The registered investment advisory (RIA) industry continues to see a surge in mergers and acquisitions, defying the broader uncertainty in the global economy.
Fidelity’s latest report highlights the momentum behind dealmaking, with activity in the first half of 2025 suggesting the industry is heading toward a record-breaking year. For wealth advisors and RIAs, the data provides a clear signal: consolidation remains a defining force in the competitive landscape, with strategic and financial buyers alike showing no signs of slowing down.
According to Fidelity, there were 132 advisory firm acquisitions recorded in the first six months of 2025, representing nearly $183 billion in client assets changing hands. That level of deal activity positions 2025 to surpass all previous years since Fidelity began tracking RIA transactions in 2015. The pace of consolidation underscores how larger players and well-capitalized buyers are reshaping the advisory business, while smaller firms continue to weigh the costs and benefits of independence against the opportunities that come with joining a larger organization.
Certain months stood out as milestones in the year’s deal flow. Fidelity reported 36 acquisitions in January, 23 in March, and 26 in April—each setting monthly records in their own right. This pattern shows not only the intensity of demand but also how acquirers are pursuing transactions steadily rather than in bursts tied to market events. Despite ongoing headlines about tariffs, geopolitical instability, and economic crosscurrents, buyers in the wealth management space remain focused on long-term growth through acquisition.
Fidelity’s assessment aligns with other deal trackers in the industry, all of which paint a similar picture: the macro backdrop may be unsettled, but the drivers of consolidation in the RIA channel remain compelling. “While activity may ebb and flow, both in individual strategic acquirer deal count and a broader market stance, we’ve seen that the long-term trend points to a resilient M&A market,” Fidelity noted. “This H1 period’s macronews cycle, including tariff and geopolitical uncertainty, has not outweighed the wealth management industry’s core fundamental reasons for M&A and the continued confidence of buyers and their capital backers.”
For advisors, those “core fundamentals” are important to understand. One factor is demographics. The aging advisor population continues to be a key catalyst for M&A, as many founding partners reach retirement age and opt to sell rather than manage complex succession transitions internally. For firms without a next generation of leadership in place, a merger or sale can secure continuity for clients while monetizing the equity founders have built over decades.
Another driver is the growth of centralized platforms at scale. Larger acquirers have been investing heavily in operational infrastructure, providing partner firms with robust technology, compliance oversight, marketing support, and access to specialists in areas like tax planning, estate strategies, and alternative investments. For smaller firms, building and maintaining such capabilities independently is increasingly costly and time-consuming. Joining a larger platform offers the chance to expand client services, remain competitive, and tap into growth resources without shouldering the burden alone.
Fidelity’s data also highlights the typical size of firms being acquired. The median acquired firm in the first half of 2025 managed $517 million in assets—consistent with recent years. This suggests that mid-sized RIAs continue to be the most attractive targets: large enough to have meaningful client bases, yet small enough to benefit from the operational leverage and scale efficiencies offered by a bigger partner.
The nature of M&A in the RIA space has evolved considerably over the past decade. Fidelity describes the earlier years of activity as “scattered,” with only a handful of firms pursuing deals. That phase gave way to a more aggressive expansion period when low interest rates and cheap financing fueled a “fear of missing out” environment. During that time, M&A became a central growth strategy for many firms, as acquirers sought to scale rapidly and investors looked to deploy inexpensive capital.
What has changed now is the level of professionalism and strategy guiding transactions. Fidelity characterizes today’s environment as more “purposeful.” Strategic acquirers now have dedicated M&A teams, disciplined frameworks for evaluating deals, and clearly defined integration strategies. This level of intentionality makes deals less opportunistic and more focused on long-term growth objectives.
The role of private equity has also shifted. In earlier years, private equity firms often acted as passive financial sponsors, providing capital but staying in the background. Today, private equity is far more engaged, frequently taking active roles on boards and helping to shape firms’ strategic direction. By influencing governance and growth priorities, private equity investors are positioning RIAs for scalable expansion, increased enterprise value, and stronger competitive positioning.
For wealth advisors considering their own firm’s future, the Fidelity report underscores the importance of strategic reflection. The consolidation wave is not abating, and valuations remain supported by sustained buyer demand. For those approaching retirement, the current environment may present an attractive window to explore a transaction. For firms seeking growth, aligning with a larger partner can accelerate access to resources and help scale client offerings.
Advisors who wish to remain independent should also take note. The presence of larger, better-resourced competitors means differentiation becomes even more critical. Firms that want to avoid acquisition will need to double down on their value proposition, whether through specialized planning expertise, a niche client focus, or a highly personalized service model. Independence is still a viable path, but it requires a clear strategy for maintaining relevance as the industry becomes increasingly consolidated.
Looking ahead, the key takeaway is resilience. Even as markets cycle through volatility, inflation concerns, interest rate shifts, and geopolitical tensions, the RIA M&A market has demonstrated an ability to adapt and persist. Buyers remain confident, capital continues to flow, and the structural forces driving consolidation are not fading.
For clients of RIAs, this trend has meaningful implications. Consolidation can mean greater access to sophisticated planning tools and broader service capabilities, but it can also lead to questions about continuity and personalized service. Advisors should be proactive in communicating how their firm’s strategy—whether pursuing a sale, merger, or continued independence—supports the client experience.
Ultimately, Fidelity’s report points to a future where scale, specialization, and strategic capital play a dominant role in shaping the advisory industry. For wealth advisors and RIA leaders, the challenge is to determine where their firms fit within that evolving landscape and to act accordingly. Whether pursuing a buyer, becoming part of a larger enterprise, or reinforcing independence, the decisions made now will set the course for the next decade of growth and client service in wealth management.
