Mergers and acquisitions activity in the wealth management industry reached unprecedented levels in 2025, according to Wealth Management. DeVoe & Company's latest RIA Deal Book recorded 322 announced transactions during the year, surpassing the prior record of 272 deals set in 2024. Although activity moderated slightly in the fourth quarter, with 81 transactions compared to 93 in the third quarter, 2025 still marked the most active year in the history of RIA M&A.
Dealmaking was fueled largely by private equity–backed registered investment advisers completing transactions that ranged from hundreds of millions of dollars to multi-billion-dollar asset levels.
At the same time, DeVoe identified a notable contraction in the buyer universe. The firm reported that 22 fewer buyers completed transactions in 2025, leading to increased concentration among a smaller group of acquirers. As buyer participation narrowed, the average number of deals per buyer rose sharply, as reported by Wealth Management.
Wealth Management reports that DeVoe attributed the shrinking buyer pool to fewer first-time acquirers and a pullback by some established buyers. First-time buyers accounted for just 8 percent of all transactions in 2025, the lowest level on record. That figure declined from a high of 19 percent in 2019 and continued a trend that accelerated during the early pandemic years, when sellers favored larger, established acquirers to reduce risk. In 2024, 38 first-time buyers entered the market, compared with only 26 in 2025, driving more than half of the annual decline in buyer counts.
According to Wealth Management, the report noted that several historically active acquirers paused dealmaking in 2025. Some joined consolidation hubs, others focused on integrating prior acquisitions, and some shifted strategic priorities or failed to close pending transactions. As a result, the gap between buyers and sellers widened significantly. The market saw 322 sellers and only 95 buyers in 2025, compared with 272 sellers and 117 buyers in 2024.
Wealth Management reports that experienced buyers not only dominated the market but also completed more transactions. Buyers averaged 3.4 deals per firm in 2025, an increase of one transaction over prior years. Sixty-two firms reported record transaction volumes, while the seven most active acquirers increased their deal counts by 39 percent year over year.
Deal volume also concentrated at the top. Wealth Management reports that thirty-one firms closed two or three transactions during the year, up from 23 in 2024 and nearly double the levels seen in 2021. Thirteen firms completed seven or more acquisitions, a record high. Wealth Enhancement led all firms with 17 transactions in 2025, followed by Merit Financial Advisors, which completed 13 deals—more than twice its total from the prior year.
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