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Despite Market Downturn, Wealth Management M&A Still Red Hot

July 28, 2022 Trang Bleininger

Mergers and acquisitions exercise among wealth management corporations is however on fireplace regardless of volatile industry problems.

That’s according to two new stories on the sector by Fidelity Institutional, a device of the large asset administration organization, and Echelon Associates, an expenditure banking and consulting business.


Teeraphat Sirisatonpun/Dreamstime

Fidelity Institutional’s report claimed there had been 61 promotions involving registered expense advisory companies, or RIAs, in the course of the next quarter, and a document 119 offers for the very first 50 % of the yr, up 47% in excess of the first 6 months of 2021. 

Echelon’s report tabulated 87 deals for the 2nd quarter, up from 54 for the same interval final calendar year. Ninety-4 deals have been inked all through the 1st quarter of 2022, in accordance to the consulting firm’s studies. Echelon expected it would be a report-environment 12 months for the wealth administration sector. 

The two studies differ marginally on methodology, but the concept is clear: M&A exercise among prosperity administrators continues to be lively.

An getting older advisor pressure has been a large aspect driving RIA acquisitions. There are hundreds of infant boomer advisors wanting to sell their techniques and retire. Extra than a 3rd of money advisors across the business are envisioned to retire about the future 10 years, according to analysis firm Cerulli Associates.

A further element behind M&A exercise: non-public fairness corporations have poured funds into the prosperity administration sector, obtaining an desirable business enterprise with a somewhat regular profits stream. Far more RIAs want to obtain their opponents as they seek out increased scale and performance.


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The momentum is carrying into the 3rd quarter. Prosperity Improvement Team, for case in point, very last week claimed it experienced obtained Titus Wealth, an RIA with additional than $776 million in client belongings. The deal marks Wealth Enhancement’s seventh closed acquisition of this calendar year. 

Bluespring Prosperity Partners, a unit of Kestra Economical that specializes in RIA acquisitions, a short while ago poached a prime Fidelity executive, David Canter, as it eyes space for expansion. Because its launch in 2019, Bluespring has grown to 26 corporations, and concluded six acquisitions so considerably this year. Kestra executives see additional home for growth. 

“These [advisory] businesses—and there are hundreds of them—are the most useful asset these advisors have developed in their lifetime,” Kestra Financial CEO James Poer explained to Barron’s Advisor before this thirty day period. “So monetizing them in the appropriate way and finding the correct house for their customers is essential.”

Valuation force. The Fidelity report noted a major uptick in promotions for more compact (sub-$500 million) RIAs. It also cautions that improvements in market conditions may well mood exercise or improve how offers get structured. 

“Although activity continues to be robust by mid-12 months, valuation multiples are below pressure from file ranges, and several buyers are reportedly in search of to protect cash as they take into consideration deal construction and timing,” Scott Slater, M&A expert and Fidelity Institutional VP of exercise administration & consulting, explained in a assertion.

Echelon’s report pointed out present-day possible headwinds, but struck an upbeat outlook for the sector. “Any upcoming slowdown, driven by macroeconomic headwinds, will most likely be transitory and end result in pent-up demand from customers in long run years,” the report states. “We continue on to consider we are in the early innings of a lengthy cycle of RIA consolidation.”

Publish to Andrew Welsch at [email protected]

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