Vise

Enterprise RIAs have been on a shopping spree lately. But no two roll-up strategies look the same.  We plotted the biggest players by AUM and integration model so you can see at a glance who’s fully centralized (e.g., Creative Planning), who’s mostly decentralized (e.g., Hightower), and who falls somewhere in between (e.g., Carson Group). All of these firms share a common goal — scale. But how they get there varies widely. Check out the market map below to see how these giants stack up:

The RIA space is changing fast—and today I’m thrilled to share a big step we’re taking to stay ahead of that curve: Nick Raffone is joining Vise as CFO. Private equity is flooding into the RIA space, accelerating consolidation and the rise of Enterprise RIAs. The traditional playbook no longer applies—and the firms that win will be the ones who can scale with intention and precision. That’s why bringing Nick on board right now is so critical. Nick understands this shift from every angle. He’s spent years navigating complex capital structures and scaling businesses backed by world-class investors—most recently at New Fortress Energy, and before that in investment banking at Goldman Sachs. At a moment when advisors are demanding more from technology and capital markets are reshaping how RIAs operate, Nick's experience is exactly what we need as we build the financial infrastructure to support Vise’s next chapter. Please join me in welcoming Nick to the team.

Vise just soared past $15B in platform assets hitting 1500% YoY growth with our leanest team ever—41 people. What’s more exciting is that we’ve created over $63M in tax savings for our clients and saved over 200,000 hours for 100+ firms on behalf of 30,000+ accounts. and we’re just getting started…

The market’s been brutal. We’ve been busy saving money for our clients. As volatility sends continued shockwaves through portfolios, last month Vise delivered $19.2M in harvested tax losses across client accounts — a record. Why does this matter? Because more losses = more money back in your clients' pockets. Tangible value creation. More compounding. Happier clients. Vise’s algorithm scans portfolios daily for tax loss harvesting opportunities. Not quarterly. Not when someone remembers to check. Every. Single. Day. Because in markets like these, opportunities don’t wait. And neither do we.

Markets are down 4-5% on Trump’s tariff announcement. This kind of volatility isn’t just noise—it’s opportunity. At Vise, we look every single day for ways to turn losses into long-term gains. Most firms harvest losses monthly (or less frequently)—but by then, the opportunity may be gone. Markets move daily. Your tax strategy should too. Last year alone, we did 350K+ tax optimizations for clients, helping them keep more of their wealth. And with more Trump-driven swings ahead, investors need an always-on approach—not a once-in-a-while check-in. If your portfolio isn’t being managed with this level of precision, you may be leaving money on the table. Vise isn’t waiting. Are you?

15 years ago "Enterprise RIA" wasn't even a term. Now these firms manage $1.5+ trillion (and growing fast) What changed?  - The average advisor is now 55+ - Nearly half will retire within 10 years - The succession crunch is driving massive M&A Enterprise RIAs offer turnkey exit solutions that never existed before. Here's how we got here: 1. Breakaway Phase (Pre-2010) Advisors started leaving wirehouses to gain independence, own client relationships, and escape corporate product quotas. 2. Financial Engineering Phase (2010–2018)   Private equity noticed the steady revenues. Firms like Focus Financial began acquiring multiple practices under one umbrella, offering liquidity and shared back-office. 3. Integrator Phase (2018–2022) Aggregators recognized the need to drive revenue and cost synergies through deeper integration (e.g. Focus' failed IPO attempt). 4. Efficiency Phase (2022-Present)   Deals became more expensive. Organic growth and integration efficiencies emerged as the true return drivers. Firms like PURE and Mercer Advisors spearheaded this shift. 5. Consolidation Phase (2025 onwards) The true enterprise era. We'll likely see major Enterprise RIAs (e.g. Creative) become too large for private equity and go public - resembling the wirehouses of the pre-2010 era, but better. The numbers speak for themselves:  Enterprise RIAs grew from under 5% to nearly 20% of the industry — and they could reach 30% by 2030. The train isn't stopping.

At Vise, we have a relentless focus on getting 1% better every day. We spend millions of dollars each year improving the platform with the best engineering team in wealth. Runik Mehrotra and I spend hours every week talking to our customers about their problems and working with our product team to solve them, then pushing out updates—hundreds of them—with nearly zero churn and industry leading growth. This year, the T3 Inside Information Software Survey recognized our efforts. We scored exceptionally—3rd in Portfolio Management. I still think we are number 1, but regardless, maybe the industry is finally noticing.

Markets are getting wrecked: - The S&P 500 had its worst week since last fall. - Nasdaq hasn’t dropped this hard in a day since 2022. - Stocks have round-tripped back to pre-election levels. The good news? Down markets = potential tax alpha. When prices drop this hard, smart advisors turn losses into tax wins. (Every basis point matters—especially on after-tax returns). Yet, most advisors treat tax-loss harvesting like a year-end cleanup. That’s like checking your portfolio once a year (bad strategy). Even in up years, 75% of S&P 500 stocks see 5%+ drops at some point. But those windows close fast. The difference between daily and quarterly TLH can be significant: - Daily monitoring can catch dips that monthly cycles may miss. - Harvest losses now, offset gains potentially for years. - Research shows this can potentially add 1-2% annually to after-tax returns. That’s exactly why at Vise, we built daily, automated TLH that can catch these tax alpha opportunities before they’re gone. When clients ask how you’re navigating this quarter, a proactive tax strategy is a good answer. It’s value they can see right on their tax returns. Curious how daily tax loss harvesting might work for your HNW clients? Shoot me a DM, I’d love to chat.