RIA merger-and-acquisition activity has reached a new high, DeVoe & Co. reported this week. As of Oct. 28, 273 completed transactions passed the full-year record of 272 transactions set in 2024.
Now, after a year of unprecedented activity, the industry is on track to surpass the 300-deal mark for the first time.
“Crossing last year’s record with months still to go reflects both the vitality of the RIA ecosystem and the strategic role M&A plays in the industry’s evolution,” David DeVoe, the firm’s founder and CEO, said in a statement. “The sustained pace of transactions is the result of RIAs increasingly using M&A as a means to achieve their goals.”
The DeVoe RIA M&A Deal Book focuses primarily on the acquisitions and mergers of more than 5,000 RIAs registered with the Securities and Exchange Commission, and only on transactions of $100 million or more in assets under management to optimize the statistical accuracy of the firm’s reporting and screen out SEC-registered hedge funds, independent broker-dealers, mutual fund companies and other companies that do not operate as traditional RIA firms.
Nonstop Momentum
The third quarter of 2025 marked the most active quarter on record. Ninety-four transactions pushed year-to-date volume to 242 by September and set the stage for the new high.
Consolidators rebounded sharply from 2024 levels to account for nearly half of this year’s activity, the report said. Sub-acquisitions, too, have reached historic heights, underscoring the maturity of the market and the scalability of established platforms.
DeVoe & Co. cited several reasons for the record-setting activity. For one, lower borrowing costs following late 2024 rate cuts unlocked capital and reignited momentum.
In addition, private equity-backed platforms accelerated acquisitions, while midsize RIAs increasingly transacted to gain the benefits of mega-RIAs’ scale. The result is the most dynamic market environment in the past 10 years.
“RIA M&A isn’t just active — it’s evolving,” DeVoe said. “And it’s shaping the future of the industry in real time. The consistency of activity confirms that M&A is now embedded in the DNA of the RIA space. This is not a temporary spike, but a durable element of how leading firms grow and transition.”
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