DeVoe: RIA M&A Reaches New Heights in 2025, As Buyer Pool Shrinks

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As projected, 2025 was the astir progressive twelvemonth connected grounds for mergers and acquisitions enactment successful the wealthiness absorption space, with 322 transactions announced during the year, outpacing 2024’s grounds of 272, according to DeVoe & Company’s latest RIA Deal Book. The 4th fourth of 2025 ended with 81 deals, down from 93 successful the 3rd quarter, the astir progressive 4th successful the past of RIA M&A. 

The gait of dealmaking felt relentless successful 2025, with backstage equity-backed RIA woody assets ranging from the hundreds of millions to multi-billions. 

While woody travel was increasing, transactions were being completed by a smaller radical of buyers. In fact, DeVoe recovered that 22 less buyers were making deals successful 2025.

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“As a result, woody travel became progressively concentrated among a smaller radical of acquirers, and the mean fig of transactions per purchaser spiked,” the study said. 

DeVoe attributes the smaller purchaser excavation to a diminution successful first-time buyers and a retreat of galore seasoned acquirers. 

First-time buyers represented conscionable 8% of each deals successful 2025, the lowest connected record. 

“After peaking astatine 19% successful 2019, first-time purchaser stock declined sharply successful the aboriginal pandemic years,” the DeVoe study said. “Sellers were seeking ‘shelter’ and hazard mitigation, and they consequently sought ample established buyers, ideally with M&A experience.”

In 2024, determination were 38 first-time buyers, compared to 26 successful 2025, accounting for much than fractional of the simplification successful purchaser counts this year. 

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2025 besides saw immoderate of the accustomed progressive acquirers taking a measurement back. That included firms that joined “hubs” astatine larger consolidators. Other firms focused connected integrating the acquisitions they had already made, portion others shifted priorities oregon conscionable didn’t triumph the deals they were moving on. 

This resulted successful a increasing spread betwixt the fig of buyers versus sellers. There were 322 sellers during the year, compared to 95 buyers. That compares with 2024, erstwhile determination were 272 sellers and 117 buyers. 

“Advantages person shifted toward experienced acquirers with established brands, dedicated M&A teams, and proven way records,” the study said. “As a result, breaking into the marketplace arsenic a caller entrant has go adjacent much challenging.”