Steward Partners targets $500M–$2B RIAs amid resurgence of mid-sized sellers

Scott Danner, who leads the M&A division at the $40 billion hybrid RIA Steward Partners, tells InvestmentNews his firm’s primary acquisition targets are mid-sized advisor businesses with under $2 billion in client assets.

“What we're seeing is really that $500 million to a couple billion dollar team on a consistent level,” said Danner, EVP & Head of Legacy at Steward Partners. “Succession is a real driver - the market is responding to the structural issues of the aging advisor population, lack of viable internal succession plans and a real need for a professionalized transition.”

DeVoe and Company outlined mid-sized sellers, which it defines as RIAs with between $500 million to $1B in AUM, as having a resurgence, according to its new RIA Deal Book recapping the first-half of 2025. Per DeVoe, mid-sized RIA sellers are on pace for their strongest year on record as they’ve accounted for 26% of all transactions year-to-date, which is up from 17% in 2024 and nearly double its 14% low in 2023. 

“Mid-sized sellers are especially attractive in secondary cities,” Devoe & Company said in its recent report. “An RIA with $500MM to $1B will be a leading local firm in cities that have a population of less than 500,000 people. These transactions enable buyers to gain a stronghold in markets with a single signature.”

Recent deals from Steward within the mid-size range includes its acquisition earlier this month of the $1.1 billion California-based RIA Consilium Wealth Management and its move in May to buy the Georgia-based $700 million RIA Moore's Wealth Management. 

A June study from Kestra Financial found that just 6% of advisors planning to retire within 10 years have a fully documented succession plan, which Danner sees as a driving opportunity factor for firms to join Steward.

“We don't just buy firms, we guide founders into their next chapter,” Danner said. “Because we're working with larger teams, they have a lot of the infrastructure and the next-gen present, but it's really how do they execute that plan? We're spending a lot of time teaching and coaching next gen [advisors] within the platform that they've already built. So they might have the model, they might have the people, but we're helping them with that transition so they can really exit on their own accord.”

The Cynosure Group invested in Steward back in 2019 and The Pritzker Organization (TPO) invested in Steward in 2021, at which time Steward managed $23 billion in client assets representing nearly half of today’s total.

“I think it's helpful that we have the capital behind us,” Steward said. “It's really important inside of the current environment to make sure that you can afford what you're doing. I see a lot of firms come in and try to compete, but they just can't compete because they don't have the capital backing, and that can be very challenging.”

In January, Citywire reported that Steward Partners was pursuing a sale of a controlling stake in the company. Investment bank Piper Sandler was reportedly hired by Steward to support its sale process. Danner said there was “nothing to report on that front” when asked by InvestmentNews about Steward’s reported sale pursuit.

“Steward Partners is always growing and always learning and constantly evaluating all opportunities,” Danner said. “As we continue to grow and we're poised for the future, we're excited about whatever may come in the future.”