Acquired RIA assets nearly doubled in 2026, Fidelity finds 

RIA deal volume fell slightly in the first half of this year compared to 2025, but total client assets involved in M&A transactions jumped 88% to $343 billion, according to Fidelity’s midyear report. 

Fidelity tracked 120 deals in the first half of this year, a 9% drop from the first half of 2025. The median size of acquired RIAs has increased from $517 million to $630 million, while Fidelity says transactions involving RIAs with more than $1 billion in assets rose 6% year over year. 

“The median deal size, while it did go a little bit higher than what we've observed, has still stayed relatively steady,” William Bruckner, VP and strategic client consultant at Fidelity, told InvestmentNews. He highlighted the steady flow of RIAs around the $630 million asset size finding buyers. 

“They're interested in making a strategic decision that could be driven by succession, the need to upgrade their platform, or to offer more services to clients,” said Bruckner. “They're making a decision oftentimes in that size range, it's been remarkably steady, to execute a transaction to get to the next phase of their business.” 

Private equity-backed firms remained the primary drivers of activity, with PE-backed and PE-owned buyers accounting for 89% of transactions in the first half of this year compared to 86% in H1 2025. Fidelity tracked 13 first-time acquirers of RIAs in H1 2026, compared with 16 new entrants during the same period in 2025. 

“We've now hit this very steady high-80s percent of deals being backed by private equity,” said Bruckner. “I don't know if that's the ceiling or if that has a larger message. I think that we'll have to wait and see how that plays out, but that has been remarkably steady for the last several periods.” 

Savant Wealth Management was the most active acquirer with nine acquisitions in the first half of this year, followed by the KKR-backed Beacon Pointe Advisors with eight. Wealth Enhancement, Cerity Partners, and Mercer Advisors each completed five acquisitions apiece in H1 2026. 

“There isn't a runaway business model or idea or theme in that [RIA M&A] market,” said Bruckner. “There continue to be options for firms and advisors [to have] different business models, different offerings, different levels of autonomy that have resonated in the marketplace and allowed for so many different firms to be successful there.” 

Fidelity tracked 22 minority-investment transactions into RIAs announced during H1 2026. The most active minority investors included Elevation Point with three transactions, followed by Emigrant Partners, Accelerated Wealth Partners, and Merchant with two investments each.