Cerity Partners Acquires Austin RIA in $1.4B Deal, Deepening M&A Wave

NEW YORK, NY – January 06, 2026 – In a significant move highlighting the relentless pace of consolidation within the wealth management sector, national powerhouse Cerity Partners has announced its merger with Austin Private Wealth. The deal brings the Austin-based Registered Investment Adviser (RIA), with approximately $1.4 billion in assets under management, under the umbrella of Cerity, a firm managing an estimated $140 billion. The transaction, for which Austin Private Wealth was exclusively advised by investment bank Republic Capital Group, marks a strategic entry for Cerity Partners into one of the nation's fastest-growing wealth markets and will see Austin Private Wealth adopt the Cerity Partners name.

This merger is a quintessential example of the M&A fervor sweeping the RIA industry, where scale, expanded service capabilities, and geographic reach have become paramount for competitive advantage. The combination is poised to provide Austin Private Wealth’s clientele of high-net-worth individuals, families, and business owners with access to a vastly expanded suite of financial solutions while significantly bolstering Cerity Partners' presence in Texas.

A Wave of Consolidation in Wealth Management

The Cerity-APW merger does not exist in a vacuum. It is a prominent marker in an industry defined by a historic consolidation trend. The RIA M&A market is currently experiencing unprecedented activity, with 2025 projected by industry analysts like ECHELON Partners to become the most active year on record, potentially reaching 440 transactions. This surge is fueled by a confluence of powerful factors, including substantial investment from private equity firms, an aging demographic of advisory firm founders seeking succession plans, and the strategic necessity for smaller firms to gain the scale required to compete.

Private equity backing has become a major catalyst, with PE-backed strategic acquirers often accounting for three-quarters of all deals and offering high valuation multiples. Cerity Partners, majority-owned by private equity firm Genstar Capital with a minority stake held by Lightyear Capital, exemplifies this model. The firm has pursued an aggressive growth-by-acquisition strategy to build its national footprint. Prior to this Austin deal, Cerity executed 11 acquisitions, including recent notable mergers in 2025 with a $4.5 billion RIA in Albany and a $4.1 billion firm in Boston. This consistent M&A activity underscores a deliberate strategy to integrate successful regional firms into its national platform, enhancing both service offerings and market penetration.

The Strategic Fit: Why Austin Private Wealth?

For a national consolidator like Cerity Partners, acquisition targets are chosen with surgical precision, balancing financial metrics with cultural and strategic alignment. Austin Private Wealth, founded in 2019 after its partners had worked together since 2006, represented an ideal fit. With $1.4 billion in assets, the firm had achieved significant scale and established a strong reputation in the vibrant Austin market. APW’s focus on a fee-only, fiduciary-driven model offering comprehensive services—including retirement planning, tax-aware strategies, and cross-border planning—resonated with Cerity’s own client-first philosophy.

In a statement, Dan Kraus, Co-Founder of Austin Private Wealth, highlighted this synergy. "We are excited to become partners with Cerity. We believe it will expand services to our clients and create growth opportunities for our team within a firm culture that resonates with our own," he said. This sentiment was echoed by Cerity Partners. "This partnership brings together two firms with a shared culture of client-first advice and long-term thinking," noted Claire O'Keefe, Partner & Head of Partner Development at Cerity Partners. "By welcoming Austin Private Wealth to Cerity Partners, we are expanding our presence in a key growth market for the firm."

The Architect Behind the Deal: The Role of Specialized Advisory

Facilitating such a strategically and culturally aligned merger requires specialized expertise. Republic Capital Group (RCG), which served as the exclusive investment banking advisor to Austin Private Wealth, played a pivotal role in navigating the complex transaction. Boutique investment banks like RCG have become indispensable in the RIA M&A landscape, guiding firms through valuation, identifying suitable partners, and structuring deals that meet the long-term objectives of all parties.

RCG has a distinguished track record in this niche, having advised on transactions involving approximately $235 billion in client assets since 2022 and earning accolades such as "Boutique Investment Banking Firm of the Year." Their involvement ensures that beyond the financial terms, crucial elements like cultural compatibility and strategic vision are at the forefront of negotiations. Vic Esclamado, the Partner and Managing Director who led the Republic team, commented on the deliberate process: "APW was very thoughtful throughout the process. I am glad we were able to find them such a great fit, as people and as a business." John Langston, Founder and CEO of RCG, further emphasized this point, stating, "The strategic fit for Austin Private Wealth with Cerity is excellent. Both firms have a strong partnership culture where collaboration and colleagues are highly valued." This underscores the adviser's role in not just closing a deal, but building a sustainable partnership.

Reshaping Austin's Competitive Landscape

The arrival of a $140 billion national wealth management entity will inevitably reshape the competitive dynamics in Austin. The city is a hotbed of wealth, home to a growing population of entrepreneurs, technology executives, and professional investors who demand sophisticated financial guidance. For existing clients of Austin Private Wealth, the merger promises immediate benefits through access to Cerity’s institutional-quality resources, including more advanced estate and tax planning, a broader array of investment solutions, and deeper multi-generational planning capabilities.

At the same time, the move intensifies the competitive pressure on the many established wealth management firms in the Austin area, such as LeafHouse Financial, Venturi Private Wealth, and Waterloo Capital Management. These local and regional players will now be competing directly with a national firm that boasts enormous scale and a deeply integrated service platform. This heightened competition could ultimately benefit Austin's high-net-worth community, potentially driving innovation, enhancing service quality, and expanding the range of available advisory options as local firms work to differentiate their value propositions in an increasingly crowded and sophisticated market.