What's Happening?
Carson Group, a registered investment advisor based in Omaha, Nebraska, has acquired a New Hampshire-based team managing approximately $1.76 billion in assets from Wells Fargo's Financial Network (FiNet). This acquisition marks Carson's largest by assets and
involves the Doyle and Loughman Wealth Management team, which includes four advisors. The team will join Carson's employee channel and eventually operate under the Carson Wealth brand. Founded by Brian Doyle and Stephen Loughman in 2004, the practice was previously affiliated with A.G. Edwards before moving to Wells Fargo's FiNet in 2023. Carson Group has been actively expanding its operations, having completed 17 transactions in 2026 alone, bringing its total acquired assets to around $7 billion this year.
Why It's Important?
This acquisition is significant as it highlights the ongoing consolidation trend within the financial advisory industry, where larger firms are acquiring smaller practices to expand their client base and asset management capabilities. For Carson Group, this move strengthens its position in the market by adding a substantial amount of assets under management and expanding its geographical footprint. For Wells Fargo, the transaction reflects its strategy to invest in its independent brokerage channel to mitigate potential attrition to third-party broker-dealers and RIAs. The deal also underscores the competitive nature of the financial advisory sector, where firms are aggressively recruiting and acquiring teams to enhance their service offerings and market reach.
What's Next?
Following the acquisition, the Doyle and Loughman team will transition to Carson's independent broker-dealer, Cetera Advisor Networks. Carson Group is expected to continue its expansion strategy, potentially seeking further acquisitions to bolster its market presence. Wells Fargo, on the other hand, may focus on strengthening its FiNet channel by recruiting additional teams and enhancing its service offerings to retain and attract top talent. The financial advisory industry is likely to see continued consolidation as firms seek to achieve economies of scale and enhance their competitive edge.
