Mergers and acquisitions in U.S. wealth management picked up speed in the first half of 2026. Technology is making scale even more important.
Mergers and acquisitions in U.S. wealth management picked up speed in the first half of 2026. Succession planning, higher costs, and greater technology needs are leading advisory firms to join larger platforms, according to a new report from Berkshire Global Advisors.
The investment bank recorded 225 deals involving RIAs with at least $100 million in assets
under management. That’s up from 162 in the same period last year, a jump of almost 40%. This pace could break last year’s record for deal volume.
The first quarter saw the most activity, with 124 transactions announced—the highest quarterly total Berkshire has recorded. The second quarter added 101 more deals, making it the third-highest quarter on record.
Acquisitions are happening among both large and small firms. Bigger RIA platforms are going after larger deals to gain more assets, talent, and capabilities. Smaller deals are still popular because they are usually easier to complete and integrate. Mid-sized firms are also staying active.
Technology is making scale even more important. Berkshire notes that clients want more
services, better advice, and improved technology. At the same time, compliance, cybersecurity, and operating costs are rising. These challenges make it tough for smaller firms to keep up on their own.
The report points to AI as a new tool for improving efficiency in wealth management. Larger firms are better able to invest in AI, use it in daily work, and apply it across teams, operations, and compliance. Berkshire says that, for now, AI is more likely to reduce administrative tasks than to replace advisors, giving them more time to focus on clients.
RIAs backed by private equity continued to lead, making up 85% of strategic deals in the first half of the year. Berkshire also counted 31 financings, minority investments, and
recapitalizations, with seven involving RIA platforms holding over $10 billion in assets.
Berkshire says it expects consolidation to stay high as firms look for succession plans, more
scale, and the resources needed to keep up with growing technology and service demands.
