CW Advisors, a Boston-based registered investment advisor backed by Audax Private Equity, has booked over $3.5 billion in new client assets this year after adding two firms with more than $1.4 billion in assets under management.
On Thursday, the RIA announced it acquired Wolf Group Capital Advisors and Parsons Capital Management, both of whose advisors will join the firm as W-2 employees and take on the CW Advisors name.
The deal is the third announced this year by CW Advisors, which is led by Scott Dell’Orfano, who was promoted to CEO from chief strategic officer at the start of this year. In March, the RIA made its largest acquisition of 2025 with Delta Financial Group, a Basking Ridge, N.J.-based fee-only advisor managing $1.3 billion in client assets. In February, it acquired two RIAs in its hometown area with a combined $800 million in assets.
With the acquisitions, CW Advisors has grown to 17 offices and more than 140 employees managing close to $14 billion in AUM. Still, Dell’Orfano said the firm remains small enough for newly acquired RIA heads to make their mark.
“We are collectively building one firm nationally,” he said. “Folks come in and can give us their insight, give us their expertise and help craft and build the firm as we go.”
Wolf Group is a fee-only RIA based in Fairfax, Va., which will be CW Advisors’ second office in Fairfax.
Parsons Capital Management is a New Hope, Penn.-based RIA that will join two CWA offices in Bethlehem and Wynnewood, Penn.
Dell’Orfano said CW Advisors was partly interested in the Wolf Group due to its tax planning expertise. He said the Parsons’ team was a draw for its capabilities in organic growth.
Audax Private Equity bought a minority stake in CW Advisors in 2023, buying out CI Financial, which had taken its stake in 2020.
Dell’Orfano said after about five years of M&A work, the RIA has a good relationship with the investment banking community regarding finding good-fit firms. He also attributes the deal flow to CWA’s success in integrating firms, which leads to positive reviews for potential sellers.
“We’ve learned a lot with every integration we’ve gone through,” Dell’Orfano said, noting CWA has a dedicated integration team. “The biggest thing we’ve learned, and that we really spend more time on now, is the people side. Making sure people feel comfortable and that the cultural side of things is working. Integrating technologies is one thing, but you need to spend time integrating the culture and the people.”
Dell’Orfano said CW Advisors is talking with more firms for potential acquisitions this year.
“The market realizes now that we’re in this space now and that we’re pretty aggressive,” he said.