Private equity (PE) activity in the wealth management merger and acquisition (M&A) market continued to expand during the third quarter of 2025. Through the first nine months of the year, 60 PE-backed firms completed transactions, and nine of those firms executed their first acquisition since raising capital. This increase represents a meaningful step in the evolution of the market, as capital continues to flow to the largest established consolidators and to a growing pool of new entrants that are eager to establish a presence and build platforms of their own.
Notable Transactions in Q3 2025
August 27: MAI Capital Management is acquiring Los Angeles-based Evoke Advisors, a $27 billion RIA, nearly doubling MAI’s assets to approximately $60 billion. The merger brings MAI’s total to over 30 offices nationwide and expands its presence in the ultra-high-net-worth and institutional space. Both firms serve affluent families, business owners, PE professionals, and endowments. Founded in 2019 by ex-First Republic advisors, Evoke offers investment advisory, family office services, and tax strategy planning. The partnership enhances MAI’s scale, succession planning, and national reach. The deal is expected to close in Q4 2025.
September 16: Creative Planning has agreed to acquire SageView Advisory Group, a retirement-focused RIA with approximately $235 billion in assets under management and advisement as of year-end 2024. Founded in 1989 and backed by Aquiline Capital Partners since 2021, SageView had previously been expanding into wealth management. This acquisition significantly enhances Creative Planning’s already substantial retirement plan advisory business, which includes over $210 billion in assets and more than 6,000 plans. The deal strengthens Creative Planning’s convergence strategy, combining retirement and wealth services to better serve participants across both channels. SageView will continue operating under its brand. The transaction reflects continued consolidation in the retirement space and underscores Creative Planning’s commitment to scale and leadership in both institutional and private client services.
September 18: Carson Group has acquired Wells Trecaso Financial Group, an Akron, Ohio-based RIA managing approximately $570 million in assets. Founded in 2017 by Douglas Wells and Ralph Trecaso, the firm focuses on comprehensive financial and legacy planning for high-net-worth families. With this acquisition, Carson adds its 31st wholly owned office and strengthens its Midwest presence. The Wells Trecaso team will join Carson Wealth and benefit from access to Carson’s advanced planning, investment capabilities, and advisor development platform. The partnership supports succession planning and continued growth. MarshBerry advised Wells Trecaso on this transaction.
Looking ahead
The third quarter of 2025 reinforced the growing role of PE in shaping wealth management M&A, with both established consolidators and new entrants driving activity. Buyers remain well capitalized and are demonstrating a willingness to pursue transactions across the size spectrum, from platform-building acquisitions to smaller strategic tuck-ins. For firm owners, today’s market continues to provide an opportunity to achieve strong valuations, align with partners that support growth, and secure a longer-term strategic position.
As the buyer universe becomes more diverse, sellers are faced with both greater choice and greater complexity. Evaluating cultural alignment, leadership opportunities, and integration support is becoming just as important as price. The continued flow of capital, combined with disciplined execution by well-prepared buyers, suggests that momentum in this market is likely to carry forward. For advisors weighing their options, the environment remains favorable, but careful consideration of long-term goals will be critical to making the most of the opportunities ahead.
