RIA M&A Hits Record in 2025 as Deal Activity Becomes the “New Normal”
RIA dealmaking reached an all-time high in 2025, cementing what M&A consultancy DeVoe & Company describes as a “new normal” for transaction activity.
According to DeVoe’s Q4 2025 RIA Deal Book, a record 322 RIA transactions were announced during the year, up 18% from the prior record of 272 deals set in 2024. Momentum was broad-based: all four quarters produced at least 73 transactions, with the third quarter setting a historical high at 93 deals.
Unlike prior record years driven by one or two standout periods, DeVoe noted that 2025 was consistently active throughout the year, reflecting durable structural drivers rather than episodic surges.
Dealmaking was fueled by the continued presence of private equity-backed consolidators, what the report called “unrelenting” succession concerns, growing pressure on firms to scale, and persistently low organic growth across the industry.
At the same time, buyer activity became more concentrated. While overall transaction volume rose, the number of active buyers fell by 22 firms year over year. DeVoe reported 18% more sellers and 19% fewer buyers in 2025 compared with 2024, as some firms paused acquisitions to integrate prior deals or shifted into larger consolidator platforms.
Active acquirers, however, executed at unprecedented levels. Buyers completed an average of 3.4 transactions per firm, the highest on record, driven by greater dealmaking capacity, dedicated M&A teams, and repeatable integration processes.
First-time buyers accounted for just 8% of transactions, near an all-time low. DeVoe estimates that roughly $520 billion in AUM changed hands through RIA transactions in 2025, underscoring the scale—and staying power—of consolidation across the advisory industry.
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