RIA M&A Activity Spikes in 2025
Merger and acquisition (M&A) deal volume grew 27% year-over-year, despite economic volatility felt throughout the U.S.
ECHELON Partners, a boutique investment bank and consulting firm for the wealth and investment management industries, expects deal volume to surpass 2025, based on what it calls “strong fourth-quarter activity and early 2026 momentum” in its latest RIA M&A Deal Report.
According to the findings, the wealth management industry’s M&A activity surpassed 2024’s previous record by 100 transactions or 27.3%, to achieve 466 transactions and a 17.8% compound annual growth.
ECHELON reports how each calendar quarter in 2025 saw a minimum of 100 transactions: 118 in Q1, 102 in Q2, 125 in Q3, and 121 in Q4.
“Today’s RIA M&A market reflects intentional strategy, not short-term opportunity,” said Dan Seivert, CEO and founder at ECHELON Partners. “Buyers are deliberately building differentiated platforms, and sellers are prioritizing alignment, long-term growth, and outcomes for clients and employees.”
For 2026, ECHELON expects the M&A industry to see further expansion, including new buyers and increases in recapitalizations.
For example, the report shows that buyers expanded 17.6% year-over-year, largely propelled by renewed sponsor confidence and platform investments. The share of registered investment advisors (RIAs) with acquisitions increased to 73.6% of total deals, while the broker-dealer/hybrid buyer category accounted for 4.3% of deals and private equity firms accounted for 9.4% of announced acquisitions.
ECHELON’s report also named the top acquirers of 2025, including buyers like Wealth Enhancement, Mercer Advisors, Merit Financial Advisors, Carson Wealth, Beacon Pointe Advisors, Mariner Wealth Advisors, Creative Planning, EP Wealth Advisors, and MAI Capital Management.
As institutional capital continues to seek advisory platforms that integrate holistic planning, tax, estate, and investment capabilities, ECHELON expects to see further growth within these buyers.
“The wealth management industry remains one of the most attractive long-term investment sectors,” added Seivert. “We expect elevated transaction activity to persist as firms pursue scale, capabilities, and strategic partnerships that position them for the next decade.”
Largest Deals of 2025
The report by ECHELON details the top transactions in 2025 by seller assets.
The top M&A deal went to $321 million Lincoln Financial, who was bought by Bain Capital in April 2025. This followed a deal between Cardinal Investment Advisors and Mariner Wealth Advisors, with seller assets of $292 million. Commonwealth Financial Network and LPL Financial rounded out the top three with $282 million.
Other major deals included Sageview Advisory Group and Creative Planning for $235 million, HUB International and T. Rowe Price at $178 million, and Stonehenge Flemin and Corient at $175 million.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.