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RIA Intel State Report

Virginia RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024
Total Firms
388
Total AUM?
$354.6B
Median AUM
$296M
13F Filers
86
AUM Tier Distribution
Under $100M59
$100M–$500M196
$500M–$1B55
$1B–$5B65
$5B+13
State Snapshot
Total Firms388
Total AUM$354.6B
Median AUM$296M
13F Filers86
High Succession Risk47
Elevated Succession Risk55
Succession Risk Breakdown
High
47 firms (12%)
Elevated
55 firms (14%)
Moderate
105 firms (27%)
Lower
178 firms (46%)
Growth Leaders — Wealth Advisory Firms
FirmCityAUM3Y CAGRSuccession
GEF CAPITAL PARTNERS, LLCARLINGTON$2.2B+51.5%Lower
REFRAME WEALTH, LLCFAIRFAX$346M+46.8%Lower
DIXON, HUBARD, FEINOUR & BROWN, INC.ROANOKE$1.6B+44.9%Moderate
FAIRFAX GLOBAL MARKETS LLCMIDDLEBURG$92M+39.3%Lower
OLD DOMINION CAPITAL MANAGEMENT INC.CHARLOTTESVILLE$893M+36.1%Moderate
EVR RESEARCH LPRICHMOND$518M+32.4%Lower
HARBOR GROUP INTERNATIONAL, LLCNORFOLK$4.2B+29.7%Lower
BOGART WEALTH, LLCMCLEAN$2.7B+25.8%Lower
M&A Opportunity Signals
🎯
96Acquisition candidates
Firms with elevated/high succession risk and AUM $100M–$5B
📈
38Growing but vulnerable
Positive 3Y CAGR with high succession risk — attractive for acquirers
📉
14Mid-market shrinking
AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk
🔒 Top 25 Acquisition Targets — Ranked by Composite Score
RankFirmAUMScore
1CHESAPEAKE INVESTMENT MANAGEMENT LLC$206M45.7
2ALPHA ADVISORS, LLC$256M42.3
3AZZAD ASSET MANAGEMENT, INC.$1.8B42.2
4PETTYJOHN, WOOD & WHITE, INC.$854M41.7
5COMPREHENSIVE FINANCIAL PLANNING CORPORATION$243M40.6
6D'ORAZIO & ASSOCIATES, INC.$1.3B39.3
🔒

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 Virginia. 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.