RIA M&A activity moderated slightly in May, with the 26 announced transactions pacing just below April’s high but remaining well above the prior year’s baseline. While the market continues to see steady flow from sub-$1 billion, founder-led practices addressing succession and continuity, May’s deal volume was punctuated by high-profile, institutional-scale transactions. For sellers across this size spectrum, alignment with a well-capitalized partner remains a compelling mechanism to secure liquidity, insulate against rising operational friction, and gain access to sophisticated technology stacks.