Q3 2025 DeVoe RIA Deal Book™
A Record-Breaking First Half for RIA M&A
Thank you for your interest in our Q3 2025 DeVoe RIA Deal Book™ brought to you by Capital Group. 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:
Record-Breaking Quarter: The third quarter closed with 94 transactions, the highest number ever recorded. With 242 transactions year-to-date, 2025 is on pace to surpass 300 deals, a new all-time record for RIA M&A.
Consolidators Regain Control: After years of decline, Consolidators captured 49% of transactions, marking only the fourth time since 2013 this buyer group has reached half of market share.
Sub-Acquisitions Hit All-Time High: 75 sub-acquisitions have been announced year-to-date, already tying the 2024 full-year record. Focus Financial hubs (Colony, Kovitz, Buckingham) and WPCG-backed firms (MAI, EP, Merit, Waverly, Apella) continue to lead this trend.
Minority Transactions Rebound: Minority investments represent 14% of total activity, nearly doubling from last year as firms tap outside capital for growth and succession without giving up control.
To explore these findings and other topics, please share a few details below to download your copy of the Deal Book.