Registered Investment Advisor (RIA) Deal activity showed no signs of slowing in the first quarter of 2026, with 142 transactions closed, far surpassing the prior high of 125 deals set in both 3Q25 and 4Q24, according to the ECHELON Partners’ 1Q 2026 Quarterly RIA M&A Deal Report.
Average AUM per transaction reached $1.8 billion, the highest since 2021, and total transacted AUM of $1.67 trillion more than doubled the $805 billion recorded in 1Q25, a 107% year-over-year jump.
“Record deal counts, record AUM transacted, international expansion, and platform-building are all happening at once.”
Dan Seivert, ECHELON Partners
“RIA M&A activity is accelerating on multiple dimensions simultaneously,” said Dan Seivert, CEO and Managing Partner of ECHELON Partners. “Record deal counts, record AUM transacted, international expansion, and platform-building are all happening at once. The firms setting the pace are using acquisitions strategically, and 2026 is shaping up to be a watershed year for the industry.”
The industry is on pace for 475 deals in 2026, which would surpass the 2025 record of 466. Looking ahead, the 1Q 2026 ECHELON report says elevated activity is expected to continue throughout 2026, supported by new buyer entrants, ongoing service-expansion strategies, and an anticipated wave of recapitalizations as private equity investment cycles mature. “With 475 total deals projected for the full year, the structural transformation of the RIA industry shows no signs of slowing,” the report says.
The report also highlights a few themes it found especially relevant this quarter:
• Buyers are building holistic platforms, not just aggregating assets: Strategic acquirers have expanded on their focus of generating scale by also executing on transactions that create truly integrated and holistic platforms. Mergers such as Corebridge Financial and Equitable Holdings exemplify this trend, combining retirement advisory, insurance, wealth management, and asset management under one roof. M&A is increasingly being used to add tax, estate, family office, and institutional consulting capabilities.
• International expansion is growing in popularity: Cross-border activity emerged as a defining theme of the quarter, with U.S. acquirers accelerating their push abroad. Creative Planning completed two international transactions in 2026: its acquisition of Swiss RIA Baseline Wealth Management ($1 BN+ AUM) in January, followed by U.K.-based MASECO ($5+ BN AUM) in March. Western Europe, Australia, and New Zealand have become prominent hubs given their similarity to U.S. markets and large pools of mobile wealth.
• Private equity linked transactions continue to dominate: PE-involved activity reached 102 transactions in 1Q26 (71.8% of deals announced), driven by a new all-time high of 95 PE-sponsored transactions. Notable direct investments included Carlyle’s acquisition of a majority stake in MAI Capital Management and Stone Point Capital’s overseas investment in Amber River.
• WealthTECH M&A activity regains traction: WealthTECH transactions reached 49 in 1Q26, up from 35 in 1Q25, continuing an acceleration seen throughout 2025. Activity is increasingly concentrated around AI workflow tools, client analytics, and compliance automation—capabilities firms are acquiring simply to keep pace with a rapidly evolving competitive landscape.
Check out the ECHELON Partners’ 1Q 2026 Quarterly RIA M&A Deal Report here.
SEE ALSO:
• RIA M&A Activity Spikes in 2025
• Waverly Advisors Acquires $3.1B RIA
• Cetera Builds $19B RIA With APP and TRPG Merge