Carson Group, one of the nation’s largest registered investment advisors (RIAs), is advancing its succession planning strategy by acquiring one of its partner practices—a move reflecting the aging demographics within the industry. This acquisition is unlikely to be the company’s last as succession pressures mount across the advisory landscape.
The acquired practice, led by veteran advisor Russ Nieland, operates offices in Cedar Rapids, Iowa, and Las Vegas, Nevada, and manages $1 billion in client assets. Carson Group itself oversees $38 billion in assets under management (AUM), reinforcing its position as a dominant force in the RIA market.
Over the past 12 months, Carson Group has completed six acquisitions, reflecting its aggressive growth strategy. CEO Burt White noted the firm’s goal of adding $8 billion to $10 billion in AUM this year, positioning the firm to expand its influence even further.
A Flexible Partnership Model for Advisors
Carson Group offers advisors multiple ways to partner with the firm, providing flexibility based on their needs and goals. Advisors can join as affiliated partners, sell a minority stake in their practice to Carson, or complete a full acquisition. This diversified approach makes Carson an attractive destination for advisors considering long-term succession planning or capitalizing on their firm’s equity.
“The pace of our acquisitions has been scaling steadily over the past few years,” White explains. “This year, we anticipate closing more deals than ever before.”
Addressing Generational Succession Gaps
A key motivation for advisors selling to Carson is the opportunity to retain and develop younger team members. Many next-generation advisors seek leadership and ownership opportunities but lack the financial capacity to buy out a senior partner’s stake.
“In many cases, the second generation is ready to step up, but the owners don’t want to lose them,” White says. “Yet, these younger advisors aren’t always in a financial position to buy the practice outright. That’s where our model helps bridge the gap.”
For senior advisors, selling to Carson Group also provides a path to monetize the equity they’ve built over decades without needing to find internal buyers. By partnering with Carson, they can secure the future of their firms while gaining liquidity and support for ongoing growth.
A Blend of Cash and Equity in Deals
Carson’s acquisition structure typically includes a combination of cash and equity in the parent company, allowing sellers to maintain some alignment with the firm's future success. While White did not disclose the specific terms of Nieland’s agreement, he confirmed that every deal Carson has closed includes an equity component.
Russ Nieland emphasized the importance of this transaction for ensuring his firm’s continuity and delivering consistent value to clients across generations. “Partnering with Carson Group is our way of securing our legacy and ensuring the multigenerational ownership structure we’ve built continues to thrive and serve our clients’ diverse needs,” Nieland said in a statement.
Proven Success and Scalable Growth
White highlighted Nieland’s impressive growth trajectory as an example of the value Carson Group brings to its partners. Nieland initially joined Carson Group more than five years ago, selling a minority stake in his practice. Since then, his AUM has surged from $200 million to $1 billion, demonstrating the power of Carson’s growth tools and resources.
“Russ and his team have fully leveraged what we offer—coaching, best practices, minority ownership, and succession support,” White explains. “His success story illustrates how our partnership model empowers advisors to scale their businesses and plan for the future.”
Strengthening Carson’s National Footprint
Ranked No. 6 on Barron’s Top 100 RIAs for 2024, Carson Group continues to expand its national presence through both organic growth and strategic acquisitions. Headquartered in Omaha, Nebraska, the firm has grown to include more than 150 partner offices, with over 50 operating under the Carson Wealth brand. Founded by Ron Carson over 40 years ago, the company’s legacy is rooted in providing advisors with the tools, expertise, and infrastructure to grow their practices sustainably.
Key Takeaways for RIAs
For wealth advisors considering their succession options, Carson Group’s approach provides a valuable blueprint for structuring deals that balance liquidity, continued equity participation, and a path for next-generation leadership. As the industry grapples with the dual pressures of advisor retirements and rising client expectations, firms that prioritize scalable growth and succession planning will be better positioned to succeed in a competitive marketplace.
The Nieland acquisition underscores a broader trend—RIAs must plan proactively for succession or risk losing key talent and value. Carson Group’s continued investment in partner acquisitions signals a commitment to building a sustainable, multigenerational advisory ecosystem.
