RIA M&A activity becoming more concentrated

2025 marked the most active year on record for RIA mergers and acquisitions, with 322 transactions announced, exceeding the prior high set in 2024. While overall deal volume increased, the composition of the market continued to evolve.

What’s changing in RIA M&A?

• Deal activity is becoming more concentrated. The total number of buyers declined year over year, while repeat acquirers accounted for a growing share of completed transactions. A smaller group of experienced firms is driving a disproportionate amount of market activity.
• First-time buyers are less active, representing only 8% of transactions. New entrants represented a historically low percentage of total transactions, reflecting higher execution standards, increased complexity, and seller preference for buyers with established integration capabilities.
• Scale and experience are increasingly important. Active buyers completed multiple transactions on average, reinforcing the advantage of dedicated M&A infrastructure, capital availability, and post-transaction integration expertise.

Taken together, these trends suggest that while interest in inorganic growth remains strong, RIA M&A is maturing into a more institutional, experience-driven market. Sellers are prioritizing certainty of close and long-term alignment, while buyers with scale continue to extend their lead.