Wealth management merger and acquisition (M&A) activity remained steady through April, with 27 announced transactions during the month – including 23 announced after April 1, bringing the year-to-date total to 121 transactions. This represents a modest 1.6% increase over April 2025 year-to-date activity, which totaled 119 announced deals.
While the pace of activity has normalized somewhat following the record-setting environment of 2025, the market continues to demonstrate resilience and consistency, supported by strong buyer demand, ample private capital, and ongoing strategic pressure for firms to scale. Acquirers remain focused on adding talent, expanding geographic reach, and enhancing platform capabilities, while sellers continue to evaluate partnership opportunities through the lens of succession, infrastructure demands, and long-term growth positioning.
Private capital-backed buyers accounted for 89 of the 121 transactions (73.6%) through April, in line with the 2025-year end figure of 72.8%. Independent firms accounted for 26 deals and 21.5% of the market, also in line with 2025’s final percentage of 20.0% (on 86 total independent deals). Insurance brokerages acquired four wealth management and retirement firms in 2025.
The top 10 buyers represented 37.2% of total transactions, and the top three acquirers (Hightower, Carson, and Wealth Enhancement) accounted for 15.7% of all announced deals. At the same time, geographic dispersion reinforces the breadth of the current market environment. A total of 38 states recorded wealth management M&A activity through April, with California leading the country at 12 transactions, underscoring both the depth and national reach of ongoing consolidation.
Notable transactions:
April 9: Corient agreed to acquire Chicago-based Vivaldi Capital, an employee-owned wealth management firm overseeing approximately $5.6 billion in assets under management, further expanding Corient’s ultra-high-net-worth advisory platform. Founded in 2012, Vivaldi specializes in alternative and private market investing for affluent clients, an area that aligns closely with Corient’s broader investment approach and institutional-style wealth management model. The transaction comes as Corient continues integrating several large acquisitions that are expected to increase the firm’s client assets to roughly $450 billion, reinforcing its position as one of the largest RIAs in the market. Vivaldi’s principals will join Corient as partners following the close, supporting Corient’s collaborative partnership structure and continued expansion in sophisticated alternative investment solutions.
April 14: LPL Financial agreed to acquire Mariner Advisor Network, a segment of Mariner supporting 367 advisors managing approximately $31 billion in assets, further expanding LPL’s supported independence platform. Under the transaction, 223 advisors will remain directly affiliated with LPL, while 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model, maintaining their multi-custodial relationships and continued use of the LPL platform. The deal strengthens LPL’s presence in the hybrid advisory space and deepens its strategic relationship with Private Advisor Group, in which LPL already holds a minority stake. The transaction reflects continued consolidation across the independent advisor and hybrid RIA market as firms seek greater scale, technology capabilities, and flexible affiliation models for advisors.
April 23: Hightower agreed to acquire The Bahnsen Group, one of its largest and fastest-growing affiliated advisory practices, in a transaction that further expands Hightower’s ultra-high-net-worth wealth management platform. Founded in 2015 with approximately $600 million in client assets, The Bahnsen Group has grown to roughly $9.5 billion in assets under management through sustained organic growth and now operates nationally across 12 offices with approximately 100 employees. The firm is known for its focus on dividend growth equity investing and strong thought leadership presence serving high-net-worth individuals, families, and institutions. The transaction will deepen The Bahnsen Group’s integration with Hightower’s technology, operations, compliance, and advisor support infrastructure while positioning the practice to continue growing organically and through acquisitions under its established brand.
Looking forward
Looking ahead, the outlook for wealth management M&A activity remains strong. Through the first four months of the year, transaction volume continues to track ahead of last year’s pace, reinforcing the durability of consolidation trends across the industry. Importantly, much of today’s activity reflects strategic decisions initiated months earlier, as firms evaluated how best to navigate evolving client expectations, rising operating complexity, and the increasing importance of scale and infrastructure. As the year progresses, the market remains supported by significant available capital, active buyer demand, and a growing recognition that strategic partnerships are becoming essential to sustaining long-term growth, competitiveness, and enterprise value.