RIA M&A Hits An Annual Record—In October

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Registered investment advisor merger and acquisition activity has reached a record high of 273 transactions year-to-date, surpassing 2024’s previous annual record with two more months to add to that number, according to DeVoe & Company. 

According to the investment bank and consultancy, lower borrowing costs following rate cuts in late 2024 have been a key driver of this record-breaking activity, unlocking capital and reigniting momentum in the M&A space. Private equity has also played a significant role, backing platforms to accelerate acquisitions, including for mid-sized RIAs, increasingly transacting to gain the benefits of scale enjoyed by the largest RIAs.

“The consistency of activity confirms that M&A is now embedded in the DNA of the RIA space,” said David DeVoe, founder and CEO of DeVoe & Associates. “This is not a temporary spike, but a durable element of how leading firms grow and transition.”

The pace of dealmaking has felt relentless in 2025, with private equity-backed RIA deal assets ranging from the hundreds of millions to multi-billions. On the seller’s side, RIA founders are taking advantage of high valuations and setting up for near or long-term succession plans.

According to DeVoe’s third-quarter report, the most active buyers were private equity-backed strategic acquirers. This group was led by Merit Financial Advisors, with 11 deals, followed by EP Wealth, Mercer Advisors and Beacon Pointe Advisors, all with nine deals through the end of the third quarter. 

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One of the year’s biggest deals was made by Creative Planning, majority-owned by its founder, Peter Mallouk, though it has private equity backing from General Atlantic and TPG Capital. The national RIA is working to close a deal for SageView Advisory Group, a retirement plan-focused RIA with $290 billion in client assets, boosting the combined entity to $640 billion. 

Another of the largest deals was backed by an Abu Dhabi-based alternatives asset manager and involved a global client base. Corient, the RIA arm of Mubadala Capital-owned CI Financial, acquired two U.K.-based wealth managers that oversee a combined $214 billion in assets, with clients in Europe, the U.S., the Middle East and Africa. The acquired firms boost Corient’s total client assets to $430 billion.

According to DeVoe, the third quarter of 2025 also marked a record as the most active quarter, with 94 transactions, which pushed the year-to-date volume to 242 as of the end of September. That report noted that sub-acquisitions have also reached historic heights, referring to firms that are acquired and then start making deals of their own. 

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CEO DeVoe positioned 2025’s unprecedented activity as part of the RIA sector’s maturation. 

“Crossing last year’s record with months still to go reflects both the vitality of the RIA ecosystem and the strategic role M&A plays in the industry’s evolution,” DeVoe said.

DeVoe’s data focuses on acquisitions and mergers of SEC-registered RIAs with $100 million or more in AUM. 

Marshberry, another banking and consulting firm that tracks M&A in the space, has also forecast a record-breaking year, counting 79 transactions in the third quarter, putting the market on pace for a new high. 

“For advisors considering their future, the expanding pool of acquirers offers more potential pathways than ever before, but it also demands careful evaluation,” the firm cautioned in its report. “The decision is no longer just about securing liquidity, it is about finding the right partner to support growth, preserve culture, and create lasting value.”

Marshberry’s team of about 78 is itself the subject of an M&A transaction. Earlier this year, it reached an agreement to be acquired by investment bank and advisory firm Lincoln International.

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