RIA M&A Surges to Record Highs in Q3 2025, With $1.22T in Transacted Assets

The registered investment advisor (RIA) M&A market continues to defy gravity, recording one of its strongest quarters on record. According to ECHELON Partners’ Q3 2025 RIA M&A Deal Report, 125 transactions were announced in the third quarter, tying the record set in Q4 2024.  

Year-to-date through September, 345 transactions have closed, representing a 44% increase over the same period in 2024 and already surpassing the full-year record set in 2022. The total transacted assets surged to $1.22 trillion, up 44.9% from Q2 2025, highlighting the sector’s enduring momentum amid volatile market conditions. 

“This quarter confirms what we’ve been forecasting all year—the consolidation wave in the independent wealth space is accelerating faster than at any time in history,” said Daniel Seivert, CEO of ECHELON Partners. “With private equity capital driving scale and aging founders fueling succession demand, we expect transaction volume to remain elevated well into 2026.” The firm now projects 440 total transactions for the year, which would make 2025 the most active year for RIA M&A in industry history. 

Strategic Buyers and Private Equity Dominate 

Strategic acquirers—comprising RIAs, broker-dealers, and multi-family offices—continued to lead the charge, accounting for 91.2% of all transactions in Q3. Notably, 75% of those deals involved private equity backing, reflecting the deep integration of institutional capital into the advisory landscape. 

Leading consolidators included Merit Financial Advisors and Carson Wealth, each with 14 acquisitions year-to-date, followed by Mariner Wealth Advisors, Mercer Advisors, and Wealth Enhancement Group, each completing 10 transactions during the period. 

Private equity firms were especially active, participating in 231 transactions through Q3—already exceeding their full-year total in 2024. Direct private equity investments totaled 11 for the quarter and 34 year-to-date, illustrating sustained appetite for both control stakes and minority growth investments in the largest RIAs. 

“Private equity remains the dominant force behind the current M&A cycle, providing the capital, infrastructure, and velocity to sustain deal activity even as valuations normalize,” the report notes. ECHELON added that large PE-backed consolidators are increasingly “behaving like operating companies rather than aggregators,” focusing on integration, shared technology, and operating leverage. 

Megadeals and Cross-Border Expansion Redefine Scale 

The third quarter also witnessed a historic run of megadeals, with 13 transactions surpassing $20 billion in client assets—a new quarterly record. These large-scale acquisitions are reshaping the competitive landscape and solidifying the emergence of global multi-trillion-dollar wealth management platforms. 

Among the most significant transactions: Creative Planning’s acquisition of SageView Advisory Group ($235 billion AUM), previously backed by Aquiline Capital Partners; Corient’s twin acquisitions of Stonehage Fleming ($175 billion AUM) and Stanhope Capital ($40 billion AUM), extending its reach across Europe and the Middle East; Stone Point Capital and CPP Investments’ majority investment in OneDigital ($143 billion AUM), valuing the platform at more than $7 billion; and Madison Dearborn Partners’ acquisition of NFP’s wealth division, encompassing $67.6 billion in AUM. 

“We’re seeing the globalization of wealth management in real time,” said Seivert, noting that several top consolidators are now “actively pursuing transatlantic and Asia-Pacific partnerships to build institutional-scale platforms with cross-border capabilities.” 

Deal Size, Valuations, and Mid-Market Momentum 

While the average deal size declined to $1.1 billion in AUM from $1.9 billion in Q2, the breadth of activity expanded significantly across mid-market firms. Approximately 42% of sellers had over $1 billion in assets, underscoring continued investor demand for scalable, growth-oriented RIAs. 

The number of deals over $1 billion rose 30% quarter-over-quarter to 52, placing 2025 on track for a record 186 such transactions. ECHELON’s data suggests that buyers are prioritizing growth capacity and operating leverage over sheer scale, with valuations remaining firm in the 8x–10x EBITDA range for top-quartile firms. 

“This quarter’s mix of smaller and mid-sized firms demonstrates the market’s maturity,” ECHELON wrote. “Buyers are no longer chasing size alone—they’re seeking firms with defined leadership succession, client retention, and technology integration capabilities.” 

Wealthtech Rebound and Digital Convergence 

The wealthteh sector surged back to life in Q3, registering 40 transactions—up from 30 in Q2—and tracking toward 140 deals for the full year, near 2021’s record high. Major transactions reflected the growing convergence of technology, distribution, and alternative investments: State Street acquired Apex Fintech Solutions, expanding its custody and clearing footprint. GTCR acquired FMG Suite, a leading marketing automation platform for advisors. SS&C purchased Calastone for $1 billion, enhancing its fund administration capabilities. T. Rowe Price and SurgoCap Partners invested $820 million in iCapital, valuing the firm above $7.5 billion. 

Private equity firms remain central players in this digital consolidation, targeting firms offering “data analytics, workflow automation, and AI-driven client engagement solutions,” according to ECHELON’s report. The firm noted that technology acquirers are increasingly “building vertically integrated ecosystems where advice, product access, and digital experience coexist.” 

Outlook: Structural Transformation Ahead 

With the RIA M&A market at all-time highs, ECHELON forecasts continued consolidation through 2026, supported by four structural drivers: Private equity’s deep capital reserves and preference for stable, recurring revenue models. 

Aging advisor demographics, fueling succession-driven sales and internal equity transitions. Global expansion by large U.S. consolidators, seeking scale across borders. Technology integration, as AI, digital client tools, and data infrastructure reshape value creation. 

“We’ve entered a new phase of consolidation defined by sophistication rather than speculation,” ECHELON concluded. “The next generation of RIA leaders will emerge from firms that can scale digitally, manage capital efficiently, and deliver an integrated client experience at institutional quality.” 

Barring significant macroeconomic disruptions, ECHELON expects 2025 to finish as the most active M&A year in RIA history, signaling a durable transformation in how wealth management firms are built, valued, and scaled in the private markets.