A major M&A trend in the RIA market appears to be on the wane — breakaway brokers are accounting for fewer transactions as fewer brokers leave wirehouse to go independent.
Nonetheless, RIA mergers and acquisitions through June 30 are on pace to sustain last year's record 130 deals, according to DeVoe & Co.'s RIA Deal Book mid-year review. What's more, the average AUM for sellers soared past $1 billion this year — a 54% increase in three years.
What's driving the hot market? "Value and scale," says David DeVoe, managing partner of the San Francisco-based consulting and research firm. "Size is becoming more important."
Click through to see how the RIA M&A market is faring.