January, February Active Months for RIA M&A

Why It Matters

The ongoing consolidation reshapes wealth‑management service models, while the elevation of geopolitics to a constant risk factor forces investors to redesign portfolios for greater resilience and diversified exposure.

Key Takeaways

• 55 RIA deals Jan-Feb 2026, 8.3% YoY decline
• Private-capital buyers executed 69% of early‑2026 transactions
• Core and satellite strategies dominate RIA strategic realignment
• Geopolitics shifted from tail risk to ongoing market driver
• Suggested macro volatility portfolio: oil, gold, bitcoin

Pulse Analysis

The first two months of 2026 have already delivered a clear signal that the registered investment adviser (RIA) sector remains a hotbed for consolidation. MarshBerry’s data shows 55 announced deals, a modest 8.3% dip from the record‑setting 2025 pace but still 14.5% higher than 2024, underscoring the durability of deal flow even as the market normalizes. Private‑capital sponsors dominate, participating in 69% of transactions and concentrating activity among a handful of repeat acquirers such as Hightower Advisors, CAPTRUST and Mercer Advisors. This concentration suggests that scale‑seeking firms are leveraging deep pockets to capture market share and drive economies of scale.

Beyond sheer volume, the nature of the transactions is evolving. Advisor Growth Strategies’ 2026 Deal Room Report labels the current phase a “strategic realignment,” distinguishing core acquisitions—targeting lower‑to‑mid‑market RIAs with high recurring revenue—from satellite deals that add tax, accounting or outsourced CIO capabilities. The emphasis on talent retention, succession planning and consistent client experience reflects a shift from viewing M&A as a liquidity event to a long‑term growth engine. Buyers now demand at least $500 million in AUM and 95% recurring fees, raising equity stakes to roughly 33% to secure alignment.

At the same time, macro forces are reshaping the investment landscape. New York Life’s 2026 geopolitical risk report argues that geopolitics has moved from a rare tail‑risk to a regular market driver, influencing inflation, commodity prices and volatility. The firm recommends a macro‑volatility portfolio—equal weighting of oil, gold and bitcoin—to hedge against energy‑price spikes, safe‑haven demand and liquidity‑driven risk. For wealth managers and institutional investors, integrating such diversified assets into traditional equity‑heavy allocations can improve resilience, especially as oil‑price volatility becomes a persistent headwind to growth.