Strategic Acquirers Drive Record Mega-Deals in Q3: Echelon Report

Strategic acquirers drove a record number of "mega-deals" in Q3, with 13 acquisitions of firms with over $20 billion in client assets. The deals involved a mix of strategic and financial buyers, with Creative Planning, Corient, and MAI Capital Management making significant acquisitions. Private equity firms such as Madison Dearborn Partners and Stone Point Capital also participated in major deals, including the acquisition of Aon's wealth business and a majority stake in OneDigital.

Strategic acquirers set a new record for "mega-deals" in the third quarter of 2025, with 13 acquisitions of firms with over $20 billion in client assets, according to a new report by investment banking boutique Echelon Partners. This marks the highest number of such deals since Echelon started tracking mega-deals in 2020 Echelon: Strategic Acquirers Drive ‘Mega-Deals’ to Record in Q3^[1].

The deals involved a mix of strategic buyers, who are adding major scale to their firms, and financial buyers such as private equity firms, family offices, and holding companies, which are backing scaled enterprises with capital. Echelon's report noted that strategic acquirers have historically accounted for most transactions, though they typically have at least one financial partner to contribute incremental capital for growth Echelon: Strategic Acquirers Drive ‘Mega-Deals’ to Record in Q3^[1].

Creative Planning, a registered investment advisor with over $390 billion in client assets, announced it is working to close a deal for SageView Advisory Group, a $250 billion RIA heavy on institutional assets. The combined firm will have more than 550 advisors, 11,800 retirement plans, and 80,000 private wealth clients across $640 billion in total assets Creative Planning Set To Close $250B SageView Deal in December^[2]. Corient, the registered investment advisor arm of Mubadala Capital-owned CI Financial, acquired two U.K.-based wealth managers overseeing a combined $214 billion in assets. Cleveland-based MAI Capital Management acquired Los Angeles-based RIA Evoke Advisors, which will nearly double the firm’s size to approximately $60 billion Echelon: Strategic Acquirers Drive ‘Mega-Deals’ to Record in Q3^[1].

Financial backers in the RIA space also did some significant deals. Notably, private equity firm Madison Dearborn Partners took back control of Aon’s wealth business for about $2.7 billion. Stone Point Capital and CPP Investments bought a majority stake in hybrid RIA OneDigital, which valued the firm at more than $7 billion Echelon: Strategic Acquirers Drive ‘Mega-Deals’ to Record in Q3^[1].

Echelon reported record transaction volume in wealth, tracking 125 transactions in the third quarter, higher than a prior record set in the fourth quarter of 2024. For the full year, Echelon said activity was 44% higher than a year ago, at 345 transactions. Direct private equity investments, which have been a major driver of acquisitions, declined slightly quarter-to-quarter to 11 direct transactions from 12 Echelon: Strategic Acquirers Drive ‘Mega-Deals’ to Record in Q3^[1].

The trend of deal sizes being slightly below the four-year average of $1.7 billion indicates that buyers are pursuing a broader mix of acquisitions to sustain inorganic growth. This shift shows that acquirers are focusing on integrating past acquisitions and identifying scalable, mid-sized firms that align with their growth strategies Echelon: Strategic Acquirers Drive ‘Mega-Deals’ to Record in Q3^[1].

The record-setting year for dealmaking in the wealth management industry underscores the ongoing consolidation and strategic repositioning of firms to better serve clients across wealth and retirement plan assets. As the industry continues to evolve, these mega-deals signal a shift towards more integrated and comprehensive service offerings.