About eight or nine years ago, banks were on an acquiring spree, buying up RIA practices nationally. In time, many of those deals proved difficult to monetize and advisors bought their practices back, but with RIA balance sheets healthier, banks once again are taking an interest in RIAs, which are growing as much as 50% more rapidly than wirehouses.
This is according to David DeVoe, founder of San Francisco-based DeVoe & Co., which provides mergers and acquisitions consulting in the RIA space. DeVoe formerly served as managing director of strategic business development at Charles Schwab Advisor Services.
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