Wisconsin RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024

Total Firms

256

Total AUM?

$533.7B

Median AUM

$299M

13F Filers

54

AUM Tier Distribution

Under $100M34

$100M–$500M128

$500M–$1B48

$1B–$5B37

$5B+9

State Snapshot

Total Firms256

Total AUM$533.7B

Median AUM$299M

13F Filers54

High Succession Risk42

Elevated Succession Risk31

Succession Risk Breakdown

High

42 firms (17%)

Elevated

31 firms (12%)

Moderate

83 firms (33%)

Lower

98 firms (39%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
WALKNER CONDON FINANCIAL ADVISORS LLC	MADISON	$733M	+69.9%	Lower
MCGLONE SUTTNER WEALTH MANAGEMENT, INC.	APPLETON	$1.0B	+67.0%	Elevated
OPEROSE ADVISORS LLC	MILWAUKEE	$1.9B	+44.8%	Lower
NICOLET ADVISORY SERVICES, LLC	GREEN BAY	$3.8B	+38.3%	Lower
MADISON WEALTH PARTNERS, INC.	MADISON	$1.3B	+35.9%	Moderate
DENALI WEALTH MANAGEMENT, INC.	MEQUON	$183M	+35.7%	Elevated
PARK CAPITAL MANAGEMENT, LLC	MADISON	$733M	+35.6%	Lower
BUSKA WEALTH MANAGEMENT, LLC	WAUSAU	$529M	+35.1%	Lower

M&A Opportunity Signals

🎯

69Acquisition candidates

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

📈

31Growing 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	CHARTER CAPITAL MANAGEMENT, INC.	$406M	46.3
2	COLLAR CAPITAL MANAGEMENT, LLC	$176M	45.5
3	WFA ASSET MANAGEMENT CORP	$439M	45.4
4	CAMPBELL NEWMAN ASSET MANAGEMENT INC	$1.3B	44.9
5	CAPITAL INVESTMENT SERVICES OF AMERICA INC	$1.3B	44.9
6	ESTATE COUNSELORS, LLC	$1.1B	44.4

🔒

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 Wisconsin. 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.