A record 55 mergers, acquisitions and other deals involving registered investment advisory firms took place in the third quarter, a 57% increase over the previous quarter, according to a report by Echelon Partners.
“In total, there were 23 firms with more than $1 billion in assets acquired during the third quarter — also a record level,” the company said. “The firms that are being acquired in 2020 are some of the largest — with an average of over $1.7 billion in assets — and most professionally run organizations in the wealth management industry
Professional buyers — which include platforms, consolidators and aggregators — and their interest in acquiring larger RIA firms fueled a substantial amount of deal activity during the third quarter, the company said.
Echelon noted that Creative Planning and Hightower Advisors each announced nine deals during the third quarter alone, accounting for 11% of total overall activity.
“With heightened competition between professional buyers over high-quality sellers, we anticipate this trend will continue and that it will play an increased role in M&A activity moving forward,” Echelon said.
With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.
Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.
Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.
The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.
The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
