Transaction Inaction: RIA Deals Are Falling

These owners are staying put for now.

After nearly two years of hitting record heights each quarter, M&A activity among RIAs has begun to slow, according to new DeVoe and Co. research. As of early last week, RIAs had announced just 72 transactions in the third quarter, a nearly 20% decline from the same period last year. 

“A short pause may simply shift transactions into later quarters,” company CEO David DeVoe said. “A prolonged pause could leave some owners with less time to prepare for succession and more pressure to make a decision when circumstances become urgent.”

Hold On

Succession needs, demand for scale and buyer interest in high-quality firms still remain. So why aren’t owners selling? Well, the world is on fire. (Then again, when is it not?) Tariffs, the Iran war, surging gasoline prices and other economic shocks are creating plenty of volatility, uncertainty and distractions. Advisors are more focused on clients right now, DeVoe said, adding that selling a business is a major strategic decision that demands considerable time and focus. “It can move down an owner’s priority list,” he told Advisor Upside.

The research also found:

• RIA deal activity started the year vigorously, with 93 transactions in the first quarter, matching the all-time quarterly record, which was set in Q3 2025.
• Activity eased to 74 deals in the second quarter, just one above the same period a year earlier. 

What Are Ya’ Buyin’? In addition to sellers hitting the pause button, buyers appear to be becoming more selective, said Corey Kupfer, founder of Kupfer, a law firm that counsels on RIA growth. Serial acquirers are focusing on fewer, larger deals after years of paying strong valuations for smaller firms to establish geographic footholds, he said.

A slower quarter isn’t necessarily a bad thing, said Haig Ariyan, founder of Arax Investment Partners. “Buyers are being more selective, and I think that’s healthy,” he told Advisor Upside. “Capital is available for strong businesses. What matters more than the number of announced deals is whether firms are finding the right long-term partners.”