Fidelity Finds First Half of 2026 Reached $342.9B In Client Assets Acquired

The relentless pace of this year’s merger-and-acquisition activity within and between registered investment advisory firms has continued, and buyers are increasingly identifying the characteristics that make firms attractive acquisition targets. 

According to Fidelity Investments’ recent report, “M&A in Wealth Management: 2026 Mid-Year Update,” published today, the first half of the year recorded 120 transactions and $342.9 billion in client assets acquired.  

While transaction volume fell slightly year-over-year from 132 deals in the first half of 2025, the scale of acquisitions grew considerably. Fidelity found that total client assets acquired were 88% higher than last year’s half–year mark, which, according to the report, highlights a continued demand for larger and more established firms. 

The report also highlighted the continued divergence between the RIA and broker/dealer markets. Fidelity recorded no broker/dealer M&A transactions during the first half of 2026, which Will Bruckner, a vice president and strategic client consultant at Fidelity, says reflects the broker/dealer industry’s maturity. 

“We’ve seen consolidation in the broker/dealer industry for close to two decades,” Bruckner says. “That number has been in a secular decline in the overall number of broker/dealers that are registered with FINRA, and that does contrast with the number of RIAs, which continues to stay flat to up, even in the mix of all of this consolidation that we’ve seen.” 

What Buyers Are Looking For 

Fidelity found that buyers are increasingly evaluating firms beyond traditional financial metrics and instead are placing greater emphasis on cultural fit, client experience and long-term strategic alignment.  

Successful transactions often hinge on cultural compatibility, ranging from a firm’s approach to teamwork and client service to its ability to offer expanded services such as tax planning, estate planning or access to alternative investments. 

For many sellers, succession planning, technology investments and the growing need for added capabilities, such as artificial intelligence, are influencing decisions to seek a strategic partner.  

“A lot of the things that we see that influence sellers to enter into a transaction are the thoughts around, ‘What is my succession plan?’ or ‘I don’t want to embark on building out a brand new technology platform, it might be better to think about another way to get the technology,’” says Bruckner. “They might say, ‘I’d love to offer tax, but I’m not in a position to hire a [certified public accountant]. Let me partner with someone so that I can expand my product offering to do that.’” 

In a separate blog post by investment banking and consulting services provider MarshBerry, “Wealth Management M&A Maintains Momentum in 2026,” John Orsini, director of wealth advisory services, also found that sellers continue to pursue partnerships that support succession planning, growth and enterprise value, while buyers remain focused on expanding scale, talent and operational capabilities. 

Fidelity’s Bruckner said firms with a track record of organic growth remain especially attractive acquisition targets. Buyers view those firms as well-positioned to continue growing after a transaction, particularly when supported by a larger platform’s resources and capabilities. 

“Once a transaction happens, there’s an even more sophisticated platform to be able to encourage continued organic growth into the next chapter,” Bruckner says.