Advisor recruiting momentum, consolidation velocity, and the next wave of independent launches
Welcome to the December 2025 RIA and broker-dealer roundup. December delivered a clean snapshot of where the industry is heading: wirehouse recruiting is back in motion, consolidators are still buying planning-led firms, and tax-centric teams keep choosing independence.
1) Advisor & Team Movements: Big teams keep prioritizing platform leverage
Wells Fargo posted the loudest recruiting signal this month, landing multiple large teams across key wealth markets.
- Hingham Street Partners moved from UBS to Wells Fargo’s private client group. A 16-advisor organization, $6.3B AUM, roughly $38.5M revenue, and multi-state reach across Boston, Connecticut, Florida, and Tennessee.
- Wells also added the Munster Freeman Group, a $3B Merrill Private Wealth team in Los Angeles with a UHNW and liquidity-event focus.
What this means: elite teams aren’t “switching logos.” They’re buying access to scale: lending depth, platform resources, technology, and a runway for enterprise growth.
Other notable recruiting wins:
- Cresset pulled a $1.4B UHNW team from Bernstein in Houston, reinforcing its pitch around institutional investments and an integrated advisory model.
- Indivisible Partners added an $882M Stifel team in Dallas, continuing early momentum and positioning around transition help, profit sharing, and Fidelity custody.
- Rockefeller added three teams totaling nearly $1.7B from Wells Fargo, Stephens, and UBS, aligning with its stated build toward a 250–300 team network following a major recapitalization.
2) M&A Activity: Planning + tax integration remains the premium
The deals this month shared one theme: acquirers want firms with real planning depth, tax capabilities, and sticky client relationships.
A few standouts:
- Creative Planning stayed active, acquiring Burt Wealth Advisors ($1B) and Marshall Financial Group ($900M+), continuing its multi-deal cadence and scale strategy.
- Allworth expanded again in New England with FSA Wealth Management ($460M) near Boston, strengthening tax-aware planning in a target market.
- Mercer Advisors acquired Glass Jacobson Wealth Advisors ($1B) with integrated accounting, reinforcing the land-grab for tax-forward models.
- Wealth Enhancement continued its roll-up pace with multiple acquisitions, including L.M. Kohn & Company ($2.2B+) and a four-firm burst adding $1.4B+ in one week.
What this means: the “platform buyer” market keeps underwriting the same thing: advisory firms that behave like durable businesses, not personality-led books.
3) New Firm Launches: Tax teams keep going full independent
One launch captured the bigger trend clearly.
Storen Financial launched Storen Legacy Partners as an independent RIA with Dynasty, overseeing about $500M, with Schwab as custodian and a heavy tax bench (five advisors and eight tax accountants among 38 staff).
What this means: tax-centric teams want control. Control over tech. Control over investments. Control over messaging. Full integration under one RIA.
Winthrop Lens: The three signals that matter
- Recruiting is concentrating at the top. Big teams are making platform decisions based on enterprise runway, not short-term noise.
- M&A buyers keep paying for planning depth. Firms with tax integration and true client process are the ones getting pulled into premium platforms.
- Independence is still the cleanest path to customization. Especially for teams building around business owners, UHNW planning, and multi-generational continuity.
All data and reporting in this roundup is derived from FINTRX. Considering a move? Explore our transition services or schedule a confidential consultation.