It's official: the question is no longer "if" or "when" RIA dealmaking will hit a new record this year, but by how much it will smash its previous peak.
With still two months to go until the end of the year, RIA merger and acquisition activity has already surged to an all-time high in 2025, according to new figures from Devoe.
The latest read from Devoe & Company shows 273 RIA transactions were completed as of October 28, surpassing the previous annual record of 272 set in 2024. With two months left in the year, the industry is on pace to break through the 300-deal mark for the first time, setting a new level in the scale and rhythm of RIA consolidation.
“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,” said David DeVoe, the RIA consultancy's eponymous founder and chief executive.
He added that 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.”
Devoe's most recent RIA M&A report, released earlier this month, showed the third quarter of 2025 was the most active on record with 94 transactions – well above any previous quarter.
This capped a streak of four consecutive quarters with elevated deal volume, beginning in late 2024 when the Federal Reserve’s rate cuts lowered borrowing costs and reignited M&A momentum. Private-equity-backed consolidators, in particular, accelerated their acquisition pace, accounting for nearly half of all year-to-date activity.
Mid-sized RIAs have been a standout in the current wave, with 59 deals completed by September-end – surpassing their 2024 total and likely to break their previous record of 62. These firms, managing between $501 million and $1 billion in assets, now represent 24% of all sellers, up sharply from prior years.
Large sellers, those with $1 billion to $5 billion in assets, also maintained a strong presence, while smaller firms saw their market share decline as buyers increasingly targeted scale.
Sub-acquisitions – deals where firms that were previously acquired become buyers themselves – have reached historic levels, making up nearly one-third of all transactions in the first three quarters. Minority investments are also on the rise, with 14% of deals involving minority stakes, the highest level since 2020.
As of Q3, Merit Financial Advisors led all firms with 11 transactions year-to-date – it also celebrated a milestone this month, marking 50 acquisitions since inception – followed closely by EP Wealth, Wealth Enhancement, and Mercer Advisors.
The top 10 acquirers accounted for about 35% of all deals, while the top 20 represent more than half of 2025’s activity as of Q3.
With momentum on both the buy and sell sides and capital still flowing into the sector, the final months of 2025 are expected to push RIA M&A activity even further into uncharted territory.
“RIA M&A isn’t just active—it’s evolving. And it’s shaping the future of the industry in real time,” Devoe said.
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