Wealth Management Acquisitions in Illinois
Illinois Wealth Management Deal Themes
Illinois wealth management acquisitions over the past several years show a mix of RIA platform growth and advisor-led practice consolidation—often centered on the Chicago area and its surrounding communities.
Across the listed transactions, buyers such as NorthRock Partners, EP Wealth Advisors, Modern Wealth Management, Pure Financial Advisors, Carson Group, Robertson Stephens, Berger Financial Group, Curi, and TC Wealth Partners seek to add client assets, deepen planning capabilities (including wealth, estate, life-insurance, and retirement consulting), and bring advisor teams into a broader operating platform.
Some deals also focus on expanding services and infrastructure for the broader wealth ecosystem. For example, STP Investment Services acquired WealthSite, a software provider serving family offices and wealth advisory firms, to extend its BluePrint platform capabilities.
What Stands Out
- Chicago-area concentration: Multiple targets are based in Illinois with deal activity framed around expanding the buyer’s presence in the region.
- Roll-up patterns: Several transactions bring smaller RIAs and advisor teams into larger platforms (e.g., Modern Wealth Management acquiring OFM Wealth; EP Wealth Advisors bringing in Rappaport Reiches Capital Management).
- Planning-led capability emphasis: Deals frequently describe added strengths in wealth, estate, life-insurance, retirement consulting, or strategic wealth planning.
- Platform and infrastructure add-ons: Not all acquisitions are advisory firms—STP Investment Services acquired WealthSite to broaden software and analytics capabilities for family offices and wealth advisers.
- Scale-building through onboarding or partnerships: Some transactions are structured as onboarding teams to a platform or strategic partnerships, with leadership and regional directors joining the buyer’s organization.
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January 29, 2026
- Buyer
- NorthRock Partners
- Target
- Martin & Associates
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Addon
NorthRock Partners announced it has onboarded Illinois-based advisory firm Martin & Associates, a five-person team bringing approximately $500 million in assets under management, pushing NorthRock's AUM past $11 billion. The team, previously affiliated with Ameriprise Financial, will transition client relationships onto NorthRock’s Personal Office platform to deepen the firm’s presence in Illinois and expand its wealth management capabilities.
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- Buyer
- EP Wealth Advisors
- Target
- Rappaport Reiches Capital Management
- Seller
- Rappaport Reiches Capital Management, Shari Greco Reiches, David Rappaport
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
EP Wealth Advisors has entered a strategic partnership to bring Chicago-based Rappaport Reiches Capital Management (RRCM) into its platform, adding over $1.2 billion in assets under management and 15 team members. RRCM founders Shari Greco Reiches and David Rappaport will become partners and regional directors at EP Wealth as the firm deepens its Chicago presence and expands its planning-led capabilities.
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April 29, 2025
- Buyer
- Modern Wealth Management
- Target
- OFM Wealth
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Addon
Modern Wealth Management, a Crestview Partners-backed RIA platform, has signed an asset purchase agreement to acquire Chicago-area OFM Wealth, bringing Modern Wealth's AUM to over $7.5 billion. OFM Wealth's six-person team will join Modern Wealth's national platform to access centralized services and support as part of Modern Wealth's continuing roll-up strategy.
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April 21, 2025
- Buyer
- Pure Financial Advisors, LLC, Lee Equity Partners, LLC, Emigrant Partners
- Target
- Fairhaven Wealth Management, LLC
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Addon
Pure Financial Advisors, a San Diego-based fee-only RIA backed by Lee Equity Partners and Emigrant Partners, has acquired Fairhaven Wealth Management, an independent financial planning and investment management firm based in Wheaton, Illinois with nearly $900 million in client assets. The acquisition expands Pure's presence in the Chicago / Midwest market and enhances its retirement consulting capabilities.
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January 23, 2025
- Buyer
- Carson Group
- Target
- Carson Wealth Chicago
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Carson Group announced it will take full ownership of its Carson Wealth Chicago office, transitioning the advisor-led practice into a wholly owned branch. Carson Wealth Chicago—led by Mark McCallum—has grown AUM from $163 million in 2019 to more than $1 billion at the end of 2024 across five locations and 15+ advisors; the move is intended to streamline operations and provide Carson Group resources to support further growth and regional expansion.
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October 8, 2024
- Buyer
- Robertson Stephens Wealth Management, LLC
- Target
- CAFG Private Wealth
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Robertson Stephens Wealth Management has acquired CAFG Private Wealth, a registered investment advisor managing over $240 million in assets. Tom Chernesky and his team join Robertson Stephens as the firm opens its first Greater Chicago office, marking Robertson Stephens' fifth acquisition of 2024 and bringing its assets under management to over $7 billion.
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March 20, 2024
- Buyer
- Caprock
- Target
- Grey Street Capital
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Caprock, a multi-family office Registered Investment Advisor, has acquired Grey Street Capital, a Chicago-based boutique advisory firm with $2.2 billion in client assets. The deal expands Caprock's geographic footprint and advisor presence across Chicago, Scottsdale (AZ), Winter Park (FL), and Morris County (NJ), and Grey Street will operate under the Caprock brand; terms were not disclosed.
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February 14, 2024
- Buyer
- Berger Financial Group
- Target
- Robert Gordon & Associates, Inc.
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Minneapolis-based Berger Financial Group has acquired Springfield, Illinois–based Robert Gordon & Associates, Inc., adding the firm's investment management and strategic wealth planning capabilities to Berger's platform and bringing Berger's total client assets under management to $2 billion. The acquired team joined Berger under an Employee Stock Ownership Plan (ESOP); the deal is described as Berger's largest acquisition to date.
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- Buyer
- Curi, Curi Capital
- Target
- RMB Capital
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Curi completed its previously announced acquisition of RMB Capital and merged Curi Capital with RMB to form Curi RMB Capital, a registered investment advisory firm with more than $11.3 billion in assets under advisement. The combined firm is headquartered in Chicago, retains leadership from both organizations, and has approximately 180 employees while positioning itself for expanded geographic reach and long-term growth.
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February 8, 2023
- Buyer
- TC Wealth Partners, Hightower Advisors
- Target
- EFG Advisors
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Addon
TC Wealth Partners, supported by parent Hightower Advisors, has acquired EFG Advisors, adding about $800 million in AUM and creating a combined firm with roughly $2 billion in AUM. EFG will operate under the TC Wealth Partners name and the transaction is intended to expand the combined firm's wealth, estate and life-insurance planning capabilities across the Chicago area and beyond.
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January 24, 2023
- Buyer
- The Charles Schwab Corporation
- Target
- The Family Wealth Alliance
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
The Charles Schwab Corporation has acquired The Family Wealth Alliance (FWA), a membership and research organization serving multifamily and single family offices and other family-wealth-focused firms. FWA's leadership team has joined Schwab to expand Schwab's capabilities and resources for advisors and firms serving ultra-high-net-worth clients; financial terms were not disclosed.
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December 15, 2022
- Buyer
- STP Investment Services
- Target
- WealthSite
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
STP Investment Services has acquired WealthSite, a provider of accounting, portfolio management, reporting and analytics software for family offices and wealth advisory firms. The deal will expand STP's BluePrint platform capabilities and brings STP's assets under administration to over $400 billion.
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October 5, 2022
- Buyer
- Wealth Enhancement Group
- Target
- Scroggins Wealth Management
- Seller
- Scroggins Wealth Management, Michael Scroggins
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Wealth Enhancement Group has acquired Scroggins Wealth Management, an independent RIA that oversees more than $370 million in client assets and operates offices in New Lenox, Illinois, Naples, Florida and Fort Myers, Florida. The deal marks Wealth Enhancement Group's 11th acquisition in 2022 and expands its national footprint and client assets to more than $57.7 billion.
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August 24, 2022
- Buyer
- Allworth Financial
- Target
- Second Opinion Partners
- Seller
- Josh Kadish, Nicole Mayer
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Allworth Financial acquired Second Opinion Partners, a Riverwoods, Illinois-based RIA with $440 million in assets, as part of its continued roll-up strategy. The deal expands Allworth's Midwest/Chicago-area presence and is the firm's 23rd acquisition in four years (and its second announced that day).
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April 8, 2022
- Buyer
- Creative Planning LLC
- Target
- Heritage Way Advisors
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Creative Planning LLC, a large independent RIA, has acquired Illinois-based Heritage Way Advisors, a boutique wealth management firm with $450 million in AUM. The deal brings the Heritage Way team and clients into Creative Planning’s platform to support succession planning and expand client services and capabilities.
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- Buyer
- Ty J. Young Wealth Management
- Target
- P.A. Berg Retirement Solutions
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Ty J. Young Wealth Management acquired Chicago-based P.A. Berg Retirement Solutions, with the transaction closing on March 22, 2022. The acquisition expands TJY's footprint into the Chicago market and gives P.A. Berg clients access to TJY's broader advisory resources and services.
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December 3, 2021
- Buyer
- MAI Capital Management, LLC
- Target
- Hochman Cole Investment Advisors, Inc.
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Addon
MAI Capital Management, a Cleveland-based registered investment adviser, has acquired Hochman Cole Investment Advisors of Deerfield, Illinois. The deal, which closed Dec. 3, 2021, expands MAI's presence in the Chicago area and adds more than $495 million in assets under management; financial terms were not disclosed.
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April 2, 2019
- Buyer
- Cerity Partners
- Target
- Blue Prairie Group
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Buyout
Cerity Partners merged with Chicago-based Blue Prairie Group in April 2019, adding approximately $11 billion in client assets and bringing Cerity’s advised assets to more than $21 billion across six locations. Blue Prairie Group, a fee-only registered investment advisor serving retirement plan sponsors, foundations, endowments and private clients, will join Cerity with Ty Parrish leading the Retirement Plan Services Group.
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January 4, 2019
- Buyer
- Abry Partners
- Target
- Millennium Trust Company
- Seller
- Parthenon Capital Partners
- Industry
- Wealth Management
- Location
- Illinois, United States
- Type
- Recapitalization
Abry Partners has signed a definitive agreement to make a significant investment in Millennium Trust Company, a technology‑enabled provider of retirement and custody services headquartered in Oak Brook, Illinois. Parthenon Capital Partners will sell a controlling stake to Abry but will retain a minority ownership and remain on Millennium Trust’s board; the transaction is subject to customary conditions and regulatory approvals, including approval from the Illinois Department of Financial and Professional Regulation.
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Frequently Asked Questions
Which firms are most frequently involved in Illinois wealth management acquisitions on this page?
Recurring buyer names include Wealth Enhancement Group, TC Wealth Partners, Hightower Advisors, Cerity Partners, Creative Planning LLC, The Charles Schwab Corporation, Berger Financial Group, and Abry Partners.
Are these deals mainly focused on advisory firms, or do they include other types of targets?
They include both. Most are acquisitions of registered investment advisors and wealth management practices, and at least one deal (STP Investment Services acquiring WealthSite) targets wealth management software for family offices and advisory firms.
Where in Illinois does most activity appear to be concentrated?
The recent locations highlighted are in Illinois, United States, with multiple deals specifically described as Chicago-based and others in nearby communities (e.g., Wheaton and Springfield).
What kinds of buyer goals show up repeatedly across the transactions?
Common themes are expanding regional presence, adding assets under management (or assets under advisement), and strengthening planning capabilities such as retirement consulting and wealth/estate/life-insurance planning.