December 2025 RIA and Broker-Dealer Roundup: Advisor Moves

Advisor and Team Movements: Big Teams Keep Prioritizing Platform Leverage

Wells Fargo emerged as the top recruiting winner in December, securing several substantial teams:

• Hingham Street Partners transitioned from UBS to Wells Fargo's private client group, bringing 16 advisors, $6.3B in AUM, approximately $38.5M in revenue, and operations across Boston, Connecticut, Florida, and Tennessee.
• Munster Freeman Group, a $3B team from Merrill Private Wealth in Los Angeles with UHNW and liquidity-event specialization, also joined Wells Fargo.

Other significant recruiting activity included Cresset attracting a $1.4B UHNW team from Bernstein in Houston, Indivisible Partners adding an $882M Stifel team in Dallas, and Rockefeller acquiring three teams totaling nearly $1.7B from multiple platforms.

Key insight: elite teams are not switching logos. They are buying access to scale: lending depth, platform resources, technology, and a runway for enterprise growth.

M&A Activity: Planning Plus Tax Integration Remains the Premium

Consolidation activity centered on firms offering robust planning capabilities and tax integration:

• Creative Planning acquired Burt Wealth Advisors ($1B) and Marshall Financial Group ($900M+), maintaining its multi-deal acquisition strategy.
• Allworth expanded in New England through the acquisition of FSA Wealth Management ($460M) near Boston.
• Mercer Advisors acquired Glass Jacobson Wealth Advisors ($1B), which featured integrated accounting services.
• Wealth Enhancement continued its roll-up strategy with L.M. Kohn & Company ($2.2B+) and four additional firms adding $1.4B+ in a single week.

The consolidation pattern reflects buyer preference for advisory firms that behave like durable businesses, not personality-led books.

New Firm Launches: Tax Teams Keep Going Full Independent

Storen Financial launched Storen Legacy Partners as an independent RIA with Dynasty, managing approximately $500M with Schwab as custodian. The firm includes five advisors and eight tax accountants among 38 staff members.

This launch exemplifies a broader trend where 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

1. Recruiting concentration: large teams are making platform decisions based on long-term enterprise potential rather than short-term considerations.
2. M&A valuation drivers: firms demonstrating tax integration and genuine client process frameworks command premium valuations in the acquisition market.
3. Independence appeal: independence remains the most direct pathway to customization, particularly for teams specializing in business owner planning, UHNW relationships, and multi-generational wealth strategies.

All data derives from FINTRX reporting.