MarshBerry: Wealth Advisory M&A Could Surpass 400 Deals in 2026

Wealth management merger-and-acquisition activity continued at a historically strong pace through the year’s third quarter, according to a report released by consulting firm MarshBerry on Thursday. By MarshBerry’s tally, there were 294 announced U.S. wealth advisory transactions through September 30, the highest September year-to-date total on record and a 4.6% increase from the same period in 2025.

The findings contrast with a recent report from DeVoe & Co., which highlighted a 17% year-over-year decline in third-quarter M&A among registered investment advisers, with only 77 announced deals, down from 93 in the third quarter of 2025. DeVoe attributed the slowdown to market volatility and uncertainty that caused some advisory firm owners to postpone sales. While DeVoe focused on a quarterly decline among RIAs, MarshBerry’s report emphasized the broader wealth management market’s continued expansion and suggested 2026 could become the industry’s first-ever 400-deal year.

“Record wealth management M&A activity continues as firms look beyond succession and increasingly pursue strategic partnerships to accelerate growth, expand capabilities, invest in technology and talent, and position their businesses for long-term success,” MarshBerry stated in its report.

According to MarshBerry, buyer demand remained particularly strong for firms that demonstrated sustained organic growth, leadership depth and scalable infrastructure. MarshBerry argued that transactions are increasingly being driven by growth ambitions, rather than purely succession planning or liquidity events.

Big Firms, Bigger Impact

Private-equity-backed acquirers continued to dominate the market through Q3, accounting for 72% of announced transactions, compared with 74% during all of 2025. MarshBerry noted that although PE-backed firms remain the largest force in wealth M&A, independent acquirers modestly increased their market share to 21%, up from 20% last year.

The most active wealth advisory buyers remained largely familiar names. Wealth Enhancement Group led the market with 19 transactions, followed by Hightower Advisors with 15 and Carson Group with 12. Together, the 10 most-active acquirers accounted for one-third of all announced transactions. All 10 were backed by private capital.

Among M&A of RIAs, DeVoe similarly noticed an increase in large buyers and sellers’ control of the market. Consolidators—serial buyers—had 53% of year-to-date transactions, up from 49% in all of 2025 and 45% in 2024. By DeVoe’s tally, the most active acquirers were Wealth Enhancement Group with 16 transactions, Hightower Signature Wealth with 15 and Savant Wealth Management with 10.

Sellers with at least $500 million in assets accounted for 64% of year-to-date transactions, and mega-sellers—firms with at least $5 billion in assets—had a record 41 transactions year-to-date, representing 17% of the market.

Excluding the larger mega-sellers, the average seller had $1.02 billion in assets under management, according to DeVoe. Smaller sellers with between $100 million and $500 million in AUM accounted for 36% of year-to-date RIA transactions—their lowest full-year share on record.

MarshBerry stated that demand for wealth management acquisitions remains strong, but the pace of future deals could depend on whether active buyers can continue to attract favorable valuations from investors. The firm also stated that the upcoming midterm elections could shape market sentiment and capital deployment heading into 2027.

According to DeVoe, despite the recent dip in total RIA M&A, buyer demand remains strong, and succession planning and pursuit of scale will persist.

“The slowdown is real, but the forces driving RIA M&A have not gone away,” said Gordon Ross, president of DeVoe & Co., in a statement. “Owners still need succession solutions, firms still need scale, and well-capitalized buyers are still pursuing acquisitions. Volatility has delayed some decisions to sell. We expect those owners to return to the market as conditions stabilize.”

Wealth Firms Eye Retirement Firms

For retirement-focused advisers, MarshBerry continued to see a decline in insurance brokerage acquirers. Of the 12 retirement-industry transactions completed by September 30, wealth management firms accounted for nine deals, and insurance brokerages had three. That marks a significant change from previous years, when insurance brokerages were more commonly the acquirers of retirement advisory firms. The year-to-date retirement-focused transactions also trail recent years, with 29 total deals in 2025 and 24 in 2024.

MarshBerry attributed wealth managers’ growing share of retirement-focused M&A to increased interest in retirement income and decumulation planning for aging clients. Retirement-focused firms also offer recurring revenue streams, retentive client relationships and assets that fit well within the acquisition strategies of many wealth management platforms, the report stated.