RIA M&A Hits An Annual Record—In October

Core Insights - Registered investment advisor (RIA) merger and acquisition (M&A) activity has reached a record high of 273 transactions year-to-date, surpassing the previous annual record set in 2024, with two months remaining in the year [1] - Lower borrowing costs following rate cuts in late 2024 have been a significant driver of this M&A activity, unlocking capital and reigniting momentum in the space [2] - Private equity has played a crucial role in supporting platforms to accelerate acquisitions, particularly among mid-sized RIAs seeking to benefit from economies of scale [2] M&A Activity and Trends - The pace of dealmaking in 2025 has been described as relentless, with private equity-backed RIA deal assets ranging from hundreds of millions to multi-billions [3] - RIA founders are capitalizing on high valuations to establish succession plans, indicating a strategic shift in ownership and management [3] - The third quarter of 2025 marked a record for the most active quarter, with 94 transactions, bringing the year-to-date volume to 242 as of the end of September [6] Key Players and Transactions - The most active buyers in the RIA space have been private equity-backed strategic acquirers, with Merit Financial Advisors leading with 11 deals [4] - Creative Planning, majority-owned by its founder Peter Mallouk and backed by General Atlantic and TPG Capital, is working to close a significant deal for SageView Advisory Group, which has $290 billion in client assets, boosting the combined entity to $640 billion [4] - Corient, the RIA arm of Mubadala Capital-owned CI Financial, acquired two U.K.-based wealth managers overseeing a combined $214 billion in assets, increasing Corient's total client assets to $430 billion [5]