Echelon Partners, a boutique investment bank focused on wealth and investment management, reported a record-setting 118 wealth management M&A deals in the first quarter of 2025, the highest first-quarter volume ever and the second-most active quarter overall, trailing only 125 deals reported in the fourth quarter of 2024.  

This momentum, driven by robust activity despite market volatility and a focus on billion-dollar-plus targets, positions 2025 to potentially surpass the 366 deals in the fourth quarter of 2024, with Echelon forecasting approximately 370 transactions.  

Strategic acquirers, primarily private equity-backed RIAs, accounted for 87.3% of deals in the first quarter, with financial sponsors handling the rest. Total transacted assets rose 7.6% to $805 billion, reflecting a 14.3% projected increase in deals targeting firms with over $1 billion in assets under management.  

Notable transactions included LPL’s $2.7 billion acquisition of Commonwealth and Mariner’s purchase of Cardinal Investment Advisors, adding $292 billion in institutional assets. Private equity continues to fuel the boom, though market conditions pose challenges. Echelon attributes some volume in the first quarter to a backlog of 2024 deals announced in 2025 but expects sustained activity to make 2025 the most active year in RIA M&A history.