Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
RIA consolidation has stayed at or near record levels for three straight quarters. Dakota tracked 83 announced transactions worth $117B in AUM in 4Q25, 102 transactions worth a record $236B in 1Q26, and 103 transactions worth $164.7B in 2Q26 — still well ahead of 4Q25 on both measures. Across the first seven months of 2026, that adds up to 238 announced deals worth roughly $451B in client AUM. This is a sustained, multi-year distribution event, not a single blockbuster deal skewing the numbers.
Most of that volume and press coverage still concentrates on a handful of already-mega platforms — Wealthspire, Corient, Hightower — where, per Dakota’s Q2 2026 RIA M&A Report, manager selection has already consolidated to the enterprise level, decided through home-office approved lists rather than by individual advisors. The ten platforms below have not reached that stage yet, which is exactly why they are worth prioritizing now rather than after they mature into the next Hightower.
Dakota’s Q2 2026 RIA M&A Report also found an average deal size of about $1.0B excluding mega-deals, with a disclosed PE or institutional sponsor behind roughly 70–75% of deal volume. With about a third of advisors expected to retire within the next decade, the report frames this as a multi-year channel rather than a one-off wave — each deal triggers a manager-lineup review that creates a fresh distribution opening. The “Platform notes” column on the next page gives basic background on each firm, its backer, and its most recent M&A activity.
This tier is still expanding rather than consolidating. A $5B platform on this list can reach $10B or more within two years, while the largest platforms are mostly integrating what they have already acquired.
Three of the ten — Prime Capital, Merit, and EP Wealth — changed or added a PE backer in the past year, and all three were minority investments rather than full sales. Dakotaʼs Q2 report notes a minority stake typically leaves existing manager relationships in place, unlike a full sale, which re-underwrites the target against the acquirerʼs approved list.
WPCG/HGGC alone backs three platforms on this list (Waverly, Apella, MCF) and also took a $3.3B stake in Crewe Advisors this quarter — a reminder that one sponsor relationship can span several platforms in this tier.
Manager relationships at most of these firms remain decentralized. Acquired practices tend to keep their existing relationships, so outreach needs to reach the underlying practice, not only the parentʼs home office.
EP Wealth and Waverly have the highest deal volume on this list — eight-plus and 31-plus acquisitions, respectively, since taking on PE capital — and therefore the steadiest flow of newly onboarded advisors.
Arax and Prime Capital are the two firms most explicit about building out alternatives and family-office capabilities —the more likely near-term openings for alts and SMA distribution. Apellaʼs factor-based, passive-leaning approach is a harder fit for higher-fee active strategies.
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