RIA Firms Complete 276 Deals Worth $796.4 Billion in 2025

1 articles · Updated · SmartAsset · Jun 16

$796.4 billion in purchased assets changed hands across 276 completed RIA transactions in 2025, marking a record year for mergers and acquisitions in the sector.
Fidelity said deal volume has climbed 111% since 2020, while purchased-asset volume has grown more than fourfold, underscoring how firms are increasingly using acquisitions to scale quickly.
That appeal is strongest in a fragmented industry: about 93% of SEC-registered RIAs had 100 or fewer non-clerical employees in 2024, and nearly 70% managed less than $1 billion in assets.
Organic growth remains an alternative, but Cerulli found 83% of billion-dollar firms cite limited resources and advisor time as major or moderate obstacles, helping explain the turn toward M&A.