This month’s WSRIA roundup of top RIA news brings you: EP Wealth acquired Opes Wealth; Clearstead bought a team from myCIO; Hightower added three practices to Hightower Signature Wealth; Caprock agreed to acquire Venturi; Arax agreed to acquire Transcend; Bartholomew & Company launched; CWS joined the Aspen Standard platform; Vanilla partnered with Callan; Lido appointed Dan Marquis as CFO; DeVoe and Berkshire reported record RIA M&A activity; and Cerulli called for RIAs to adopt more deliberate growth strategies.
Mergers & Acquisitions
EP Wealth Acquires Opes Wealth Management In California
EP Wealth Advisors, a fee-only RIA, acquired Menlo Park, California-based Opes Wealth Management, adding over $900 million in assets under management (AUM) and expanding its presence in Northern California. Eight Opes team members will join EP Wealth. Mark Duvall, Opes’ Founder, and Erin Whalen will serve as Regional Directors at EP Wealth.
Opes was founded in 2005 to combine real estate and wealth management expertise, drawing on Duvall’s background in West Coast real estate development. The team serves technology professionals, including Apple and Google employees, throughout Silicon Valley. The transaction is EP Wealth’s fifth partnership of 2026. Alaris Acquisitions served as advisor to Opes.
Duvall said, “From the beginning, Opes has been built around the belief that clients are best served through integrated advice. As we considered the next chapter for our firm, it was important to find a partner that shared that philosophy and commitment to putting clients first. EP Wealth offers the resources to enhance our business for the future.”
Clearstead Buys $2.6 Billion Philadelphia Team From myCIO
Cleveland-based RIA Clearstead Advisors acquired a Philadelphia-based wealth management team from myCIO Wealth Partners, adding a group that advised on about $2.6 billion of regulatory AUM of March 31. The transaction closed June 30 and expands Clearstead’s high net worth wealth management, retirement plan consulting and tax capabilities.
Paul Bracaglia leads the nine-person team, which includes Senior Advisors Phil Bonelli, Michael Finelli, Bruce Fenster and Jackson Davey. The team serves high net worth investors, families and retirement plans across the Northeast, Mid-Atlantic and Southeast, and the five advisors will become Clearstead Partners. Colchester Partners served as financial advisor to myCIO. After the deal, Clearstead advises on about $68 billion in total client assets, including about $37 billion under management.
Brad Knapp, CEO of Clearstead Advisors, said, “Clearstead’s M&A strategy is centered on partnering with firms and teams that enhance outcomes for our clients, create opportunity for our colleagues, expand our capabilities, and extend our geographic reach. We prioritize culturally aligned organizations that share our client-first, fiduciary mindset, and a commitment to serving high-net-worth and ultra-high-net-worth individuals, family offices, and institutional clients.”
Hightower Signature Wealth Adds $5 Billion From Three Practices
RIA Hightower Advisors added Private Vista, Hightower Great Lakes and The McGuirk & De Nevi Group to Hightower Signature Wealth, its direct-to-consumer practice launched in 2025. The three practices contribute approximately $5 billion in assets under management (AUM) as of June 30, six locations and more than 40 team members. The additions bring Hightower Signature Wealth to about $35 billion in AUM, more than 140 advisors and over 40 locations.
Hightower said the model centralizes investment management, operations, technology, compliance, marketing and client service while maintaining local advisory relationships. The firm reported that Hightower Signature Wealth has added more than $25 billion in AUM in the first half of the year through internal and external acquisitions into the brand.
Larry Restieri, CEO of Hightower, said, “These advisors share our commitment to delivering an exceptional client experience and recognize the value of giving advisors back more time in their days. The continued growth of Hightower Signature Wealth reflects the demand for a wealth management model that combines local relationships with institutional-quality capabilities. We are excited to welcome these talented professionals and support their continued success.”
Caprock Acquires $4 Billion Venturi Private Wealth
Boise, Idaho-based RIA Caprock announced it will acquire Austin, Texas-based RIA Venturi Private Wealth, which oversees $4 billion in AUM. The transaction expands Caprock’s Texas presence and adds Venturi’s Oklahoma City office. Venturi will operate under the Caprock brand and use its platform after closing. Venturi Co-Founder and CEO Russ Norwood and Joey Sager, who leads the Oklahoma City office, will become Managing Directors at Caprock.
Founded in 2015, Venturi serves entrepreneurs, executives and families through investment management, financial planning, family office services, wealth education and governance services. Caprock advises on approximately $17 billion in client assets and operates offices in 11 cities. Berkshire Global Advisors served as Venturi’s exclusive financial advisor. DLA Piper served as Venturi’s legal counsel, while Stoel Rives served as legal counsel to Caprock.
Norwood said, “As we considered the next chapter for our firm, it was important to find a partner that would strengthen what we do for our clients. Caprock brings broader investment capabilities, deeper family office resources and the scale to support clients as their needs continue to evolve.”
Arax Agrees To Acquire Transcend Capital Advisors
Arax Advisory Partners signed a definitive agreement to acquire Transcend Capital Advisors, an independent RIA with more than $3 billion in AUM as of June 30. The transaction, expected to close in the third quarter, would make Transcend the seventh firm to join Arax in 2026. Transcend has offices in New Jersey, Michigan, Rhode Island and Florida.
Founded in 2019 by former New York Stock Exchange CEO Duncan Niederauer and a group of partners, Transcend’s platform is led by President and Chief Investment Officer Jacob Grossman and Head of Fixed Income Robert Brown. Houlihan Lokey served as Transcend’s financial advisor, and Seward & Kissel served as its legal counsel.
“At Arax, we’ve always believed that exceptional wealth management firms are built around exceptional advisors,” said Haig Ariyan, CEO of Arax. “From our earliest conversations, it was clear that the Transcend team shared that philosophy. They have built an outstanding firm by bringing together seasoned advisors, experienced investment professionals and a steadfast commitment to serving clients.”
Advisor Transactions
$6 Billion Bartholomew & Company Launches Hybrid RIA
Bartholomew & Company launched its own independent hybrid RIA after operating under Commonwealth Financial Network’s corporate RIA and broker-dealer since the Worcester, Massachusetts-based firm’s 1994 founding. The firm oversees about $6 billion in client assets and continues its broker-dealer relationship with Commonwealth.
As of June 30, Bartholomew & Company reported $5.85 billion in AUM and $180 million in assets under advisement, with more than 40 professionals across Worcester and Framingham, Massachusetts. Founder Tom Bartholomew recently stepped down as CEO and President but remains Chairman; his son, Alex Bartholomew, became CEO while continuing as Chief Investment Officer.
“Launching our own RIA strengthens our ability to support clients and advisors while remaining focused on the service, guidance, and investment expertise our clients expect,” said Alex Bartholomew. “We are continuing to build on an exceptional foundation – one defined by innovative thinking, disciplined decision-making, and an unwavering commitment to our clients. This milestone strengthens our ability to do exactly that for decades to come.”
$1.3 Billion CWS Financial Advisors Joins Aspen Platform
CWS Financial Advisors joined the Aspen Standard Wealth platform, bringing approximately $1.3 billion in client assets and raising total AUM across Aspen’s affiliated RIAs to about $15 billion. CWS is an independent, fee-only RIA based in Kalamazoo, Michigan, with offices in the San Francisco Bay Area. The firm provides investment management, financial planning and coordination with attorneys and CPAs for affluent households, and traces its history to 1983.
Aspen said its model supports affiliated RIAs while preserving each firm’s identity and leadership. CWS will retain its client-service approach while gaining access to Aspen resources in areas including technology and practice management. Turkey Hill Management advised CWS on this deal.
Joe Splendorio, Principal at CWS, said, “Joining the Aspen platform allows us to continue growing thoughtfully while staying focused on what matters most: serving our clients with the same personalized advice and long-term perspective they’ve come to expect from us. Aspen’s long-term commitment to the team members who support our clients and its leadership in key areas such as technology and practice management will help position CWS to continue delivering a best-in-class client experience for many years to come.”
Strategic Partnerships
Vanilla Partners With Callan Family Office
Vanilla, an estate planning platform for wealth management firms, announced a strategic partnership with RIA Callan Family Office, which serves ultra-high net worth families, family offices, foundations and endowments. The arrangement includes a strategic investment by Callan Family Office in Vanilla and a joint product development and go-to-market agreement focused on estate planning technology for the ultra-high net worth market.
Joint product development will focus on consolidated multigenerational planning visualizations and reporting, support for complex entity and asset ownership structures, and deeper data connectivity between Vanilla and systems used by family offices. The go-to-market plan includes joint thought leadership, events and distribution efforts.
Jack Ginter, CEO of Callan Family Office, said, “The partners of Callan Family Office have worked with ultra-high-net-worth investors for decades on average, and we have seen firsthand the limitations of the systems to handle the most complex estate planning needs. Our work with Vanilla is designed to bring together the best of both technology and expertise to help families preserve wealth across generations.”
Promotions & People Moves
Lido Advisors Appoints Dan Marquis As CFO
RIA Lido Advisors appointed Dan Marquis as Chief Financial Officer. Marquis has two decades of experience and joins the firm as it builds out its Lido One platform for investment management, tax planning and estate planning.
As CFO, Marquis will oversee financial operations and planning, work with senior leadership and the board on capital strategy, and help guide expansion. He most recently served as Managing Director of FP&A and Capital Markets at Carson Group. The Los Angeles-based firm said it has over $42.5 billion in regulatory AUM.
Marquis said, “Lido has built something genuinely differentiated in the wealth management space, a platform that brings together investment management, financial planning, tax strategy, and trust and estate in a way that truly serves clients. I’m excited to join a leadership team with this level of ambition and to help provide the financial foundation that supports the next chapter of Lido’s growth.”
Research
DeVoe Reports Record First-Half RIA M&A Activity
RIA M&A activity reached a first-half record in 2026, with 167 announced transactions through June, according to DeVoe & Company’s Q2 RIA M&A Deal Book. That total exceeded the prior first-half record of 148 deals in 2025 by 13%. Second-quarter volume declined 20% from the first quarter’s record 93 transactions to 74, but still surpassed the prior second-quarter high of 73 transactions set last year.
DeVoe’s consolidator survey found that 82% of respondents expect valuations to remain stable during the next six months and 18% expect declines. None expected increases. The gap between seller expectations and buyer offers is widening, according to 73% of the participants. Although 82% reported acquisition pipelines larger than six months earlier, only 45% expected acquisition activity to increase, while 45% expected it to remain steady and 10% planned to reduce acquisitions.
David DeVoe, CEO of DeVoe & Company, shared, “Despite a slowdown in the second quarter, the underlying drivers of RIA M&A haven’t changed. Buyers still have capital to deploy, sellers still face the same growth and succession challenges, and we continue to expect transaction activity to remain historically strong.”
Cerulli Says RIAs Need More Deliberate Growth Strategies
Cerulli said RIAs need more deliberate marketing and business development programs to offset asset attrition and improve organic growth. Regular income withdrawals and one-time distributions represented 56% of RIA outflows in 2025, while annual asset attrition typically ranges from 2% to 5% of AUM, excluding client departures. More than half of RIA clients are at least 50 years old, increasing exposure to decumulation-related outflows.
Referrals generated 74% of new RIA clients, but only 51% of firms proactively ask clients for referrals and 22% plan to add referral efforts to their organic growth strategies. RIAs allocate an average of 5% of expenses to marketing, and only 14% use a dedicated marketing resource. Cerulli said firms may use outside consultants, fractional chief marketing officers, automation and customized content when internal staffing and capital are limited.
Stephen Caruso, Director at Cerulli, stated, “As we consider RIAs’ increasingly critical growth goals, organic growth has become a key success metric. Across the market today, one of the key trends was that RIAs who recognize that organic growth needs a dedicated strategy and resources are far more likely to succeed than firms that take an intermittent or occasional approach.”
Berkshire Global Reports First-Half M&A Increase
Berkshire Global Advisors counted 225 U.S. wealth management transactions involving RIAs with at least $100 million in AUM during the first half of 2026, up nearly 40% from 162 deals a year earlier. It said activity is on pace for another annual record as large acquisitions, smaller tuck-ins and mid-sized transactions all contributed to deal volume.
The firm recorded 26 transactions involving RIAs with more than $5 billion in assets, compared with 15 during the first half of 2025. Berkshire attributed the increase to continued consolidation among established firms and a recapitalization cycle for platforms that raised outside capital in 2020 and 2021.
Berkshire also examined consolidation in the United Kingdom and Australia. In the U.K., larger platforms require deeper pools of capital, while buyers are scrutinizing regulatory histories, operating systems, management teams and scalability. Australia continues to attract private capital in part because of its retirement asset base and advisor shortage, but the market has relatively few firms with the size and infrastructure required to support broad acquisition programs.
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