Closures and registration changes lead August’s 51 non-merger ADV-W filings

Of the 80 ADV-W filings in the complete August archive, 51 cite reasons other than a sale, acquisition or merger. Thirteen cite no longer being in business or closing the business, 12 cite no longer conducting advisory activities, nine report switching from SEC registration to state registration, and six say a newly formed adviser failed to meet the continued-registration eligibility criteria under the 120-day rule. The other 11 include unreported reasons, changes to exempt reporting status and other explanations.

Registration changes at Propel and Unity

Propel Private Wealth LLC filed a partial withdrawal on August 3, citing a switch from SEC registration to state registration. The filing did not report that its advisory business had ceased. Its last reported regulatory AUM was $2.795 million as of July 30, 2026. That is the historical amount in the referenced ADV record, not an amount of assets that departed when the withdrawal was filed.

Unity Wealth Partners filed a partial withdrawal on August 4 with the same SEC-to-state registration reason. It also reported that business had not ceased. Its last reported regulatory AUM was $7.105 million as of August 4, 2026. These two filings illustrate why a change in registration authority should be read separately from a filer’s statement about ending its business.

Closing and eligibility reasons

Empower Private Wealth filed a full withdrawal on August 4, selecting the reason “no longer in business or closing business.” It reported that business had ceased on July 31. Its last reported regulatory AUM was $34.549 million as of February 6, 2026. The filing provides the firm’s stated scope, reason and cessation date; the historical AUM is not a transaction value or a measure of assets moved.

Sandpath LLC’s August 4 full withdrawal cites failure to meet the continued-registration eligibility criteria after registering as a newly formed adviser under the 120-day rule. The record reports business ceased on August 4 and does not provide a last reported regulatory AUM. That missing amount remains unreported, rather than becoming zero.

A complete view of the remaining reasons

The complete non-merger list preserves all 51 filings and each exact reason. Three filings cite switching from SEC registration to SEC exempt reporting adviser status; one cites no longer advising an investment company. Four do not report a reason. The remaining three use other explanations. Neither an unreported reason nor a general registration withdrawal establishes a sale, a client transfer or an independently verified business closure.

Filing dates, reported cessation dates and historical AUM as-of dates answer different questions. The table keeps filing dates and scopes beside the stated reasons, while the named examples above provide additional detail from their source records. Merger-related filings are covered separately in the monthly M&A report.

Complete non-merger filing list

Across all 51 non-merger filings, the filer-reported reasons are: Closing or no longer in business (13); No longer advising (12); Switching to state registration (9); 120-day eligibility not met (6); Other / not reported (11). The complete list below preserves each reported reason.

All 51 non-merger filings from the complete 80-filing August archive, listed alphabetically. Scope and reasons are reported by the filer. A withdrawal alone does not independently establish business closure or movement of assets.