Wealth Management

Our Perspective

The RIA industry has undergone significant transformation in recent years, driven by shifting demographics, evolving client expectations, and a wave of intense consolidation.

While large-scale consolidators (Focus, Hightower, Mariner, Cerity, etc) have captured a substantial share of industry assets - just 9% of the largest advisory firms now control over 70% of total AUM - there remains a vast and highly fragmented landscape of smaller, founder-led RIAs serving clients with dedication and care.

We believe this segment of the market is still underappreciated and underserved.

As of mid-2025, there are still more than 10,000 RIAs managing under $1B in AUM, including nearly 9,000 firms with fewer than 10 employees. Many of these advisors have built respected practices with strong local reputations, loyal client bases, and deep multigenerational relationships—but often lack the scale, resources, or infrastructure to compete with the growing institutional mega-aggregators.

This is where we see exciting investment opportunities. Our interest lies in empowering these firms - preserving their client-first cultures while helping them modernize operations, expand services, scale intelligently, and pass on responsibility and ownership to G2 leaders.

Heritage is not a short-term RIA consolidator. We are taking a long-term, founder-aligned approach that allows RIA practices to grow thoughtfully and sustainably, without sacrificing independence or core values.

What we're looking for

We are seeking to partner with RIAs between $200M to $750M in AUM who are looking for a strategic, growth-oriented capital partner.

Our ideal partners are:

• Founder-led and focused on delivering exceptional, personalized client service
• Interested in expanding capabilities through better technology, hiring, and operational support
• Looking to participate in thoughtful M&A to grow AUM and extend reach
• Committed to maintaining a fiduciary mindset and long-term client alignment
• Ready to invest in their next generation of leadership and talent

We offer more than capital, we bring a true partnership model, with hands-on support in areas like advisor recruiting, client sales, compliance, digital transformation, and M&A.

For leading advisors and RIA owners who want to preserve their legacy while scaling their impact, Heritage is a purpose-built partner with the resources and experience to help them thrive in a changing landscape.