Inside the Growth Engines of America’s Top RIAs

September 23, 2025

Episode 111: On this week’s episode of Next Mile, I speak with Ian Wenik, Editor at Citywire and one of the sharpest reporters covering the RIA space.

While many firms rely on market performance to maintain their numbers, Ian sheds light on what truly differentiates the fastest-growing RIAs. From niche strategies and referral networks to the big M&A moves reshaping the industry, Ian shares insights from Citywire’s 50 Growers Across America and why organic growth is the real differentiator.

Ian also unpacks the pressures of private equity ownership, the challenges of succession, and what the endgame looks like for mega firms.

Key Takeaways

Organic growth is harder—but more sustainable—than most advisors realize. Many RIAs rely heavily on market appreciation to appear successful, but Ian underscores that true, organic growth takes significant investment and intentional strategy. The fastest-growing firms often succeed by identifying niche markets, building strong referral networks, and developing internal training programs to cultivate talent from within.

The industry’s “fancy beach house” is built on fragile ground. Ian likens the RIA industry to a beautiful structure with shaky foundations. Many firms carry high leverage, use aggressive financing tactics, or depend on bullish markets. A sustained downturn could expose structural vulnerabilities and force a reckoning among even the largest players.

Talent is the real differentiator (and how you develop and retain it). In a competitive, consolidating market, your ability to recruit, train, and retain top talent matters more than ever. Firms that provide clear career paths, equity ownership, and operational roles for junior staff—not just rainmakers—will be best positioned for long-term success.

Quotes

“Momentum generates momentum. Deals generate deals. Once you have a track record of being able to integrate a firm, keep clients on board, and keep the advisors happy, you’re going to have those bankers who handle sell-side engagements trust you with more deals.” ~ Ian Wenik

“What’s driving so much of the M&A in the industry right now is time. A lot of the big firms sell because they have succession planning needs. Or if you’re already an institutionally-backed firm, you’re in the market because you’re a private equity owner, and you have an expiration on that play clock.” ~ Ian Wenik

“The dirty secret of the RIA industry is that many firms don’t grow at all. They don’t grow organically. It’s the market appreciation that’s propping them up.” ~ Ian Wenik

Links

Ian Wenik on LinkedIn

Wealth Advisor Solutions

Schwab Advisor Network

FINTRX