Rise Growth Partners has acquired a minority interest in Krilogy, a St. Louis-based RIA with more than $4 billion in client assets, as part of its ongoing strategy to back independent advisory firms seeking to scale while maintaining their culture and autonomy.
The deal, announced Wednesday, represents Rise’s third minority partnership with an RIA and underscores the growing trend of outside investors taking non-controlling stakes in advisory firms.
Krilogy, founded in 2009, has built its reputation on a values-driven approach and a focus on developing talent from within. The firm’s 85-person team, including over 40 wealth advisors, serves a client base that ranges from entrepreneurs to multigenerational families.
Krilogy’s founder and chief executive, Kent Skornia, said the partnership is intended to reinforce the firm’s long-term foundation, with an emphasis on technology, advisor coaching and succession planning.
“This partnership with Rise reflects that same philosophy – seizing an opportunity to strengthen our firm so we can serve clients even better, today and for generations to come,” Skornial, an experienced leader with a 23-year BrokerCheck record, said in the statement announcing the deal.
He added that Rise’s approach “empowered [Krilogy] to scale while keeping our culture of respect, mentorship and values at the center of everything we do.”
Krilogy has prioritized organic growth by integrating estate planning and tax services, as well as building an advisor training program that aims to attract and develop new talent. The firm’s model is designed to support both clients and advisors, reinforcing a culture of mentorship and collaboration.
The Krilogy deal follows Rise's earlier minority investment this year in Grimes & Company, an independent wealth firm overseeing more than $5 billion in AUM that's based in Massachusetts.
Joe Duran, managing partner at Rise, said in the announcement that Krilogy is “uniquely positioned to support advisors approaching the next or final chapter of their careers who want to thoughtfully transition their work and preserve their legacy.” Duran added that the model is one Rise hopes to scale nationally.
The minority investment trend has gained momentum across the RIA industry.
According to Devoe & Company’s Q3 2025 Deal Report, minority transactions accounted for 14% of all RIA deals year-to-date, up from 8% in 2023 and the highest level since 2020. So far this year, there have been 34 minority transactions, compared with 27 in all of 2024.
"This resurgence reflects the growing appeal of outside capital for firms that want to remain independent but need resources to grow or solve for succession needs," the Devoe report said.
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