ECHELON Partners Research
Advisory Approach
ECHELON Partners is a boutique investment bank exclusively focused on the wealth and investment management industries, founded in 2001 by Daniel Seivert. The firm operates with a thesis-driven approach: they believe that founders and owners of wealth management firms require specialized expertise that understands the unique valuation dynamics, buyer landscape, and strategic considerations specific to independent advisory practices. Their positioning as "the advisor's advisor" reflects their role as a trusted partner who has spent over two decades navigating the complex intersection of M&A, succession planning, and valuation in wealth management.
The firm's sweet spot is founder-owned and PE-backed wealth management firms and RIAs (Registered Investment Advisors) ranging from $50M to $1B+ in AUM, seeking sell-side transaction advice, buy-side opportunities, strategic recapitalizations, or succession solutions. ECHELON serves as both an investment bank for transaction execution and a strategic advisor for firms evaluating their long-term position in a consolidating industry.
Sector Focus
ECHELON Partners' exclusive focus on wealth and investment management sets it apart from generalist M&A banks. Their expertise encompasses:
Registered Investment Advisors (RIAs) — The core vertical. ECHELON has conducted valuations for more than 2,000 RIAs with $2MM+ in revenue and $300MM+ in AUM, giving them unparalleled data on valuation multiples, buyer appetite, and market dynamics. They understand the regulatory environment (SEC registration, Form ADV, custody arrangements), the fee models (AUM-based, hybrid, fee-for-service), and the geographic expansion strategies that drive growth in the RIA space.
Wealth Management Platforms — Multi-advisor platforms and consolidators that acquire independent practices. ECHELON has seen the buyer landscape evolve from traditional PE sponsors to strategic PE buyers (like Genstar Capital, Reverence Capital Partners, GTCR) who view wealth management as a platform for scale.
Asset Management and Investment Consultancy — Boutique asset managers and institutional investment consultants. ECHELON advised on GTCR and Reverence Capital's acquisition of Wells Fargo Asset Management, demonstrating sophistication with larger transactions and institutional buyer relationships.
Family Office and Ultra-High-Net-Worth Advisory — ECHELON recently advised The Paul Group (an ultra-high-net-worth advisory managing $1.1B for high-net-worth families) on its sale to United Capital Financial Advisors.
Deal Track Record
ECHELON has advised on more than 400 transactions in the wealth and investment management industries. The firm publishes a quarterly RIA M&A Deal Report that tracks all announced RIA transactions. In 2025 alone, they tracked 466 announced wealth management transactions—a 27% year-over-year increase and the highest volume since the firm began tracking the market.
Key transactions ECHELON has advised on include:
Sell-Side Advisory:
- The Paul Group — Sale to United Capital Financial Advisors (Q3 2025). An ultra-high-net-worth advisory firm managing $1.1B in client assets, founded by a team that included former Morgan Stanley advisors. ECHELON served as sell-side advisor on this transaction, which was United Capital's first acquisition since being acquired by Creative Planning.
- Daintree Advisors — Sale to Cerity Partners (2022). A Boston-based RIA acquired by Cerity Partners (a portfolio company of Genstar Capital). This transaction expanded Cerity's AUM to $45B.
- Heber Fuger Wendin — Sale to Mariner Wealth Advisors. ECHELON advised on this sell-side transaction, which brought wealth management expertise to Mariner.
- Integrated Wealth Advisory — Sale to Carson Group. ECHELON's sell-side advisory on another integration into one of the largest wealth management aggregators.
- SEIA — Strategic investment from Reverence Capital Partners. ECHELON advised on this growth equity investment.
Buy-Side Advisory:
- Wells Fargo Asset Management Acquisition by GTCR & Reverence Capital Partners — ECHELON served as advisor on this major institutional transaction, demonstrating capability with larger PE-sponsored deals and strategic asset management acquisitions.
Supporting Advisory:
- Vestmark — Sale of Adhesion (a portfolio company) to AssetMark.
- Sawtooth Solution — Sale to Simplicity Group. ECHELON advised on this transaction.
In 2025, the largest acquirers in RIA M&A (tracked by ECHELON) included Carson Group, Merit Financial, Mariner Wealth Advisors, Mercer Global Advisors, and Creative Planning—all firms ECHELON has relationships with from buy-side advisory engagements and deal tracking.
Process & Fee Structure
ECHELON runs a structured, professional M&A engagement. The firm emphasizes institutional-quality process with the following characteristics:
- Extensive Buyer Network — ECHELON maintains relationships with 200+ active PE firms, strategic acquirers, and family offices interested in wealth management. The firm has deep connectivity with firms like Genstar Capital, Reverence Capital Partners, GTCR, Bain Capital, and virtually all major wealth management aggregators.
- Valuation Expertise — ECHELON's proprietary valuation methodology is based on 20+ years of transaction data and more than 2,000 valuations. This gives them credibility with buyers and sellers around fair value.
- Process Support — ECHELON provides strategic advisory beyond transaction execution, including equity structuring, succession planning, and retention strategies for key advisors post-transaction.
- Timeline — Typical transaction timeline is 6-12 months depending on complexity and deal size.
Fee structure is not published on ECHELON's website, but based on industry standards for boutique M&A firms, ECHELON likely operates on a retainer + success fee model, with engagement minimums. The firm requires working capital and serious commitment from clients, reflecting their premium positioning.
Buyer Network & Industry Relationships
ECHELON's buyer network is one of its greatest assets. The firm has deep relationships with:
Private Equity Sponsors: Genstar Capital, Reverence Capital Partners, GTCR, Bain Capital, Audax, KKR (via previous transactions), Lightyear Capital.
Strategic Acquirers/Wealth Management Consolidators: Carson Group (15 deals in Q3 2025 alone), Merit Financial Advisors (14 deals), Mariner Wealth Advisors (10+ deals), Mercer Global Advisors, Creative Planning, Edelman.
Institutional Buyers: Neuberger Berman (minority owner of Mariner Wealth Advisors), Northern Trust.
Family Offices and Multi-Family Offices: Through their network and past transactions.
This deep buyer connectivity is what allows ECHELON to run competitive processes for their clients. In a consolidating wealth management market, having access to both PE and strategic buyers is critical.
Competitive Positioning
ECHELON differentiates from other M&A advisors through:
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Specialization & Depth — Unlike generalist investment banks that cover 10+ industries, ECHELON's singular focus on wealth and investment management means their team lives and breathes this sector. They understand nuances like RIA fee compression, the advisor retention challenge, and the different buyer motivations (scale vs. specialization) that generalists miss.
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Proprietary Data & Research — ECHELON publishes the industry's most authoritative RIA M&A Deal Report, tracking all announced RIA transactions quarterly. This research is cited in InvestmentNews, WealthManagement.com, and major financial publications. The quarterly report gives ECHELON visibility into deal flow, pricing trends, and buyer activity that competitors lack.
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Valuation Credibility — 2,000+ valuations and 400+ transactions give ECHELON unparalleled data on what wealth management firms are actually worth. This is not theoretical—it's based on real buyer conversations and closed transactions.
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Industry Recognition — ECHELON has been recognized as the industry's leading investment bank by WealthManagement.com three times. CEO Daniel Seivert is frequently quoted in major publications and is a thought leader on M&A trends.
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Long Tenure — Founded in 2001, ECHELON has been advising on wealth management transactions through multiple market cycles. The firm has relationships with founders and owners who value consistency and institutional knowledge.
Not a Fit If
ECHELON is highly selective about engagements. The firm declines:
- Sub-$50M AUM firms without PE backing or clear growth strategy. ECHELON's value is in navigating complex buyer processes and negotiating institutional deals; smaller firms may not justify the engagement economics.
- Businesses outside wealth and investment management — ECHELON does not serve manufacturing, services, or other verticals.
- Firms with uncertain regulatory or compliance status — ECHELON's reputation depends on clean transactions with regulatory-compliant counterparties.
- Sellers seeking quick, limited processes — ECHELON's methodology involves exhaustive buyer outreach and competitive tension. If a founder wants to sell to one predetermined buyer, ECHELON likely isn't the right fit.
Team
ECHELON's team consists of approximately 20 professionals with deep expertise in wealth management and M&A:
Leadership:
- Daniel Seivert — Founder, CEO & Managing Partner. 30+ years of experience advising wealth management companies. Previously at Lovell Minnick Partners (growth equity) and Skadden Arps (M&A). Worked with 900+ leadership teams. Recognized thought leader and frequent speaker.
Investment Banking & Advisory:
- Barnaby Audsley — Managing Director. 10+ years advising entrepreneurs in wealth management. Previously at Bel Air Investment Advisors (family office). Supported notable transactions including Daintree/Cerity, SEIA/Reverence, Vestmark/Adhesion deals.
- Brett Mulder — Senior Vice President / Managing Director. Previously Deutsche Bank Securities (Financial Institutions Group). Cultivated relationships with PE sponsors and platform buyers. Advisory on major deals including Wells Fargo Asset Management acquisition.
- Sam Sphire — Vice President. Focuses on M&A advisory and investment banking. Previously at Brookside Mezzanine Partners.
Operations & Support:
- Katie McLellan — VP of Marketing. 15+ years in financial services marketing strategy. Brings thought leadership and brand visibility.
- Jessica Cline — VP of Administration. Manages operations and HR. Previously at Oaktree Capital and Capital Group.
Strategic Advisors:
- Jim Dilworth — Entrepreneur with background in CME trading, Thomson Reuters, and wealth management investments through Entwood Holdings.
- Megan Carpenter — CEO of FiComm Partners, a marketing and communications firm for RIAs. 20+ years wealth management experience.
- Jeffrey Bischoff — Founder, Old Greenwich Consultants. 30+ years in wealth management executive recruitment.
- Kathy Freeman Godfrey — 30+ years recruiting talent in financial services. Founded her own search firm in 1992.
Geographic Coverage & Infrastructure
ECHELON is based in Manhattan Beach, California (1208 North Ardmore Ave) with a secondary operational center in El Segundo, CA (2321 Rosecrans Ave). The firm maintains FINRA registration (CRD #155228) and operates in California, New York, North Carolina, and Ohio.
Despite a West Coast base, ECHELON has national and international scope through its buyer relationships and the firms it advises. Wealth management is geographically distributed, and ECHELON's buyer network includes platforms and investors across all regions.
Summary
ECHELON Partners is the premier specialist for M&A, valuation, and strategic advisory in the wealth and investment management industries. With 25 years of focus on a single sector, 400+ transactions, and unparalleled data visibility through their quarterly RIA M&A Deal Report, they have established themselves as the go-to advisor for wealth management companies navigating acquisition, sale, or strategic evolution. Their deep PE relationships, institutional understanding of the space, and commitment to thorough, competitive processes make them uniquely positioned to unlock value for founders and owners in a consolidating wealth management landscape.