The consolidation wave rolling through the registered investment advisory industry continued this week as two of its most prolific buyers unveiled fresh transactions. Sequoia Financial Group and Allworth Financial collectively added roughly $3.3 billion in client assets, with one firm crossing a significant asset threshold.
Sequoia, an SEC-registered firm headquartered in Akron, Ohio, said it has acquired BSW Wealth Partners, an independent advisory with offices in Boulder and Denver, Colorado. BSW, founded in 1992, managed approximately $2.3 billion in client assets as of June 30, 2026. The deal brings BSW under the Sequoia brand, though terms were not disclosed. BSW serves a national client base from its two Colorado locations.
This marks Sequoia's second acquisition in as many months. In August, the firm completed its purchase of All Star Financial, a Minnesota-based RIA overseeing about $1.3 billion. With the BSW transaction, Sequoia now supports roughly 11,000 client households across 43 offices spanning all 50 states and Washington, D.C. Tom Haught, Sequoia's chairman and CEO, emphasized the long-term client relationships BSW has built, while BSW CEO David Wolf cited shared cultural values as a key driver of the deal.
Meanwhile, Allworth Financial, based in Sacramento, California, announced it has surpassed $40 billion in assets under management following two simultaneous acquisitions. The firm acquired High Falls Advisors, a Rochester, New York-based RIA with $665 million in AUM and a team of 21 professionals, including 13 wealth and tax advisors. High Falls was purchased by its current leadership—President and CEO Kenneth Burke and Executive Vice President Jennifer Vogler—from its original founders in 2020.
Allworth also closed on Holistic Financial Partners, an Indianapolis-based practice with approximately $282 million in AUM. The firm is led by Jason Llewellyn, a CPA, PFS, and CDFA who chairs the Institute of Divorce Financial Analysts. Holistic specializes in divorce financial planning, a niche advisory discipline. Together, the two deals bring nearly $950 million in assets and 23 professionals into Allworth's fold.
Allworth has now completed more than 45 acquisitions since 2018, backed by institutional investors including Integrum Holdings, Lightyear Capital, and Ontario Teachers' Pension Plan. CEO John Bunch said the two firms exemplify the partnership qualities Allworth seeks: proven leadership, distinctive capabilities, and a client-first philosophy.
The latest deals underscore the sustained momentum in RIA M&A. A Fidelity analysis found that acquired RIA assets nearly doubled in 2026, indicating that deal size, not just deal count, is climbing. Echelon Partners data showed that first-half 2026 RIA M&A shattered records, with deal count jumping nearly 40% year-over-year. This trend is part of a broader consolidation story across financial services, as seen in projections for U.S. bank consolidation and the recent wave of RIAs crossing key asset thresholds.
For advisors, the pace of M&A means more firms are joining larger platforms, often gaining access to expanded resources and succession options. As the industry continues to scale, the competitive landscape for independent advisors is shifting, with implications for client service and investment strategies. The growing adoption of active ETFs and other product innovations are also reshaping how advisors manage portfolios.
