DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

Consolidation

What the advisers themselves reported about M&A

Item 4 of Form ADV asks whether the adviser is succeeding to the business of another registered adviser and names the firm acquired. It catches asset purchases and mergers where the target’s registration folds into the buyer’s; a stock purchase that keeps the target registered shows instead as a new owner on Schedule A and, later, as a roster exit. Firms absorbed reads the same events from the people side: half or more of a firm’s registered advisors moving to one other firm within fourteen days, which catches acquisitions before, or without, a succession filing. Press-sourced deals, PE sponsors and consolidator platforms are the next cycle.

Page 1 of 28Next
1,631 events.
Post-acquisition retention

Which acquirers keep the advisors they buy

For every acquirer with at least three firms absorbed since 2015: the share of acquired advisors still registered through the acquirer 90, 180, 365 and 730 days after the move, measured only on absorptions old enough for the window. A lower bound: people who left the industry are on neither side, and a re-registration to an affiliated CRD in the same group counts as a departure. Sorted from lowest one-year retention.

AcquirerFirmsAdvisors90 d180 d365 d730 dTeams out after
CETERA INVESTMENT ADVISERS LLC75349%49%49% (53)16% (32)271
DIVERSIFY ADVISORY SERVICES, LLC32681%77%62% (26)54% (26)8
B. RILEY WEALTH ADVISORS, INC.32295%91%73% (22)55% (22)25
C•••••• L••42685%85%80% (20)75% (20)0
N••••••••• A•••• M••••••••• L••79699%99%80% (96)23% (79)0
B••••••••• S•••••••• W•••••• L••155798%98%81% (57)67% (57)8
C•••••••• I••••••••• R••••••• A•••••••• I•••84798%91%82% (44)80% (44)224
C• A•••••••• L••116486%84%82% (61)76% (38)0
E• W••••• A•••••••2111483%82%83% (101)73% (48)0
M••••• W••••• M••••••••• L••74490%90%83% (36)79% (24)0
F•••• P••••••• W•••••• L••1814085%88%84% (111)72% (43)9
M••••• G••••• A••••••• I•••3919989%88%84% (141)80% (129)47
H•••••••• A•••••••• L••4233387%85%85% (333)81% (303)141
S••••••••• A•••••• A•••••••• I•••32793%93%85% (27)85% (27)29
C••• L••219596%96%85% (55)72% (36)66
C•••••••• W•••••321100%100%86% (21)81% (21)6
C••• C••••••• L••32190%86%86% (21)81% (21)0
G••••• R••••••••• P••••••• L••73589%89%86% (35)97% (32)10
P•••••• W••••• M••••••••• L••62986%90%86% (22)86% (22)3
S••••• F••••••••• L••94391%91%87% (39)100% (9)10
M••••• W••••• M••••••••• L••627100%100%88% (24)85% (20)0
M•• C•••••• M••••••••• L••219289%89%88% (73)93% (58)12
O•••• W•••••• I•••125498%90%88% (33)79% (29)750
F•••••••• E•••••• A•••••• C•••••• L••93591%91%89% (35)0.0% (35)8
C••••••• P•••••••2617892%89%89% (153)83% (128)12
C••••••••• W••••• M•••••••••64785%85%89% (47)82% (28)0
L•••128293%91%90% (58)69% (13)0
B••••• P••••• A•••••••• L••2412793%98%90% (81)89% (53)0
C••••••2926694%93%90% (215)87% (197)50
R•• W••••• P•••••••321100%95%90% (21)90% (21)0
A••••••• F••••••••• L•••146997%92%91% (53)87% (23)14
P•••• C•••••• F••••••••732100%100%91% (32)88% (24)3
C••••• P••••••• L••3325193%94%91% (195)88% (147)0
A••• A••••••• P•••••••55895%95%91% (34)100% (4)0
W••••••••• A•••••••42396%96%91% (23)91% (23)0
H•• I••••••••• P•••••••• L••54898%98%92% (38)76% (17)0
O•••••••••125595%94%92% (51)89% (45)74
M••••••3420093%94%93% (181)89% (175)40
P•••••• A•••••• G••••• L••32893%93%93% (28)93% (28)15
L•• F•••••••• L••3418994%95%93% (154)91% (129)3,912
W••••••••• A•••••••54693%96%93% (46)91% (43)0
C•••••• A•••• M••••••••• L••55098%98%94% (50)82% (50)2
W••••• E••••••••• A••••••• S•••••••• L••6135296%96%94% (294)91% (253)16
C•••••••4339195%94%95% (343)93% (308)0
C• I••••••••• L••421100%100%95% (21)100% (10)0
A••••• W•••••848100%98%95% (22)82% (17)0
S•••••• F•••••••• G••••• L•••••115498%98%96% (46)88% (40)5
N•••••• A•••••••53594%97%96% (24)95% (20)16
A••••••••• F•••••••• S•••••••• L••32496%96%96% (24)96% (24)224
A•••••• W••••• M••••••••• L••72997%97%96% (25)100% (15)3
S••••• W••••• M•••••••••1915499%99%96% (107)94% (90)0
R•••••• J•••• F•••••••• S••••••• A•••••••• I••96799%96%96% (55)94% (52)495
M•••• F•••••••• A•••••••114998%98%97% (32)88% (8)6
W•••••• A•••••••• L••2213298%98%98% (89)93% (46)0
P••••••••47197%98%98% (48)96% (48)0
M•••••• S••••••••• A•••• M••••••••• L••348100%100%100% (48)96% (48)0

The rest of the acquirer names are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.