RIA consolidation rolls on as Sequoia and Allworth ink fresh deals

The wave of RIA consolidation showed no sign of slowing this week, as Sequoia Financial Group and Allworth Financial each announced new acquisitions that collectively added nearly $3.3 billion in client assets and pushed one firm past a significant milestone.

Sequoia Financial Group, the Akron, Ohio-based SEC-registered wealth manager overseeing $34.9 billion in assets under management, has acquired BSW Wealth Partners, a Boulder- and Denver-based independent firm founded in 1992 with approximately $2.3 billion in client assets as of June 30, 2026. Terms were not disclosed.

BSW, which serves a national client base from its two Colorado offices, will operate under the Sequoia Financial brand following the close of the deal.

The acquisition is Sequoia's second in as many months. The firm completed its purchase of All Star Financial, a Minnesota-based RIA managing roughly $1.3 billion, in August 2026. With BSW now folded in, Sequoia says it supports approximately 11,000 client households across 43 offices in all 50 states and Washington, D.C.

"We highly value the bonds BSW has built with clients over the decades and the culture of its talented team," said Tom Haught, chairman and CEO of Sequoia Financial.

David Wolf, CEO of BSW Wealth Partners, pointed to shared values as a driver of the deal. "The incredible alignment of BSW's ethos to Make Life Better and Sequoia's vision of Enriching Lives also extended across our firms' cultures, clients, and capabilities," he said.

Allworth crosses $40 billion

Sacramento, California-based Allworth Financial, meanwhile, announced it has surpassed $40 billion in assets under management following two simultaneous acquisitions.

The firm acquired High Falls Advisors, Inc., a Rochester, New York-based RIA with $665 million in AUM and a team of 21 professionals including 13 wealth and tax advisors. High Falls was purchased by its current leadership team of President and CEO Kenneth Burke and Executive Vice President Jennifer Vogler, from its original founders in 2020.

Allworth also closed on Holistic Financial Partners, an Indianapolis, Indiana-based practice with approximately $282 million in AUM led by Jason Llewellyn, a CPA, PFS, and CDFA who currently serves as chair of the Institute of Divorce Financial Analysts. Holistic specializes in divorce financial planning, a niche advisory discipline.

Together, the two deals bring nearly $950 million in assets and 23 professionals into Allworth's fold, vaulting the firm past the $40 billion threshold. Allworth has now completed more than 45 acquisitions since 2018, backed by institutional investors including Integrum Holdings, Lightyear Capital, and Ontario Teachers' Pension Plan.

"These two firms represent exactly what we look for in a partnership: proven leadership teams, distinctive capabilities, and a shared belief that clients deserve more than a single-discipline approach," said John Bunch, Allworth's CEO.

Burke echoed the sentiment. "Allworth enhances our ability to offer advanced solutions for our clients and create growth opportunities for our team," he said.

Last month, Allworth acquired Sachetta, a Lynnfield, Massachusetts-based wealth and tax advisory firm managing $1.1 billion in assets. 

A market still on fire

The deals arrive against a backdrop of record-setting M&A activity in the RIA sector. According to research from DeVoe & Company, RIA M&A was off to a record start in 2026 with sellers increasingly moving upmarket and larger firms commanding premium valuations.

A separate Fidelity analysis found that acquired RIA assets nearly doubled in 2026; a sign that deal size, not just deal count, is climbing. The first half of the year also saw RIA M&A shatter records as deal count neared a 40 percent jump compared to the same period a year earlier, according to Echelon Partners data.