Across the country, independent Registered Investment Advisors (RIAs) are being acquired by larger financial institutions—many backed by private equity firms. According to Echelon Partners, an investment bank that tracks wealth management mergers and acquisitions, 345 RIA transactions occurred year to date through September 2025, leaving the possibility of surpassing last year’s record deal activity of 366 (ConnectMoney). Rochester has seen its share of activity as well; highlighted in a recent Rochester Business Journal article, several long-established local firms have recently announced acquisitions by national firms.
Our Choice: Remaining Independent and Fiduciary-Focused
Howe & Rusling is not a part of this selling fervor. We remain proudly independent and are committed to staying that way. We believe that structure directly benefits our clients. As an independent firm, our structure supports decision-making that prioritizes our clients’ best interests, without the influence of outside shareholders or parent corporations. At the same time, we recognize that larger firms may offer different resources or models that appeal to some investors; independence is simply the path that best reflects our values and how we choose to serve.
In our experience, clients tend to value the transparency and personal connection that come with working directly with the people who own and operate the firm. Independence, to us, reflects not just how we’re structured but what we stand for—fiduciary integrity, holistic planning, and empathy.
The Impact of Industry Consolidation on Client Experience
Consolidation of larger firms can lead to increased operational scale and efficiency. However, larger organizational structures may introduce additional layers between clients and decision-makers, which can affect the degree of personalization some clients prefer.
At Howe & Rusling, independence allows us to keep decision-making close to the people it matters most for: our clients. As a 100% employee-owned firm, our ownership structure is designed so that decisions are made by people who work directly with clients every day and are personally invested in the firm’s long-term success. That ownership creates accountability and reinforces our commitment to providing thoughtful, individualized guidance rather than one-size-fits-all solutions.
We believe that independence helps foster stronger relationships, clearer communication, and deeper understanding—no matter where our clients live or what stage of life they’re in.
Understanding the Drivers Behind the Deal Surge
Industry experts attribute this surge to a combination of factors: the aging of firm founders seeking succession plans and the influx of private equity capital looking for stable, recurring revenue streams in the advisory business (Barron’s, 2024). Private equity’s growing role in wealth management has transformed the competitive landscape. Firms backed by private equity capital have access to significant funding to acquire independent RIAs and roll them into national platforms. This “roll-up” model is designed to increase scale, improve operational efficiency, and eventually sell to another buyer at a premium (InvestmentNews, PlanAdviser).
While there are valid business reasons for these mergers, such as succession and efficiency, we believe independence remains a powerful advantage for those who value personalized attention and local decision-making.
Our Growth Story: Large Enough to Serve, Small Enough to Care
When we acquired Howe & Rusling in 2006, the firm oversaw approximately $550 million in assets under management. Since then, our team has grown to include a new generation of talented employees, including three additional owners. Together, we’ve expanded our capabilities to include comprehensive financial planning, tax strategy, and estate coordination—all while growing to more than $2.3 billion in assets under care (as of 9/30/25).
We view our size as a strength–large enough to have the resources to help meet our client objectives while not being so large that we forget how important those objectives are to each one of our individual clients.
Looking Ahead: Growing with Purpose, Not for Scale
We’re grateful to our clients who continue to refer friends and family. Growth helps keep us vibrant and sustainable, yet our goal is never to grow for growth’s sake. We’re focused on maintaining the trust, service, and partnership that have guided us for more than 95 years—and ensuring that independence remains at the heart of Howe & Rusling’s identity.
Disclosures: Howe & Rusling, Inc. (“H&R”) is a registered investment adviser with the U.S. Securities and Exchange Commission. Registration as an investment adviser does not imply any level of skill or training. This communication is provided for informational purposes only and should not be construed as personalized investment advice or a recommendation to buy or sell any particular security or strategy. Any opinions or views expressed herein are subject to change without notice and may differ from those of other H&R investment professionals. The information contained herein has been obtained from sources believed to be reliable, but H&R makes no representation or warranty as to the accuracy or completeness of the information presented. References to third-party data, such as from Echelon Partners, ConnectMoney, Barron’s, InvestmentNews, PlanAdviser, and the Rochester Business Journal, are included for informational purposes only and do not constitute an endorsement or validation by H&R. All data cited is as of the dates referenced and may change without notice. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any discussion of market trends or industry activity is intended solely to illustrate broader economic or business conditions and should not be interpreted as a forecast or guarantee of future events or outcomes. Examples of other firms or market participants are included only to provide context and should not be viewed as commentary on those entities. References to assets under management or “assets under care” reflect the combined regulatory assets under management (AUM) and non-discretionary advisory assets as of September 30, 2025, and are provided for informational purposes only. Figures are unaudited and subject to change. H&R is independently owned and operated. The firm’s independence does not imply that clients will experience improved investment performance or outcomes relative to advisers affiliated with other organizations. Clients should conduct their own due diligence when selecting an adviser and should consider the scope of services, fees, and fiduciary responsibilities of each firm. For additional information about Howe & Rusling, including our services, fees, and conflicts of interest, please review our Form ADV Part 2A brochure.
