Q3 Sees Record $1.2T in RIA M&A

Registered investment advisers and wealth advisory firms’ mergers-and-acquisitions activity is poised to set new yearly records in 2025. The third quarter saw a record transaction volume in RIA M&A, and the number of deals matched the previous quarterly record from Q4 2024, according to a report by consulting firm Echelon.

By Echelon’s count, 125 RIA M&A deals in Q3 totaled approximately $1.2 trillion in assets under management, a 44.9% increase from Q2’s total of $828 billion. As of September 30, the year-to-date total in RIA M&A was 345 deals, nearly equaling 2024’s yearlong total of 364.

Private equity was a major force in both fields of M&A through the end of Q3, with PE-sponsored investments totaling 231 RIA M&A deals, surpassing last year’s record total of 215. As for year-to-date wealth transactions, PE-backed buyers represented 74%, a higher proportion than last year’s 72%, and a steady yearly increase from 52% in 2020.

Consulting firm MarshBerry reported similar robust activity in wealth advisory M&A, with 79 deals completed in Q3, representing a 20% year-over-year increase. As of September 30, the year-to-date total of 281 wealth advisory M&A deals was already 79% of last year’s record-setting total of 353 deals.

Quarterly Record for RIA Mega Deals

The past four quarters have been the highest on record in RIA M&A deal volume, according to Echelon, with Q3 matching the record-setting 125 deals in Q4 2024, 118 deals in Q1 and 102 in Q2.

Of note, Q3 had 13 mega deals involving at least $20 billion in assets, up from 11 in the first half of 2025 and breaking the quarterly record of nine mega deals in Q4 2021. Major deals in Q3 included:

• Creative Planning’s agreement on September 16 to acquire SageView Advisory Group, an RIA with $250 billion in AUM and AUA as of June 30;
• Stone Point Capital and CPP Investments announced September 19 a majority investment in OneDigital, a $143 billion hybrid RIA and retirement plan services provider; and
• Madison Dearborn Partners’ acquisition on September 3 of NFP’s wealth business for $2.7 billion.

Wealth Management Takes Larger Portion of M&A

The portion of wealth advisory transactions in which insurance brokerages were buyers fell slightly, totaling 7.8% of market activity as of Q3, compared with 9.9% in all of 2024. According to the MarshBerry report, the decrease “may signal a shift in the strategic priorities of insurance brokerages, as they adapt to changing market conditions.”

The three most active buyers in wealth management made up 12.5% of market activity as of Q3—outpacing the share of all insurance brokerages combined—and the 10 most active buyers made up 30.6% of total market activity. The three most active wealth advisory buyers as of Q3 2025 were: Carson Group, with 14 transactions, compared with seven last year; Merit Financial Advisors with 11 transactions, up from eight last year; and Mercer Advisors with 10 transactions, down from 11 last year.

Last year’s most active buyers slowed down their acquisition rates. Wealth Enhancement Group made six transactions as of Q3 2025, compared with 16 in all of 2024, and Focus Financial Partners made seven transactions as of Q3 2025, compared with 15 in all of 2024.

According to MarshBerry, M&A activity often increases later in the year, as companies potentially rethink acquisition strategies, and this year’s rankings could still shift “meaningfully.”

The aging advisory field is also impacting M&A, as there were 22 announced retirement transactions of wealth advisory and insurance broker firms as of Q3, or 91.7% of last year’s total. A study by J.D. Power released in July found that nearly half (46%) of surveyed advisers were within 10 years of retirement, and 26% reported being age 65 or older.