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

395

Total AUM?

$365.5B

Median AUM

$304M

13F Filers

86

AUM Tier Distribution

Under $100M60

$100M–$500M198

$500M–$1B57

$1B–$5B66

$5B+14

State Snapshot

Total Firms395

Total AUM$365.5B

Median AUM$304M

13F Filers86

High Succession Risk48

Elevated Succession Risk56

Succession Risk Breakdown

High

48 firms (12%)

Elevated

56 firms (14%)

Moderate

106 firms (27%)

Lower

180 firms (46%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
GEF CAPITAL PARTNERS, LLC	ARLINGTON	$2.2B	+51.5%	Lower
REFRAME WEALTH, LLC	FAIRFAX	$395M	+46.8%	Lower
DIXON, HUBARD, FEINOUR & BROWN, INC.	ROANOKE	$1.6B	+44.9%	Moderate
FAIRFAX GLOBAL MARKETS LLC	MIDDLEBURG	$92M	+39.3%	Lower
OLD DOMINION CAPITAL MANAGEMENT INC.	CHARLOTTESVILLE	$893M	+36.1%	Moderate
EVR RESEARCH LP	RICHMOND	$518M	+32.4%	Lower
HARBOR GROUP INTERNATIONAL, LLC	NORFOLK	$3.8B	+29.7%	Lower
BOGART WEALTH, LLC	MCLEAN	$2.7B	+25.8%	Lower

M&A Opportunity Signals

🎯

98Acquisition candidates

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

📈

38Growing but vulnerable

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

📉

13Mid-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	CHESAPEAKE INVESTMENT MANAGEMENT LLC	$206M	46.9
2	ALPHA ADVISORS, LLC	$256M	44.8
3	COMPREHENSIVE FINANCIAL PLANNING CORPORATION	$243M	41.9
4	PETTYJOHN, WOOD & WHITE, INC.	$854M	41.7
5	COURAGE MILLER PARTNERS, LLC	$419M	41.6
6	AZZAD ASSET MANAGEMENT, INC.	$1.8B	41.2

🔒

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 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.