Q1 2025 Wealth Advisory M&A: Momentum Amid Market Volatility

The first quarter of 2025 concluded with robust activity in the wealth advisory mergers and acquisitions (M&A) sector, despite early April’s market turbulence triggered by new U.S. tariff announcements. These developments introduced fresh uncertainties, impacting investor sentiment and the dealmaking environment. Nonetheless, demand for quality advisory firms remained strong, driven by well-capitalized buyers seeking growth through acquisitions.​

Record-Breaking Deal Volume

As of March 31, 2025, the U.S. witnessed 88 announced wealth advisory M&A transactions—the highest first-quarter total on record and the third-highest for any quarter historically. This represents a 12.8% increase over the 78 deals in Q1 2024, indicating sustained momentum from the previous year. ​

Diverse Buyer Landscape

In Q1 2025, the top three acquirers accounted for 13.6% of all transactions. The top ten buyers collectively represented 35.2% of market activity, reflecting both the dominance of established players and the participation of a wide array of firms. Notably, 21 independent firms entered the M&A arena, with 20 completing a single deal each, suggesting a growing comfort with acquisitions as a growth strategy among independents.​

Shifts in Buyer Composition

Private capital-backed buyers, while still leading, saw a slight decrease in market share, accounting for 66% of announced deals in Q1 2025, down from 72% in 2024. Conversely, independent wealth acquirers increased their market share by 4%, marking a significant uptick after years of relative stability. Public wealth managers also experienced a modest 2% increase in activity, reversing a four-year trend of declining market share.​

Retirement Advisory M&A Trends

The retirement advisory sector saw 12 announced transactions in Q1, already reaching 50% of the total deals in 2024. While insurance brokerages previously dominated acquisitions in this space, there’s a noticeable shift toward wealth-focused platforms. These firms are enhancing their retirement income and decumulation planning capabilities to better serve aging client bases, making retirement-centric practices attractive acquisition targets.​

Insurance Brokerage Activity

Insurance brokerages were responsible for 8% of wealth advisory acquisitions in Q1 2025—a slight dip from the 10–14% range consistently observed since 2021. This shift may suggest a strategic realignment within insurance firms, though the long-term impact remains uncertain.

Notable Transactions

• January 24: A national RIA completed its first acquisition in Maine, adding over $409 million in assets under management and recording its 22nd deal of the year.

• March 3: A growing advisory platform expanded its presence in the Pacific Northwest by acquiring a firm with $630 million in assets, strengthening its offerings in wealth management, group benefits, and tax planning.

• March 31: Another strategic acquisition added over $581 million in client assets and marked an entrance into the North Dakota market, expanding regional reach and service capabilities.

Looking Ahead

Despite early Q2 market volatility, the outlook for wealth advisory M&A remains positive. The fundamental drivers—such as the need for scale, succession planning, and strategic partnerships—continue to fuel consolidation. Buyers are well-capitalized and eager to grow, presenting opportunities for firm owners to capitalize on favorable valuations and secure long-term growth.​

At DOXA, we recognize that market disruptions can clarify the landscape, distinguishing serious, stable buyers from the rest. For sellers, this environment underscores the value of aligning with partners who offer the resources and infrastructure to navigate turbulence and enhance client value.​

If you’re exploring your next chapter, connect with DOXA—where stability meets strategy, and every acquisition is a step toward lasting growth.