Here are 5 key themes covered in the report:
- U.S. deal activity on track to hit a record high – 225 transactions involving RIAs with at least $100 million in assets were announced in the first half of 2026, up nearly 40% from the same period last year.
- Large transactions continue to accelerate – Deals involving firms managing more than $5 billion in assets increased sharply as scaled RIA platforms expanded and more established firms entered the next stage of their ownership cycle.
- Activity remains strong across the market – Strategic acquisitions, tuck-in transactions and continued mid-market activity are driving record deal volume, while more independent RIAs pursue acquisitions.
- Structural forces continue to support consolidation – Succession planning, elevated valuations, demand for broader client services, rising operating costs and the availability of capital continue to support M&A activity.
- Perspectives from the UK and Australia – UK consolidation remains active as buyers become more selective, while Australia’s advice gap and growing private capital investment continue to support consolidation.
