West Virginia RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024

Total Firms

16

Total AUM?

$9.1B

Median AUM

$368M

13F Filers

7

AUM Tier Distribution

Under $100M2

$100M–$500M9

$500M–$1B3

$1B–$5B2

$5B+0

State Snapshot

Total Firms16

Total AUM$9.1B

Median AUM$368M

13F Filers7

High Succession Risk4

Elevated Succession Risk2

Succession Risk Breakdown

High

4 firms (25%)

Elevated

2 firms (13%)

Moderate

4 firms (25%)

Lower

6 firms (38%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
HOXTON FINANCIAL, INC.	SHEPHERDSTOWN	$375M	+11.8%	Moderate
ARNETT CARBIS TOOTHMAN WEALTH ADVISORS LLC	CHARLESTON	$361M	+8.8%	Moderate
NTV ASSET MANAGEMENT, LLC	CHARLESTON	$963M	+8.4%	High
MCKINLEY CARTER WEALTH SERVICES, INC.	WHEELING	$2.5B	+7.6%	Elevated
UNITED BROKERAGE SERVICES, INC	PARKERSBURG	$389M	+7.1%	Lower
FORT HENRY CAPITAL, LLC	WHEELING	$278M	+6.6%	Elevated

M&A Opportunity Signals

🎯

6Acquisition candidates

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

📈

2Growing but vulnerable

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

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2Mid-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	NTV ASSET MANAGEMENT, LLC	$963M	44.3
2	FORT HENRY CAPITAL, LLC	$278M	35.7
3	LANHAM ODELL & CO INC	$771M	35.1
4	MCKINLEY CARTER WEALTH SERVICES, INC.	$2.5B	34.7
5	IRONWOOD WEALTH MANAGEMENT, INC.	$213M	25.1
6	STEELOAKS INVESTMENT ADVISERS, INC.	$166M	23.6

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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 West 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.