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RIA Intel State Report

Arizona RIA Landscape — 2025

A data-driven overview of SEC-registered wealth advisory firms headquartered in Arizona, including growth trends, succession risk analysis, and M&A opportunity signals.

Source: SEC Form ADV · Updated Q4 2024
Total Firms
252
Total AUM?
$353.1B
Median AUM
$238M
13F Filers
50
AUM Tier Distribution
Under $100M47
$100M–$500M150
$500M–$1B25
$1B–$5B24
$5B+6
State Snapshot
Total Firms252
Total AUM$353.1B
Median AUM$238M
13F Filers50
High Succession Risk20
Elevated Succession Risk29
Succession Risk Breakdown
High
20 firms (8%)
Elevated
29 firms (12%)
Moderate
60 firms (24%)
Lower
141 firms (56%)
Growth Leaders — Wealth Advisory Firms
FirmCityAUM3Y CAGRSuccession
KEYSTONE WEALTH PARTNERS, LLCCHANDLER$644M+59.0%Lower
HARMONY ASSET MANAGEMENT LLCSCOTTSDALE$394M+48.2%Lower
WEALTH MANAGEMENT LLCSCOTTSDALE$738M+44.4%Lower
BALBOA WEALTH PARTNERS, INC.SCOTTSDALE$1.0B+42.6%Elevated
AWM CAPITAL, LLCPHOENIX$1.2B+38.3%Lower
HERITAGE WEALTH MANAGEMENT, LLCPHOENIX$545M+38.1%Lower
EATON-CAMBRIDGE INC.PHOENIX$392M+36.0%Elevated
WATTS GWILLIAM & COMPANY, LLCGILBERT$819M+35.5%High
M&A Opportunity Signals
🎯
48Acquisition candidates
Firms with elevated/high succession risk and AUM $100M–$5B
📈
16Growing but vulnerable
Positive 3Y CAGR with high succession risk — attractive for acquirers
📉
7Mid-market shrinking
AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk
🔒 Top 25 Acquisition Targets — Ranked by Composite Score
RankFirmAUMScore
1WATTS GWILLIAM & COMPANY, LLC$819M51.4
2HILLSPRING FINANCIAL, INC.$155M47.3
3ROVIN CAPITAL LLC$711M46.6
4LANE BROTHERS & CO INC$193M44.8
5CAPITAL WEST PARTNERS, LLC$300M44.6
6R.H. INVESTMENT GROUP, LLC$238M44.4
🔒

Acquisition Target Rankings

Full ranked list of 25 acquisition targets with composite scores based on succession risk, growth trajectory, and peer benchmarking.

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Methodology. This report covers SEC-registered investment advisers classified as wealth advisory firms (filter: is_wealth_advisory = true) headquartered in Arizona. AUM figures are drawn from the most recent Form ADV filing. Succession risk tiers are computed using a proprietary 5-pillar model incorporating founder tenure, ownership concentration, AUM dependency, team depth, and filing recency. Growth CAGR is calculated from the three most recent annual filings where available. Acquisition scores blend succession risk (40%), AUM growth trajectory (35%), and national peer rank (25%). Data sourced from SEC EDGAR. This page is for informational purposes only and does not constitute investment advice.