Lido Advisors is extending its national wealth-management platform into Oklahoma through the acquisition of Jackson Hole Capital Partners, a Tulsa-based registered investment adviser with more than $1 billion in regulatory assets under management, in a deal that underscores continuing consolidation across the independent advisory industry.

The Los Angeles-based firm announced on May 12 that it is partnering with Jackson Hole Capital Partners, an independent wealth manager with roots in the Tulsa and Oklahoma City markets and a client base that includes high-net-worth and ultra-high-net-worth families, executives, entrepreneurs and business owners. Lido said Jackson Hole’s six-person team will join as partners, adding investment and planning depth to a firm that now reports more than $42 billion in regulatory assets under management.

The transaction is strategically modest relative to Lido’s total asset base, but it is significant in the context of the RIA market. The deal gives Lido a foothold in a regional wealth corridor where private-business ownership, energy-sector capital, banking families and multigenerational wealth have created demand for more complex portfolio and estate-planning services. For Jackson Hole, the combination offers broader resources at a time when mid-sized advisory firms face rising expectations from affluent clients around tax coordination, trust and estate strategy, family governance, alternative investments and reporting infrastructure.

Jackson Hole Capital Partners was founded in 2017 by Channing Smith and John Hastings in partnership with the Biolchini family, a prominent Oklahoma and Wyoming family associated with the Bank of Jackson Hole and Vast Bank. The firm built its advisory model around customized investment management and alternatives access, with allocations spanning co-investments, hedge funds, private debt and private equity. That positioning fits a larger trend among private-wealth clients seeking institutional-style portfolio construction outside the traditional public-market mix of stocks, bonds and mutual funds.

Lido framed the transaction as a partnership rather than a purely financial acquisition. Ken Stern, Lido’s founding partner and co-chief executive officer, said Jackson Hole shares Lido’s approach to disciplined and personalized stewardship and brings an entrepreneurial culture. John Hastings, managing partner at Jackson Hole, said joining Lido would allow the firm to continue delivering customized solutions while expanding its ability to meet clients’ broader life goals. Lido’s tax and estate-planning capabilities, along with its family-office model, were cited as key reasons for the combination.

The deal comes shortly after leadership changes at Lido. The firm recently elevated Stern to co-chief executive officer alongside Jason Ozur and named Brian Haloossim president. Those moves suggest Lido is formalizing its management structure as it scales nationally and integrates additional teams. WealthManagement.com reported that Lido also recently added BNY Pershing as a custodial partner, supplementing existing custodial relationships with Fidelity and Schwab, and added its own broker-dealer option for existing and future advisers on its platform.

For advisers and clients, the custodian and platform details matter because large RIAs increasingly compete not only on investment performance but also on operational flexibility. Affluent households with concentrated stock positions, private-company liquidity, real estate exposure, trusts, foundations and family entities often require a coordinated service model that crosses investment management, tax planning, charitable giving, estate design and administrative execution. National advisory platforms are using acquisitions to deepen those capabilities while preserving local adviser relationships.

Jackson Hole’s profile illustrates why billion-dollar regional RIAs have become attractive acquisition candidates. The firm is large enough to have a meaningful client base, specialized investment capabilities and a developed brand in its local market, but it remains small enough to benefit from the infrastructure of a larger platform. Lido gains assets, talent and a regional presence without needing to build from scratch. Jackson Hole’s advisers gain scale, succession options and access to planning resources that would be expensive to replicate independently.

The transaction also reflects the continuing institutionalization of the wealth-management business. Independent RIAs have drawn capital from private-equity firms, asset managers, credit investors and large strategic acquirers, all seeking exposure to fee-based advisory revenue and long-duration client relationships. The result has been a more competitive acquisition market, especially for firms with more than $1 billion in assets, strong organic growth, younger adviser teams and differentiated planning or investment capabilities.

InvestmentNews, citing the 2026 RIA Deal Room report from Advisor Growth Strategies, reported that the RIA industry recorded 276 transactions in 2025, a new high, with a median valuation multiple of 11.6 times adjusted EBITDA, also a record. More than 100 distinct firms completed at least one acquisition last year, and 50 completed multiple deals. That backdrop helps explain why firms such as Lido continue to pursue selective acquisitions even as integration discipline becomes more important.

The same report identified growing pressure on what it called the “vanishing middle” of the RIA market: firms managing roughly $500 million to $5 billion in assets. These firms are often large enough to require professional management, technology investment and next-generation talent programs, but not always large enough to command the same operating leverage as national platforms. As client expectations rise, the economics of remaining independent can become more challenging unless a firm has strong organic growth, a clear niche or a durable succession plan.

Lido’s acquisition of Jackson Hole falls directly within that middle-market dynamic. Jackson Hole has crossed the billion-dollar threshold, giving it scale and credibility, but joining a larger platform may allow it to expand services faster than it could alone. For clients, the practical question is whether the acquiring firm can add resources without disrupting the advisory relationships and investment philosophy that made the acquired firm attractive. For acquirers, the question is whether they can integrate teams while maintaining local autonomy, adviser incentives and service consistency.

Alternative investments are an important part of the strategic rationale. High-net-worth and ultra-high-net-worth clients have increased allocations to private credit, private equity, hedge funds, real assets and direct or co-investment opportunities, particularly as private markets have become a larger part of the global capital structure. Access, due diligence, liquidity management and suitability oversight can be difficult for smaller firms to manage on their own. Lido’s larger platform may provide Jackson Hole clients with broader manager access and planning context, while Jackson Hole adds alternatives expertise to Lido’s adviser network.

The Tulsa location is also notable. RIA consolidation has often been associated with coastal financial centers and large metro wealth markets, but acquirers are increasingly targeting regional firms with deep community ties and concentrated local wealth. Oklahoma’s private-wealth market includes energy, banking, real estate, agriculture, family-owned businesses and entrepreneurial capital. These clients often require advice that extends beyond investment selection to include liquidity events, entity structuring, intergenerational transfer and philanthropic planning.

The transaction follows other recent moves by large wealth platforms into regional markets. On the same day Lido’s deal was reported, InvestmentNews highlighted a separate affiliation by Integrated Partners with City Square Wealth Management, an $850 million Boston-area firm. Barron’s also reported that Corient agreed to acquire Capital Advisors, a larger Oklahoma-based wealth manager with $7.8 billion in assets. While each deal has different buyers and strategic objectives, together they point to sustained demand for advisory firms that combine regional client relationships with scalable planning capabilities.

For Lido, the Jackson Hole transaction continues a growth narrative that has accelerated over the past several years. The firm has been expanding its asset base, adding leadership, broadening custody relationships and building out platform capabilities. Earlier reporting on Lido’s capital structure noted that investment funds managed by HPS Investment Partners had taken a majority stake in the firm, while Charlesbank Capital Partners remained invested. That backing gives Lido financial capacity to pursue growth while competing with other well-capitalized RIA consolidators.

Still, acquisitions in wealth management carry execution risks. Clients may be sensitive to changes in branding, fees, reporting systems, investment access, custodian relationships or adviser incentives. Advisory firms also need to ensure that acquired teams retain their core personnel and client-service standards after joining a larger organization. In a fiduciary business built on trust, the success of a deal depends less on headline assets and more on whether clients experience continuity and better service after the transaction closes.

Integration also matters for advisers. Many sellers seek liquidity, succession support and operational relief, but they also want to preserve entrepreneurial identity and client ownership. Lido’s decision to bring the Jackson Hole team in as partners is consistent with a broader RIA industry effort to align acquired advisers with the combined firm’s long-term growth. Equity participation, career paths and local leadership roles have become important tools for acquirers competing for high-quality advisory teams.

The deal further demonstrates how the definition of a full-service wealth platform is shifting. Investment management alone is no longer enough for many affluent households. Clients increasingly expect advisers to coordinate with accountants, estate attorneys, trustees, insurance specialists, philanthropy advisers and business advisers. Lido’s emphasis on tax, estate planning and a family-office approach is therefore central to the acquisition thesis, particularly for Jackson Hole clients whose wealth may be tied to private businesses, concentrated assets or multigenerational planning needs.

From a competitive standpoint, Lido’s Tulsa expansion raises the bar for regional advisory firms that remain independent. Firms in the $1 billion range may still have strong client loyalty and local reputations, but they face national competitors with deeper technology budgets, compliance infrastructure, investment research and talent pipelines. Some boutiques will continue to thrive by remaining specialized and selective. Others may conclude that joining a larger platform is the most efficient way to broaden capabilities while solving succession and scale challenges.

The broader market signal is clear: buyers remain active for RIAs with credible management, recurring revenue, defensible client relationships and a differentiated service model. The Jackson Hole acquisition gives Lido another regional base and reinforces its strategy of pairing national planning infrastructure with local advisory teams. For the wealth-management industry, the deal is another example of how consolidation is reshaping the adviser landscape, particularly for mid-sized firms serving increasingly complex affluent clients.

As the transaction moves forward, attention will turn to how Lido integrates Jackson Hole’s alternatives capabilities and regional relationships into its broader platform. If successful, the combination could strengthen Lido’s appeal to entrepreneurs, executives and multigenerational families seeking institutional resources without losing the local adviser relationship. It also adds to evidence that RIA consolidation remains one of the most active growth channels in private wealth, even as valuations, integration demands and client expectations continue to rise.