According to a report released by Berkshire Global Advisors, U.S. wealth management deal volume vaulted to record highs in 2025. The firm said there were 349 transactions involving RIAs with more than $100 million in assets under management, up from 276 in 2024, a 26% year-over-year increase.
The report linked the uptick in consolidation to scale economics and capability build-outs, including technology-related factors. It said rising compliance requirements, cybersecurity demands and technology costs are adding pressure for independent practices, while larger platforms can spread those expenses across broader client bases.
Berkshire also said client expectations are contributing to deal activity. It cited demand for tighter coordination across a client’s financial life, including deeper expertise in estate planning, trust services and tax planning, along with digital capabilities. The report said delivering that experience often requires scale that many smaller firms cannot establish on their own.
On buyer mix, Berkshire said private equity-backed RIA platforms were the most active buyers, accounting for about 86% of strategic acquisitions in 2025. It also said cash remained the leading form of consideration, while equity use has increased, with sellers often reinvesting 15% to 30% of upfront consideration into buyer equity.
On strategy, the report said platforms continued to expand beyond traditional RIA acquisitions into adjacent capabilities, including trust companies, outsourced chief investment officer providers, investment consulting firms and retirement plan consultants. It also noted that many RIAs expanded into tax services, including acquisitions of CPA firms or RIAs with in-house CPA arms.
