Wealth management M&A hit another gear in 2025, with RIA transactions surging to fresh records and setting the stage for another transformative year of consolidation and capital rotation. ECHELON Partners’ 2025 RIA M&A Deal Report reveals a market where well-capitalized buyers are competing aggressively for scaled platforms, while smaller firms increasingly face strategic crossroads on independence, succession, and growth.

Deal volume reached an all-time high of 466 announced transactions in 2025, up 27.3% year-over-year and nearly double the average annual growth rate of 14% over the prior five years. For the first time, every quarter cleared the 100-deal mark, averaging approximately 117 transactions per quarter. Deals involving firms with at least $1 billion in AUM accelerated for the third straight year, climbing to a record 185 transactions — and the forces driving this surge show no signs of slowing…