Indiana RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024

Total Firms

185

Total AUM?

$179.5B

Median AUM

$300M

13F Filers

41

AUM Tier Distribution

Under $100M29

$100M–$500M94

$500M–$1B33

$1B–$5B26

$5B+3

State Snapshot

Total Firms185

Total AUM$179.5B

Median AUM$300M

13F Filers41

High Succession Risk31

Elevated Succession Risk25

Succession Risk Breakdown

High

31 firms (17%)

Elevated

25 firms (14%)

Moderate

34 firms (18%)

Lower

94 firms (51%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
CERES PARTNERS, LLC	SOUTH BEND	$1.8B	+105.2%	Lower
THURSTON SPRINGER ADVISORS, LLC	INDIANAPOLIS	$3.7B	+56.9%	Lower
ELSER FINANCIAL PLANNING, INC.	INDIANAPOLIS	$2.0B	+49.2%	Moderate
MIDWEST WEALTH MANAGEMENT INC.	INDIANAPOLIS	$191M	+34.9%	Lower
CX INSTITUTIONAL, LLC	AUBURN	$4.1B	+34.7%	Lower
MARIPAU WEALTH MANAGEMENT LLC	FORT WAYNE	$296M	+32.2%	Lower
FI3 FINANCIAL ADVISORS, LLC	INDIANAPOLIS	$928M	+30.0%	Lower
ATLAS CAPITAL MANAGEMENT CORP	FT WAYNE	$563M	+28.9%	High

M&A Opportunity Signals

🎯

53Acquisition candidates

Firms with elevated/high succession risk and AUM $100M–$5B

📈

26Growing but vulnerable

Positive 3Y CAGR with high succession risk — attractive for acquirers

📉

3Mid-market shrinking

AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk

🔒 Top 25 Acquisition Targets — Ranked by Composite Score

Rank	Firm	AUM	Score
1	SMI ADVISORY SERVICES, LLC	$949M	50.9
2	ATLAS CAPITAL MANAGEMENT CORP	$563M	49.3
3	WOODLEY FARRA MANION PORTFOLIO MANAGEMENT INC	$2.1B	48.2
4	MCMAHAN CAPITAL MANAGEMENT LLC	$116M	44.9
5	WALTER & KEENAN WEALTH MANAGEMENT, LLC	$845M	43.5
6	SYCAMORE FINANCIAL GROUP, INC.	$681M	43.2

🔒

Acquisition Target Rankings

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

Methodology. This report covers SEC-registered investment advisers classified as wealth advisory firms (filter: is_wealth_advisory = true) headquartered in Indiana. 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.