Business Transformation | 09.22.26

RIA Buyers Are Getting Pickier

by: Tobias Salinger

Registered investment advisor (RIA) mergers and acquisitions remain active, but buyers are becoming more selective. Fidelity reported 120 transactions in the first half of 2026, down 9% from the same period in 2025, while seller assets rose 88% to $342.9 billion. Median deal size increased 22% to $630 million, reflecting larger transactions and continued consolidation. Buyers increasingly prioritize strong organic growth, capable talent, low integration risk, clean data, portable clients, succession planning and specialized capabilities. Private equity firms or their backed companies accounted for 89% of transactions. Sellers can still attract multiple offers, but fewer than previously, making strategic fit more important alongside valuation. Experts advise owners to prepare operationally, understand their strengths and weaknesses and carefully assess potential partners. While the market remains favorable for sellers, firms with stagnant growth, founder dependency or operational weaknesses may command less competition and lower valuations.

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