This month’s WSRIA roundup of top RIA news brings you: Waverly buying TruWealth, Corient buying Capital Advisors, Prairie Wealth and McEwen Group merging, Sowell partnering with Merchant to launch an advisor equity program, ECHELON reporting on record M&A, Sanctuary recruiting Iron North, Arax onboarding The Oak Group, Gryphon Wealth launching, Cetera forming an employee-advisor RIA, Prosperity uniting five firms, Lido appointing executives, and Oasis and AdvisorEngine publishing a white paper on RIA growth.
Mergers & Acquisitions
Waverly Purchases TruWealth, Adds $3.1 Billion In AUM
Waverly Advisors, headquartered in Birmingham, Alabama, is buying TruWealth Advisors, a New Orleans area RIA that oversees $3.1 billion in assets under management (AUM). The deal allows Waverly to expand into Louisiana and other markets across the South.
Founded in 2020, TruWealth, which consists of 31 professionals, is led by Chuck Simmons and Jim Parrie, General Manager and Chief Operating Officer. Simmons will join Waverly as Partner and Wealth Advisor and will continue leading the Louisiana offices, and Parrie will join Waverly as Partner and Regional Director. They will be joined at Waverly by their entire team.
“Chuck and his team have built a respected firm grounded by transparent communication, disciplined portfolio construction and a genuine commitment to prioritizing clients’ needs above all else,” said Justin Russell, President and CEO of Waverly. “Their investment outlook and client service approach aligns closely with Waverly’s, and we are pleased to welcome TruWealth to the Waverly team.”
Corient To Acquire $7.8 Billion Capital Advisors
Corient announced an agreement to acquire Capital Advisors, a Tulsa, Oklahoma-based RIA with $7.8 billion in assets under management (AUM). The acquisition gives Corient its first office in Oklahoma. Capital Advisors was founded in 1978 and serves families and institutions.
Capital Advisors is employee-owned and led by Keith Goddard, CEO, and Andy Brown, President. The firm has 47 financial professionals. It has a presence in Oklahoma, Texas and six other states.
Goddard said, “Corient’s private partnership model was the key factor in our decision to join the firm, as it reflects the values that drive Capital Advisors – integrity, teamwork, and dedication to our clients. Corient allows us to enhance the client experience by gaining access to a broad network of expertise and a wide range of wealth management and family office services, including alternative investments, trust strategies, tax preparation and bill paying.”
Prairie Wealth And McEwen Group Form Billion-Dollar RIA
Prairie Wealth Advisors announced a merger with The McEwen Group, a five-person advisory team formerly affiliated with RBC Wealth Management, forming a combined RIA with more than $1 billion in client assets. The McEwen Group adds over $400 million in assets under management (AUM) and approximately $200 million in 401(k) assets to Prairie Wealth, which serves mass affluent, high net worth and ultra-high net worth families.
Tim McEwen, Managing Director of The McEwen Group, will join Prairie Wealth as a Partner and become President. Prairie Wealth said the team adds an equity-focused investment perspective to Prairie’s existing expertise in municipal bonds and alternative investments.
Craig Hundt, Founder and CEO of Prairie Wealth, said, “This was never about finding just any partner; it was about finding the right one. Tim’s values align closely with our vision for delivering tailored client service and continuing to evolve the solutions we provide. The Prairie Wealth team is thrilled to welcome The McEwen Group.”
Sowell Partners With Merchant To Launch Advisor Equity Program
North Little Rock, Arkansas-based RIA Sowell Management launched an Advisor Partnership Program to provide new and existing advisors with resources, capital and the opportunity to participate in firm equity and long-term enterprise value. Sowell will partner with New York-based Merchant, which will provide capital to fund the program, enhance capabilities and support Sowell’s M&A strategy.
The program is designed to support succession, continuity planning, growth and operational scale. Merchant has over 130 partner firms and RIA practices in six countries representing more than $340 billion in assets. Sowell Management, founded in 2001 by Bill Sowell, had over $6.5 billion in assets as of April.
Daryl Seaton, CEO of Sowell Management, said, “As we considered the next chapter of our growth, we wanted to demonstrate our appreciation for our advisors’ loyalty and their dedication to serving clients with distinction, while giving them additional incentive to support the ongoing success of the firm.”
ECHELON Reports Record RIA M&A Quarter
ECHELON Partners reported 142 RIA M&A transactions announced in the first quarter of 2026, making it the most active quarter for RIA M&A deals ever. The total surpassed the prior high of 125 transactions announced in both the third quarter of 2025 and the fourth quarter of 2024. It said total transacted AUM reached $1.67 trillion.
Average assets per transaction reached $1.8 billion, excluding transactions involving more than $20 billion in AUM. ECHELON said private equity involvement continued to shape deal activity, with 71.8% of transactions including some PE backing, and projected about 475 transactions for 2026.
Dan Seivert, CEO and Managing Partner of ECHELON, said, “The highest-performing outcomes are coming from sellers who partner with platforms that materially improve their businesses. That includes offloading non-core functions like compliance, HR, and finance, while gaining institutional-grade capabilities in areas like growth, client acquisition, and practice management.”
Advisor Transactions
Sanctuary Adds $350 Million Iron North From UBS
Hybrid RIA Sanctuary Wealth recruited Iron North Private Wealth, a UBS breakaway team responsible for $350 million in assets. Iron North was founded by CEO Brad Desormeaux and President Abigail Allsup and will establish an office in Coeur d’Alene, Idaho. Sanctuary said the team will become its first partner firm in Idaho.
Iron North works with individuals, families, college and professional athletes, and institutions. Desormeaux served 12 years in the Air Force and has 18 years of wealth management experience, joining UBS in 2008. Allsup has more than 12 years of financial services experience and started at UBS in 2015.
Desormeaux said, “We’re passionate about service and up until this point have been able to overcome obstacles to serve our clients at a high level. As we educated ourselves on independence … Sanctuary stood out because they understood our business, our vision and the kind of support we needed to grow. They give us the flexibility, resources and scale to serve clients at an even higher level while building for the future.”
Arax Adds $1.5 Billion The Oak Group
Arax Advisory Partners, an independent RIA, added The Oak Group, a Hudson Valley wealth management practice with close to $1.5 billion in client assets. The Oak Group joins Arax from Wells Fargo Advisors.
Founded in 2003 by Ryan Peek and Gary Ben-Ezra, The Oak Group is based in Poughkeepsie, New York. Arax said the team is its second New York-based wealth management team addition of 2026.
Peek said, “This is an exciting new chapter for The Oak Group. In Arax, we were pleased to find a partner that is as dedicated to delivering excellent client service as we are. We look forward to exploring the new opportunities that this move creates for our clients and advisory practice overall.”
Gryphon Wealth Launches Independent RIA With TradePMR
Gryphon Wealth, a Jacksonville, Florida-based wealth management firm with more than $3 billion in AUM as of April 17, launched as an independent, fee-only fiduciary RIA and selected TradePMR as its technology, service and custodial support provider. The firm is led by Jeffrey L. Wyatt, Chairman and Co-Founder; Jason D. Hyrne, CEO, CIO and Co-Founder; J. Adam Kirby, President and CCO; and Melissa Storch, COO.
The firm has 22 professionals, including in-house investment analysts and wealth planners, and serves high net worth individuals and families across financial planning, portfolio management, estate planning strategies, retirement income planning and cash flow management. Gryphon is leveraging TradePMR’s Fusion platform, including digital account opening, trading tools and client relationship management capabilities.
Hyrne said, “Our mission is to be your most trusted advisor by helping you feel more confident about your financial life and bringing you peace of mind. We have a commitment to helping our clients save and invest wisely with comprehensive financial planning and portfolio management. We’re trying to build the advisory company that we’d want for our own families.”
Strategic Initiatives
Cetera Combines Two Units Into RIA Cetera Planning Partners
Cetera Financial Group launched Cetera Planning Partners, an employee-advisor RIA that combines its Avantax Planning Partners (APP) and The Retirement Planning Group (TRPG) RIA divisions. The combined company will have 100 advisors and oversaw $19 billion in assets under administration as of March 31.
Cetera Planning Partners operates as an employee-advisor community within Cetera’s RIA and Branches channel. Advisors with Cetera Planning Partners will have access to in-house specialists for financial planning, tax, investments, estate planning, insurance, trust services and retirement solutions, as well as CPA firm relationships and a multi-custodial platform.
“The RIA market is consolidating fast, and advisor behavior is shifting rapidly as well, and Cetera made the decision to lead during this time of change, not to wait,” said Jennifer Hanau, President of the Cetera RIA and Branches channel. “The Cetera Planning Partners model allows advisors to focus exclusively on their clients. Client demand for financial planning is at an all-time high and with many advisors nearing retirement and looking for succession solutions, the advisor transition wave is already underway.”
Prosperity Unifies Five Firms Under One Brand
RIA Prosperity Capital Advisors announced a unified model that brings JL Smith Holistic Wealth Management, Alison Wealth Management, OneTeam Financial, Hammer Financial Group and FSC Wealth Advisors together under the Prosperity brand. The combined organization represents 152 professionals, including 98 advisors, under a Prosperity umbrella totaling $4.7 billion in AUM as of Dec. 31.
Prosperity said the unified model integrates financial planning, asset management, tax management, protection planning and legacy planning. The firm also highlighted a fully integrated technology platform, use of AI and support for niches including business owners, medical professionals, federal employees, high-income professionals and women.
Stan Milovancev, CEO of Prosperity, said, “Prosperity’s evolution has always been about building a destination advisory firm, a place where clients, advisors, and team members feel at home, aligned, and fully supported in pursuit of exceptional outcomes. For us, this is not an endpoint, but the beginning of the next chapter in a firm where people can stay, grow, and lead together.”
Promotions & People Moves
Lido Names Brian Haloossim President, Elevates Ken Stern To Co-CEO
Lido Advisors appointed Brian Haloossim President and elevated Founding Partner Ken Stern to Co-CEO. Lido, an independent RIA headquartered in Los Angeles, said it has over $42.5 billion in regulatory AUM and more than 40 offices. Haloossim will focus on organic growth, brand development and infrastructure for the firm’s next expansion phase.
Haloossim brings more than two decades of experience, including work with clients and business owners at Bernstein Private Wealth Management. Stern joins Jason Ozur as Co-CEO. The firm said it has grown from $24 billion to more than $42.5 billion in regulatory AUM over the past 18 months.
Haloossim said, “What drew me to Lido was a combination of the entrepreneurial spirit that has led to their enviable growth, a platform that is genuinely built for complexity and a culture that puts the clients first in everything it does.”
Research
Oasis Group And AdvisorEngine Study RIA Growth Operations
The Oasis Group and AdvisorEngine Portfolio Solutions released a white paper, “Scale to Win: Examining the RIA Growth Model,” focused on automation trends and operating models for RIAs managing between $100 million and $1 billion in AUM. The paper argues that many firms face an “operational paradox” as growth adds complexity that limits further expansion.
The firms cited Fidelity benchmarking data showing profitable firms had 25.7% overhead and served almost twice the number of clients per professional compared with smaller RIAs, where advisory expenses were 82% of revenue. The paper says outsourcing investment management could recover eight to nine hours per week and that TAMPs and automation can support scale.
John O’Connell, CEO of The Oasis Group, said, “The paradox compounds; each new client adds administrative load that current operating models absorb imperfectly. Principals find they are not building a firm; they are buying time in six-month increments against a problem that requires a fundamental shift in the operating model.”
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