By James Ianaconi, SVP & Head of Partnerships, Aspen Standard Wealth

After a record-setting year in 2025, RIA M&A activity shows no sign of slowing as we enter 2026. Transaction volume accelerated meaningfully last year, with industry data indicating that deal count through the first three quarters of 2025 nearly matched full-year 2024 levels. Momentum strengthened further in the back half of the year, and all indications suggest that pace will continue, if not intensify.

At Aspen, we experienced this firsthand. Our deal pipeline more than doubled in Q4 2025 compared to the same period in 2024, and early indicators point to continued acceleration in the year ahead. Several forces are converging to drive this activity.

First, many RIA owners spent much of 2024 in a “wait-and-see” posture, largely due to uncertainty surrounding the presidential election and broader macro conditions. That caution has given way to renewed confidence. Strong equity markets, highlighted by an additional 16%+ gain in the S&P 500 in 2025, combined with robust M&A activity across financial services have materially improved sentiment.

Second, sustained market performance and liquidity events within client bases are driving portfolio appreciation and net inflows. For many firms, this has translated directly into higher revenues and meaningfully increased valuations. As a result, we expect a growing number of RIA owners, particularly those nearing retirement age, to capitalize on favorable conditions in 2026.

Sub-Acquisitions Continue to Drive Deal Volume

One of the most notable trends shaping RIA M&A is the continued dominance of sub-acquisitions, generally firms with less than $500 million in AUM. These transactions account for a significant share of total deal volume and are increasingly central to growth strategies for scaled platforms.

We are seeing our partner firms lean into sub-acquisitions as a deliberate way to expand geographically, add talent, and broaden specialized capabilities. From our perspective, sub-acquisitions can accelerate growth without disrupting culture or client experience and are an area where we will see M&A volume continue to persist.

For sellers, sub-acquisitions often offer a compelling balance: liquidity and succession support paired with continuity for clients and staff.

Scale and Sophistication Are Now Table Stakes

As competition for quality firms intensifies, acquirers must demonstrate more than just capital. Sellers are increasingly discerning, and the ability to show scale, operational sophistication, and a clear vision for the future has become critical.

In particular, a credible technology roadmap is no longer a “nice to have.” RIAs evaluating partners want to see:

  • Demonstrable operational leverage, including systems that reduce administrative burden and improve advisor productivity
  • Meaningful progress on AI adoption, not as a buzzword, but as a tool to enhance planning insights, service delivery, and client outcomes
  • Depth and integration in planning capabilities, especially around estate and tax planning, where client demand continues to grow

Firms that can articulate how their platform enables advisors to spend more time with clients and less time managing complexity are consistently winning in competitive processes.

Organic Growth Matters More Than Ever

Finally, buyers are being evaluated not just on how well they acquire, but on how well they grow organically. The most attractive acquirers are pairing M&A with repeatable, scalable organic growth engines.

Digital marketing, brand-building, and advisor-led content strategies are increasingly important differentiators. At the same time, traditional referral channels are becoming more competitive. For example, changes such as Schwab’s recent increase to SAN minimums have raised the bar for participation, making it harder for firms to rely solely on custodial referral programs for growth.

Heading into 2026, RIAs that can demonstrate diversified, durable sources of organic growth will command greater confidence—from sellers and investors alike.

Looking Ahead

The RIA M&A environment in 2026 will reward clarity of strategy. Whether you are considering selling, acquiring, or positioning your firm for long-term independence, the firms that succeed will be those that combine strong fundamentals with a clear vision for scale, growth, and client impact.

Contact us to discuss what these trends could mean for your firm.