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RIA Intel State Report

District of Columbia RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024
Total Firms
83
Total AUM?
$87.7B
Median AUM
$302M
13F Filers
5
AUM Tier Distribution
Under $100M23
$100M–$500M28
$500M–$1B7
$1B–$5B20
$5B+5
State Snapshot
Total Firms83
Total AUM$87.7B
Median AUM$302M
13F Filers5
High Succession Risk4
Elevated Succession Risk4
Succession Risk Breakdown
High
4 firms (5%)
Elevated
4 firms (5%)
Moderate
12 firms (14%)
Lower
63 firms (76%)
Growth Leaders — Wealth Advisory Firms
FirmCityAUM3Y CAGRSuccession
INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATIONWASHINGTON$6.0B+97.5%Moderate
ACON INVESTMENTS MANAGEMENT, LLCWASHINGTON$171M+88.9%Lower
POTOMAC RIVER CAPITAL LLCWASHINGTON$1.0B+52.3%Lower
BLACK CHAMBER PARTNERS, LLCWASHINGTON$1.8B+44.1%Lower
GRAIN MANAGEMENT, LLCWASHINGTON$6.7B+35.0%Lower
SAX CAPITAL LLCWASHINGTON$769M+31.0%Lower
BLUE LIKE AN ORANGE CAPITAL US LLCWASHINGTON$481M+30.9%Lower
CAPITOL MERIDIAN PARTNERS LPWASHINGTON$1.4B+30.5%Lower
M&A Opportunity Signals
🎯
8Acquisition candidates
Firms with elevated/high succession risk and AUM $100M–$5B
📈
3Growing but vulnerable
Positive 3Y CAGR with high succession risk — attractive for acquirers
📉
0Mid-market shrinking
AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk
🔒 Top 25 Acquisition Targets — Ranked by Composite Score
RankFirmAUMScore
1BRYSPEN, INCORPORATED$294M44.4
2LYNX INVESTMENT ADVISORY, LLC$1.3B43.1
3FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC.$1.2B40.4
4FIDUCIARY INVESTMENT MANAGEMENT INTERNATIONAL, INC.$650M34.6
5ARMSTRONG, FLEMING & MOORE, INC.$1.1B28.6
6FOLGER NOLAN FLEMING DOUGLAS INCORPORATED$858M18
🔒

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 District of Columbia. 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.