Consolidation And G2, AI-Native Operations And A Valuation Gap
My partner Brian Meegan and Ryan Halls of Hue Partners wrote a piece for Wealth Solutions Report on what RIA founders face after signing a letter of intent. One of their key points is that rushing to hit a closing date can cost founders value, especially when positive-consent requirements need time. They also note that good deal counsel helps clients separate a legitimate business concern from a provision that only feels uncomfortable.
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The Deal Isn’t The Hard Part. Surviving It Is.
Signing the LOI can feel like the finish line for an RIA founder. My partner Brian Meegan and Ryan Halls of Hue Partners make the case in Wealth Solutions Report that, in many ways, it is when the real work begins. One of the most common mistakes they flag is over-prioritizing the closing date. When a quarter-end or year-end deadline matters more than the economics and the client transition, the pressure can lead to costly compromises. They also remind founders that the legal process is a relationship process. The objective is to build a deal both parties can live with and a relationship that can survive the closing.
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Transaction Inaction: RIA Deals Are Falling
After years of hitting M&A record highs, some RIA acquirers are being pickier in what they look for in their next deal. Corey Kupfer, Founder and Managing Partner at Kupfer., explains why serial acquirers are focusing on fewer, larger deals in Griffin Kelly's article in The Daily Upside on the latest DeVoe & Company findings.
Read the full piece: https://www.thedailyupside.com/advisor/industry-news/transaction-inaction-ria-deals-are-falling/
RIA deal momentum slows, threatening record-breaking run
RIA deal momentum in Q3 is slowing after nearly two years of record-setting activity, according to the latest DeVoe & Company report.
Corey Kupfer, founder and managing partner at Kupfer., shares his perspective with Dan Shaw in Financial Planning on the DeVoe findings. Corey explains that buyers are becoming more deliberate in the process, extending deal timelines even as transactions continue to move forward.
Read the full piece: https://www.financial-planning.com/news/ria-deal-momentum-slows-threatening-record-breaking-run
AlTi Global Sale May Hinge On “Highly Consequential” Rights Of Minority Shareholders
Sara Mostafa, partner at Kupfer., speaks with Family Wealth Report’s Charles Paikert about the complex minority-shareholder rights complicating a potential sale of AlTi Global, the $49 billion RIA exploring a go-private transaction. Mostafa flags the governance mechanics behind the deal, noting that Allianz X’s board representation gives it a say before any acquisition offer can reach AlTi’s full board. “That’s important because at least three committee members, including Allianz’s designee, must approve any proposal valued above $175 million,” explains Mostafa.
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Home Depot-owned SRS expands HVAC distribution with Lohmiller acquisition
Consolidation in HVAC distribution is about more than scale, it can also create greater stability, deepen customer relationships and provide valuable insight into the market.
In Kevin Williams Digital Commerce 360 article our Partner Brian Meegan explained what SRS Distribution’s planned acquisition of Lohmiller & Company says about the broader M&A landscape. He dives into how recurring service revenue can provide a valuable hedge against more cyclical areas like new construction, while the customer data these businesses generate is becoming an increasingly important strategic asset. https://www.digitalcommerce360.com/2026/08/14/home-depot-srs-hvac-lohmiller-acquisition/
As PE crowds out RIA buyers, here's what sellers need to know
As private equity-backed firms take part in a growing share of RIA acquisitions, sellers may face fewer buyers capable of competing with their offers.
Corey Kupfer, Founder and Managing Partner at Kupfer., spoke with Dan Shaw of Financial Planning about how access to capital and established acquisition processes give PE-backed buyers an advantage in today’s RIA market.
Read the full piece: https://www.americanbanker.com/news/as-pe-crowds-out-ria-buyers-heres-what-sellers-need-to-know
Your Minority-Owned Business Is Flourishing, So Why Are Buyers Walking Away From a Sale? A Corporate Attorney Explains
Minority-owned businesses are a growing force in the U.S. economy, but many founders face added hurdles when it comes time to sell. Unequal access to capital, experienced advisers, and sophisticated legal and financial resources can create additional challenges when buyers begin due diligence.
In Kiplinger, Sara Mostafa, Partner at Kupfer., examines the steps founders can take to prepare for a transaction—from strengthening corporate records and addressing compliance gaps to assembling an advisory team well before going to market.
Read the full piece here: https://www.kiplinger.com/business/entrepreneurship/why-buyers-drop-out-of-minority-business-sales
Hamilton Lane-Savant deal flags new PE exit route for RIAs
As PE-backed RIAs continue to grow, private equity firms are exploring new ways to repay early investors when a traditional sale or IPO is not an option.
Corey Kupfer, Founder and Managing Partner at Kupfer., spoke with Andrew Cohen of InvestmentNews about how the Hamilton Lane-Savant deal illustrates the role continuation funds can play, and why similar transactions may become increasingly common across the RIA industry.
Read the full piece: https://www.investmentnews.com/ria-news/hamilton-lane-savant-deal-flags-new-pe-exit-route-for-rias/267637
Going Beyond Private Equity, Working With Multiple Generations And Serving Women Clients
Private equity firms played a role in nearly 76% of RIA acquisitions completed in the second quarter, a record high that is squeezing out buyers who can't match their capital or speed.
Corey Kupfer, a lawyer specializing in M&A work for registered investment advisors, spoke with Dan Shaw of Financial Planning about why PE-backed buyers tend to crowd out other acquirers as consolidation cycles mature in an industry.
Read the full piece here https://www.americanbanker.com/news/as-pe-crowds-out-ria-buyers-heres-what-sellers-need-to-know
As PE crowds out RIA buyers, here's what sellers need to know
As private equity-backed firms take part in a growing share of RIA acquisitions, sellers may face fewer buyers capable of competing with their offers.
Corey Kupfer, Founder and Managing Partner at Kupfer., spoke with Dan Shaw of Financial Planning about how access to capital and established acquisition processes give PE-backed buyers an advantage in today’s RIA market.
Read the full piece: https://www.financial-planning.com/news/as-pe-crowds-out-ria-buyers-heres-what-sellers-need-to-know
Beyond Private Equity: What RIA Owners Need To Know As The Buyer Landscape Expands
As the largest RIA platforms continue to scale, their capital needs may extend beyond what traditional private equity can provide. In Wealth Solutions Report, Corey Kupfer, Founder and Managing Partner at Kupfer., examines how sovereign wealth funds and insurance carriers are expanding the RIA buyer landscape—and what their longer investment horizons and strategic priorities could mean for deal structures, governance, and firm operations.
Read the full piece here: https://www.wealthsolutionsreport.com/beyond-private-equity-what-ria-owners-need-to-know-as-the-buyer-landscape-expands/
RIA buyers think 'market has reached its ceiling': DeVoe
Corey Kupfer, founder and managing partner at Kupfer., speaks with Financial Planning reporter Dan Shaw about the latest report from DeVoe & Company.
Corey explains that although RIA valuations may have peaked for now, the current plateau is still historically high, making it a healthy market for sellers. Read the full story: https://www.financial-planning.com/news/ria-buyers-think-market-has-reached-its-ceiling-devoe
RIA Dealmaking Sets Another Record as More Buyers Say Valuations Have Peaked
AdvisorHub reporter Ali Hibbs covered the latest DeVoe & Company M&A report highlighting that RIA dealmaking is continuing at a record pace. Corey Kupfer, founder and managing partner at Kupfer., outlines why he believes it’s too early to conclude that valuations have peaked. While some leveling off wouldn’t be surprising, he doesn’t expect a significant correction and notes that today’s valuation plateau remains roughly 2.5 to 3 times higher than it was five to seven years ago. Read more: https://www.advisorhub.com/ria-dealmaking-sets-another-record-as-more-buyers-say-valuations-have-peaked/
Want Top Dollar for Your RIA? Buyers Are Looking for More Than Assets.
When it comes to selling an RIA, buyers are looking at more than AUM.
Corey Kupfer, our Founder and Managing Partner, shared his thoughts in Debbie Carlson's article for The Daily Upside, breaking down what sellers need to get right before going to market, from locking in next-gen talent with real equity stakes to cleaning up operations ahead of due diligence.
Read the full piece here: https://www.thedailyupside.com/advisor/practice-management/want-top-dollar-for-your-ria-buyers-are-looking-for-more-than-assets/
Study Group: Using equity to boost next-gen talent retention
Faye Kilburn at Citywire reported on the growing use of equity ownership programs as RIAs look to retain younger advisors and strengthen succession plans. Corey Kupfer, founder and managing partner at Kupfer., says more firms are establishing formal partnership tracks that provide a path to equity ownership, helping improve retention and keep next-generation advisors engaged. Kupfer warned that firms without genuine ownership opportunities risk losing talent to competitors. “We’ve seen situations where G2 and G3 advisors leave during a sale process because they don’t have any ownership,” says Kupfer.
To read more: https://citywire.com/ria/news/study-group-using-equity-to-boost-next-gen-talent-retention/a2492279
Could a wave of advisor retirements depress RIA valuations?
Corey Kupfer, founder and managing partner of Kupfer., told Dan Shaw at Financial Planning that while RIA valuation growth may slow, he does not expect a major correction despite concerns that advisor retirements could increase the supply of firms for sale. Kupfer noted that predictions of a retirement wave have circulated for years without materializing and said continued interest from new buyers and private equity investors should help support valuations. “An overabundance of deals is less likely to happen as long as new buyers and new PE money keep coming into the space,” says Kupfer.
To read more: https://www.financial-planning.com/news/could-a-wave-of-advisor-retirements-depress-ria-valuations
Leading Corporate Attorney Sara Mostafa Joins Kupfer.
Kupfer. announces that corporate and M&A attorney Sara Mostafa has joined the firm as a partner, strengthening its senior deal team and expanding its California transactional capabilities amid continued growth across its. “Sara brings the judgment, versatility, and client focus we value as we continue to grow,” said founder and managing partner Corey Kupfer.
To read more: https://www.businesswire.com/news/home/20260518385357/en/Leading-Corporate-Attorney-Sara-Mostafa-Joins-Kupfer.
RIA Edge Nashville
At RIA Edge Nashville, Corey Kupfer discussed alternatives to private equity for firms seeking a non-PE-backed aggregator model, while also breaking down the role PE serves in the RIA space, including how it’s structured, the types of deals it works best for, and the firms it’s best positioned to support.
A major theme throughout the conversation was the industry’s shift toward integrated operations and single-brand models. The driving force behind that trend is the public markets’ preference for businesses that can be replicated, scaled efficiently, and accelerated quickly.
While Corey doesn’t expect a significant wave of public offerings in 2026, he does see firms actively reshaping their business models now to become more attractive for future public market opportunities in the years ahead.
https://next.frame.io/share/b887a144-7652-48d7-a1cc-46779e7cd5a6/view/50276a3e-01a4-49a3-bb43-fe21efa0853b
RIAs explore litigation finance via SEI Access
As advisors look for alternative investments beyond traditional market drivers, litigation finance is emerging as a niche but closely watched asset class with high returns and high risks. Earlier this year, SEI expanded its alternatives marketplace, SEI Access, to include a litigation finance offering, highlighting growing interest in the space among sophisticated investors.
Corey Kupfer, Founder & Managing Partner at Kupfer., spoke with Andrew Cohen of InvestmentNews about the asset class’s potential for high returns, its low correlation to broader economic conditions, and why its risk profile may make it especially relevant for ultra-high-net-worth clients and multi-family office models.
Read the full piece: https://www.investmentnews.com/alternatives/rias-explore-litigation-finance-via-sei-access/266602