After years of record dealmaking, the wealth management M&A landscape is entering a new, more disciplined phase in 2026. But disciplined does not mean dormant. In fact, many of the signals heading into 2026 point to another active year, especially as firms contend with succession needs, service expansion and the rising costs of delivering a high-quality client experience.
Why M&A Activity Is Poised To Increase In 2026
Several indicators point toward another year of high levels of M&A activity. Private equity continues to move into the space, with new entrants competing with existing players, attracted by our industry’s recurring revenue models and long-term growth potential. At the same time, a growing number of RIAs — of all sizes and business models — are hiring for senior M&A roles to develop and deliver strategic growth plans, signaling that dealmaking capacity has become a strategic priority.
Succession And Scale Are Driving Strategic Behavior
As advisory firms grow, client expectations grow with them. Across the industry, clients are increasingly seeking broader services and holistic support. Delivering these comprehensive services requires investment, infrastructure and teams that can evolve quickly. For many firms, the smartest way to meet rising expectations is through partnership.
Sustainable scaling is about having the expertise and operational depth to support more complex client needs. The firms entering the M&A market in 2026 are doing so because they recognize that competing at the next level requires more than organic growth. It requires reinvestment, and reinvestment requires resources.
Succession pressures amplify this dynamic. Regardless of firm size, the question is the same: “Do we have the people and services needed to continue to deliver an outstanding client experience in the future?” For many, the honest answer is no, at least not without a partner. Finding the right acquisition partner can make all the difference in preparing your firm and your clients for a successful future.
Macro Forces Matter, But They’re Not The Primary Driver
Markets have been cooperative, benefiting revenue and valuation expectations. But heading into 2026, uncertainty lingers. While we’ve been experiencing a bull market with continued appreciation, which stimulates growth simply through market appreciation, a market correction will happen eventually. A market correction could test assumptions embedded in today’s dealmaking, especially for buyers pricing firms at high revenue multiples.
Valuations: Plateaued But Still Attractive
Valuations stabilized in 2025 and we believe they are likely to remain steady for the next 18 to 24 months. But we don’t have a crystal ball. We will need to wait and see what the market does and how it impacts buyers.
Valuations stabilized in 2025 and we believe they are likely to remain steady for the next 18 to 24 months.
With revenue multiples already inflated in some deals, buyers are more conscious of the expectations built into those numbers, particularly assumptions about continued market appreciation. As a result, we may see buyers digging deeper into what drives lasting value, such as the people behind the business, the client experience philosophy and the strength of the underlying model.
Deal Structures: More Earnouts, More Performance Alignment
We also expect to see evolving deal structures. While traditional acquisitions with growth-based earnouts and performance hurdles will continue, some firms may turn their attention to potential partners who will help them elevate client services and prepare for succession. Earnouts are only as realistic at the assumptions behind them. Buyers and sellers alike would do well to study client demographics and Next Gen engagement, as well as the seller’s historical growth trends.
We may also see more firms avoid complex performance hurdles altogether. We feel these work against transparency and long-term alignment. We encourage sellers to read the fine print and be realistic about where they are and whether the projected jump to reach a performance goal is achievable.
How Sellers Can Prepare To Maximize Value
As for maximizing value, three steps rise to the top of our list: educate yourself on the space, develop a clear strategic vision for your people and clients, and be patient. Strong deals take time. The right partnership is worth waiting for.
One of the most common mistakes sellers make is assuming they already understand the M&A landscape.
One of the most common mistakes sellers make is assuming they already understand the M&A landscape. In reality, the space changes quickly and staying informed is essential. Sellers should talk to multiple buyers, compare models and approach the decision the same way their clients would: focusing on people and long-term outcomes.
Equally important is defining a post-transaction vision early, ideally around the letter of intent (LOI) stage. Sellers should be clear about what will change, what should improve and how long they intend to remain active in the business. If there is a next generation of leaders, they should be part of the plan from the start.
Economics are the easy part; cultural alignment and client support are harder to evaluate but ultimately more important. Deep due diligence — including meeting teams, spending time onsite and understanding workflows — helps determine whether the partnership will truly set clients up for more successful futures.
The Bottom Line
We expect 2026 to be another active M&A year, with firms taking a more disciplined approach to inorganic growth. Firms that prepare with intention, focusing on client outcomes, cultural alignment, succession planning and long-term strategy, will be best positioned to thrive.
Peter Brown is Senior Managing Director, Head of Mergers & Acquisitions at Moneta.
