Wealth Advisory M&A Could Top 400 Deals in 2026

TL;DR: MarshBerry's third-quarter report, as reported by PLANADVISER, puts the count at 294 announced U.S. wealth advisory transactions through September 30. That is the highest September year-to-date total the firm has recorded, and 4.6% more than the same stretch of 2025.

What did MarshBerry report?

MarshBerry says 2026 could become the industry's first 400-deal year. The word "could" carries weight here. It is a forecast from a consulting firm that tracks this market, and it has not happened yet.

The gap to 400 is wide. MarshBerry's own update from December 10, 2025 counted 339 deals through November and said the market was on pace to surpass 2024's record of 353 deals. Clearing 400 would beat that 2024 mark by a wide margin and would take a very big fourth quarter.

Measure	2026 through Sept. 30	Source
Announced U.S. wealth advisory deals	294	MarshBerry via PLANADVISER
Change vs. same period of 2025	+4.6%	MarshBerry via PLANADVISER
Share taken by PE-backed buyers	72% (74% in all of 2025)	MarshBerry via PLANADVISER
Share taken by independent buyers	21% (20% last year)	MarshBerry via PLANADVISER

Private-equity-backed firms still do most of the buying. Independent acquirers gained a single point of share.

Who is buying?

A short list of firms does a large share of the buying. In MarshBerry's buyer ranking, as published by Wealth Advisor Daily, Wealth Enhancement Group led with 19 transactions, followed by Hightower Advisors with 15 and Carson Group with 12. The ten most active buyers took one-third of all announced transactions.

That points to a market where a handful of consolidators are assembling large platforms, mostly with private-equity money behind them. Anyone who has followed how PE sponsors build roll-ups will recognize the shape, and those roll-ups rarely stay small.

Do other trackers agree?

Not entirely. DeVoe & Company counted 77 RIA deals in the third quarter, a 17% drop. DeVoe tracks a narrower group, independent RIAs with at least $100 million in assets under management, according to the same Wealth Management story.

That story also reports Piper Sandler, which counts RIA sales of at least $100 million, at 89 transactions for the quarter against 93 in the third quarter of 2025. Piper Sandler's Cameron Hoerner said, "We are not seeing a slowdown in deal activity."

The MarshBerry headline is up while the RIA-only count is down, because the two firms measure different slices of the market. DeVoe now expects full-year RIA M&A between 320 and 340 transactions, against a 2025 record of 322.

The counts differ at the buyer level too. DeVoe's ranking puts Wealth Enhancement at 16 deals and Hightower at 15.

Why should an accredited investor care?

If you work with an independent advisor, a sale of their firm is a real possibility. MarshBerry says PE-backed buyers took 72% of the deals it tracked.

You also won't hear about a sale early. DeVoe's report calls announced deals a "lagging indicator," because owners decide to sell between six and 18 months before the transaction is completed. Conversations that end in a sale are often under way long before an announcement.

The sources don't say what a sale does to the advice clients receive, so that question stays open. Ownership does change the incentives behind a recommendation, which is the same reason to read the fee stack before the pitch on any private-market product.

Common mistakes

The first mistake is assuming the name on the door means nothing changed. A firm can keep its brand and still answer to a new owner, so ask who owns it today.

The second is signing a consent form after a sale without reading what changed. Check the custodian, the fee schedule and the people who actually manage your money.

The third is reading a record deal count as proof that clients are better served. A busy deal market shows that buyers are active and says nothing about service quality.

What to watch next

The fourth-quarter count decides the 400 question. MarshBerry needs a very strong finish to reach it, and DeVoe's own forecast implies roughly 76 to 96 RIA deals in the quarter.

For related reading on how PE and family-office money is moving, see family office direct deal volume, how accredited investors access family office co-investment, and the 2026 BDC debt issuance wave.

FAQ

Will 2026 be a good year for M&A?

In wealth advisory, it is already a record pace. MarshBerry counted 294 deals through September, up 4.6%. Whether it reaches 400 depends on the fourth quarter, and DeVoe expects RIA-only deals to land between 320 and 340 for the full year.

Which wealth management firm was most active in 2026?

By MarshBerry's tally through September, Wealth Enhancement Group led with 19 transactions, then Hightower Advisors with 15 and Carson Group with 12. DeVoe's narrower count put Wealth Enhancement at 16 and Hightower at 15.

What M&A deals were announced today?

The sources reviewed here don't include a daily deal list. For wealth advisory, MarshBerry and DeVoe publish periodic tallies. The most recent notable deal in those sources is the November 2025 merger of Matter Family Office and IWP Family Office.

What to do today

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