RIA M&A Posts Busiest Q2 Yet, per Echelon

Even though registered investment advisory mergers and acquisitions in the second quarter of 2026 did not surpass the first quarter’s total, Echelon Partners found it the most active second quarter in industry history and up 17.6% from Q2 2025.

“The dip from [the first quarter of 2026’d]’s all-time record of 142 reflects seasonality more than any change in direction, as Q2 has historically been the softest quarter for announcements,” wrote Barnaby Audsley, an Echelon managing director, in an email to PLANADVISER. “For the balance of the year, we’re watching the pace of sponsor-led recapitalizations and whether large platforms convert equity raises into announced tuck-in acquisitions, which will support our estimated [total of approximately] 500 deals [for] 2026.”

The report tallied 120 transactions announced during Q2 and $378 billion in total transacted assets under management. Eighty percent of the transactions—97 announced deals—involved strategic buyers.

Despite the strong deal environment, buyers with limited acquisition experience remained a small share of the market. Only 13 transactions (10.8%) were made by buyers with two or fewer acquisitions.

Asked for advice for first-time buyers, Audsley wrote, “Acquisitive platforms win on conviction in valuation and thoughtfulness of partnership, and a first-time buyer needs to be prepared to move with the same conviction. Table stakes are a competitive valuation, proof of financing and a clear integration plan.”

The top wealth management transaction of the quarter was Empower Retirement LLC’s $80 billion AUM acquisition of Milliman Inc.’s retirement plan and benefits administration business.

According to the report, the deals highlight a continued convergence of retirement and wealth management, a trend underscored by the quarter’s fourth-largest transaction: employee-owned Mesirow Financial Holdings Inc.’s acquisition of LeafHouse Financial Advisors LLC, a retirement plan fiduciary overseeing $23 billion in assets.

Audsley foresees retirement plan practices being highly sought after in future transactions.

“A retirement plan practice is one of the few remaining at-scale channels into wealth management clients, and buyers are increasingly willing to pay for that pipeline rather than build it,” he wrote. “To be successful in this acquisition strategy, you need to bring real value to the retirement plan participants—e.g., benefits consulting, workplace financial wellness, executive coaching and counseling—and have dedicated teams to enacting the playbook.”

For advisory firms considering a transaction in the next year, whether buying or selling, Audsley recommends preparing as early as possible.

“This includes aligning key stakeholders on goals for a partnership, which may include equity sharing and associated planning, and preparing for a buyer’s diligence process,” he wrote. “Everyone wants to talk about valuation and buyer types, but we view preparation as the key for success in securing the right outcome for your firm.”