RIA Buyers Grow Choosier as Deal Count Falls

Fidelity Investments’ biannual deal report for H1 2026 found 120 RIA transactions, a 9% decline from the first half of 2025, while sellers’ combined client assets rose 88% to $342.9 billion. The report recorded a 22% increase in median deal size to $630 million and a 6% rise in transactions for firms with at least $1 billion in client assets.

Fidelity noted several large transactions that lifted median deal values, including Carlyle Group’s majority stake purchase in MAI Capital Management, Raymond James’ acquisition of Clark Capital Management, and LPL Financial and Private Advisor Group’s purchase of Mariner Advisor Network. The report highlighted an absence of independent broker-dealer mega-deals comparable to last year, which narrowed the pool of broker-dealer targets and kept total deal volume below 2025’s record 276 transactions.

Buyer activity was diverse. The report logged 13 first-time buyers, 12 acquisitions of RIA-adjacent businesses with at least a third involving tax and accounting firms, and seven U.S. RIAs acquiring foreign companies. Minority investors completed 22 deals. Private equity or PE-backed firms participated in 107 of the 120 transactions, representing 89% of the total. The most active acquirers were Savant Wealth Management with nine deals, Beacon Pointe Advisors with eight, and Wealth Enhancement, Cerity Partners and Mercer Advisors with five each.

William Bruckner, a vice president at Fidelity, wrote that size attracts buyer interest but is not the only factor. He wrote that sellers have room to consider cultural fit, client experience and long-term strategic alignment, and that buyers continue to prioritize a track record of organic growth, a strong talent profile and low integration risk.

Deal advisers urged sellers to prepare for a more selective market. They recommended demonstrating organic growth beyond market appreciation and bolt-on deals, cleaning client data and proving its portability, and planning how the firm will operate under new ownership. Jessica Polito, founder of M&A adviser Turkey Hill Management, noted that a typical seller who once received about 11 offers now tends to draw seven or eight, and that sellers can expect fair-market value but may not immediately secure an ideal long-term partner.

Advisers said buyers are narrowing criteria beyond revenue. Brandon Kawal, a partner at Advisor Growth Strategies, observed that acquirers are focusing on what is additive to their business beyond revenue and cash flow. He estimated some active buyers screen as many as 200 potential sellers to complete roughly 15 deals a year, weighing organic growth, succession risk and the seller’s client niche.

From the purchaser side, Cameron Rosenow of NorthRock Partners said firms with flat growth, heavy founder dependence or poor data management will attract fewer suitors. He noted services such as estate planning, tax and philanthropy tend to stand out, and advised sellers to consider client demographics and centers-of-influence networks when preparing for sale.

Dealmakers described the market as active despite the lower deal count and noted that larger transactions and private equity activity continue to influence valuations. Several participants added that dynamics could change later in the year if interest rates and capital costs shift.