M&A through the roof — how RIA advisors can take advantage

Registered investment advisor M&A activity hit all new highs in the third quarter of 2025, with 94 deals marking the most ever for a quarter.

A news release from DeVoe & Company, a leading industry M&A consultancy, showed that 94 deals surpassed the previous record of 81 in the fourth quarter of 2024, and suggested that mid-size and large firms make up half the transitions "pushing average seller AUM close to 2021's record highs." Private equity-backed consolidators represent half the deal volume.

With M&A activity showing no signs of abating, here are some resources for financial advisors who need to navigate the landscape.

Sky-high multiples? Despite some advisors reporting selling their firms for upward of 20 times EBITDA, here's what advisors might truly expect to fetch on the open market. 
READ: How EBITDA multiples are misleading RIA sellers in wealth

Economic turmoil: Concerns about the economy have slowed M&A in many other sectors, but not wealth management. Here's what's happening in the industry these days.
READ: What to expect from wealth management M&A amid turmoil

Buy the book: Despite many of the deals involving large consolidators, there are still opportunities for advisors to buy another RIA's books of business, according to our guide.
READ: How financial advisors can buy a wealth book of business

RIA doubters: With large consolidators gobbling up firms, there's a market for those that want to sell. But not everyone is comfortable with that option. 
READ: Financial advisors express doubts about giant RIA rollups

Go your own way: M&A is booming, but that doesn't mean that advisors can't go independent or even go it alone. Here's how they're doing that, and thriving.
READ: When should a financial advisor launch an RIA?
READ: How solo financial advisors can thrive in wealth management