DEVOE RIA DEAL BOOK™ - Q3 2026

Thank you for your interest in our Q3 2026 DeVoe RIA Deal Book™ brought to you by High Meadow Solutions. This report is designed to help you stay informed and proactive in today’s evolving M&A environment.

Highlights from this quarter's Deal Book:‍‍

• Third-Quarter Slowdown Ends Record Streak: The industry announced 77 transactions in the third quarter, down 17% from 93 in the same period of 2025. The decline ended seven consecutive quarters of record-setting activity. With 244 transactions through September, another 78 would match last year’s annual record of 322.
• Mega Sellers Set a Record as Activity Moves Upmarket: Firms with more than $5 billion in AUM announced 41 transactions through September, already surpassing every prior full-year total. Small sellers remain active, but their 36% market share is the lowest in DeVoe & Company’s tracking history.
• Consolidators Capture Their Largest Share Since 2021: Consolidators announced 129 transactions through September, accounting for 53% of the market, their highest share since 2021. Their capital and dedicated M&A teams support sustained acquisition activity, while RIA buyers remain active with 71 transactions and29% market share.
• IBDs Expand Succession Options and Acquisition Capabilities: Leading independent broker-dealers are acquiring practices, building employee-advisor RIAs and providing capital for ownership transitions. These capabilities help retain advisors and assets while positioning IBDs to compete with RIAs and Consolidators for advisor-owned businesses.
• Higher Borrowing Costs Put Acquisition Economics to the Test: Higher financing costs can influence what debt-funded buyers pay and how they structure transactions. Sellers may see the pressure through seller financing or consideration tied to future performance, with the effect varying by buyer and the strength of the seller’s earnings.

To explore these findings and other topics, please share a few details to download your copy of the Deal Book.