ECHELON Partners Reports Record-Breaking RIA M&A Activity in the First Quarter of 2026, With 142 Transactions and $1.67 Trillion in AUM Transacted

New All-Time Quarterly Record Shatters Prior High; Firm Projects 475 Total Deals for Full-Year 2026

LOS ANGELES, May 5, 2026 /PRNewswire/ -- ECHELON Partners today announced the release of its 1Q 2026 RIA M&A Deal Report, revealing a historic start to the year for merger and acquisition activity across the wealth management industry. The report shows that 142 transactions were announced during the quarter, setting a new all-time record and surpassing the previous high of 125 deals. Total transacted AUM reached $1.67 trillion, more than doubling the $805 billion recorded in 1Q 2025.

The findings underscore a continued acceleration in industry consolidation, as firms pursue scale, expand capabilities, and execute increasingly complex, strategic transactions. Average assets per transaction reached $1.8 billion¹, the highest level since 2021, reflecting the fact that buyers remain well capitalized and are willing to pay premiums for at-scale M&A targets.

"RIA M&A activity is accelerating on multiple dimensions simultaneously," said Dan Seivert, CEO and Managing Partner at ECHELON Partners. "Record deal counts, record AUM transacted, international expansion, and platform-building are all happening at once. The firms setting the pace are using acquisitions strategically, and 2026 is shaping up to be a watershed year for the industry."

Key Trends Shaping 1Q 2026 Activity

Sustained Record-Level Deal Activity
Transaction volume reached an all-time high of 142 deals in the first quarter, signaling continued momentum following a record-setting 2025. Total transacted AUM of $1.67 trillion represents a 107% increase vs 1Q25, highlighting both the scale and velocity of market activity.

Platform Expansion Over Pure Aggregation
Strategic acquirers are increasingly focused on building fully integrated platforms rather than simply adding assets. Transactions are being used to expand capabilities across tax, estate planning, family office services, and institutional consulting, reflecting a broader shift toward holistic client offerings.

Rising Cross-Border Activity
International expansion emerged as a defining theme of the quarter. U.S.-based firms are increasingly pursuing opportunities abroad, with regions such as Western Europe, Australia, and New Zealand attracting attention due to market similarities and significant pools of investable wealth.

Private Equity Remains a Dominant Force
Private equity involvement continues to shape the competitive landscape, with 71.8% of all transactions including some level of PE backing. Sponsor-backed platforms remain the primary driver, complemented by selective direct investments into leading advisory firms.

WealthTECH M&A Reaccelerates
Technology-focused transactions continued their upward trajectory, particularly in areas such as artificial intelligence, client analytics, and compliance automation. Firms are increasingly acquiring these capabilities as a competitive necessity rather than a differentiator.

Outlook for 2026: Continued Acceleration and Structural Change

Looking ahead, ECHELON Partners expects elevated M&A activity to persist throughout 2026, with approximately 475 transactions projected for the full year. The outlook is supported by continued buyer demand, expanding platform strategies, and an anticipated wave of recapitalizations as private equity investment cycles mature.

"The structural transformation of the RIA industry is well underway," added Seivert. "Firms are not only scaling but redefining what it means to be a wealth management platform in today's environment."

The 1Q 2026 RIA M&A Deal Report provides a detailed analysis of transaction activity, emerging themes, and the strategic drivers shaping the next phase of industry evolution.

The full report is available for download at https://www.echelon-partners.com/research-and-insights.

About ECHELON Partners

ECHELON Partners is the preeminent investment bank and consulting firm focused exclusively on the wealth and investment management industry. The firm provides M&A advisory, capital raising, valuation, and strategic consulting services to RIAs, broker-dealers, and other financial services firms. ECHELON is widely recognized as the industry's leading authority on RIA M&A trends and publishes quarterly deal reports that serve as a definitive benchmark for sector activity.

¹ Excludes transactions involving over $20 BN in AUM.

SOURCE ECHELON Partners