DeVoe counts 77 third-quarter RIA deals, down 17%; a record year needs 79 in Q4

DeVoe & Company counted 77 RIA transactions in the third quarter, a 17% decline from a year earlier. It tracks sales of independent RIAs with at least $100 million in assets under management.

DeVoe attributes the decline to market volatility, which it says crimped dealmaking among smaller firms whose founders and leaders are closer to clients. Its analysts wrote: "Client calls and portfolio reviews multiply, concern about the firm's own performance rises, and leadership attention shifts away from strategic initiatives."

Piper Sandler counted 89 transactions in the third quarter, down from 93 a year earlier, in data the bank pulled for Wealth Management. It applies the same $100 million AUM floor. "We are not seeing a slowdown in deal activity," said Cameron Hoerner, a managing director in Piper Sandler's financial services group, who pointed to the pace of dealmaking dating back to the start of 2025. "There remains a wide universe of acquisitive platforms looking to grow inorganically, while sellers continue to come to market looking for the broader resources that these larger platforms can bring."

Fintrx counted 60 deals, down from 62 a year earlier. Because Fintrx excludes private equity, bank and insurer deals, its tally is not directly comparable to DeVoe or Piper.

The trackers did not report third-quarter valuations. In September, this publication noted that DeVoe's prior quarterly dip counted decisions sellers had made a year earlier — a reading on timing rather than on value.

A DeVoe survey this publication covered in August found only 22% of RIA leaders say their successors could afford a buyout.

DeVoe needs 79 fourth-quarter deals to make 2026 a record on its count, fewer than the 81 it counted in each of the fourth quarters of 2025 and 2024. Piper Sandler's fourth quarter is a separate number, and neither count says what the quarter's deals were worth.