The RIA M&A market continues to scale unprecedented heights, driven by big buyers, billion-dollar deals, and heavy private equity involvement. According to Echelon Partners’ latest RIA M&A Deal Report, the third quarter saw 78 deals announced—a new record—with average AUM per deal reaching $2.3 billion, up from just over $1 billion five years ago. Well-capitalized serial acquirers such as Focus Financial Partners, Wealth Enhancement Group, Mercer Global Advisors, Captrust, HighTower Advisors, and CI Financial led the charge, accounting for more than 70% of Q3 transactions and over 50% of deals year-to-date.
Private equity remains a dominant force. Firms like Bain Capital, Onex Corporation, Stone Point Capital, Thomas H. Lee Partners, and GTCR are fueling acquisitions, backing serial buyers that can turn firms trading at a nine multiple into an 18 multiple post-integration, according to Echelon CEO Dan Seivert. With abundant capital, strong relationships, and competitive integration capabilities, established acquirers continue to outperform newcomers. The billion-dollar-plus segment remains fiercely competitive, driven by succession planning needs, cheap debt, and corporate cash reserves—ensuring the M&A momentum shows no signs of slowing.