How Waverly, Moneta & Private Advisor are Redefining RIA M&A: Growth, Culture & Ownership

Recent activity by Waverly Advisors, Moneta, and Private Advisor Group illustrates the ongoing consolidation in the RIA space, driven by firms seeking scale, geographic reach, and enhanced operational platforms. The three NA-driven transactions covered in “RIA Moves” reinforce that RIAs are under pressure to either build or join platforms that offer strong infrastructure, succession planning, and the ability to compete in both service breadth and investment tech.

Waverly’s acquisition of Brass Tax Wealth Management in Ohio adds $465 million of AUM and is the firm’s 25th deal since 2021. The deal increases its regional scale (nine locations in Ohio) and pushes its total AUM near $20 billion. These metrics highlight Waverly’s aggressive deal-pace strategy since its equity backing with Wealth Partners Capital Group and HGGC’s Aspire platform. The firm is clearly prioritizing rapid expansion with select firms that align with its culture and service model.

Moneta’s merger with Lane Hipple Wealth Management Group adds roughly $520 million in AUM and moves Moneta past $42 billion in assets. The team explicitly avoided private equity access—even when offered—in favor of long-term culture, people, and advisor autonomy. Moneta remains fully partner-owned, which positions it as a counterpoint in the RIA consolidation landscape increasingly dominated by private capital. Its strategy is anchored in value alignment, retention of advisor control, and measured growth through compatible firms.

Private Advisor Group’s deal to merge Freedom Financial Team into Artemis Wealth Advisors (both based in Michigan) brings in over $70 million in AUM, growing Artemis to $386 million. Alongside this, PAG’s recent minority investment by LPL Financial (announced November 2025) signals a hybrid model: gaining capital, operational resources, and optionality without relinquishing majority control or shifting toward a full PE-takeover model.

Key strategic implications emerge: competition for succession deals is intensifying, especially among advisors nearing retirement; private equity is focusing more on minority stakes and smaller firms; culture and alignment remain major differentiators; and firms that offer strong tech, back office, and compliance infrastructure appear better positioned to win both recruiting and acquisition targets.

Open questions include: how will deal valuations evolve, especially for pure advisory firms with niche focus? Will private equity enter into more minority or co-ownership models rather than full control? How sustainable is the deal pace given margin pressures and regulatory demands? And how will platforms balance centralized scale benefits while preserving the independent culture advisors prize?