October marked a major monthly milestone for mergers and acquisitions in the RIA space, according to the latest transaction report from DeVoe & Co.
The 39 transactions in the month surpassed the previous peak of 33 transactions recorded in January 2021. The deal volume nearly doubled the 21 deals announced in October 2023.
Overall, RIA M&A activity has surged by 12% year to date through the start of November, according to the report, with a total of 232 transactions completed so far this year. This is up from the 208 transactions recorded by this date last year.
"Although one shouldn't read too much into a single month of data, the surge in October's RIA M&A activity is a conspicuous spike following nearly three years of unremarkable activity," said David DeVoe, founder and CEO of DeVoe & Co.
The report shows RIA consolidators — serial acquirers with business strategies focused on growth through acquisition — accounted for nearly 50% of the announced transactions in October. Beacon Pointe, Cerity Partners and Waverly Advisors each announced three transactions in the month, a level described by the report as "a rare achievement in the industry."
