M&A activity in the Registered Investment Advisor (RIA) sector remained robust in October 2025, with 23 announced transactions totaling $35.7 billion in client assets. Year-to-date deal volume has already surpassed 2024 levels, reflecting continued momentum from private equity sponsors and strategic consolidators. This month’s report highlights key deals, including Equitable’s acquisition of Stifel Independent Advisors, and provides insights into how scale, succession planning, and integration are driving the next phase of RIA consolidation.