RIA M&A activity reflected in October’s withdrawal filings was dominated by mostly small deals, while four firms that joined Corient accounted for more than half of the reported assets ($16.2 billion). Those firms included H.M. Payson at $9.1 billion, Seven Bridges at $4.6 billion, CapWealth at $2 billion and Music Row at $400 million. October’s filings reflected 30 transactions representing about $29.6 billion in reported firm assets under management (AUM).
The median firm had about $354 million in AUM and 19 of the 30 transactions involved firms that had less than $500 million in AUM. The typical firm had just four advisory professionals, and 20 had five or fewer. These are largely boutique practices where succession planning can sometimes drive the decision to sell.
Filing activity was concentrated as well, with 13 filings recorded over the last four business days of the month.
Multiple Transactions
Corient, AlphaCore, Savant, Farther, Hightower and Waverly each appeared in two or more transactions reflected in October’s filings. AlphaCore acquired Elk River Wealth Management and Blue Rock Financial Group, Savant gained Cedarstone Advisors and Heller Wealth Management, Private Counsel Group and Cannon Wealth Management Services joined Farther, Hightower gained Valley Financial Group and Sandy Cove Advisors, and Waverly got InVista Advisors and Heartwood Wealth Advisors.
Geographic Diversification
The firms were spread across 22 states, from Jackson, Mississippi, and Wayzata, Minnesota, to New York and Menlo Park, California. Buyers were looking well beyond the major financial centers to expand their footprints.
The four firms that joined Corient stretched from Portland, Maine, to New York and two cities in Tennessee — Nashville and Franklin. Additional locations included Atlanta; Cincinnati; Marietta, Georgia; Carmel, Indiana; Denver; Rehoboth Beach, Delaware; Thousand Oaks, California; Indianapolis; Portland, Oregon; San Jose, California; Hingham, Massachusetts; Westport, Connecticut; Dallas; Winston-Salem, North Carolina; Ambler, Pennsylvania; Montgomery, Alabama; Boston; Melville, New York; Richmond, Virginia; Manasquan, New Jersey; Coral Gables, Florida; and Greenville, South Carolina.
Watch Out For Data Lag
Unfortunately, transaction announcements and their filings don’t always line up. The Bey‑Douglas combination with Resurgent was announced in January and OneDigital’s acquisition of Silicon Valley Retirement Services in February, yet both appeared in October’s withdrawal filings. For asset managers and distribution teams, that lag can mean the advisor they are planning to reach out to is already part of a larger platform with a different investment committee.
As consolidation continues, keeping up with who owns which relationships is a competitive advantage.
As consolidation continues, keeping up with who owns which relationships is a competitive advantage.
Hesom Parhizkar is the Co‑Founder and Chief Product Officer of AdvizorPro.
