RIA M&A Deal Count Falls But Asset Volume Hits Record: Fidelity

There were fewer RIA transactions in the first half of this year, but the deals that did get done were significantly larger, pushing the amount of assets purchased to a record, according to a report from Fidelity Investments. The total tally of M&A transactions slipped 9% to 120 from 132 in the same period last year, but total assets under management of the firms changing hands rose nearly 88% to $343 billion from $183 billion, according to the report. Multiple mega-deals drove the bulk of acquired assets, with median assets rising 22% to $630 million. The number of deals involving targets with more than $1 billion rose by 6%. The gap between deal volume and size highlights a shift in strategy among the industry’s most active acquirers and private equity investors, Fidelity wrote. Instead of combining a large number of small regional practices, many acquirers have begun courting multi-disciplinary practices with institutional capabilities. “Wealth management M&A has firmly entered its second chapter,” the report’s authors wrote, “one defined by the evolution of firms from traditional advisory practices into sophisticated financial services enterprises.” Buyers are turning their attention to practices with next-generation talent, centralized operations, leadership teams that can be easily integrated and in-house capabilities across multiple financial disciplines, according to Fidelity. Acquirers are also using M&A to add dedicated in-house departments, such as corporate retirement plans, tax and trust services and alternative investment units, while sellers are seeking partners with infrastructure they would struggle to build on their own, Fidelity wrote. Private equity-backing remains a prominent figure in most deals. Private equity was behind 89% of transactions in the first half of this year, up slightly from 86% in the first half of 2025, according to the report. Since 2024, the percentage of deals directly or indirectly backed by private equity has hovered between 86% and 89%, Fidelity wrote. The authors noted that “it remains to be seen” how long this level of private equity involvement will continue. For now it “remains a dominant force in the RIA acquisition market providing capital and strategic support to the industry’s most active acquirers.” The top 20 acquirers, including Beacon Pointe Advisors, Wealth Enhancement Group, Mercer Global Advisors and Savant Wealth Management, accounted for nearly 60% of all first-half deals, Fidelity wrote. Every firm among the top cohort is backed by private equity. Meanwhile, traditional broker-dealer M&A has ground to a complete standstill due to “ongoing consolidation and a potentially shrinking pool of acquisition targets,” Fidelity wrote.