DeVoe RIA Deal Books: Your M&A Curriculum

Understanding the RIA M&A landscape is critical to any advisor contemplating a potential sale, merger, or acquisition. That’s why David DeVoe has been tracking M&A activity in our space for over 17 years. And why we seek to provide valuable perspective to the RIA community.

The DeVoe RIA Deal Book™ is delivered quarterly to provide you with the most accurate read on what is happening, why it’s happening, and what is most likely to happen next. You’ll also gain an understanding of informative historical trends. Take a read to get insight for better decisions.

We are pleased to collaborate with the Capital Group as our partner for the Deal Book.

DEVOE RIA DEAL BOOK™ - Alert in q1 2024

March 4, 2024: In a Reversal, M&A Activity Starts 2024 Strong - Read the full release.

DEVOE RIA DEAL BOOK™ - Q4 2023

RIA M&A activity dropped by 5% in 2023, resulting in the first annual decline in volume in more than a decade. M&A activity accelerated in the fourth quarter, but the rise was not enough to overcome the previous quarters’ pullback.

Download the Deal Book for the details.

DEVOE RIA DEAL BOOK™ - Q3 2023

After three quarters, RIA M&A volume is 9% lower than the same period last year. With Q3 being yet another down quarter, the likelihood of 2023 being a down year is calcifying into a reality.

Download the Deal Book for the details.

DEVOE RIA DEAL BOOK™ ALERT in Q3 2023

DEVOE RIA DEAL BOOK™ - Q2 2023

The RIA M&A slowdown of the last 18 months extended in Q2. The macroeconomic conditions of high inflation, continued high interest rates and long-standing uncertainty in the economy and financial markets are factors.

Download the Deal Book for the details.

DEVOE RIA DEAL BOOK™ - Q1 2023

RIA merger and acquisition activity declined again in the first quarter. A volatile stock market, higher interest rates, and even a banking crisis created fatigue among sellers and buyers. For the first time in nearly a decade, the year opened with a weaker first quarter than the previous year. Will M&A plateau or decline further from here?

Download the Deal Book for our assessment.

DEVOE RIA DEAL BOOK™ ALERT in Q1 2023

DEVOE RIA DEAL BOOK™ - Q4 2022

RIA merger and acquisition activity dropped in Q4 2022, but the strong first three quarters pushed the annual volume to yet another record. The 264 transactions of 2022 were an increase of nearly 10% from last year — making it the ninth consecutive year of record activity.

Download the Deal Book for all the details.

DEVOE RIA DEAL BOOK™ Alerts in Q4 2022

DEVOE RIA DEAL BOOK™ - Q3 2022

RIA M&A activity remained strong in Q3 with 68 transactions posted. The quarter turned in a consistent volume to other recent quarters despite a seemingly ‘perfect storm’ of economic headwinds. In fact, 2022 is on track to be yet another record year. Year-to-date, 203 transactions have been completed, up 23% from the lumpier first nine months of 2021.

Download the Deal Book for all the details.

DEVOE RIA DEAL BOOK™ - Q2 2022

RIA M&A set new records in the 2nd quarter, yet again, despite a challenging economy and a declining stock market. The 66 transactions in Q2 represented a 53% increase from the same period a year ago. The numbers speak for themselves: a continued hot streak.

Download the Deal Book for all the details.

 DEVOE RIA DEAL BOOK™ - Q1 2022 

RIA merger and acquisition activity started strong in 2022. With 67 transactions posted, a new high-water mark for transactions in any first quarter was established. However, world turmoil may be responsible for recent deceleration or may create some slowing ahead.

Explore the trends and implications behind the Q1 numbers. Download the Deal Book.

DEVOE RIA DEAL BOOK™ - Q4 2021 

RIA merger and acquisition activity soared in 2021, setting a new record for the eighth consecutive year. With 242 transactions posted, 2021 volume was 52% higher than the 159 transactions in 2020.

Find out the details, download the Deal Book.

DEVOE RIA DEAL BOOK™ - Q3 2021 

With 165 transactions through the first three quarters of 2021, the industry surpassed the annual record of 159 transactions that was set last year. 2021 is officially the eighth successive record year of RIA M&A activity. The third quarter also set a new record with 64 transactions.

 Find out the details, download the Deal Book.

DEVOE RIA DEAL BOOK™ - Q2 2021

At the mid-point of 2021, RIA M&A marches on at a record pace, despite a slower second quarter. The century mark was broken less than six months into 2021, and the first half ended with 101 transactions. This high-water mark sets the stage for another record year of RIA M&A. For all the details, download the Deal Book.

DEVOE RIA DEAL BOOK™ - Q1 2021

RIA M&A posted an unprecedented 58 transactions in the first quarter. This is the first time the industry crossed the 50-deal milestone in a quarter. The rise in activity was largely driven by mid-sized firms selling at twice their usual volume. 

For all the details, download the report.

DEVOE RIA DEAL BOOK™ - Q4 2020

RIA M&A experienced its seventh consecutive year of record activity in 2020, as the industry rebounded from (or perhaps reacted to) a global crisis. The number of transactions was 20% higher than the prior year’s 132 deals, but that number obscures the recent momentum.

Find out the details: download the report.

DEVOE RIA DEAL BOOK™ - Q3 2020

After a lull in Q2, RIA M&A activity bounced back in Q3, marking the strongest quarter on record. With 111 transactions through the first three quarters of 2020 vs. 98 for the same period in 2019, the industry is poised to surpass last year’s annual record.

For the full details, download this quarter’s report.

DEVOE RIA DEAL BOOK™ - Q2 2020

After six years of consecutive record highs, the RIA M&A market (finally) slowed down. With 29 transactions for the quarter, Q2 2020 was the slowest quarter in nearly two years. Still, the 17% decline from the prior quarter was less than one would have expected. Key divergences in activity based on size emerge beneath the headline numbers.

For the full details, download the report.

DEVOE RIA DEAL BOOK™ - Q1 2020

The RIA industry posted a strong first quarter of M&A activity, but activity trended downward later in the period. At 34 transactions, this was the third successive quarter with the same transaction total, maintaining the record set in Q3 2019. The COVID-19 crisis will likely dampen activity in the mid-term. DeVoe & Company expects four phases for RIA M&A following the crisis. Download the report for the details.

RIA M&A broke yet another record in 2019 – and did so with conviction, making it the sixth successive record year of M&A activity. With 33 transactions posted during the quarter and 132 transactions for the year, 2019 was truly unprecedented. Get all the details inside the report.

M&A activity reached unprecedented levels in the third quarter, achieving a year-to-date total that already surpasses the total number of transactions for the full year 2018. With 36 transactions posted during the quarter and 101 transactions year to date, the stage is set for another record year.

DEVOE RIA DEAL BOOK™ - Q2 2019

M&A activity and valuations both reached record highs in the second quarter. With 33 transactions during Q2 and 65 transactions in the first half, there is a clear path toward a new all-time annual high.

DEVOE RIA DEAL BOOK™ - Q1 2019

RIA M&A activity started 2019 with a bang. The 31 sales of RIAs during the period soared far above the 12-month trailing average of 24 and were just one acquisition shy of an all-time record.

DEVOE RIA DEAL BOOK™ - Q4 2018 Annual Review

With an epic final quarter, 2018 became the RIA industry’s fifth successive record year of merger and acquisition activity. In the midst of a volatile, then sharply declining stock market, the blockbuster fourth quarter yielded double the transactions of the same period a year ago.

DEVOE RIA DEAL BOOK™ - Q3 2018

Q3 2018 saw a return to averages for RIA merger and acquisition activity.  After the ups and downs of the last few quarters, most metrics returned to their historic norms, yielding a strong YTD and the expectations that 2018 will be slightly above 2017.

DEVOE RIA DEAL BOOK™ - Q2 2018

RIA merger and acquisition activity dropped dramatically in Q2 2018, creating a whipsaw of extremes over the last several quarters. A total of 32 transactions were executed during the period, a steep drop from the record 49 transactions in the previous quarter.

DEVOE RIA DEAL BOOK™ - Q1 2018

RIA Merger and Acquisition activity was off to a record start in the first quarter of 2018. Rebounding from a weak second half of 2017, the deal volume hit 47 transactions, making it the strongest quarter on record.

DEVOE RIA DEAL BOOK™ - Q4 2017 Annual REview

The RIA industry experienced its fourth successive record year of merger and acquisition activity in 2017. A record of 153 transactions was tracked during the year, a 6% increase over last year’s high-water mark of 145.

 

DEVOE RIA DEAL BOOK™ - Q3 2017

RIA merger and acquisition activity encountered a precipitous drop in the third quarter of 2017. Posting just 29 transactions, the period was the weakest quarter the industry has experienced in nearly three years.

DEVOE RIA DEAL BOOK™ - Q2 2017

RIA merger and acquisition activity started strong in the first half of 2017 and is on track to potentially achieve a third successive record year, according to research conducted by DeVoe & Company. The first six months yielded 82 transactions, a 15% increase over the 71 deals in the same period a year ago.

DeVoe RIA Deal Book™ - Q1 2017

RIA merger and acquisition activity got off to a record start this year with 44 transactions executed in the first quarter. The transaction volume was a steep 29% increase over the 34 deals tracked during the same period in 2016, according to research conducted by DeVoe & Company.

DeVoe RIA Deal Book™ - 2016 Annual Review

Merger and acquisition activity in the RIA industry hit a new all-time high of 142 transactions executed in a single year, according to research performed by DeVoe & Company. This third successive record year of M&A is an 8% increase above the previous record of 132 transactions. The fourth quarter was the ninth successive quarter of 30 or more transactions, demonstrating a sustained and consistent robust M&A market.

DeVoe RIA Deal Book™ - Q3 2016

2016 is on track to be an all-time record year for RIA M&A activity. A total of 109 transactions were tracked through the first three quarters of this year versus 100 deals executed during the same period in 2015, according to research performed by DeVoe & Company. 2015 is the high-water mark for RIA acquisition activity in a single year, with a total of 132 deals executed during the 12-month period. It seems likely that 2016 will exceed this number.

DeVoe RIA Deal Book™ - 2016 Mid Year Review

After a record-breaking 2015, RIA mergers and acquisitions maintained their swift pace through the first half of 2016. The industry saw 71 transactions during the two-quarter period, essentially on pace with the 70 transactions completed during the same period last year, according to research executed by DeVoe & Company.

DeVoe RIA Deal Book™ - q1 2016

2016 started off the year with solid RIA mergers and acquisitions momentum. The industry experienced 33 transactions during the period, according to research executed by DeVoe & Company. Although this transaction volume is below 2015’s record of 37 Q1 transactions, it is well above the 10 and 12 Q1 transactions closed in 2014 and 2013, respectively. Overall, the quarter indicated continued strength in M&A activity in the RIA industry.

DeVoe RIA Deal Book™ - 2015 Annual Review

 In 2015, mergers and acquisitions activity in the RIA industry hit an all-time record of 123 transactions executed in a single year. This new high water mark is a 37% increase above 2014’s previous record of 90 transactions, and more than double the 58 transactions executed in 2013. 

 

DeVoe RIA Deal Book™ - Q3 2015

A total of 25 RIA Mergers and Acquisitions were executed during the third quarter of 2015, down slightly from the 27 transactions executed in Q3 2014. Despite this deceleration from five successive record quarters of activity, the year-to-date numbers are still at record levels. The 86 transactions tracked by DeVoe & Company during the first three quarters of this year are a 43% increase above the 60 transactions executed during the same period in 2014.

 

DeVoe RIA Deal Book™ - 2015 Mid-Year Review

RIA Merger and Acquisition activity remained strong during the second quarter of 2015, continuing the momentum of the previous six quarters. A total of 61 acquisitions were tracked by DeVoe & Company during the first half of this year, an 84% increase above the 33 transactions during the same period in 2014.

DeVoe RIA Deal Book™ - Q1 2015

An all-time record number of RIA transactions occurred during the first quarter of 2015, according to research executed by DeVoe & Company. This spike in activity follows a record year of RIA M&A in 2014. Over $90 billion in AUM was acquired through 34 transactions in the first quarter of 2015. The AUM transacted during the quarter was 14 times the amount acquired during the same period in 2014 and 43% higher than the entire year of 2014. A number of very large acquisitions drove the AUM figure to an all-time record quarter for the industry.