- AdvisorPro flags ten PE-backed U.S. wealth firms as likely to face ownership or capital “investment shifts” in 2026 based on Form ADV signals and PE lifecycle timing.
- Named platforms include Osaic, Rockefeller, Wealth Enhancement, Janney, W1M, Beacon Pointe, Hightower, Mercer, Edelman Financial Engines, and Lido.
- Sector data point to higher deal values but fewer transactions, longer PE holding periods, and a large backlog of unsold assets that may force recapitalizations, secondary sales, or delayed exits.
- Advisors and vendors may see disruption and platform changes, while well-capitalized firms can exploit opportunities to recruit, acquire, or scale during transitions.
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Which Firms Are Flagged for Investment Shifts
AdvisorPro’s recent report compiles a list of privately held U.S. wealth management firms whose public regulatory filings—namely their Form ADV disclosures—indicate they may hit inflection points or “investment shifts” in 2026. These firms include:
Osaic Wealth (owned by Reverence Capital Partners), Rockefeller Capital Management (Viking Global), Wealth Enhancement Advisory Services (Onex & TA Associates), Janney Montgomery Scott (KKR), W1M Investment Management (Lovell Minnick Partners), Beacon Pointe Advisors (KKR), Hightower Advisors (Thomas H. Lee Partners), Mercer Advisors (Oak Hill Capital Partners), Edelman Financial Engines (Hellman & Friedman), & Lido Advisors (Charlesbank Capital Partners).
Macro-Perspectives: Private Equity in Wealth & Asset Management
Private equity remains deeply involved in the wealth management sector, particularly among Registered Investment Advisor (RIA) aggregators. Research shows that in Q4 2024, ~78% of RIA M&A transactions in the U.S. involved PE either directly or via sponsors.
At a market level, PE investment values are rising even as deal counts decline. For example, in Q3 2025, U.S. PE deal value rose to over US$300 billion—highest since early 2022—despite fewer transactions.,
Meanwhile, many PE firms are holding assets for longer than the traditional 3–5 year horizon. PwC reports ~$1 trillion in unsold PE‐backed assets as of mid‐2025 and that approximately 30% of portfolio firms have now been held beyond five years—an important metric when predicting when investment shifts or exit events may occur.
Strategic Implications for Advisors, Firms, and Sector Participants
Firms flagged by AdvisorPro are likely to experience one or more of: ownership transitions (recapitalizations, sales, secondary buyouts), resource reallocation (platform or infrastructure investment), or leadership and valuation pressure. For advisors considering moving firms, timing matters: joining during a PE ownership transition may offer upside but also risk of disruption.
Vendors, tech providers, and service partners should monitor these firms. Investment shifts are often accompanied by vendor reviews and possible platform consolidations or renegotiations.
For PE owners, key challenges include reconciling long‐term client relationships with shorter PE investment horizons. Exit paths—sale, IPO, or secondary—may be constrained by macro trends. Externally weak exit markets and rising valuation expectations make strategic options more limited.,
Open Questions & Risks
- Timing and clarity: When will these investment shifts become public or formally executed, and how will Form ADV track earlier indicators?
- Exit environment: Given exit value is improving, but exit volume remains low, PE owners may delay exits or opt for continuation vehicles—thus ownership “shifts” may be less visible or involve internal reloading.,
- Regulatory, valuation & macro headwinds: Rising rates, geopolitical risk, tariff pressures—all threaten both operations and deal structures. Will PE firms accept lower return multiples, or will we see distressed or forced transactions?
- Impacts on human capital: As ownership or leadership shifts occur, advisor retention and recruitment may suffer, particularly if stability, incentive structures, or firm culture changes sharply.
Supporting Notes
- AdvisorPro lists firms “experiencing an investment shift this year” including Osaic, Rockefeller Capital Management, Wealth Enhancement Advisory, Janney Montgomery Scott, W1M Investment Management, Beacon Pointe Advisors, Hightower Advisors, Mercer Advisors, Edelman Financial Engines, Lido Advisors.
- In Q3 2025, U.S. PE deal value hit $300.2 billion—the highest in 14 quarters—even as deal count dropped, illustrating a “bigger, fewer” deal trend.,
- Approximately US$1 trillion worth of PE-backed assets remains unsold as of mid-2025; about 30% of companies in PE portfolios have been held for more than five years, exceeding typical return horizons.
- Buyouts of large public companies—such as Electronic Arts (~US$55B), Air Lease (~US$28B), and Dayforce (~US$12.4B)—bolstered U.S. PE totals for Q3, reflecting demand and capacity for large, transformative transactions.,
- Private equity investments in asset management globally jumped to over US$20 billion in 2024—nearly double 2023’s levels—driven largely by deals involving wealth managers and RIAs.
- Firms flagged by AdvisorPro meet criteria in their PE journey, suggesting those reaching 3–5 years post-investment or sponsor recapitalization are likely looking toward exit or next-phase reinvestment.