Mergers and acquisitions deals in the RIA space dipped slightly in the first half of the year from last year, but because of larger transactions, the acquired assets of $342.9 billion nearly doubled last year’s $182.8 billion total, according to a report by Fidelity.
There were 120 total RIA deals as of June, compared with 132 for the same period last year, a 9% drop. That decline, however, doesn’t mean that the market is slowing down, said William Bruckner, vice president and strategic client consultant at Fidelity Investments, in a statement.
“It reflects a more deliberate approach to deal-making, as firms become increasingly selective in evaluating cultural fit, client experience, and long-term strategic alignment,” he said.
The larger firms are getting larger as assets and advisors concentrate in large and mega-RIAs, the report said. The median deal, fueled by a 6% jump in transactions involving firms with more than a billion dollars in assets, grew to $630 million from $517 million last year, the report said.
Notable large acquisitions earlier this year included Carlyle Group’s purchase of a majority stake in MAI Capital, which was valued at more than $2.8 billion. Raymond James, meanwhile, reached an agreement to acquire Clark Capital Management Group Inc., a Philadelphia-based asset manager overseeing $46 billion. And LPL Financial bought Mariner Advisor Network, a division of Mariner that supports 367 financial advisors with $31 billion in client assets.
While RIA mergers continued at the same consistent pace in the first half of the year, broker-dealer M&A transactions were non-existent. This, the report attributes to “consolidation and a potentially shrinking pool of acquisition targets within the broker-dealer market.”
The activity so far this year, the report said, signals that the industry is continuing to evolve. One of the big stories is succession-related transactions, driven by an aging advisor population and the continued infusion of private equity capital into the space. Private equity-backed firms accounted for 89% of the 120 transactions this year, up from 86% of the 132 deals during the same period last year.
The report further said, strategic acquirers are increasingly using mergers and acquisitions to expand the capabilities of the target firms, help them deepen their expertise and boost their client offerings. It’s not simply to increase AUM. Strategic acquirers were responsible for 82% of the deals as of June, up from 78% during the same period last year.
The deal numbers heated up among top acquirers, as five firms completed five or more transactions in the first half of the year; 10 firms executed three to four deals and eight closed two acquisitions each, the report said.
But the leader was Savant Wealth Management. Though the firm logged just three acquisitions for both the years 2024 and 2025, it sealed nine in the first half of this year. Beacon Pointe Advisors followed with eight and Wealth Enhancement, Cerity Partners and Mercer Advisors remained top buyers, with three acquisitions each.
This year’s transactions also included 12 business acquisitions in RIA-adjacent businesses such as tax and accounting firms, which the report said reflects a shift into more complex financial services enterprises. Roughly one-third of the deals were involved in acquiring tax and accounting firms. Cerity Partners and Waverly Advisors led with two transactions each. Additionally, seven deals involved cross-border transactions, with Corient and Creative Planning each pursuing two transactions outside the U.S.
Minority investments were also notable during the period, with 22 announcements about such deals. The most active investors in this category included Elevation Point with three investments. Emigrant Partners, Accelerated Wealth Partners and Merchant Investment Management each announced two investments.