There were 37 completed transactions in the first half of 2015, up from 29 over the same period in 2014. Meanwhile, total transaction value rose by 53 per cent to $49.8 billion in assets under management, up from $32.6 billion in the first half of 2014. Average deal size reached $1.3 billion in AuM – the highest average deal value since 2009, when the average transaction size for the entire year was $1.7 billion in AuM.

The types of buyers involved in deals during the first half of 2015 remained consistent with previous periods, Schwab noted, with strategic acquiring firms and RIAs accounting for the buyer in 79 per cent of all deals

“Although we’ve seen an uptick in activity this year, we don’t necessarily see an indication that firms are viewing M&A as a preferred means to achieve scale,” said Jonathan Beatty, senior vice president of sales and relationship management at Schwab Advisor Services.

“Certainly for some firms it makes strategic sense and current conditions make this a good time to act," Beatty said. "But many firms are continuing to follow a multi-faceted client growth strategy, by winning new clients and continuing to earn the trust of existing clients, thereby increasing share of wallet. M&A continues to be part of a broad set of growth strategies advisors have to consider alongside such industry best practices as creating operational efficiency and attracting and retaining top talent.”