026: A Record Start to 2026 RIA M&A

Episode Summary  Growth is the only conversation that matters in the RIA space right now, and most firms are trying to win it on instinct. In this episode, David Canter joins the hosts to lay out the seven levers of organic growth and make the case that discipline beats breadth. The conversation covers where each lever actually produces, why niche client segments quietly activate referrals, COI relationships, and the retirement to wealth bridge all at once, and what separates a true platform from a marketing claim.  About David Canter  David Canter is CEO of Finley Point Strategy LLC, a consulting firm serving the wealth management, asset management, and fintech ecosystem. He is also a strategic advisor to CAIS and a senior advisor to McKinsey & Company.  Before founding Finley Point, David served as President of Bluespring Wealth Partners, a national RIA acquirer, and spent nearly 13 years at Fidelity Investments, where he led the RIA and Family Office segments as Executive Vice President. In that role he was responsible for sales and relationship management across more than 2,800 RIA firms in eight U.S. territories. Earlier in his career he was Head Legal Counsel for Schwab Institutional and Chief Legal and Compliance Officer at Post Advisory Group.  David sits on the boards of the Accordant Investments mutual fund family, Parallel Advisors, and Invest in Others, and previously served on the boards of Fidelity Brokerage Services and the Foundation for Financial Planning. He holds a B.A. in Political Science from the University of Wisconsin-Madison and a J.D. from the University of Baltimore School of Law.  The Seven Levers of Growth  Client referrals Center of influence referrals Advisor recruiting Mergers and acquisitions Digital and consumer marketing Retirement to wealth bridge (product expansion) Expanding wallet share  Key takeaway: A well-defined niche client base activates three levers at once: referrals, COI relationships, and the retirement to wealth bridge.  More with David  Catch David's first Modcast appearance: Episode 023, The 6 Key Assumptions About the RIA Industry  Links  Modcast Subscribe: YouTube Modcast Subscribe: Spotify Modcast Subscribe: Apple Podcasts Modcast Episode 023: The 6 Key Assumptions About the RIA Industry Modcast Episode 025: 5 Hidden Traps of Running an RIA Modcast Episode 022: AI in the RIA Space: Beyond the Hype Pt. 1 Modcast Episode 024: AI in the RIA Space: Beyond the Hype Pt. 2 Modcast Episode 026: A Record Start to 2026 RIA M&A with David DeVoe Modcast Episode 027: RIA Value Drives, Multiples, and the Seller Mindset with Derek Bruton Modcast Episode 003: 3 Key Reasons to Pay Attention to Organic Growth

In this episode, we sit down with Derek Bruton, Head of M&A at Modern Wealth Management and our first-ever repeat guest, to unpack what's really driving deals in today's wealth management landscape. Drawing on decades in the industry and conversations with hundreds of firms a year, Derek breaks down the seller mindset, the value drivers that separate premium firms from the pack, and how advisors across different affiliation models are thinking about their next chapter. Whether you own an RIA, operate on a broker dealer chassis, or are simply curious about where the industry is heading, this conversation offers a candid look at what sellers are solving for beyond price. Key Topics Covered:  Why today's sellers are motivated by more than money, from role fatigue and growth ceilings to succession and talent concerns How the average acquisition now exceeds $1 billion in AUM and what that signals about the industry's maturation The shift from running a practice to running a business, and the desire to get back to clients and prospecting Why selling rarely means retiring, and how the "sell and stay" model gives advisors a new lease on life The value drivers that move a firm up or down the multiple range: organic growth, next gen talent, technology, and marketing investment How median deal multiples have climbed from 8x adjusted EBITDA in 2020 to 11.6x in 2025, and why the market has bifurcated Where a $500 to $750 million firm should focus to add a full turn or two to its multiple over the next 24 months How value drivers and structure differ across corporate RIA reps, RIAs on a broker dealer chassis, and standalone RIAs The tradeoff between platform flexibility and simplicity, and the role of "tech debt" in independent broker dealer land Debunking the biggest misconception in M&A: that selling means the owner is headed for the exit  Other Episodes Mentioned:  Episode 016 - https://youtu.be/xievF31J5bQ Episode 026 - https://youtu.be/UI2efe3orO8 Episode 025 - https://youtu.be/58t3AuS56wI Episode 022 - https://youtu.be/1CczOT70nrk Episode 024 - https://youtu.be/c0_tK5ap8YA Episode 003 - https://youtu.be/ToN_dx4P1FI Subscribe on YouTube!  https://www.youtube.com/@ModernModcast https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Learn more about Modern Wealth: https://modcast.show 

In this episode, we dive into the latest trends and data on M&A activity within the wealth management industry, featuring insights from Dave DeVoe, a leading authority in valuation and strategic growth. Whether you're a firm contemplating your next move or an investor interested in valuation trends, this conversation offers a comprehensive look at what's driving deal activity, valuation shifts, and succession planning challenges in the space. Key Topics Covered: • How Q1 and Q2 2026 set new records for M&A deal volume, with insights into industry cycles and future projections • The evolving composition of seller profiles, with a focus on the rise of large RIAs and the concept of "meta firms" and "mega firms" • The influence of private equity investments on industry valuations and deal structures • The disconnect between buyer and seller valuation expectations amid high industry valuations • The importance of strategic fit over maximized valuation when selecting an acquirer • Critical drivers of firm valuation: organic growth, profitability, and talent quality • The ongoing crisis of succession planning and its impact on firm valuation and industry stability • The implications of private equity activity and the myths versus realities of industry consolidation Other Episodes Mentioned:  Episode 025 - https://youtu.be/58t3AuS56wI Episode 020 - https://youtu.be/fyP3WQdXlps Episode 009 - https://youtu.be/XpKBalA-Kn4 Episode 006 - https://youtu.be/2uK-wZgYLh0 Episode 002 - https://youtu.be/kaczbeteoeA Sources: DeVoe & Company Q1 Report - https://www.devoeandcompany.com/deal-books/devoe-ria-deal-book-tm---q1-2026 DeVoe & Company Q2 Report - https://www.devoeandcompany.com/deal-books/devoe-ria-deal-book-tm---q2-2026 Subscribe on YouTube! https://www.youtube.com/@ModernModcast https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Learn more about Modern Wealth: https://modcast.show

Many $1 billion RIAs discover too late that scaling success creates a new set of hidden problems. In this episode of the Modcast, Gordo and Gary unpack the five hidden traps quietly eroding profitability, valuation, and growth at today's fastest-moving advisory firms. Discover why 77% of client AUM is now controlled by just 7% of firms, and what that means for you. Learn how the talent crisis, compliance cost curve, and time trap are pushing founders to their breaking point. Explore why the tech stack you outgrew (plus the AI gap) and broken succession math are driving record M&A activity in 2026. Ignoring these operational ceilings could cost you millions in enterprise value. This episode is essential for RIA founders, principals, and next-gen leaders navigating growth, succession, and the future of independent wealth management. Tune in to identify which hidden traps are holding your firm back, and what to do about it before your next chapter begins.  Other Episodes Mentioned:  Episode 022 - https://youtu.be/1CczOT70nrk Episode 024 - https://youtu.be/c0_tK5ap8YA Sources: AdvisorHub - https://www.advisorhub.com/more-than-half-of-ria-assets-are-controlled-by-2-of-firms-study/ Capital Group - https://www.capitalgroup.com/ria/insights/articles/four-growth-trends-affecting-advisors-RIAs-2026.html DeVoe & Company - https://www.devoeandcompany.com/deal-books/devoe-ria-deal-book-tm---q1-2026 11th.com (1) - https://11th.com/blog/educational/biggest-growth-challenges-for-rias-in-2026/ Advisor Perspectives - https://www.advisorperspectives.com/articles/2026/01/27/talent-crisis-lurks-ria-aggregator-growth Techvera - https://www.techvera.com/resources/blog/what-it-costs-to-run-compliant-ria-technology-stack-in-2026 11th.com (2) - https://11th.com/blog/educational/ai-in-ria-operations-overview/ Fidelity - https://newsroom.fidelity.com/pressreleases/new-fidelity--report-helps-wealth-management-firms-tackle-top-organic-growth-barrier--time-managemen/s/3e3be1a8-011b-49e1-b6bb-ee02ae81172a Schwab (1) - https://www.aboutschwab.com/ria-benchmarking-study-2025 Schwab (2) - https://www.aboutschwab.com/advisor-ai-in-action-2026 Amplify Platform - https://amplifyplatform.com/resources/blog/ria-ma-2026-what-buyers-are-looking-for/ BusinessWire - https://secure.businesswire.com/news/home/20250624947559/en/Industry-Survey-Commissioned-by-Kestra-Reveals-Only-6-of-Financial-Advisors-Planning-to-Retire-Have-a-Fully-Documented-Succession-Plan The Hunter on Apple Podcasts - https://podcasts.apple.com/in/podcast/the-hunter/id1746394098 Subscribe on YouTube! https://www.youtube.com/@ModernModcast https://www.youtube.com/@MeetModernWealth  https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Learn more about Modern Wealth: https://modcast.show    

Many financial advisory firms underestimate how quickly AI will transform their industry. In this episode of Modcast, we reveal how top firms leverage AI to enhance client relationships, automate tasks, and create personalized experiences. Discover AI-driven client interactions and portfolio insights. Learn about cost-saving automation and specialist expertise augmentation. Explore real-world examples of AI in action, like meeting prep and digital workforces. Neglecting AI now could leave your firm behind. This episode is essential for wealth managers and financial advisors seeking a competitive edge. Tune in to harness AI as your advantage and grow your business faster than ever before. Episode 022 - AI in the RIA Space: Beyond the Hype Pt. 1: https://youtu.be/1CczOT70nrk Episode 023 - David Canter's 6 Key Assumptions About the RIA Industry: https://youtu.be/Fd7AGf7Yplw  Episode 021 - Three Years of Modern Wealth Management: https://youtu.be/J6JR5R3AnfY  Episode 018: The State of M&A with Alan Darby: https://youtu.be/EVQhbE6QXe8  Subscribe on YouTube! https://www.youtube.com/@ModernModcast https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Learn more about Modern Wealth: https://modcast.show 

What does the future of the RIA industry look like today? In our latest episode we feature a special guest and friend of the show, wealth management veteran David Canter, revealing the six fundamental assumptions transforming the industry right now. If you're committed to staying ahead of chaos and capitalizing on unprecedented change, this episode is your blueprint. You'll learn: David's six key assumptions about the RIA industry The five core characteristics every true wealth management platform should include The seven levers of growth And more Hi-Fidelity Live: https://www.youtube.com/watch?v=p4KjeKc92QA Episode 009 - The Impact of Private Equity on the RIA Industry: https://youtu.be/XpKBalA-Kn4 Episode 016 - Insights from a Financial Industry Veteran with Derek Bruton: https://youtu.be/xievF31J5bQ Episode 018: The State of M&A with Alan Darby: https://youtu.be/EVQhbE6QXe8  Episode 022 - AI in the RIA Space: Beyond the Hype Pt. 1: https://youtu.be/1CczOT70nrk Subscribe on YouTube! https://www.youtube.com/@ModernModcast https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Learn more about Modern Wealth: https://modcast.show 

AI is reshaping wealth management, yet a significant gap exists: while many firms expect the technology to transform their work, they also lack a formal strategy. This episode examines that disconnect, using the evolution of the internet and robo-advisors as historical context. Key topics include: · Practical Applications: How tools for note taking and client follow-ups are boosting immediate productivity. · Operational Efficiency: Using AI to meet the rising demand for digital-first advice. · The Human Element: Why AI is a tool for enhancement rather than a replacement for advisors. · Integration Strategy: Steps for adopting AI to maintain a competitive edge. Episode 013: https://youtu.be/3BC7LibB4OI Episode 018: https://youtu.be/EVQhbE6QXe8 Episode 021: https://youtu.be/J6JR5R3AnfY Subscribe on YouTube! https://www.youtube.com/@ModernModcast https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Connect with Us: Modcast.show  

In this milestone episode, Gordo, Gary, and special guest Mike Capelle, share the journey of Modern Wealth Management's growth to managing over $12 billion AUM and 275 talented professionals. They will discuss how vision, execution, and authentic culture turned early setbacks into springboards for unprecedented success. They break down the unique strategies that fueled their rapid expansion: from employee co-investment that drives ownership and accountability, to the power of a unified firm culture that embraces innovation and problem-solving at every level. Learn why their approach to scaling, one built on trust, active participation, and a future-focused mindset. sets them apart in the fiercely competitive RIA landscape. Key Points: • Employee Co-Investment: Drives ownership and accountability, fueling rapid expansion. • Unified Firm Culture: Embraces innovation and problem-solving at every level. • AI and Regional Expansion: Unlocks new market opportunities and transforms business operations. Episode 001: https://youtu.be/yJuil2Iu2FU  Episode 019: https://youtu.be/9yveLiTzdtI Episode 016: https://youtu.be/xievF31J5bQ Episode 012: https://youtu.be/e5g_d_XF7wk Episode 017: https://youtu.be/aodfj3hmvv A Subscribe on YouTube! https://www.youtube.com/@ModernModcast https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Connect with Us: Modcast.show 

In this episode, Gary and Gordo are joined by Bud and Matt Kasper from our Modern Wealth Management office in Lee's Summit Missouri. Discover how a father-son duo transformed their family business by blending legacy with innovation. Veteran financial advisor Bud shares his journey from commission-based work to a fee-only, fiduciary approach, while his son Matt reveals the secrets to balancing family and business. Learn actionable lessons on leadership transition, professional development, and cultural cohesion. Subscribe on YouTube! https://www.youtube.com/@ModernModcast  https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Connect with Us: Modcast.show 

Join Gary and Gordo as they breakdown exciting initiatives emerging in Modern Wealth Management. Discover how the Modern Women is engaging women through community and education, and delve into the transformative experiences of the Next Generation Leadership program. With nearly 20 participants from diverse roles, this program is shaping the future of leadership with personal storytelling, career planning, and strategic business plans. Joined by Logan DeGraeve, this episode highlights the authentic culture and cross-office collaboration that are driving a new wave of leadership. Tune in to hear about future plans to expand these initiatives and the potential for exciting guest appearances to enhance engagement and reach. Modern Women: https://youtu.be/gVx_SUlwaiU  Next Generation Leaders: https://youtu.be/wYz4qujq0Eo  Subscribe on YouTube! https://www.youtube.com/@ModernModcast  https://www.youtube.com/@MeetModernWealth https://www.youtube.com/@AmericasWealthManagementShow Episode 003: https://youtu.be/ToN_dx4P1FI  Follow Us on LinkedIn: https://www.linkedin.com/company/meet-modern-wealth-management/ Connect with Us: Modcast.show