Five Accounting Firms Decided Bigger is Better with Richey May

Accounting firms don’t usually make headlines for drama, but 2025 is shaping up differently. On the one hand, Top 10 firm Forvis Mazars has just reported that its U.S. revenue grew 4% to $2.24 billion; solid numbers, but a slowdown compared to past years, with tax (6.6%) and assurance (5.1%) carrying the load, while consulting cooled off. On the other hand, five regional firms from Colorado, Utah, Florida, California, and Washington just hitched their wagons together under the Richey May name, creating a 600-plus person outfit with 50 partners and Top 50 bragging rights overnight. With big firms slowing down and new ones climbing the ranks, the real question is: will these fresh combinations reshape the balance of power in accounting?

Regional Roots, Specialized Strength

Here’s how the five puzzle pieces fit together:

• Richey May (Englewood, CO): Founded in 1985, with a long-time focus on mortgage banking and alternative investments.
• WSRP → Richey May Utah (Salt Lake City, UT): Launched with six people in 1985, now 100+ staff and 15 partners.
• Moss Krusick & Associates (Winter Park, FL): Founded in 1990, 120+ pros across three offices. Rebrand name TBD, maybe they’re still spitballing ideas.
• Sobul, Primes & Schenkel → Richey May SoCal (Los Angeles, CA): Founded in 1981, offering tax, audit, advisory, payroll, valuation, and CFO services.
• The Doty Group → Richey May Washington (Tacoma, WA): Founded in 1918, with century-old roots in tax, audit, litigation, and valuation.

These weren’t strangers suddenly thrown together. The firms collaborated for more than a year before officially merging, testing the waters on integration and operations.

Clients get a bigger Bench

With the deal done, Richey May becomes a Top 50 national firm overnight. Which industries are gaining the most right away?

• Alternative investments and mortgage banking: deeper specialist teams with broader geographic reach.
• Entrepreneurial and mid-market businesses: one platform offering national resources without losing regional relationships.
• Complex advisory services: IT, litigation support, payroll, valuation, and CFO services all get a boost from the bigger pool of experts.

Clients are promised “no disruption,” meaning the same advisors but with stronger backup. Pricing hasn’t been flagged for changes yet, but the PE-backed model hints at efficiencies and bundled service menus that could reshape value propositions down the line. Regional teams remain in place, but they can now pull expertise from across the country to tackle tougher client challenges. Jason Yetter, CEO of RM Advisory, summed it up this way: “This merger is about amplifying what already works, giving clients access to expanded resources, specialized knowledge, and a national footprint, all while keeping the personalized service they’ve come to expect.”

Strategy and Industry Impact

The firm’s strategic play is clear:

• Climb from Top 50 to Top 25 in the U.S. rankings.
• Leverage private equity from F3 Partners to drive acquisitions, digital transformation, and advisory expansion.
• Recruit and retain talent with scale, specialization opportunities, and a national platform that appeals to ambitious pros.

Industry-wide, this deal reflects two powerful trends: consolidation and the growing role of private equity in accounting. Clients can expect more robust advisory services, sharper technology adoption, and improved national reach. But as the firm moves upmarket, advisory rates may eventually follow suit. Allan Koltin of Koltin Consulting Group put it bluntly: “Together they’ve built a Top 50 CPA and advisory firm, and they are well on their way to becoming a Top 25 nationally ranked powerhouse.”

The Takeaway

Alternative investments, mortgage banking, and mid-market businesses stand to benefit the most. For clients, this merger is a no-brainer: continuity plus access to more brains on the bench. For competitors, it’s a heads-up that private equity is significantly reshaping the profession. And for the profession at large, it raises the open question: as accounting firms expand into national players, can they maintain the boutique-style service, or will clients eventually pay a premium for the privilege? As the saying goes, “The proof of the pudding is in the eating.” The industry is currently closely watching to see how this new recipe tastes. Insights that matter, delivered weekly. Sign up and stay informed.