Larry Roth posted his weekly “Larry’s Take” commentary on the deals and recruiting in the wealth industry on Wealth Solutions Report as part of its Deals & Recruiting Roundup.
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In the short Thanksgiving week, we saw another broker-dealer acquisition, this time with Cambridge acquiring Dempsey Lord Smith, which will cease operating as a BD. BD consolidation has run a much longer course at this point than RIA consolidation, as I discussed with industry experts in July.
At the same time, the industry is shifting towards advisory-based assets rather than brokerage business. Last month, this roundup covered LPL’s announcement of fee reductions in response to this industry trend.
In 2026, I expect we will see continued consolidation in the BD space, in part driven by this shift in assets that requires M&A to push against decreasing scale. At the same time, watch for the large, traditional BDs to continue shifting their focus toward advisory assets.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact Larry Roth at larry.roth@ascentix.com.
To see the Wealth Solutions Report Deals & Recruiting Roundup for the week, click here. Visit Wealth Solutions Report for the latest wealth management insights, analysis and news.