iA Financial has officially completed its acquisition of RF Capital Group, marking a significant expansion of its Canadian wealth management business and strengthening its position as one of the country’s leading non-bank financial platforms.
RF Capital, operating under the Richardson Wealth brand, serves Canada’s high-net-worth market with assets under administration exceeding $43.6 billion as of September 30, 2025. Known for its client-centered advisory model, the firm now becomes part of iA’s broader wealth management ecosystem.
Through the transaction, iA Financial Group’s combined assets under management and assets under administration have surpassed $330 billion. iA Wealth now serves over 500,000 clients through a network of more than 1,450 advisor teams across Canada.
The acquisition was completed via a court-approved plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the deal, a wholly owned subsidiary of iA acquired all issued and outstanding common shares of RF Capital for C$20 per share and all Cumulative 5-Year Rate Reset Preferred Shares, Series B for C$25 per share, along with accrued and unpaid dividends and additional payments equivalent to dividends through March 31, 2026.
Payment for the shares has been remitted to TSX Trust Company, acting as the depositary under the arrangement. Registered shareholders are required to return completed letters of transmittal to receive the consideration owed to them. Following the completion of the transaction, RF Capital’s common and preferred shares are expected to be delisted from the Toronto Stock Exchange on or about November 4, 2025, and the company has applied to cease to be a reporting issuer in Canada.
RF Capital’s President and CEO, Dave Kelly, will continue to lead the firm, ensuring continuity and executing its strategic plan while maintaining its culture of advisor independence under the new ownership structure.
KEY QUOTES:
“We are proud to mark the closing of this strategic acquisition, which not only creates compelling opportunities for accelerated growth, but also underscores our commitment to the value of advice. This transaction further reinforces iA Wealth’s position as a leading non-bank wealth platform in Canada and will generate meaningful synergies, expanded capabilities and long-term shareholder value.”
Denis Ricard, President and CEO, iA Financial Corporation
“With the combination of iA and RF Capital strengths, we elevate our value proposition and personalized financial solutions for advisors and clients through best-in-class technology and product offering. Since the announcement, advisor engagement has been remarkably strong. This positive response reflects advisors’ confidence in our long-term vision, the benefits of scale and the significant growth opportunities.”
Stephan Bourbonnais, Executive Vice-President, Wealth Management, iA Financial Corporation
“This marks an exciting new chapter for RF Capital, unlocking powerful opportunities for our advisors and clients. RF Capital and its advisors maintain their operational independence and valued culture, and we are thrilled to join iA and collaborate to bring the best of both organizations to power the ongoing success of our advisors and financial security for our clients.”
Dave Kelly, President and CEO, RF Capital Group Inc.
