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FinancialADVSR

Est. 2026The front page of wealth managementNew York

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Topic

RIA M&A

Who is buying whom in wealth management: aggregators, private equity and succession deals.

Registered investment advisers have consolidated steadily as founders plan succession, firms seek scale in technology and talent, and private equity-backed acquirers compete for growth. Deals range from small tuck-ins to platform acquisitions of multi-billion-dollar firms.

Buyers include serial acquirers often called aggregators or integrators, larger RIAs buying smaller ones, banks and broker-dealers, and minority-stake investors who provide capital without taking control.

Financial ADVSR follows every reported deal: buyer, seller, assets and structure, along with the firms doing the most buying.

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Questions

Why are RIAs consolidating?

Founder succession, the rising cost of technology, compliance and talent, and abundant outside capital all push firms toward combining. Scale can also widen services such as tax, estate and lending.

What is an RIA aggregator?

A firm that acquires many independent advisory practices, often with private equity backing. Integrators fold acquired firms into one brand and operating model; aggregators may leave more of each firm’s identity and operations in place.

How are RIAs valued in a sale?

Valuations commonly reference a multiple of earnings (often EBITDA), adjusted for growth, client demographics, revenue quality and the strength of the next generation of advisors. Deal terms frequently include earnouts and equity in the buyer.

What is a minority stake deal?

An investor buys a non-controlling share of a firm, giving existing owners liquidity or growth capital while they keep control of the business.