Private Equity Drives 95 RIA Deals in Q1 as Adviser Moves Jump 16% in 2025

1 articles · Updated · Los Angeles Business Journal · May 29

Private equity-backed buyers completed 95 RIA transactions in the first quarter, an all-time high that accounted for about 72% of sector deal activity, according to Echelon Partners.
That consolidation wave is feeding adviser movement as wealth managers leave larger firms over cost-cutting, hiring freezes, weaker technology investment and pressure to prioritize returns over client service.
Diamond Consultants counted 11,172 advisers changing firms in 2025, up 16% from a year earlier, including 54 U.S. teams overseeing at least $1 billion each.
UBS lost 318 advisers and added 75 after compensation-plan changes and cost cuts, while firms such as Wells Fargo, Mercer Advisors, Citizens and Aspiriant are using growth plans and broader platforms to attract recruits.
The shift points to a wealth-management market increasingly split between private-equity-backed consolidation and firms pitching advisers more autonomy, collaboration and client-focused flexibility.

Are wealth advisers trading Wall Street bureaucracy for the even stricter demands of private equity?

Can independent advisers survive the industry's tech arms race, or is consolidation the only future?

As advisers chase better technology and paydays, who is truly winning: the adviser or the client?