RIA M&A activity reached another record in 2022, but slowing momentum, declining deal sizes, and rising private equity dominance are reshaping the wealth management landscape. According to Echelon Partners, total transactions climbed to 340, marking the tenth consecutive year of growth, even as global M&A activity weakened. However, quarterly deal volume declined throughout the year, signaling a shift toward more cautious market conditions. Average seller size also dropped, with fewer transactions involving firms managing over $1 billion in assets, reflecting changing buyer preferences. Private equity firms played an increasingly influential role, participating in nearly 70% of all deals through direct investments or backing strategic acquirers. Their access to capital and operational scale has intensified competition for acquisitions. As consolidation continues in a fragmented market, evolving trends suggest a transition toward smaller deals and greater reliance on private equity-driven growth strategies…
