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RIA Intel State Report

Wyoming RIA Landscape — 2025

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

Source: SEC Form ADV · Updated Q4 2024
Total Firms
35
Total AUM?
$12.6B
Median AUM
$122M
13F Filers
7
AUM Tier Distribution
Under $100M14
$100M–$500M16
$500M–$1B3
$1B–$5B1
$5B+1
State Snapshot
Total Firms35
Total AUM$12.6B
Median AUM$122M
13F Filers7
High Succession Risk2
Elevated Succession Risk3
Succession Risk Breakdown
High
2 firms (6%)
Elevated
3 firms (9%)
Moderate
8 firms (23%)
Lower
22 firms (63%)
Growth Leaders — Wealth Advisory Firms
FirmCityAUM3Y CAGRSuccession
TRACTION FINANCIAL PARTNERS, LLCENCAMPMENT$263M+25.5%Lower
INCOME FOCUS PORTFOLIO MANAGEMENT, LLCJACKSON$362M+15.8%Moderate
BANTRY BAY CAPITALJACKSON$310M+14.7%Moderate
PINNACLE WEST ASSET MANAGEMENT INCCASPER$230M+14.4%Moderate
BEDDOW CAPITAL MANAGEMENT INCJACKSON$278M+12.1%High
INTEGRITY FINANCIAL CORPORATIONJACKSON$680M+7.1%Lower
GOLDEN STATE WEALTH MANAGEMENT, LLCPOWELL$1.8B+5.8%Moderate
HARFST AND ASSOCIATES, INC.SHERIDAN$722M+5.5%High
M&A Opportunity Signals
🎯
4Acquisition candidates
Firms with elevated/high succession risk and AUM $100M–$5B
📈
2Growing but vulnerable
Positive 3Y CAGR with high succession risk — attractive for acquirers
📉
2Mid-market shrinking
AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk
🔒 Top 25 Acquisition Targets — Ranked by Composite Score
RankFirmAUMScore
1BEDDOW CAPITAL MANAGEMENT INC$278M47
2HARFST AND ASSOCIATES, INC.$722M35.7
3CANNELL CAPITAL LLC$528M30.1
4CYPRESS CAPITAL MANAGEMENT, LLC$102M27.2
🔒

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 Wyoming. 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.