The M&A landscape in wealth management continues to gain momentum—and Bernstein Private Wealth Management is stepping squarely into the mix. The firm, a division of AllianceBernstein, announced a new strategic initiative to acquire RIAs and bring seasoned advisors into its ranks as part of a broader expansion plan.
“We’ve officially launched an initiative to drive inorganic growth alongside our ongoing organic efforts,” says Aaron Bates, who heads Bernstein’s ultrahigh-net-worth and growth strategies group.
Bernstein’s goal: double the size of its private wealth business over the next five to seven years.
“We’re focused on accelerating our trajectory,” Bates says. “Expanding into underpenetrated or untapped markets will require a deliberate inorganic strategy—acquiring firms and recruiting top talent.”
The firm is targeting growth in high-opportunity markets including Charlotte, Austin, Salt Lake City, Dallas, Denver, and Seattle. “We’re looking to deepen our footprint significantly in these regions,” Bates adds.
To lead this next phase, Bernstein has assembled a leadership team with deep industry expertise:
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Craig Storch, a 25-year Bernstein veteran, will spearhead advisor recruiting. He previously oversaw wealth management operations in Miami, Tampa, and Atlanta.
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Neel Ray, newly appointed to lead RIA acquisitions, joins from World Investment Advisors, where he led M&A efforts targeting financial services firms. His background also includes leadership roles at Envestnet, TD Ameritrade, TIAA, and Merrill Lynch.
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Marshall Butler, formerly head of marketing for Wells Fargo’s wealth business, will oversee marketing strategy at Bernstein Private Wealth.
Historically, Bernstein has emphasized organic growth—developing internal talent and growing assets from within. That approach has helped the firm reach $140 billion in private wealth AUM. But the broader industry trend tells a different story.
Organic growth—measured as net new assets from existing advisors—is slowing across the wealth management sector. A Boston Consulting Group study found that just 22% of North America’s asset growth over the past decade stemmed from organic sources.
As a result, more firms are shifting toward inorganic growth—M&A activity and advisor recruitment—as the engine for expansion. Demographics are a major catalyst: the advisor population continues to age, and a growing number are seeking succession and exit solutions.
“We see succession planning as a major acquisition opportunity,” Bates says. “There’s a generation of advisors who want to transition their businesses responsibly. We aim to be a trusted partner in that process.”
Bernstein is targeting 5% annual growth in its advisor base, with a blend of internal development and external recruiting fueling that progress.
“We’re confident our platform is well-positioned to scale,” Bates says. “We’re ready to meet advisors where they are—whether they’re looking for a strategic buyer, a succession plan, or simply a new home to grow their practice.”
