealth founder Ryan Sterling, will offer comprehensive wealth planning and investment management services, building on NerdWallet's existing subscription-based RIA, NerdWallet Advisors, and its advisor referral service. Source

• Merit Financial Advisors, a financial advisory firm based in Georgia backed by Wealth Partners Capital Group and HGGC Aspire Holdings, acquired Bothell, WA-based Olympic Wealth Management. Olympic Wealth, led by Eric Cumley, specializes in investment and retirement planning for the Seattle-Tacoma aerospace markets, most of which are Boeing employees. The acquisition expands the footprints of Merit in the Pacific Northwest and increases its assets by $204M. Source

• Digital family office Compound Planning expanded its team by adding eight new financial advisors, which included the acquisition of $120M Moscow, ID-based Northstar Group – comprising Kaitlin Jones, Mark Mooring, and Charlotte Jones. Additionally, five other advisors collectively managing $835M in client assets joined the firm in April: Michelle Leichtner from Motley Fool Wealth Management in Denver; Hali London from Motley Fool in Bethesda, MD; Jan Shull from Ameriprise in Des Moines, IA; James Taylor from Mercer Advisors in Phoenix; and Brandon Wyand from ARQ Wealth Advisors in Morrison, CO. Source

• Carson Group fully acquired an affiliate location in Salt Lake City, UT. The practice, which was a Carson Partner firm since 2017 and a Carson Wealth member since 2022, is led by Duane Toney and manages approximately $143M in client assets. Source

• Focus Partners Wealth acquired Fairfax, VA-based David Wealth Management in a transaction that is expected to close in the third quarter of 2025. David Wealth has been led by Jim David since 2012. The deal – which will add $239M to its regulatory AUM – marks Focus's second acquisition since its rebranding in January. Source

• Apella Wealth, a West Hartford, CT-based firm backed by Wealth Partners Capital Group, acquired Iron Horse Wealth Management, a $574M RIA based in Johnston, IA. The acquisition brings Apella’s AUM to $6.1B and expands its presence in the Midwest. Iron Horse Wealth Management is led by founder Dennis Markway, who will assume the role of regional director. Source

• Hellman & Friedman and Warburg Pincus are reportedly looking to sell Santa Clara, CA-based financial planning and investment advisory firm Edelman Financial Engines, which has $287B assets under management. The private equity firms have engaged investment banker Moelis to explore the possibilities, which could include an outright sale or adding a strategic partner. Source

• Atlanta, GA-based Merit Financial Advisors Partners acquired Whitefish Bay, WI-based AMP Wealth Management, which provides investment management services to affluent individuals and small businesses, adding $365M in assets. AMP's founder, Jerome Mahalick, will join Merit as wealth manager alongside his team. Source

• Frisco, TX-based accounting, tax, and assurance firm and RIA MRM CPAs & Wealth Advisors is acquiring Endeavour Private Wealth, a Houston, TX-based financial advisory firm. Source

• StoneX Group signed a letter of intent to acquire $225.1M AUM Miami-based Intercam Advisors and Intercam Securities from Intercam Holdings, with the parties intending to enter a definitive agreement in the near future. Source

Investments

• Elevation Point, a minority stake partner for independent advisors and breakaway firms established by Jim Dickson, acquired a minority stake in Lafayette, LA-based RIA Family Office Partners, its first deal after receiving a minority investment from Emigrant Partners. Family Office Partners is a 12-person team led by Benjamin Domingue, Shawna Prejean, and Travis Frayard. The team recently departed from UBS where it managed $2.5B in client assets. Source

• Oklahoma City-based RIA Exencial Wealth Advisors, which has $5.3B in AUM, is reportedly considering selling a minority stake. The firm has engaged Advisor Growth Strategies to secure a potential investor but could ultimately opt for a debt sale instead of equity to raise capital. Source

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