Registered investment advisor (RIA) merger and acquisition activity has reached historic levels in 2025, with 273 transactions year-to-date. According to Wealth Management, this surpasses the prior record set in 2024, according to DeVoe & Company. The surge reflects a combination of lower borrowing costs following late-2024 rate cuts and an influx of private equity capital fueling consolidation across the industry.
DeVoe's analysis highlights how reduced interest rates have unlocked capital, reigniting momentum in the M&A market. Private equity-backed platforms have accelerated acquisitions, with mid-sized RIAs increasingly pursuing deals to gain scale and operational efficiencies comparable to the largest firms. "The consistency of activity confirms that M&A is now embedded in the DNA of the RIA space," said David DeVoe, founder and CEO of DeVoe & Associates.
Wealth Management reports that the pace of dealmaking throughout 2025 has been extraordinary, with assets involved ranging from hundreds of millions to multi-billions. Many RIA founders are seizing high valuations to implement succession plans or exit strategies. DeVoe's third-quarter report identified private equity-backed strategic acquirers as the most active buyers, led by Merit Financial Advisors with 11 transactions, followed by EP Wealth, Mercer Advisors, and Beacon Pointe Advisors, each completing nine.
One of the year's largest deals involves Creative Planning, led by founder Peter Mallouk and backed by private equity firms General Atlantic and TPG Capital. Creative Planning is finalizing its acquisition of SageView Advisory Group, an RIA specializing in retirement plans with $290 billion in client assets. The merger will create a combined entity managing approximately $640 billion. Another significant transaction saw Corient acquire two U.K.-based wealth managers overseeing a combined $214 billion, expanding Corient's global client reach and boosting total assets to $430 billion.
DeVoe reported that the third quarter of 2025 was the most active on record, with 94 transactions pushing the year-to-date total to 242 as of September. The firm also noted a rise in "sub-acquisitions," where acquired firms pursue additional deals, signaling deeper market integration and expansion strategies.
DeVoe characterized 2025's activity as a milestone in the sector's evolution. "Crossing last year's record with months still to go reflects both the vitality of the RIA ecosystem and the strategic role M&A plays in the industry's evolution," he said.
According to Wealth Management, DeVoe's data covers mergers and acquisitions of SEC-registered RIAs with at least $100 million in assets under management. MarshBerry, another investment banking and consulting firm tracking the sector, echoed DeVoe's findings, projecting a record-breaking year with 79 third-quarter transactions.
MarshBerry, which employs approximately 78 professionals, is itself the subject of a pending acquisition by investment bank and advisory firm Lincoln International, further underscoring the industry's consolidation trend.
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