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RIA Intel State Report

Minnesota RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024
Total Firms
335
Total AUM?
$1.05T
Median AUM
$365M
13F Filers
63
AUM Tier Distribution
Under $100M38
$100M–$500M164
$500M–$1B60
$1B–$5B55
$5B+18
State Snapshot
Total Firms335
Total AUM$1.05T
Median AUM$365M
13F Filers63
High Succession Risk37
Elevated Succession Risk35
Succession Risk Breakdown
High
37 firms (11%)
Elevated
35 firms (10%)
Moderate
101 firms (30%)
Lower
161 firms (48%)
Growth Leaders — Wealth Advisory Firms
FirmCityAUM3Y CAGRSuccession
WILIAN SECURITIES, LLCVADNAIS HEIGHTS$144M+48.7%Moderate
EXCELSIOR RENEWABLE ENERGY MANAGEMENT COMPANY LPEXCELSIOR$1.4B+44.1%Lower
SAWTOOTH ASSET MANAGEMENT, INC.MINNEAPOLIS$216M+42.0%Lower
GOLDNER HAWN LPMINNEAPOLIS$843M+38.6%Lower
WAYPOINT CAPITAL ADVISORS, LLCMINNEAPOLIS$950M+37.3%Elevated
CETERA INVESTMENT SERVICES LLCST CLOUD$1.2B+33.1%Moderate
PACK PRIVATE WEALTH, LLCWAYZATA$267M+30.6%Lower
PRIEBE WEALTH HOLDINGS, LLCMAPLE GROVE$481M+28.6%Lower
M&A Opportunity Signals
🎯
66Acquisition candidates
Firms with elevated/high succession risk and AUM $100M–$5B
📈
28Growing but vulnerable
Positive 3Y CAGR with high succession risk — attractive for acquirers
📉
11Mid-market shrinking
AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk
🔒 Top 25 Acquisition Targets — Ranked by Composite Score
RankFirmAUMScore
1GEN FINANCIAL MANAGEMENT INC.$332M47.5
2DOUGHERTY WEALTH ADVISERS LLC$505M46.5
3COMPASS CAPITAL MANAGEMENT INC$2.5B44.8
4SPLIT ROCK PRIVATE TRADING AND WEALTH MANAGEMENT LLC$356M44.1
5WEBB ADVISORS INCORPORATED$371M43.5
6NAVPOINT FINANCIAL, INC.$644M43.2
🔒

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 Minnesota. 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.