RIA Valuations Set to Plateau in Late 2026

Consolidators in the wealth management sector anticipate a plateau in registered investment advisor (RIA) valuations by the second half of 2026. A survey of over 100 RIA executives indicated that 82% expect stable valuations, with the remainder forecasting declines, a notable change from prior expectations of increases.

The industry is entering a new phase after four years of record valuations. While buyers continue to seek opportunities, their pricing expectations are becoming more measured. This shift means that transactions commanding the highest multiples, often above 20x, are typically reserved for firms managing tens or hundreds of billions in assets with exceptional growth and strategic attributes.

Larger RIAs, particularly those with $1 billion to $5 billion in assets under management, remain prime acquisition targets. Notably, firms with less than $500 million in assets are no longer primary targets, indicating a clear upmarket shift in buyer demand. A significant expectation gap persists between what sellers anticipate and what buyers are prepared to offer, exacerbated by past high-value transactions.