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RIA Intel State Report

Montana RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024
Total Firms
25
Total AUM?
$62.0B
Median AUM
$301M
13F Filers
4
AUM Tier Distribution
Under $100M5
$100M–$500M12
$500M–$1B2
$1B–$5B3
$5B+3
State Snapshot
Total Firms25
Total AUM$62.0B
Median AUM$301M
13F Filers4
High Succession Risk3
Elevated Succession Risk6
Succession Risk Breakdown
High
3 firms (12%)
Elevated
6 firms (24%)
Moderate
7 firms (28%)
Lower
9 firms (36%)
Growth Leaders — Wealth Advisory Firms
FirmCityAUM3Y CAGRSuccession
DAVIDSON INVESTMENT ADVISORS, INC.GREAT FALLS$5.2B+24.6%Elevated
LOVELESS WEALTH MANAGEMENT, LLCBILLINGS$265M+23.9%Elevated
SGL INVESTMENT ADVISORS, INC.MISSOULA$392M+22.6%Moderate
ALLIED INVESTMENT ADVISORS LLCBILLINGS$1.5B+22.5%Elevated
HOLMES & TURNER FINANCIAL SERVICES, INC.BOZEMAN$74M+13.4%Moderate
MAIN LINE RETIREMENT ADVISORS, LLCWHITEFISH$449M+8.3%Moderate
STACK FINANCIAL MANAGEMENT INCWHITEFISH$1.9B+6.8%High
BITTERROOT CAPITAL ADVISORS LLCBOZEMAN$1.5B+6.4%High
M&A Opportunity Signals
🎯
8Acquisition candidates
Firms with elevated/high succession risk and AUM $100M–$5B
📈
2Growing but vulnerable
Positive 3Y CAGR with high succession risk — attractive for acquirers
📉
1Mid-market shrinking
AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk
🔒 Top 25 Acquisition Targets — Ranked by Composite Score
RankFirmAUMScore
1ALLIED INVESTMENT ADVISORS LLC$1.5B45.6
2BITTERROOT CAPITAL ADVISORS LLC$1.5B44.5
3STACK FINANCIAL MANAGEMENT INC$1.9B42.5
4LOVELESS WEALTH MANAGEMENT, LLC$265M40.4
5FRONT STREET CAPITAL MANAGEMENT, INC.$614M37.8
6CAPSTONE WEALTH MANAGEMENT, INC.$301M26.4
🔒

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 Montana. 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.