Among the major deals last year was Miami-headquartered Corient’s takeover of UK-based Stonehage Fleming and Stanhope Capital – two multi-family offices. And 2026 promises to be a significant year also if the early start of the year is an indicator, with US-headquartered Nuveen, part of TIAA, buying London-listed Schroders. There has been a transatlantic flavor to some transactions. Other prominent names in the mix last year included Mariner Wealth Advisors, Bain Capital and Lincoln Financial; LPL Financial; Creative Planning; T Rowe Price Investment; Stone Point Capital, and Dynasty Financial Partners.

The report was upbeat about 2026.

ECHELON Partners said it expects continued expansion of the RIA M&A universe, with unique buyers up 17.6 per cent year-over-year, reflecting renewed sponsor confidence, improved valuation clarity, and greater visibility into platform exits. 

“New strategic, sponsor-backed acquirers are launching or accelerating scaled M&A strategies. Recent large-scale entrants include Great Hill Partners’ minority investment in Mission Wealth and CIVC Partners’ majority investment in Cary Street Partners ,” it said.

What they want
“Top RIAs are acquiring or investing in accounting firms , trust companies, OCIOs , and specialist investment managers, seeking to broaden their service offering,” ECHELON Partners said. “The goal of many of the leading RIAs in capability-driven M&A is to expand their wallet share, add new clients, and build a more holistic relationship with their clients.”

The report said there is a “growing movement” of advisors leaving wirehouses and large broker-dealers to join independent RIAs, most often aligning with strategic buyers, although a select few have launched their own practices with the backing of a financial sponsor or third-party independent platform. 

Sizes
While firms with under $1.0 billion in AuM accounted for less than 14.3 per cent of total assets transacted, they represented more than half of announced deals, underscoring buyers’ continued focus on smaller, scalable acquisitions that enable them to expand their footprint efficiently, the report said.

Mid-sized firms have a challenge. 

Firms in the $1 to $10 billion in assets range are increasingly reaching a scale where growth needs to be supported by M&A and recruiting, and cash flow can be difficult to manage as further capital outlay is required, it said. 

Technology makes an important difference to wealth management platforms with scale, the report said.  

“Technology’s relevance has never been greater as firms adopt artificial intelligence tools into their workflows, gaining greater efficiency and capabilities,” the report said.

Explaining the market landscape, ECHELON Partners noted: “There are two main categories of buyers in the wealth management industry: strategic and financial acquirers. Strategic acquirers are firms such as RIAs and broker-dealers that acquire companies to realize synergistic efficiencies, enter new markets, or introduce new service offerings.

“Financial acquirers include private equity firms, family offices, holding companies, and similar investors that invest in strategics that focus on generating returns rather than on synergies. In the wealth management industry, strategic acquirers have historically accounted for most transactions, though the most active strategic acquirers typically have at least one financial partner to contribute and help manage incremental capital for M&A activity,” it added.