AdvizorPro's M&A and successor data was featured across six articles published by Modern American Advisor between June 26 and June 30, 2026. The series used AdvizorPro's ADV-W successor tracking to profile the RIA industry's most active acquirers and to examine what is actually driving seller decisions in today's M&A market. Here is what the coverage found.

AdvizorPro Data Shows the RIA M&A Market Is Broad, Not Concentrated

Modern American Advisor's series opener drew on AdvizorPro's M&A Activity data covering successor events recorded between April 29 and May 29, 2026. Across that window, AdvizorPro tracked 22 M&A or successor events spread across 18 successor firms. Fourteen firms appeared only once, and just four appeared twice: Arax Advisory Partners, Waverly Advisors, Wealth Enhancement Advisory Services, and Wealthspire Advisors. Together, those four firms accounted for eight of the 22 events, or roughly 36% of the activity reviewed.

Known acquired-firm AUM across the available records totaled roughly $20.4 billion, ranging from sub-$250 million practices to multi-billion-dollar platforms such as Exencial Wealth Advisors (associated with Savant Wealth Management, near $6 billion) and Alpha Cubed Investments (associated with CAPTRUST/CapFinancial Partners, roughly $3.8 billion). For more on which firms are posting the fastest AUM growth industry-wide, see AdvizorPro's report on the fastest-growing RIAs.

Arax Advisory Partners: Building a Multi-Boutique Platform

In its profile of Arax Advisory Partners, Modern American Advisor found that Arax appeared twice in the reviewed AdvizorPro data as a successor firm: GFP Private Wealth, with roughly $1.35 billion in latest reported AUM, and Logix Investments, with roughly $100 million. Publicly, Arax also added Summit Wealth Strategies (Chesterfield, Missouri, roughly $1 billion in AUM) in August 2025 and The Oak Group (Hudson Valley, close to $1.5 billion in client assets, joining from Wells Fargo Advisors) in May 2026. Arax is backed by RedBird Capital Partners, a private investment firm that manages roughly $12 billion in assets according to Arax's public materials. Arax's private equity backing is part of a broader pattern AdvizorPro has tracked in its research on private equity ownership across the RIA space.

Waverly Advisors: Turning Regional Deals Into Platform Depth

Modern American Advisor's profile of Waverly Advisors found that Waverly also appeared twice in the reviewed AdvizorPro data, with Truwealth Advisors, a Louisiana-based firm with more than $3 billion in client assets, and NBW Capital, a Boston-based firm. The Truwealth deal marked Waverly's first Louisiana partnership and its 32nd transaction since accepting an outside investment from Wealth Partners Capital Group and HGGC's Aspire Holdings platform in December 2021. Waverly has since announced two more deals: WealthPlans and its affiliated tax and accounting business, Cooley & Associates, in Maryland, and Smithfield Trust Company in Pittsburgh, adding trust and estate administration capability. Waverly reported roughly $35.5 billion in AUM as of May 29, 2026, excluding the Smithfield assets. Firms tracking where regional RIA activity is concentrated can see the state-by-state breakdown in AdvizorPro's Top RIA List by State.

Wealth Enhancement: Adding Planning-Led Practices at National Scale

Modern American Advisor's profile of Wealth Enhancement found that Wealth Enhancement Advisory Services appeared twice in the reviewed AdvizorPro data, acquiring FullCircle Wealth in Dallas, Texas (roughly $257 million in AdvizorPro data, publicly reported at more than $268 million in client assets) and Lake Tahoe Wealth Management in California (roughly $302 million). FullCircle was founded in 2012 and serves business owners, technology professionals, executives, multi-generational families, and clients navigating major life transitions. Following the FullCircle transaction, Wealth Enhancement reported more than $147.8 billion in total client assets.

Wealthspire Advisors: Expanding Across Private Client, Institutional and Family Office Markets

Modern American Advisor's profile of Wealthspire Advisors found that Wealthspire appeared twice in the reviewed AdvizorPro data, with Marin Financial Advisors in Larkspur, California (roughly $389 million) and RoundAngle Advisors in Red Bank, New Jersey (roughly $216 million). Public 2026 reporting also links Wealthspire to three additional deals: Fi3 Advisors in Indianapolis (roughly $1.2 billion, serving high-net-worth and ultra-high-net-worth families), Axia Advisors, also in Indianapolis (roughly $1.9 billion, focused on institutional clients and retirement plans), and Sellwood Investment Partners in Portland (roughly $11 billion in AUM and advisement, serving institutional investors including endowments and foundations). Wealthspire reported roughly $593 billion in AUM and advisement in public reporting around the Sellwood transaction.

What RIA Sellers Are Actually Looking For

A companion analysis in the series looked beyond the deal count to what is shaping seller decisions. Public commentary cited in the piece pointed to 322 RIA transactions in 2025, up 18% year over year, with 2026 global dealmaking on pace to set records by value. But the recurring theme across the reviewed deals was that price is rarely the only factor. Public statements tied to the Truwealth, FullCircle, Fi3, Summit, and Oak Group transactions each emphasized client continuity, capability additions such as tax and trust services, and preserving the acquired firm's culture and team.

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