Industry executives also say that valuations for strong companies are holding steady, even as the pandemic raises broader economic challenges.
Between March and May, there were only 10 RIA transactions and two IBD deals, according to Fidelity.
However, fewer RIAs and fee-based advisers expect consolidation to increase in the next 12 months, compared to five years ago.
Form ADV includes a number of questions about the custody of client assets; these questions continue to be a source of widespread confusion and inconsistent interpretations in the asset management industry.
They see the differences between wirehouses, broker/dealers and registered investment advisers blurring.
This is the fifth year in a row they have identified cybersecurity as their No. 1 concern.
There were 41 deals in the fourth quarter.