Selling Your RIA or Wealth Management Firm
A confidential, advisor-run process that protects your clients, your team, and your value through the transition. Understand the 2026 buyer landscape, how fee-only firms are valued, and how a competitive process beats a single inbound offer.
Inquiries are strictly confidential — no public listing of your firm.
An inbound offer is not a market
Most RIA owners field an unsolicited approach from a consolidator long before they ever run a process. One offer is not a market — and selling an RIA carries client, custodial, and regulatory mechanics a listing site never addresses.
9x – 15x adjusted EBITDA
the 2025 median RIA deal closed at 11.6x; a $500M firm alone can range 9x–15x on positioning, and scaled, growing fee-only platforms reach 20x+. Revenue and AUM rules of thumb (2–4x revenue, ~2% of AUM) are starting points only
Who is buying RIAs in 2026
RIA M&A set an all-time record in 2025 (322 deals per DeVoe; 466 per Echelon), led by well-capitalized, PE-backed consolidators — and 2026 is on pace to break it again. Valuations have split into two tiers: scaled, organically growing fee-only firms are bid up, while sub-scale, slow-growth firms are compressed.
Selling an RIA is different — and that is the point
Unlike most businesses, an RIA sale runs through client consent, custodial transitions, and Form ADV. Done badly, these leak the deal and lose clients; done well inside a confidential process, they are simply managed steps. This is exactly why advisor-side process management matters more than a listing.
PE-backed consolidators & aggregators
National platforms acquiring fee-only RIAs and folding them into a shared footprint — Wealth Enhancement Group, Mercer Advisors, Captrust, Beacon Pointe, Creative Planning, Cerity Partners. Private equity backed roughly 88% of all 2025 RIA deals. Typically rollover equity into the platform plus advisor retention.
Banks & broker-dealers
Acquiring to add wealth-management AUM and recurring fee revenue — LPL and Osaic among the active strategics. They value clean compliance and a transferable client base.
Larger RIAs buying for scale
Established RIAs acquiring smaller firms for AUM, talent, and geographic or niche expansion. Often the best cultural fit for a founder.
CW Advisors acquired Rovin Capital, a fee-only RIA with $849M in AUM/AUA. CW Advisors is backed by Osaic (which acquired CWA in August 2025) and now runs 23 offices, 160+ professionals, and over $16B in AUM.
A PE-backed consolidator acquiring a founder-led fee-only firm and folding it into a national platform. Proof that buyers are active, well-capitalized, and specifically targeting fee-only RIAs.
How a sell-side process works, end to end
Selling an RIA is different — client consent, custodial transitions, and Form ADV all sit in the critical path. A structured process keeps the deal, the clients, and the regulators aligned.
- 013–5 weeks
Preparation & positioning
Frame the organic-growth and fee-only story, normalize financials, and build the confidential book buyers will underwrite.
- 021–2 weeks
Valuation & strategy
Set a defensible value range across EBITDA and AUM lenses, and target the buyer archetype that fits your clients and culture.
- 034–6 weeks
Confidential buyer outreach
Approach vetted platforms, banks, and RIAs under NDA — no exposure to clients, advisors, or competitors.
- 042–4 weeks
Offers & LOI
Compare cash, earnout, and rollover structures side by side and negotiate the letter of intent on your terms.
- 056–10 weeks
Diligence & regulatory
Manage financial diligence alongside compliance, Form ADV, and the custodial-transition plan.
- 064–8 weeks
Close & client transition
Execute client consent and custodial transfer, then the advisor-retention plan that holds AUM in place.
Deal structures owners should understand
Platform deals are rarely all-cash. The mix of cash, earnout, and rollover — plus advisor retention — determines both your net proceeds and your ongoing upside.
Cash at close
The guaranteed portion of price. The split between cash and contingent consideration is a core negotiation point.
Earnout
Consideration tied to post-close AUM retention or growth. Structure and measurement period decide whether it is achievable.
Rollover equity
Reinvesting proceeds into the acquiring platform for a "second bite" if the platform grows and recapitalizes. Standard in PE-backed deals.
Advisor retention packages
Compensation and incentives that keep you and key advisors — and therefore clients — through the transition.
What moves your multiple before you go to market
The 2026 split rewards firms that can prove durable, growing, fee-only revenue. These are the levers worth addressing before a process begins.
Tell an organic-growth story
Net new client and AUM growth — not just market appreciation — is what pushes a firm into the top tier of multiples.
Strengthen fee-only positioning
A clean, recurring, fee-only revenue base is valued above commission-mixed books.
Build team continuity
Advisor depth and retention reassure buyers that clients and AUM stay after you step back.
Clean up compliance
A spotless Form ADV and compliance record removes diligence friction and protects value.
Frequently asked questions
Through a confidential sell-side process that runs vetted buyers in competition while managing client consent, custodial transition, and Form ADV. The aim is a market of buyers rather than a single inbound consolidator offer.
The median 2025 RIA deal closed at 11.6x adjusted EBITDA. A $500M firm alone can range from 9x to 15x depending on positioning, with scaled, growing fee-only platforms reaching 20x+. AUM and revenue rules of thumb are starting points only. See our RIA valuation guide and calculator for current bands.
PE-backed consolidators and aggregators, banks and broker-dealers, and larger RIAs buying for scale. In 2026 these buyers are active, well-capitalized, and specifically targeting fee-only RIAs.
Yes — client consent and custodial transition are part of the process and must be planned for. A structured sell-side process handles this confidentially so client relationships and AUM are protected through the transition.
Start a confidential valuation conversation
No public listing, no upfront fees. Understand what your RIA is worth and how a competitive process protects your clients and your value. 100% success fee · $0 upfront · $1B+ closed.