Registered Investment Advisors

Over more than two decades investing in financial services, LLR has honed our focus on growing markets that reward talented entrepreneurs with differentiated business models. The Registered Investment Advisor (“RIA”) sector is characterized by strong business model fundamentals and attractive market tailwinds. We are seeking to partner with an RIA to accelerate organic growth and increase scale through M&A in a highly fragmented market.

RIAs and intermediaries working with firms in this space should contact Sam Ryder to discuss relevant opportunities to invest in and support their growth.

The RIA industry is at an exciting inflection point characterized by consistent market growth and early innings of consolidation. RIAs that are well-run and properly capitalized are best positioned to build enterprise value, both organically and inorganically.

Neal Simon, Senior Operating Advisor at LLR and former CEO of Bronfman Rothschild and Highline Wealth Management

A Fragmented Market Ripe for Consolidation

total RIA firms in the highly fragmented market
of firms have <$1B AUM
21% CAGR
AUM growth rate in 2021 for RIAs that embrace tech

Why LLR is interested in investing in an RIA platform

Market Trends Driving Growth

RIAs are taking market share from larger wirehouses and broker-deals, with RIA market share is projected to increase to 45% in 2023, up from 35% in 2016.1

There is increasing regulatory pressure driving broker-dealers to the independent, fiduciary-based RIA model, as RIAs satisfy increasing investor demand for improved transparency via fee-based models and conflict-free advice.

Strong Business Model Fundamentals

Advice-as-a-Service is a highly recurring revenue model that drives financial visibility.

RIAs have very sticky client relationships, and when coupled with the long-term appreciation of the stock market it has resulted in net retention of 100%+ across the industry.2

Benefits of Scale for RIAs

Smaller RIAs that choose to be part of larger platform often gain access to centralized, enterprise-level sales and marketing resources and back-office support that allow the advisor to focus on the client.

By joining a larger platform, sub-scale RIAs can realize cost savings on custodians, technology and other overhead.

Fragmented Market Ripe for Consolidation

With 90%+ of RIAs managing less than $1B, there is tremendous opportunity to consolidate sub-scale RIAs into a larger platform, alleviating inefficiencies and optimizing revenue generation.3

LLR well-positioned to help accelerate growth organically and through M&A by providing capital, wealth management & transaction expertise, and value-added resources.

See You There?

October 19, 2024
Schwab Impact
Meet us in our hometown of Philadelphia
October 27, 2024
Money 20/20
Learn More

Meet the LLR Team


  1. Stephen Caruso. “U.S. RIA Marketplace 2022,” Cerulli Associates, 2022, https://www.cerulli.com/reports/us-ria-marketplace-2022
  2. “Balancing scale and personalization: Results from the 2023 RIA Benchmarking Study,” Charles Schwab, 2023, https://advisorservices.schwab.com/resource/balancing-scale-and-personalization-results-from-2023-ria-benchmarking-study-from-charles
  3. Subscription-based reporting from Discovery Data, 2023
  4. LLR estimates
  5. “The 2023 Fidelity RIA Benchmarking Study,” Fidelity Investments, 2023, https://clearingcustody.fidelity.com/app/proxy/content?literatureURL=/9907134.PDF

The information presented herein is intended for an audience of potential LLR portfolio companies and the intermediaries supporting their capital raise processes. Named LLR investments presented herein do not reflect a complete list of LLR investments and are provided for informational purposes only. Certain statements about LLR made by portfolio company executives and other quoted parties herein are intended to illustrate the work of LLR’s Value Creation Team with such portfolio companies or reflect the individual’s perspective on the featured industry sector. Such portfolio companies are controlled by investment vehicles managed by LLR. Quoted parties were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company or Senior Operating Advisor roles, and in certain cases are also owners of portfolio company securities and/or investors in LLR-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.