Even though registered investment advisory mergers and acquisitions in the second quarter of 2026 did not surpass the first quarter’s total, Echelon Partners found it the most active second quarter in industry history and up 17.6% from Q2 2025.

“The dip from [the first quarter of 2026’d]’s all-time record of 142 reflects seasonality more than any change in direction, as Q2 has historically been the softest quarter for announcements,” wrote Barnaby Audsley, an Echelon managing director, in an email to PLANADVISER. “For the balance of the year, we’re watching the pace of sponsor-led recapitalizations and whether large platforms convert equity raises into announced tuck-in acquisitions, which will support our estimated [total of approximately] 500 deals [for] 2026.”