According to a report from Berkshire Global Advisors, 2025 was the most active year on record for U.S. wealth management M&A, with 349 transactions involving RIAs with more than $100 million in assets under management (AUM), much higher than 2024’s 276 deals.
The report said U.S. activity rose 26% year over year, peaking in the third quarter with 102 deals, while noting that dealmaking “shows no signs of slowing.”
Despite that, the firm reported that the median acquired RIA size decreased to $597 million from $609 million in 2024 and RIAs with $500 million or less represented 44% of transactions.
Berkshire said strategic acquisitions accounted for 85% of U.S. deal activity, while financings, minority investments and recapitalizations accounted for 15%. It also said 2025 included 12 recapitalizations among platforms with at least $10 billion in AUM.
On drivers, the report said internal successions have become harder to execute as RIA valuations have climbed, so that selling to an external buyer rather than to younger advisors has become the most practical path for many firms. It also said client expectations and the need for scale are influencing consolidation, including through broader service offerings and technology investments.
Outside the U.S., the report described the U.K. and Australia as markets where consolidation is being shaped by structure more than short-term cycles. In the U.K., it pointed to a highly fragmented advice landscape with many small firms alongside an established population of sponsor-backed consolidators, which creates steady room for roll-up activity.
In Australia, the report framed the market as earlier in its consolidation curve, with limited advisor capacity and private equity activity centered on buy-and-build strategies in the small and mid-market.
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
