The big RIA buyers are becoming more discerning.

“Acquiring firms, with over $1 billion in AUM, are looking for really high-quality firms,” says David Canter the executive vice president of Fidelity Clearing & Custody Solutions' practice management and consulting arm. “There’s been an evolution in how these firms are approaching mergers and acquisitions, and they’ve become much selective in the kind of firms they want to buy.”

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