According to Berkshire Global Advisors, dealmaking in the U.S. wealth management industry is on pace to set another annual record after M&A activity reached historic levels during the first half of 2026.
Berkshire counted 225 transactions involving RIAs with at least $100 million in assets under management (AUM) during the first six months of the year, up nearly 40% from 162 deals during the same period in 2025.
The report attributed the increase to activity at both ends of the market. Larger acquisitions became more common, smaller tuck-in transactions remained a steady source of deal flow and mid-sized firms continued to transact consistently.
Berkshire recorded 26 deals involving firms with over $5 billion in assets, compared with 15 during the first half of last year. The firm said those transactions reflected continued consolidation among established companies and a growing recapitalization cycle among large RIA platforms.
Meanwhile, smaller transactions continued to provide buyers with a relatively straightforward way to add advisors and expand into targeted markets. A growing number of mid-sized independent RIAs are also pursuing acquisitions to broaden their geographic reach or build scale around specific client segments, the report said.
Another source of activity is the next stage of the ownership cycle for RIA platforms that raised outside capital in 2020 and 2021. Many are now considering new financial sponsors, combinations or other deals to provide liquidity to existing investors.
UK And Australia
The report also examined the United Kingdom and Australia.
In the United Kingdom, consolidation has created larger platforms that require deeper pools of capital. Buyer interest is increasing, but Berkshire said acquirers are becoming more selective and paying closer attention to regulatory records, operating systems, management depth and the ability to scale.
Australia is also attracting private capital, driven partly by a large population of households with retirement assets and a shortage of financial advisors. Berkshire estimates that only about 16% of Australians over age 55 currently receive financial advice.
However, the supply of acquisition targets has not kept pace with investor interest. Australia has thousands of smaller practices but relatively few firms with the scale and infrastructure needed to engage in a broad acquisition strategy.
Thomas Lee, Senior Editor and Staff Writer for Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
