Carson Group, a $57 billion registered investment advisor based in Omaha, Neb., is further proving out a strategy of fully acquiring partner RIAs, with two deals this week alone, and six so far this year. 

On Monday, Carson announced it had fully acquired partner firm Applied Financial Planning, an Irvine, Calif.-based firm managing $635 million in advisory and brokerage assets. On Thursday, Carson said it had added partner firm ZeroCelsuis Wealth Studio, a $134 million RIA based in New London, N.H..

The deals marked a milestone for Carson, with 40 wholly owned RIAs, along with its more than 165 partner firms. 

But the partner additions also reflect a strategy the RIA began leaning into about 24 months ago, as network firms showed increased interest in fully joining Carson, said Michael Belluomini, senior vice president, mergers and acquisitions.

“We’ve been telling folks we’re always here for you,” he said. “We want the chance to be your forever home, and when you’re ready, we’ll be ready.” 

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Carson’s partner network includes firms operating on its platform independently as 1099 contractors, or with a minority stake from Carson, done primarily through an equity swap arrangement. 

Applied Financial joined as an independent partner firm in 2020, and had been in talks with Carson for a while about becoming fully-owned, according to Belluomini. ZeroCelsius, on the other hand, joined in October 2023 with the notion that if it liked the organization, it would move to the Carson RIA in the future.

“There’s a lot of trust built up,” Belluomini said. “We actually encourage our partner firms that it’s okay to get a second opinion—it’s hard to go anywhere else once you know us and the value you are going to get from being part of the business.” 

Carson is not alone in seeing partner firms take a combination of cash and equity to join up with a firm’s W-2 business. 

Mariner, one of the larger RIAs at $630 billion in client assets, booked its first internal mover in March 2025. Signature Estate & Investment Advisors, a $32-billion RIA based in Los Angeles, has reported several such movers, and in a similar setup, Kestra Holdings RIA aggregator Bluespring Wealth Partners regularly brings over Kestra’s broker/dealer affiliated firms.

Philip Palaveev, founder and CEO of The Ensemble Practice, said that larger RIAs or broker/dealers with a W-2 platform are more often finding (sometimes accidental) synergy. 

“It becomes essentially like a farm system,” Palaveev said. “One part of selling your firm is wondering whether this buyer is going to be respectful of my clients and team as well, and when you already know the buyer, you are familiar with them, and it makes it so much more comfortable.”

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Palaveev said some of the power comes from the seller’s knowledge of the firm’s leadership, tactics and investment policies, which reduces risk and anxiety. The buyer is likewise familiar with the seller’s leadership, book of business and growth trajectory.

The consultant also warned, however, that knowledge isn’t always an advantage.

“As the Romans would say, ‘familiarity breeds contempt,’” he said. “So there can be times when a firm is actually running away rather than seeking to join.”

Belluomini said the recent wave of internal acquisitions is partly due to demographics, with some partner firms ready to monetize their practice and “take some responsibility off their plate.” 

Other deals are happening due to “FOMO,” he said, as partners talk with wholly-owned firms and as external businesses join up as “fully integrated offices out of the gate.”

Belluomini credits the culture of the firm’s founder, Omani, for creating an ecosystem that offers channels from independent contractor 1099s to minority investment to full ownership, not to mention its advisor and executive coaching division. From there, he said, current CEO Burt White implemented a robust M&A strategy that also includes external RIAs. 

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According to a count by consultancy Marshberry, Carson Group was the most active acquirer in 2025, jumping from the fifth-most active in 2024.

“This is the most notable year-over-year move on the leaderboard and signals a meaningful acceleration in Carson’s inorganic growth strategy,” Marshberry analysts wrote in their year-end report.

Belluomini also sees a strong market for both external and internal acquisitions in 2026.

“We expect to be one of the most active buyers in the market this year again,” he said.