North Dakota RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024

Total Firms

10

Total AUM?

$2.5B

Median AUM

$193M

13F Filers

3

AUM Tier Distribution

Under $100M1

$100M–$500M8

$500M–$1B1

$1B–$5B0

$5B+0

State Snapshot

Total Firms10

Total AUM$2.5B

Median AUM$193M

13F Filers3

High Succession Risk1

Elevated Succession Risk1

Succession Risk Breakdown

High

1 firms (10%)

Elevated

1 firms (10%)

Moderate

2 firms (20%)

Lower

6 firms (60%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
PRAIRIEWOOD CAPITAL, LLC	FARGO	$365M	+17.4%	Lower
CAPITAL FINANCIAL SERVICES, INC.	MINOT	$213M	+14.5%	Moderate
WEALTH FORWARD, LLC	FARGO	$197M	+5.9%	Moderate
JOHNSON WEALTH MANAGEMENT, LLC	GRAND FORKS	$257M	+5.8%	High

M&A Opportunity Signals

🎯

2Acquisition candidates

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

📈

1Growing 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

Rank	Firm	AUM	Score
1	JOHNSON WEALTH MANAGEMENT, LLC	$257M	47.2
2	CLASSIC ASSET MANAGEMENT, LLC	$189M	20.7

🔒

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 North Dakota. 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.