
Private Equity Carves Out Its Place in the RIA Space
June 14, 2023
Backed by some of the industry’s biggest PE players, M&A among RIA consolidators is strong.
The impact of mergers and acquisitions (M&A) in the registered investment advisor (RIA) channels has rippled across the financial advice industry. What was once a cottage industry has exploded into a compelling business opportunity. A highly scalable, fragmented market with a growing service sector and a recurring revenue model, the RIA channels are attracting the attention of private equity (PE) giants that typically dominate sectors like industrials, technology, and healthcare.
In this white paper, Cerulli examines why PE firms have placed increased attention on the RIA space and how they have already helped supercharge some of the industry’s acquirer mainstays.
Key Highlights

The $3.7 Trillion Opportunity
Cerulli estimates the opportunity for RIA acquisitions is at $3.7 trillion across advisor retirements, new breakaway advisors, and growth-challenged RIAs. There is no shortage of potential acquisition targets.

A Perfect Storm of Growth Drivers
High growth rates, market fragmentation, and recurring revenue streams make the RIA marketplace particularly attractive to PE firms looking to fund deals in the wealth management industry.
The Next Generation of RIA Consolidators
As consolidation runs through the RIA channel, a growing subset of emerging consolidators is maturing. This next generation of consolidators is accessing growth capital much earlier and actively engaging with private equity firms to support their ongoing acquisitions.
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SUBJECT MATTER EXPERTS
Meet Our Research Team

Stephen Caruso
Associate Director
Bio →

Stephen Caruso
Associate Director
Stephen is a Associate Director in the Wealth Management practice where he leads research into the registered investment advisor (RIA) channels. As part of his research, he is the author of Cerulli’s U.S. RIA Marketplace report and has written on topics including private equity investment in RIAs and the role staff play in RIAs’ pursuit of scale.
Full biography here.
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