RIA M&A hits all-time high in October Surprise

RIA M&A hits all-time high in October Surprise
Devoe's latest tracking of deal activity for the month shows 39 record-breaking transactions, including four-fifths that featured private equity.
NOV 06, 2024

October was a record-breaking month for M&A among RIAs, with 39 transactions completed – the highest monthly count recorded by DeVoe & Company.

That tally surpassed the previous record of 33 deals in January 2021 and marked a significant increase from the 21 deals in October 2023, according to the leading consultancy firm.

By November 1, the total transaction count for the year reached 232, representing a 12 percent increase from the 208 deals completed by the same time in 2023.

DeVoe & Company’s RIA Deal Book tracks transactions involving RIAs with at least $100 million in assets under management. Excluding non-traditional RIA deals, such as those involving hedge funds or mutual fund companies,

“Although one shouldn’t read too much into a single month of data, the surge in October’s RIA M&A activity is a conspicuous spike following nearly three years of unremarkable activity,” David DeVoe, founder and CEO of DeVoe & Company, said in a statement revealing the findings.

Since early 2021, quarterly transaction counts have stayed within a range of approximately 65 deals, according to Devoe. But with declining interest rates on the menu, he said PE-backed buyers seem to be starting down a path of accelerated M&A that the firm recently predicted they would.

"It seems evident that these organizations were accelerating their activity in anticipation of the long-awaited rate cuts,” DeVoe said, adding that declining borrowing costs could increase confidence among PE-backed firms.

In Devoe & Co.'s October count, 83 percent of deals were executed by private equity firms or PE-backed companies, marking a substantial departure from the historical trend of about 70 percent. 

Nearly half of October’s transactions involved consolidators – firms that grow by acquiring other companies – who play a prominent role in the RIA M&A ecosystem. Leading consolidators Beacon Pointe, Cerity Partners, and Waverly Advisors each completed three acquisitions in the month, an achievement DeVoe described as rare within the industry.

The report indicated that lower capital costs could drive consolidators and private equity buyers to increase their acquisition activity, further reshaping the RIA landscape.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.