Massachusetts RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024

Total Firms

773

Total AUM?

$3.48T

Median AUM

$347M

13F Filers

126

AUM Tier Distribution

Under $100M124

$100M–$500M318

$500M–$1B112

$1B–$5B160

$5B+59

State Snapshot

Total Firms773

Total AUM$3.48T

Median AUM$347M

13F Filers126

High Succession Risk85

Elevated Succession Risk78

Succession Risk Breakdown

High

85 firms (11%)

Elevated

78 firms (10%)

Moderate

174 firms (23%)

Lower

435 firms (56%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
CAPSHIFT ADVISORS, LLC	WEST NEWTON	$495M	+94.9%	Lower
SANDIA INVESTMENT MANAGMENT LP	BOSTON	$582M	+76.2%	Lower
MAYFLOWER FINANCIAL ADVISORS, LLC	BOSTON	$4.8B	+63.5%	Lower
PALLAS CAPITAL ADVISORS, LLC	BRAINTREE	$4.3B	+60.5%	Lower
PATHLIGHT CAPITAL LP	BOSTON	$2.5B	+49.5%	Lower
SILVERARC CAPITAL MANAGEMENT, LLC	BOSTON	$1.0B	+47.8%	Lower
LANDON CAPITAL PARTNERS, LLC	BOSTON	$158M	+46.0%	Lower
SIGNATOR INVESTORS, INC.	BOSTON	$6.6B	+45.3%	Moderate

M&A Opportunity Signals

🎯

147Acquisition candidates

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

📈

66Growing but vulnerable

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

📉

21Mid-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	LENK LADNER INVESTMENT SOLUTIONS LLC	$311M	49
2	HARBOR ISLAND CAPITAL LLC	$227M	45.5
3	BEATON MANAGEMENT CO INC	$394M	45.4
4	ICAPITAL, LLC	$1.2B	45.2
5	HOWLAND CAPITAL MANAGEMENT LLC	$3.3B	44.4
6	FIRST NATIONAL ADVISORS LLC	$1.4B	44.1

🔒

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 Massachusetts. 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.