Carson Group Eyes Domestic Expansion as Policy Stance Keeps Miami Market Out of Reach

The landscape of American wealth management is currently defined by a dual trend: the rapid migration of domestic wealth to the Sun Belt and the increasingly globalized nature of high-net-worth service models. For the Carson Group, a Nebraska-based mega-RIA with more than $66 billion in assets under management, these two forces have created a strategic paradox. While the firm continues its aggressive expansion across the United States, its current operational policies have effectively sidelined one of the country’s most lucrative wealth hubs: South Florida.

Michael Belluomini, Carson’s senior vice president of mergers and acquisitions, offered a rare glimpse into the firm’s strategic decision-making process on the sidelines of the recent Schwab IMPACT conference in Boston. He explained that while the company is constantly evaluating new markets to bolster its network—which currently spans more than 165 partner offices across 40 states—the firm’s current regulatory and compliance framework makes the Miami metropolitan area a difficult fit.

The Regulatory Hurdle in South Florida

The primary friction point, according to Belluomini, is Carson’s firm-wide policy regarding foreign nationals. As it stands, the firm’s Form ADV does not authorize the onboarding of non-U.S. citizens as clients. In the context of the broader wealth management industry, this is a distinct choice. Many of Carson’s competitors have built business models specifically tailored to the cross-border needs of international clients, particularly those hailing from South and Central America.

“The challenge with South Florida is foreign clients a lot of times,” Belluomini told InvestmentNews. “We don’t allow on our ADV right now foreign nationals as clients, and you can run up against that in South Florida, like a lot of South American or Central American clients. We don’t support that.”

This stance stands in stark contrast to the demographic reality of the region. Miami has cemented its status as the preeminent U.S. gateway for international capital. According to recent data from Miami Realtors, foreign homebuyers poured $4.4 billion into the South Florida residential market in 2025 alone. A significant portion of this investment is driven by buyers from Colombia, Argentina, Mexico, and Brazil—individuals who often require wealth management services that bridge the gap between their home countries and their new U.S. financial homes. By opting out of this segment, Carson effectively limits its growth potential in the wealthy enclaves of Miami, West Palm Beach, and the surrounding areas.

While Carson maintains a notable footprint in other parts of the Sunshine State—including offices in Sarasota, Tampa, Ponte Vedra Beach, and the Orlando area—the “southern tier” remains an outlier in their corporate portfolio. For a firm that prides itself on a massive network, including more than 50 Carson Wealth locations within its corporate RIA channel, the absence of a Miami anchor is a deliberate, compliance-driven omission rather than an oversight.

No Overseas Push – Yet

The decision to avoid foreign national clients is part of a broader, more conservative approach to international expansion. In a year that has seen several of the RIA industry’s most active acquirers—including Creative Planning and the Miami-headquartered Corient—aggressively pursue global footprints, Carson has remained focused on the domestic horizon.

Creative Planning, for instance, has moved to acquire firms in Switzerland and London, while Corient has made headlines for its expansion into the Cayman Islands and Paris. These firms are betting that the future of wealth management involves seamless, cross-border capabilities. Carson, however, remains unmoved by the allure of the global market.

“It’s not on our immediate radar,” Belluomini stated. When asked if the firm might reconsider its stance to capture international business, he remained pragmatic. “We would never be opposed to great acquisitions elsewhere. But at this point, there’s so much great opportunity in the U.S. and there’s so much deal flow that we haven’t had to look international, but never say never.”

This domestic-first strategy appears to be paying dividends. Backed by minority investment from private equity giant Bain Capital, Carson Group is currently riding a wave of unprecedented deal volume. Just this week, the firm added a $1.6 billion firm in the Atlanta area to its Carson Wealth channel. According to Belluomini, the firm is on track to conclude 2026 with 26 to 27 announced acquisitions and roughly 35 completed transactions—a significant jump from the 23 deals finalized in 2025.

“It’s a monster year for us,” Belluomini said. “We have not seen any slowdown whatsoever.” He noted that the firm’s robust M&A pipeline is fueled by relationships with more than 60 investment banks that regularly feed them potential acquisition opportunities. This sustained activity puts Carson in a strong position relative to some industry reports that have suggested a cooling off in RIA M&A. While firms like DeVoe & Company have tracked a 17% decline in third-quarter M&A activity, others, such as Echelon Partners, have noted that deal volume remains near record levels, with Carson itself contributing five deals worth roughly $2.7 billion in acquired assets during the third quarter alone.

From Main Street to Midtown

Despite the firm’s strict policy regarding foreign clients, Belluomini is far from finished with his domestic expansion checklist. His vision for the firm is balanced, aiming to capture both the intimacy of “Main Street” financial planning and the prestige of major financial centers.

“I like being able to sort of support Main Street,” Belluomini noted. He identified Jacksonville, Florida; Boise, Idaho; and Newport News, Virginia, as prime examples of the types of markets where the firm hopes to plant its flag. For Carson, these markets represent the bedrock of its business—communities where local wealth management is highly valued and where the firm’s brand can achieve significant penetration.

However, the firm’s ambitions are clearly not limited to regional hubs. Belluomini is also eyeing the most competitive real estate in the country: the major urban centers of the Northeast.

“I think any metro area where we don’t have a presence would be great,” he said. “Philadelphia, like right in Center City, would be good for us. We don’t have anything in New York City on the island. So I’d love something right in the middle of Manhattan. Midtown would be great.”

For an Omaha-based firm, a move into the heart of Manhattan or Philadelphia would represent a significant escalation in its competitive positioning. It would pit Carson directly against the industry’s legacy wirehouses and established private wealth firms. Yet, given the firm’s track record of integrating new offices and its massive AUM growth, the leadership clearly believes that its model—centered on the Carson Wealth platform—is scalable enough to thrive even in the most crowded, high-cost environments in the country.

As the firm enters the final stretch of 2026, the strategy remains clear: maintain the pace of domestic consolidation, nurture the existing network of over 165 partner offices, and continue to prioritize the U.S. market over international entanglements. For now, the allure of Miami’s international wealth will have to wait, as the Carson Group focuses its sights on the skyscrapers of Manhattan and the growing markets of Middle America.