RIA M&A multiples rise
What happened
- Registered investment adviser (RIA) M&A medians rose to about 11.6x EBITDA in recent deals. - Sell‑side advisory fees also hit new highs, with six deals generating more than $100 million each. - Higher precedent multiples and larger fee pools suggest buyer selectivity and bigger mandates are lifting market pricing ( ).
Why it matters
Registered investment adviser deals are getting pricier, with median EBITDA multiples rising to 11.0x in 2024 and deal activity setting new records in early 2026. (wealthmanagement.com) (devoeandcompany.com) Advisor Growth Strategies said the median-adjusted EBITDA multiple for registered investment advisers, or RIAs, rose from 9.9x in 2023 to 11.0x in 2024, up 37.5% from 8.0x in 2020. The firm said more than 40 buyers were active in the market heading into 2025. (wealthmanagement.com) DeVoe & Company said 2025 ended with 322 announced RIA transactions, up from 272 in 2024, and the first quarter of 2026 logged 93 deals, tying the most active quarter on record. Fidelity said March 2026 alone brought 26 wealth-management deals totaling $109 billion in acquired assets. (devoeandcompany.com) (clearingcustody.fidelity.com) An RIA is a firm that manages money and financial plans for clients for a fee, and buyers usually value those firms on EBITDA, a profit measure used to compare cash-generating businesses. Higher multiples mean acquirers are willing to pay more dollars for each dollar of operating earnings. (sec.gov) (wealthmanagement.com) The buyer pool has widened, but the shopping list has narrowed. Advisor Growth Strategies said buyers were paying up for larger firms, with bids on RIAs managing $2 billion in assets rising more than 18% in 2024 from a year earlier. (wealthmanagement.com) Private equity remains a major force behind that consolidation. Fidelity said private equity was involved in every deal it tracked in March 2026, and Wealth Management, citing Piper Sandler data, said 195 wealth-management deals over the prior 12 months through February had some private-equity backing. (clearingcustody.fidelity.com) (wealthmanagement.com) The backdrop is a large and still-growing advisory industry. The Securities and Exchange Commission said there were 21,669 investment advisers and exempt reporting advisers in 2024 overseeing $146 trillion in regulatory assets under management, up 12.8% from 2023. (sec.gov) That scale helps explain why buyers keep chasing firms with sticky fee revenue and why sellers with size can command richer prices. In this market, the firms drawing the most attention are the ones that can add assets, earnings and integration scale in a single deal. (wealthmanagement.com)
Key numbers
- Registered investment adviser (RIA) M&A medians rose to about 11.6x EBITDA in recent deals.
- Sell‑side advisory fees also hit new highs, with six deals generating more than $100 million each.
- Registered investment adviser deals are getting pricier, with median EBITDA multiples rising to 11.0x in 2024 and deal activity setting new records in early 2026.
- (wealthmanagement.com) (devoeandcompany.com) Advisor Growth Strategies said the median-adjusted EBITDA multiple for registered investment advisers, or RIAs, rose from 9.9x in 2023 to 11.0x in 2024, up 37.5% from 8.0x in 2020.
What happens next
- (devoeandcompany.com) (clearingcustody.fidelity.com) An RIA is a firm that manages money and financial plans for clients for a fee, and buyers usually value those firms on EBITDA, a profit measure used to compare cash-generating businesses.
Quick answers
What happened in RIA M&A multiples rise?
Registered investment adviser (RIA) M&A medians rose to about 11.6x EBITDA in recent deals. Sell‑side advisory fees also hit new highs, with six deals generating more than $100 million each. Higher precedent multiples and larger fee pools suggest buyer selectivity and bigger mandates are lifting market pricing ( ).
Why does RIA M&A multiples rise matter?
Registered investment adviser deals are getting pricier, with median EBITDA multiples rising to 11.0x in 2024 and deal activity setting new records in early 2026. (wealthmanagement.com) (devoeandcompany.com) Advisor Growth Strategies said the median-adjusted EBITDA multiple for registered investment advisers, or RIAs, rose from 9.9x in 2023 to 11.0x in 2024, up 37.5% from 8.0x in 2020. The firm said more than 40 buyers were active in the market heading into 2025. (wealthmanagement.com) DeVoe & Company said 2025 ended with 322 announced RIA transactions, up from 272 in 2024, and the first quarter of 2026 logged 93 deals, tying the most active quarter on record. Fidelity said March 2026 alone brought 26 wealth-management deals totaling $109 billion in acquired assets. (devoeandcompany.com) (clearingcustody.fidelity.com) An RIA is a firm that manages money and financial plans for clients for a fee, and buyers usually value those firms on EBITDA, a profit measure used to compare cash-generating businesses. Higher multiples mean acquirers are willing to pay more dollars for each dollar of operating earnings. (sec.gov) (wealthmanagement.com) The buyer pool has widened, but the shopping list has narrowed. Advisor Growth Strategies said buyers were paying up for larger firms, with bids on RIAs managing $2 billion in assets rising more than 18% in 2024 from a year earlier. (wealthmanagement.com) Private equity remains a major force behind that consolidation. Fidelity said private equity was involved in every deal it tracked in March 2026, and Wealth Management, citing Piper Sandler data, said 195 wealth-management deals over the prior 12 months through February had some private-equity backing. (clearingcustody.fidelity.com) (wealthmanagement.com) The backdrop is a large and still-growing advisory industry. The Securities and Exchange Commission said there were 21,669 investment advisers and exempt reporting advisers in 2024 overseeing $146 trillion in regulatory assets under management, up 12.8% from 2023. (sec.gov) That scale helps explain why buyers keep chasing firms with sticky fee revenue and why sellers with size can command richer prices. In this market, the firms drawing the most attention are the ones that can add assets, earnings and integration scale in a single deal. (wealthmanagement.com)
