Hybrid RIA RFG Advisory Acquires $320M Virginia Firm

RFG Advisory has added a Virginia-based advisory firm, overseeing over $320 million in assets under management. 

Richmond, VA-based RVA Wealth Management, founded in 2018 by David Koren, marks RFG’s first majority advisor acquisition and builds on the RIA’s goal of expanding its solutions to support financial and wealth advisors. 

RVA Wealth Management provides financial planning, retirement planning, investment management, and education tools to high-net-worth clients. 

The deal is expected to add RVA Wealth Management to RFG’s W-2 advisory, and following the transaction, Koren will exit the firm, and RVA’s Caleb Vaughan will take over as the firm’s leader. 

“This was about finding the right partner to carry the business forward without disrupting what makes it special,” Ed Swenson, president of RFG Advisory, said. “RVA has built a deeply client-centric firm rooted in education, planning, and trust. RFG brings the capital, infrastructure, and strategic support to help that foundation scale while ensuring a seamless experience for clients.” 

RVA initially started its affiliation with RFG in 2022, after leaving Kestra Advisory Services, in a move to enhance its technology and drive investment support. 

Additionally, RVA will maintain its branding as part of the acquisition and will operate within RFG’s platform as a W-2 partner firm. 

Recently, RFG Advisory acquired Alpharetta, GA-based Black Oak Asset Management, which manages over $200 million in total client assets. 

Birmingham, AL-based RFG Advisory oversees approximately $6.1 billion in assets under management across 23,999 accounts, according to its latest Form ADV updated in March.

Pictured: RVA Wealth Management