DeVoe & Company published its RIA Deal Book for the fourth quarter of 2025, which analyzes M&A activity among Registered Investment Advisors. 2025 closed out with 322 announced transactions, representing the most active year in the history of RIA M&A and surpassing the previous record set in 2024. Despite the increase in total transaction volume in 2025, there were 22 fewer active buyers in 2025 in comparison to 2024. The RIA Deal Book also noted that firms with $500 million to $5 billion in assets under management represented 51% of all seller transactions in 2025.
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