The registered investment advisory landscape notched another record year for consolidation in 2025, as firms sharpened their strategic focus and leaned into private equity-backed scale, according to a new report from Fidelity Investments. 

In total, 276 transactions closed last year, an 18% increase from 2024, involving firms with more than $100 million in assets under management or advisement. Altogether, $796.4 billion in client assets changed hands, up 19% year over year. 

The momentum reflects a multiyear acceleration. Deal volume has climbed 111% since 2020, while purchased assets have expanded more than fourfold over the same period. Median deal size has remained consistently elevated, ranging between $400 million and $600 million in recent years. In 2025, the median transaction clocked in at $508 million. 

Market Trends and PE influence 

Strategic acquirers accounted for 74% of all transactions in 2025, up from 71% in 2024. Notably, the 20 most active buyers represented 57% of total deals and 55% of purchased assets, underscoring the growing concentration of scale players in the market. 

Every one of those top 20 firms was backed by private equity capital. Nine sponsors supported more than one deal each, marking the first time that many PE firms executed multiple transactions in a single year. By comparison, Fidelity counted just six private equity backers behind multiple deals in 2024. 

At the same time, the buyer universe continued to broaden. A total of 102 firms completed acquisitions in 2025, up from 82 in 2024 and 87 in 2023. First-time buyers also increased modestly, with 37 entering the market last year. 

A Shift Toward Strategic Breadth 

Fidelity characterized 2025 as a year defined less by asset gathering alone and more by “adjacency acquisitions” — transactions aimed at expanding capabilities in tax planning, certified public accountant services and ultra-high-net-worth offerings. Rather than “growing for growth’s sake alone,” RIAs are increasingly targeting complementary services that deepen client relationships and enhance enterprise value. 

That evolution reflects a maturing market where scale is increasingly linked with a broader service platform. “Capital in strong supply, a widening amount of buyers, and sharpening strategic intent, suggest that demand is unlikely to meaningfully recede anytime soon,” Fidelity wrote. “The question ahead is not whether M&A will continue, but which firms will be most deliberate in shaping what comes next.” 

Industry observers say that shift could benefit firms that pair growth capital with differentiated client services, positioning them to compete for both assets and talent as consolidation continues through 2026.