Threadline Wealth Spins Out from Baker Tilly: A $5.8B Independent RIA

Threadline Wealth Emerges as Independent Entity

In a significant restructuring within the wealth management sector, Moss Adams Wealth Advisors has officially spun out from Baker Tilly to operate as an independent registered investment advisor (RIA). The newly formed firm, Threadline Wealth, now manages $5.8 billion in assets under management.

The transition was facilitated by backing from co-owner The Cynosure Group and a coalition of employee owners. According to CEO and co-founder Justin Fisher, this ownership structure "more than doubles" the number of employee stakeholders compared to the wealth division's previous configuration.

Strategic Rationale for Independence

The decision to separate followed over a year of discussions between the wealth team and Baker Tilly leadership. The core driver was the need to operate without the constraints of an accounting firm structure, particularly regarding private investment allocations.

Fisher highlighted the potential friction in having an accounting firm audit companies where client funds might be invested. "For us, it's really about being free from the requirements so we don't cause a safety problem with the accounting firm and still invest in the entire universe of private investments," he explained. He further questioned the utility of such conflicts: "You'll have Baker Tilly want to audit a company that we may want to invest client funds in—from an allocation standpoint, why have that friction there? How does that serve the clients better?"

While Eric Miles, who served as CEO of Moss Adams prior to its merger with Baker Tilly, remains CEO of Baker Tilly, Fisher is leading the new independent entity. The firm will retain its Seattle headquarters and continue utilizing its existing custodial and wealth technology platforms.

Focus on High-Net-Worth Complexity

Threadline Wealth launches with 60 employees, approximately half of whom are advisors. The firm maintains custody relationships with Charles Schwab and Fidelity Investments' National Financial Services.

The new entity plans to double down on its roots in accounting and tax strategy, targeting upper-high-net-worth clients, including business owners, founders, and executives. Fisher noted the growing necessity for these clients to consolidate investing, tax planning, liquidity management, and estate design.

"When you look at the balance sheet of executives, owners and high-net-worth families that have balance sheets that are in the federally taxable range and above, they have a whole lot of financial complexity that they're trying to navigate," Fisher said. "I probably don't go a day without talking to an owner about a tax strategy."

To support this vision, Fisher emphasized the need for a dedicated operating model: "We really recognized that we've got to be all in on wealth management from an operating model and from a technology standpoint in order to really serve those clients differently in three, four years from now and going forward."

Industry Context and Trends

The Cynosure Group, which will hold seats on Threadline's board, is an established investor in the wealth management industry with its own RIA and stakes in platforms like Steward Partners and Savant Wealth.

Threadline's emergence aligns with a broader trend of tax-focused advisory breakouts. In February 2026, Aerodigm Wealth launched via a management buyout of Delap LLP's wealth division in Portland, Oregon. Additionally, major RIAs have been expanding their tax capabilities through acquisitions; for instance, Merit Financial Advisors acquired SSC Wealth in January, and Moneco Advisors merged with Lichtenstein Tax Consultants in late 2025.

Context: The RIA Separation Trend

The separation of wealth management divisions from accounting firms is becoming a strategic necessity as high-net-worth clients demand integrated services that include private equity access and complex tax planning. Accounting firms often face regulatory or reputational conflicts when auditing companies in which their affiliated wealth units invest client funds. By spinning out, these units gain operational freedom to pursue aggressive investment strategies without the friction of dual roles.

Takeaway

Threadline Wealth's $5.8B spin-off underscores a market shift where specialized tax and private investment expertise is driving independent RIA formation, allowing firms to resolve structural conflicts while better serving complex balance sheets.