Wealth management merger and acquisition (M&A) activity continued to build through July, with 43 announced transactions during the month, including 35 announced after July 1. This brought the year-to-date total to 230 transactions, representing a 6.5% increase over the 216 transactions announced through July 2025. The sustained pace of activity reinforces the strength and resiliency of the market, particularly following the record-setting transaction environment of 2025.
The market remains supported by strong buyer demand, significant private capital, and continued strategic pressure for firms to expand scale, enhance capabilities, and strengthen long-term competitiveness. Acquirers remain focused on adding talent, expanding geographic reach, and investing in platform infrastructure, while sellers continue to evaluate partnerships that can support succession planning, growth, and enterprise value. With activity continuing to track ahead of last year’s pace, MarshBerry remains optimistic that transaction counts will continue to rise through the remainder of 2026.
M&A market update
Private capital-backed buyers accounted for 159 of the 230 transactions (69.1%) through July, down from the 2025 year-end figure of 74.0%. Independent firms accounted for 55 deals and 23.9% of the market, which is an increase from 2025’s final percentage of 20.0% (on 86 total independent deals). Insurance brokerages acquired 12 wealth management and retirement firms in 2026.
The top 10 buyers represented 31.7% of total transactions, and the top three acquirers (Wealth Enhancement, Hightower, and Carson) accounted for 18.3% of all announced deals. At the same time, geographic dispersion reinforces the breadth of the current market environment. A total of 40 states recorded wealth management M&A activity through July, with California leading the country at 21 transactions, underscoring both the depth and national reach of ongoing consolidation.
Notable transactions:
July 20: Longwave Financial acquired MG Financial, a Seattle-based RIA founded in 1994, further expanding its presence in the Pacific Northwest. The transaction follows Longwave’s January 2026 merger with Bellevue-based Spectrum and strengthens the firm’s footprint across the Seattle and greater Bellevue markets. MG Financial brings more than three decades of experience providing personalized financial planning and investment advisory services, with a strong emphasis on long-term client relationships. The acquisition also provides a succession solution for founder Maris Galins, transitioning clients to Longwave’s broader platform while maintaining a high-touch service model. With the addition of MG Financial, Longwave is approaching $1 billion in assets under management and continues to build scale through acquisitions of relationship-focused advisory practices.
July 29: Carson Group partnered with Doyle and Loughman Wealth Management, a New Hampshire-based advisory firm overseeing approximately $1.76 billion in advisory and brokerage assets, further expanding Carson’s presence in the state. The firm, which joins from Wells Fargo Advisors Financial Network, serves multigenerational and high-net-worth families through a high-touch planning model, with particular experience supporting women investors and clients navigating generational wealth transitions. Through the partnership, Doyle and Loughman gains access to Carson’s broader planning, investment management, tax and estate planning, marketing, and operational resources while maintaining its existing team and client relationships. The transaction supports Carson’s strategy of partnering with established, growth-oriented advisory firms seeking greater scale and long-term succession support.
Looking forward
Looking ahead, wealth management M&A activity remains well positioned to sustain its positive momentum through the remainder of 2026. The market continues to be supported by substantial capital availability, a deep pool of active acquirers, and strong demand for scale, infrastructure, and expanded capabilities. Much of the activity taking place today reflects strategic planning that began well before transactions were announced, as firms evaluate how best to support future growth, strengthen competitiveness, and preserve long-term enterprise value. With the underlying drivers of consolidation firmly intact, MarshBerry remains optimistic about the market’s continued strength.
