RIA Valuation Insights

October 2, 2025 Industry Trends

RIA Market Update: Q3 2025

RIAs delivered mixed results in Q3 2025, with larger asset managers leading the sector at an 11% quarterly gain, outpacing the S&P 500’s 8% return. Smaller managers rose modestly, while alternative managers continued to lag after a stretch of strong growth in 2023 and early 2024. On a year-over-year basis, traditional managers remained ahead of the index, while alternative managers posted the strongest revenue and EBITDA growth despite muted price performance. We explore further in our Q3 2025 Market Update.

September 22, 2025 Current Events Industry Trends

The UHNW Institute’s “Wealthesaurus”

Clear communication is essential in family business governance, yet shared definitions are often overlooked. That’s why the UHNW Institute’s new Wealthesaurus caught our attention. This online glossary brings clarity to the complex vocabulary of family wealth and enterprise conversations. This resource also provides standardized definitions of common and specialized family wealth advising industry terms. For directors, it’s a valuable reference that supports informed decision-making and effective dialogue across generations.

September 19, 2025 Alternative Asset Managers Transactions Valuation

Private Equity’s Growing Influence on RIA Dealmaking and Valuation Multiples

Private equity continues to reshape the RIA landscape in 2025, fueling record deal activity and driving consolidation at an unprecedented pace. With 132 transactions in the first half of the year totaling $182.7 billion in AUM, PE-backed firms now account for more than half of all acquirers. Their disciplined “buy-and-build” strategies, focus on scalability, and willingness to pay strategic premiums are redefining ownership dynamics and valuations across the sector. For RIA owners, aligning with PE’s playbook offers both opportunities and challenges in unlocking long-term enterprise value.

September 12, 2025 Trust Companies Wealth Management

Is There a Scarcity Value for Independent Trust Companies?

Supply/Demand Dynamics in Trust Company M&A

Independent trust companies are in short supply compared to the thousands of RIAs, yet demand for their capabilities is rising. For wealth managers, acquiring trust services enhances client retention, attracts larger and more complex relationships, and secures multigenerational ties. This supply–demand imbalance suggests trust companies may carry a real “scarcity value” in today’s market.

September 5, 2025 Industry Trends Practice Management Valuation

Ten Takes from Ten Years of RIA Valuation Insights

After 500 Blog Posts, We Still Have More to Say

In the late spring of 2015, Brooks Hamner and I were having lunch and started talking about creating a blog to explore what we were seeing regarding valuation and advisory projects in the RIA space. The big question was not whether we could start it, but whether we could keep it going.

Most blogs start strong for a few months and then kind of fade out. When we got back from lunch, I pulled up a Word doc and Brooks and I started brainstorming topics. In a few minutes, we had several dozen ideas, so it was pretty clear we had enough to say.

Ten years later, we still haven’t run out of ideas.

Looking back, though, we do see a few themes on heavy rotation. I doubt that will change.

August 29, 2025 Trust Companies

The Growing Appeal of Independent Trust Companies

Independent trust companies are gaining momentum in 2025, offering high-net-worth clients flexible, client-focused solutions outside the constraints of traditional banks. As the $68 trillion Great Wealth Transfer accelerates, these firms stand out for their personalized services, regulatory agility, and tech-driven client experience—positioning them as key players in the evolving wealth management landscape.

August 22, 2025 Margins and Compensation Valuation

Building Valuable RIAs

Navigating Margins, Compensation, and Long-Term Growth

In the investment management world, evaluating a firm’s margin isn’t as simple as “more is better.” For RIAs, margin reflects efficiency, but it also reflects the firm’s tradeoffs with compensation. Investment management is a talent business, and striking the right balance between margin and employee compensation that allows the firm to attract, retain, and incentivize talent is critical to an RIA’s success. Read more in this week’s post.

August 15, 2025 Valuation Wealth Management

Enhancing RIA Value Through Family Office Services

Being Ambitious Without Becoming Delusional

In the ever-evolving wealth management sector, we see RIAs exploring ways to bolster their competitive edge, long-term sustainability, margin, and valuation. An increasingly common strategy involves integrating family office services, which extend core asset management to include comprehensive tax optimization, estate planning, philanthropy coordination, and lifestyle management. This often manifests as a multi-family office (MFO) model, serving multiple ultra-high-net-worth (UHNW) clients under RIA regulatory frameworks. In this week’s post, we discuss the strategy and if it can provide resilience for RIA margins.

August 8, 2025 Current Events Industry Trends

You Can’t Spell RIA Without AI

The Impact of Artificial Intelligence on the RIA Industry

AI is expected to have a significant impact on the RIA industry. This relatively new technology is already reshaping how RIAs manage assets, engage with clients, and navigate an increasingly competitive landscape. For RIA owners, understanding and leveraging AI is becoming critical to maintaining a competitive edge, enhancing firm valuations, and ensuring long-term success in a mature but evolving industry. This post explores the multifaceted impact of AI on the RIA industry while providing actionable insights for firms looking to adapt.

August 1, 2025 Transactions

RIA M&A Isn’t the Only Way

Internal Transactions Still Work

With a constant stream of headlines about M&A and near-daily inquiries from prospective acquirers, it’s easy for RIA owners to get the impression that external transactions are the norm. Internal transactions don’t generate headlines, and prospective buyers (next-gen management) likely aren’t beating your door down to close a deal. While they may be less conspicuous, internal transactions are a viable avenue for succession planning and one that many RIAs accomplish successfully.