RIA dealmaking is setting records, but a relatively small group of large advisory firms is driving much of the activity.
Why it matters: As sponsor-backed platforms use M&A to scale, they're becoming valuable investment targets themselves.
Case in point: TA Associates and Onex-backed Wealth Enhancement Group — one of the most active buyers in Q2 with seven deals — is currently for sale.
- Carlyle and Bain are reportedly the final bidders for a deal that would value it at roughly $7 billion, including debt.
State of play: Private equity has increasingly backed — and re-backed — consolidators driving the rollups.
- Creative Planning, backed by General Atlantic and TPG, acquired SageView last year, adding about $250 billion in retirement and wealth assets.
- Stone Point recapitalized Kestra in February 2025 to accelerate acquisitions through Bluespring, its RIA acquisition arm.
- Stone Point and CPP Investments took a majority stake in OneDigital last September at a valuation above $7 billion, backing a broader benefits, retirement and wealth-services acquirer.
Context: RIAs manage client wealth and provide financial planning services, generating recurring fee revenue that sponsors can scale through acquisitions and shared infrastructure.
- PE provides capital to RIA acquirers doing rollups and also directly invests in larger platforms through minority stakes and recaps.
By the numbers: RIA dealmaking had its busiest Q2 ever, with 120 transactions announced, according to Echelon. PE-backed acquirers accounted for nearly 76% of those.
- Alongside Wealth Enhancement Group, the most active buyers were SEI-backed Stratos Wealth Network with 11 deals and Bain Capital-backed Carson Wealth with six.
The bottom line: "Private equity does well when there's some degree of fragmentation and a reason for that consolidation to happen," GTCR co-CEO Collin Roche says.
