Consolidation momentum in the RIA industry continues to accelerate through July 2025, marked by increasing transaction volume, strong institutional interest, and a decisive shift toward scalable platform models. July’s activity reinforced several enduring trends: the dominance of sub–$1B sellers, the rising influence of mid-sized buyers, and seller alignment with infrastructure-rich integrators. What distinguishes this phase of market evolution is the broadening base of acquirers and the strategic intent behind M&A: not just aggregating assets, but expanding capabilities, deepening client relationships, and solidifying competitive position in a fragmented market. This report provides a snapshot of the most recent deal activity and strategic insights shaping the landscape.