Merit Financial acquires $900M Bridgeway Group

InvestmentNews reports Merit Financial Advisors has purchased The Bridgeway Group, a California registered investment advisor with offices in Pasadena and Covina. The firm oversees about $900 million in client assets.

The seller had been independent broker-dealer Commonwealth Financial Network's affiliate for 13 years. According to InvestmentNews, this is the sixth such Commonwealth-linked firm to move to Merit since LPL closed its acquisition of Commonwealth in April 2025, and the third in 2026. Merit's 2026 roster includes GlennCo, a $208 million Newtown, Pennsylvania practice bought in February, and Strategic Retirement Plans, a Wyoming RIA with $582 million, bought in April.

Bridgeway's three founding partners — Matt Dupon, Sean Montgomery, and Scott Miller — have joined Merit, together with the rest of the nine-person team. Miller, 34, was named area director; Dupon and Montgomery are wealth managers and partners. The Bridgeway name is being retired in favor of Merit Financial Advisors.

The purchase widens Merit's footprint in Southern California, which InvestmentNews calls one of the wealthiest wealth-management markets in the country. Merit, backed by Constellation Wealth Capital, now runs more than 55 offices and manages roughly $30.1 billion in total client assets.

The Commonwealth connection is the larger story. Since LPL took over Commonwealth, a steady stream of formerly affiliated practices has landed with acquisitive RIAs, and Merit has been one of the most active. Nine Merit deals closed by mid-2026, putting the firm on pace to beat its stated target of 15 for the year.

Merit's frequency — three former Commonwealth firms in 2026 alone — suggests the post-LPL transition is not a short-term event. For breakaway-friendly RIAs, the affiliation change creates a natural moment to reconsider platform, and Merit is clearly positioned as a landing spot.

The economics also look deliberate: Bridgeway grew assets at roughly 22% annually over five years, per Merit. That kind of organic growth, added to acquired AUM, is what lets consolidators compound — and it explains why acquirers are paying for quality practices rather than waiting for succession distress.

InvestmentNews puts Merit's cumulative deal count at 61. Further California deals are likely; the firm's second-half pace should stay brisk.