RIA M&A Valuations Set New High-Water Mark With Pressure Building on Middle-Market RIAs

Advisor Growth Strategies 2026 RIA Deal Room Report, The Vanishing Middle, highlights all-time demand, a next generation of talent in the crosshairs, and the key qualities of premium valuations in Registered Investment Advisor (RIA) M&A.

PHOENIX, March 25, 2026 /PRNewswire/ -- The RIA M&A market hits new heights with record deal volumes and valuation with a new median valuation of 11.6x. While M&A activity is expected to continue, deal selectivity, buyer segmentation, and strategic realignment are shaping demand and valuations. The 2026 RIA Deal Room Report, from Advisor Growth Strategies (AGS), a leading consulting and transaction advisory firm, analyzes the growing market nuances and breaks down the implications of the shifts in deal structures for buyers and sellers. The eighth annual report, sponsored by BlackRock, provides exclusive insights from buyer case studies, closed transactions in 2025, and the AGS 2026 RIA Survey providing an in-depth look at evolving buyer preferences, deal structures, and what is required for premium valuations.

"While transaction activity continues at unprecedented levels, this year's research highlighted the pressure on middle-market firms," said Brandon Kawal, Partner at Advisor Growth Strategies and lead author of The RIA Deal Room. "Talent is driving acquisitions, equitization is no longer optional, and buyers are focused on long-term incentive alignment. We expect the gap between average and premium valuations to continue to widen – this matters for every firm."

Key Findings from the 2026 RIA Deal Room Report:

• Elusive Premiums and Selective Buyers - The unprecedented level of demand does not translate into universal premiums. How an RIA is run today will determine if a firm can capture a premium valuation. Buyers are highly selective and focused on ideal targets with specific attributes and strategic fits to drive organic growth.
• Next Generation is Key – Equity is the key tool in the now fluid succession construct. A rising percentage of equity (the average transaction in 2025 included 29% equity) is required in a full change-of-control transaction with an expected increase ahead for 2026. Firms can share ownership by investing in talent now or pay later.
• The Middle Market Pressure Point – Firms $500M - $5B have key strategic decision to make about their future. The pressure to scale or be acquired is most acute for mid-sized firms in a M&A environment where a diverse set of buyers are deploying multi-faceted acquisition strategies.

"The RIA industry remains at an inflection point. Thriving as a boutique wealth firm in the middle of the market is more challenging than ever before," said John Furey, Managing Partner at Advisor Growth Strategies. "Firms facing the rising challenges of expanding services, retaining talent, and evaluating new AI technology will be driven to do hard internal work or seek external optionality from more selective buyers." 

The 2026 RIA Deal Room is available for download here.

About Advisor Growth Strategies

AGS is a leading M&A advisory and management consulting firm for Registered Investment Advisors ("RIAs"). AGS has an in-depth understanding of RIA business dynamics and provides a personalized approach beginning with education to help RIAs identify ideal long-term partners. AGS encourages an M&A candidate to reimagine the business' future while helping navigate the tradeoffs in a transaction with eyes wide open.

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SOURCE Advisor Growth Strategies, LLC