Registered investment adviser (RIA) mergers and acquisitions surged to new highs in the third quarter, marking yet another record-breaking period for the wealth management industry, according to investment bank Echelon Partners.
Echelon reported that RIAs announced 125 transactions in the third quarter of 2025. According to AdvisorHub, this is a 69 percent increase from the 74 deals recorded during the same period last year. AdvisorHub reports that the total surpassed the prior third-quarter record of 86 deals in 2023 and matched the all-time quarterly high set in the fourth quarter of 2024.
With 345 transactions year-to-date, the industry has already exceeded the previous full-year record of 341 set in 2022. Echelon projects that the year will close with roughly 440 completed deals, underscoring continued momentum in RIA consolidation.
AdvisorHub reports that private equity remains the dominant force behind the activity. Strategic acquirers—primarily large RIAs and brokerage consolidators—accounted for 91 percent of third-quarter transactions, and 75 percent of those buyers had private equity backing, according to Echelon. The remaining 9 percent of deals involved private equity firms and family offices taking direct stakes in RIAs.
AdvisorHub reports that the average deal size in 2025 sits at approximately $1.5 billion, up 7 percent from last year but slightly below the 2021–2024 historical average of $1.7 billion. Echelon described this as a "slight normalization" in deal sizes as buyers focus on integrating prior acquisitions and acquiring scalable mid-sized firms that fit their long-term strategies.
The most active acquirers so far this year include Merit Financial Advisors and Carson Group, each completing 14 transactions. Mariner Wealth Advisors, Mercer Global Advisors, and Wealth Enhancement Group each have announced 10 deals.
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