Financier iA to acquire wealth management firm RF Capital
iA Financial Group, a leading Canadian financial services provider, has announced its acquisition of RF Capital Group for approximately C$597 million ($435.1 million). The deal, expected to close in the fourth quarter of 2025, marks a strategic move to expand iA's presence in the high-net-worth wealth management segment and achieve scalable growth in wealth distribution.
In a statement, Denis Ricard, President and CEO of iA Financial Group, explained that the acquisition aligns with their strategic approach to sustainable growth. The acquisition will enhance iA's scale, diversify its wealth management brands, and deepen its focus on high-net-worth clients.
The acquisition adds over $40 billion in assets under administration (AUA) to iA’s existing $135 billion, bringing the total to about $175 billion. It also increases iA Wealth’s advisor network by 189 advisors, totalling 2,769.
RF Capital, operating primarily under its Richardson Wealth brand, specializes in serving high-net-worth clients. This complements iA’s existing brands (Investia and iA Wealth), enabling the company to target different advisor and client segments effectively.
Maintaining brand independence and advisor choice is a key aspect of the acquisition. RF Capital’s advisors will continue operating independently under the Richardson Wealth brand, with separate leadership from iA’s other wealth management brands. This approach aims to attract and retain independent advisors by offering a variety of business models matching their preferences.
Financially, the transaction is expected to be neutral to iA’s core earnings in the first year but accretive to core earnings per share by at least $0.15 in the second year. The purchase price premium reflects confidence in RF Capital’s earnings and growth potential.
The acquisition may have broader implications for the Canadian wealth management industry. By integrating RF Capital, iA Financial is positioning itself as a major player capable of competing with large bank-owned wealth management firms, potentially shifting market dynamics in the independent advice space.
Maintaining the distinct brands allows advisors more flexibility, potentially attracting advisors who prefer independence over bank-owned models, thereby fostering competitive diversity within the market. The sizeable acquisition may further signal a consolidation trend in Canadian wealth management, as firms seek scale and specialization to meet growing client demands and leverage digital platforms effectively.
National Bank Financial is advising iA Financial Group, while CIBC Capital Markets is serving as the exclusive financial advisor to RF Capital. Goodmans LLP is providing legal counsel to RF Capital, and McCarthy Tétrault LLP is acting as the legal counsel to iA Financial Group.
In a statement, RF Capital president and CEO, Dave Kelly, expressed his excitement about the acquisition, stating that it will unlock opportunities across technology, product innovation, and operational scale. He added that the acquisition by iA Financial Group will provide Richardson Wealth with the resources to grow and better serve its clients.
Denis Ricard also emphasized iA’s commitment to the value of advice by empowering advisors with best-in-class tools and preserving their independence. He stated that the acquisition will allow RF Capital's advisors to continue delivering trusted, personalized advice to their clients, backed by the financial strength and stability of iA Financial Group.
The purchase price for RF Capital includes a C$370 million valuation for its fully diluted equity and C$227 million for financial obligations like revolving debt and preferred shares. The acquisition will be financed through iA's existing cash reserves.
With this acquisition, iA Financial Group aims to help advisors assist clients feel secure about their financial future, providing a comprehensive wealth management solution for high-net-worth clients in Canada.
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