ECHELON Partners announced today the publication of its 2025 RIA M&A Deal Report, a comprehensive review of merger and acquisition activity across the wealth management industry during the 2025 calendar year. The report shows that deal volume increased 27% year-over-year, marking the fastest annual acceleration of transaction activity since 2021 despite economic and financial markets uncertainty during much of the year.
The 2025 ECHELON RIA M&A Deal Report, recently recognized with a 2025 WealthManagement.com Industry Award, reflects ECHELON’s continued commitment to rigorous market analysis and thought leadership. The full report, available for download at www.echelon-partners.com, highlights that while total deal volume reached new highs, the rate of growth and the types of transactions consummated offer deeper insight into where the industry is headed.
“Today’s RIA M&A market reflects intentional strategy, not short-term opportunity,” said Dan Seivert, CEO and Founder at ECHELON Partners. “Buyers are deliberately building differentiated platforms, and sellers are prioritizing alignment, long-term growth, and outcomes for clients and employees.”
Outlook for 2026: Expansion, Recapitalization, and Strategic Optionality
Based on strong fourth-quarter activity and early 2026 momentum, ECHELON anticipates deal volume to rival — and potentially exceed — 2025 levels while remaining under 500 transactions. Several forces are expected to shape the next phase of consolidation:
New Buyers Enter the Marketplace
The buyer universe expanded 17.6% year-over-year, driven by renewed sponsor confidence and platform investments. Institutional capital continues to pursue scaled advisory platforms, signaling durable appetite for the sector.
Service Expansion M&A Accelerates
Cross-functional advisory models integrating holistic planning, tax, estate, and investment capabilities are becoming central to growth strategies. Industry research suggests these models deliver materially higher asset capture and client growth versus investment-only peers. Top RIAs are acquiring firms in areas where they have gaps in service offerings, adding an additional driver of transaction activity.
Mega Recapitalizations Increase
Private equity holding periods suggest several large platforms may pursue recapitalization events in the coming year, adding the potential for several blockbuster transactions in 2026.
Mid-Scale Firms Reach Strategic Inflection Points
RIA platforms managing $1–10 billion in assets are increasingly evaluating partnership strategies to fund growth and manage operational complexity. Transaction activity within this cohort rose sharply in 2025.
Public Markets Reopen as a Strategic Path
As equity markets normalize, IPO optionality is emerging for scaled, profitable advisory businesses, complementing private market M&A pathways.
“The wealth management industry remains one of the most attractive long-term investment sectors,” added Seivert. “We expect elevated transaction activity to persist as firms pursue scale, capabilities, and strategic partnerships that position them for the next decade.”
The 2025 ECHELON RIA M&A Deal Report goes beyond transaction counts to explain why deals are happening, how strategies are evolving, and what these shifts mean for the future of wealth management.
The full report is available for download at echelon-partners.com.
