PE Powers RIA Deal Boom as Wealth Management M&A Surges in H1 2026
Private equity-backed acquirers continued to reshape the registered investment adviser (RIA) landscape during the first half of 2026, driving a surge in mergers, acquisitions and recapitalizations that has positioned the wealth management industry for another record year of consolidation, according to Berkshire Global Advisors’ midyear Wealth Management M&A Report.
A total of 225 transactions involving RIAs with at least $100 million in assets under management were announced through June, representing a 39% increase from 162 deals during the same period in 2025. Berkshire said the pace of activity places the industry on track to eclipse the record number of transactions completed last year.
Private equity-backed RIAs remained the dominant buyers, accounting for 85% of strategic acquisitions during the first two quarters. Berkshire attributed sponsors’ continued appetite for the sector to recurring fee revenue, strong client retention, scalable operating models and ongoing opportunities to create value through consolidation.
Larger acquisitions also gained momentum. The report identified 26 transactions involving firms managing more than $5 billion in assets, up from 15 in the first half of 2025. According to Berkshire, many of these deals reflect a new ownership cycle among RIA platforms that secured institutional capital in 2020 and 2021 and are now evaluating recapitalizations, new financial sponsors or broader strategic combinations.
Beyond traditional acquisitions, the market recorded 31 financings, minority investments and recapitalizations, including seven transactions involving firms with more than $10 billion in assets under management. Berkshire said many platforms are pursuing acquisitions ahead of these transactions to strengthen earnings, broaden capabilities and demonstrate sustained growth to prospective investors.
While large platform deals captured headlines, tuck-in acquisitions remained a significant component of overall activity, and midsized RIAs continued to transact at a steady pace.
Berkshire said long-term industry trends, including advisor succession planning, rising compliance and technology costs, and increasing client demand for comprehensive wealth management services, continue to reinforce consolidation. As advisory firms become larger and more institutionalized, they are also expected to expand investment capabilities in private markets, alternative investments and other specialized client solutions.
