RIA mergers and acquisitions are accelerating on several fronts and setting records along the way, according to Echelon Partners' first-quarter deal report released this week.
A record 142 transactions closed in the first quarter, 17 more than the previous high set in the fourth quarter of 2024 and matched in the third quarter of 2025. Strategic acquirers accounted for the vast majority, with 135 deals, while financial buyers announced seven deals, down two from the fourth quarter of 2025.
Assets under management per transaction averaged $1.8 billion, and total transacted assets under management reached $1.7 trillion, up by 107% from the year-ago first quarter.
Echelon Partners estimates that 2026 will close out with 475 total deals.
Emerging Trends
The first-quarter report shows that strategic acquirers are not just aggregating assets, but also building holistic platforms. They are increasingly using M&A to add tax, estate, family office and institutional consulting capabilities.
An example is the merger between Corebridge Financial and Equitable Holdings, combining retirement advisory, insurance, wealth management and asset management under one shingle.
In February, McKinsey & Co. predicted that the growth of "multi-segment mega-platforms" through M&A would be one of the biggest wealth management trends over the next decade.
The first quarter was also notable for the push by U.S. acquirers into new markets overseas where valuations may be lower. Western Europe, Australia and New Zealand are especially attractive to buyers, given their similarity to U.S. markets and large pools of mobile wealth.
Creative Planning in January acquired Baseline Wealth Management, a Swiss RIA with upward of $1 billion under management, and in March acquired MASECO, a London-based firm with more than $5 billion under management.
"Record deal counts, record AUM transacted, international expansion and platform-building are all happening at once," Dan Seivert, Echelon Partners' CEO and managing partner, said in a statement. "The firms setting the pace are using acquisitions strategically, and 2026 is shaping up to be a watershed year for the industry."
Private Equity and Wealthtech Transactions
Private equity-involved activity reached 102 transactions in the first quarter, accounting for 71.8% of announced deals. According to the report, this activity was driven by an all-time high of 95 private equity-sponsored transactions.
Two notable direct investments were Carlyle's acquisition in March of a majority stake in MAI Capital Management, which had $72.6 billion in assets under management and advisement, and Stone Point Capital's February minority investment in U.K.-based Amber River, which had $17.4 billion in assets.
Wealthtech transactions reached 49 in the first three months of this year, up from 35 a year ago and up three transactions from the fourth quarter. The sector is on track for some 200 transactions this year, compared with 151 in 2025.
Activity is increasingly concentrated around artificial intelligence workflow tools, client analytics and compliance automation, the report said, as firms strive to stay competitive amid rapid changes.
Capital is surging toward AI-native tools that automate advisor workflows. The first quarter saw investors underwriting agentic AI applications across note-taking, client communication, portfolio review and compliance.
According to the report, buyers increasingly view AI-driven productivity gains as the next durable source of operating leverage in wealth management.
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