RPA Aggregator Consolidation to Heat Up
Even though the days of the “buy anything that moves” mentality among many RPA aggregators have ended, with many shifting to wealth firms, the bloom may be off the rose, as another large firm is speculated to be on the market. The latest rumor that $73 billion World Advisors, formerly Pensionmark, acquired by World Insurance in 2022, may be for sale is another sign that the massive consolidation experienced by 401(k) record keepers is about to hit aggregators.
The RPA aggregator industry is moving from Stage 2 of the consolidation curve epitomized by frenzied acquisitions to Stage 3 focused on profit, mega deals and relentless attack on competitors. The acquisition of then $285 billion Sageview by Creative Planning last year was the first sign of the maturing of the market – Sageview failed to cross-sell wealth services to participants with Creative, one of the very few RIA Aggregators focused on defined contribution plans. The potential World Insurance move could signal what many in the industry have suspected – the synergy between benefits and P&C firms and RPAs and the ability to cross-sell clients has been greatly exaggerated.
And not only is the convergence of wealth and retirement hard, but it also becomes harder when disparate firms are quickly cobbled together and struggle to create integrated systems and culture. It does not happen overnight, which is why long tenured and very disciplined firms like Captrust and Creative Planning are succeeding – not coincidentally, they are independent firms that have taken PE money but are not owned by them or a benefits/P&C shop.
So the current list of all possible RPA aggregators which number 26 (see list below) could be half that in two-three years. Even as RIAs struggle to find a dwindling number of millionaires without an advisor, which could get rougher as Schwab has raised its minimum referral from $500,000 to $5 million while hiring thousands of advisors, very few have leaned into the DC market, where it may be easier to find new wealth clients.
Some, like Carson and Mercer, have announced and made hires, but there’s been little activity as they continue to race to scale their wealth practices. While the number of RIA deals in the first half of 2026 was down 9% according to a Fidelity report, assets grew by 88%, signaling a maturing market led by private equity firms that continue to invest. If interest rates increase, it could put more pressure on PE investors looking to exit without much hope of an IPO, as the public markets are not kind to roll-ups, something Hub is about to test.
Wild cards in the RPA market include Edelman Financial Engines with over $300 billion AUA, of which over $200 billion is in managed accounts, over 300 wealth advisors and 140 storefronts now under the leadership of Ralph Haberli, who has vast DC experience at BlackRock and Capital Group, hiring industry professionals like Christian Mango. Wealthspire, with robust wealth and retirement capabilities and capital owned by Madison Dearborn, is interesting, as is NFP, which kept a few RPA firms and may be able to leverage benefits and retirement at work. Other well-positioned firms include Prime Capital Retirement and Personal Wealth, now led by Jania Stout; Marsh McLennan, which is one of the few publicly traded firms; and Intellicents SRP, which is relatively small but growing and completely independent. And, of course, stalwarts like Hub and OneDigital are likewise well-positioned with seasoned industry leadership, scale and capital.
It should be an interesting discussion at the 9th annual RPA Aggregator Roundtable, November 12-13, to see which five to seven firms will survive and prevail in the final stage of the consolidation curve, enjoying 70-90% market share and able to leverage the convergence of wealth, retirement and benefits at work.
LIST OF RPA AGGREGATORS
