Among the details of this report is that serial acquirers dominate the buyer side, accounting for over 80 per cent of transactions so far this year.

Despite a third quarter dip in volume, the RIA M&A market is alive and well, especially for firms with over $1 billion in assets.

Transactions fell 17 per cent, from 93 deals in the same period last year to 77 from July to September this year, according to the latest DeVoe & Co RIA Deal Book. But the slowdown is hardly a retreat, the report cautioned, noting that total volume through September (244 transactions) remains slightly ahead of last year’s record pace.

“The market isn’t shrinking,” the report stated. “It’s sorting and the firms with scale, professional management and capital are pulling away from everyone else.”

According to the report, announced deals are a “lagging indicator” of owner sentiment because decisions to sell are made between six to 18 months before the transaction is completed.

“The volatility and distraction created by tariffs, the war with Iran, gasoline price surges and other economic shocks caused some advisors to pause before moving forward with a sale,” said David DeVoe, CEO of his eponymous RIA M&A strategic consulting and banking firm. “That hesitation is now emerging in our transaction data.”

Average seller AuM hits $1.02 billion
Overall, demand for RIA firms, especially among large buyers backed by private equity capital, remains strong. “Owners still need succession solutions, firms still need scale and well-capitalized buyers are still pursuing acquisitions,” said DeVoe & Co president Gordon Ross.

Firms with more than $5 billion in assets accounted for 41 transactions through September, already surpassing their 2025 total. Average seller AuM reached $1.02 billion. RIAs with between $100 million to $500 million in AuM were the least active sellers and now constitute only around one-third of the M&A market year.

Leading buyers
Serial acquirers dominate the buyer side, accounting for over 80 per cent of transactions so far this year. Wealth Enhancement led the way with 16 deals, followed by Hightower with 15, Savant Wealth Management with 10 and Beacon Pointe and Corient both with eight transactions. Other top acquirers were Cerity Partners, Captrust, Waverly Advisors, Allworth Financial, Apella Capital, EP Wealth, MAI Capital Management and Mercer Advisors.

While there’s a good chance that M&A in 2026 will set records again, 2027 may mark the end of the five-year streak, if indeed announced deals are a lagging indicator.

The Federal Reserve Board is likely to continue raising interest rates in the coming months, and the continued resilience of the economy and equity markets in the face of mounting AI debt and uncertainty, continued high tariffs, rising energy costs and concerns about massive government deficits, is anything but certain.