Selling, buying or planning to hand it off someday

What practices are worth

Published multiples, each from its source. A given practice can fall outside them, and how the price is paid matters as much as the headline number.

• 1.6x to 4.4xTypical multiple of recurring revenue

  Applies to: RIAs and advisors with recurring revenue.

  "For RIAs and advisors with recurring revenue, that multiplier typically falls between 1.6x and 4.4x." Source: Succession Resource Group, successionresource.com, May 13, 2025; checked Oct 5, 2026.

• 2.5x to 3.5xMultiple of recurring revenue paid in 62.8% of the deals SRG tracked in 2024

  Applies to: Books of business in 176 transactions completed in 2024 and tracked by SRG.

  "Nearly two-thirds (62.8%) of deals were paid between 2.50x and 3.50x recurring revenue" Source: Succession Resource Group, successionresource.com, Feb 25, 2025; checked Oct 5, 2026.

• 3.27xAverage multiple of recurring revenue, 2025

  Applies to: Books of business in 171 transactions completed in 2025 and tracked by SRG.

  "the average topline recurring revenue multiple for 'books of business' climbed to 3.27x" Source: Succession Resource Group, press release, newswire.com, Feb 5, 2026; checked Oct 5, 2026.

• 2x to 3xMultiple of revenue in Advisor Legacy's practice valuations

  Applies to: Over 400 practice valuations Advisor Legacy completed since January 1, 2020.

  "Compared to previous years, valuations are significantly higher, averaging at $2 million and selling for multiples of 2 to 3 times revenue." Source: Advisor Legacy, advisorlegacy.com, updated Oct 10, 2025; checked Oct 5, 2026.

• 4x to 8xMultiple of annual earnings, including reasonable owner's compensation

  Applies to: Most practices.

  "For most practices, the industry standard multiplier is typically 4 to 8 times annual earnings, including reasonable owner's compensation." Source: Succession Resource Group, successionresource.com, May 13, 2025; checked Oct 5, 2026.

• 5x to 9xEBITDA multiple for healthy advisory firms

  Applies to: Healthy advisory firms; premium firms higher.

  "For healthy advisory firms, EBITDA multiples often fall in the 5.0x to 9.0x range, with premium firms commanding even higher figures." Source: Advisor Legacy, advisorlegacy.com, updated Jun 25, 2026; checked Oct 5, 2026.

• 9.98xAverage EBITDA multiple for advisory businesses, 2025

  Applies to: Advisory businesses in 171 transactions completed in 2025 and tracked by SRG.

  "the average EBITDA multiple for advisory 'businesses' in 2025 rose to 9.98x" Source: Succession Resource Group, press release, newswire.com, Feb 5, 2026; checked Oct 5, 2026.

Estimate your practice

Who is buying

The latest announced deals we have confirmed from the buyer's, seller's or investor's own announcement. Not a complete list.

1. Oct 1, 2026

   Cerity Partners and Cornerstone Capital, Inc.

   Seller assets

   approximately $1.4 billion in assets under management

   Structure

   Merger, completed; financial terms not stated

   Source: prnewswire.com, checked Oct 5, 2026.

2. Sep 30, 2026

   Hightower Advisors and Sandy Cove Advisors

   Seller assets

   approximately $752 million in assets under management

   Structure

   Joined Hightower Signature Wealth, described as its third external acquisition of 2026; financial terms not stated

   Source: hightowersignature.com, checked Oct 5, 2026.

3. Sep 30, 2026

   Wealth Enhancement and RWA Wealth Partners

   Seller assets

   approximately $22.46 billion in client assets as of June 30, 2026

   Structure

   Agreement to acquire; expected to close in the fourth quarter; financial terms not stated

   Source: prnewswire.com, checked Oct 5, 2026.

4. Sep 29, 2026

   Waverly Advisors and Heartwood Wealth Advisors

   Seller assets

   approximately $1.7 billion in assets under management (as of 9.22.2026)

   Structure

   Acquisition, closed Sept. 25, 2026; financial and legal terms not disclosed

   Source: waverly-advisors.com, checked Oct 5, 2026.

5. Sep 23, 2026

   Modern Wealth Management and AWA Wealth Management

   Seller assets

   approximately $290 million in client assets

   Structure

   Acquisition; financial terms not stated

   Source: modwm.com, checked Oct 5, 2026.

Buyers with more than one deal in the tracker since Jul 7, 2026: Wealth Enhancement (3), Allworth Financial (2), Cerity Partners (2), Hightower Advisors (2).

All 25 deals in the tracker

How deals are structured

• Asset sale or equity sale: how practice deals are structured

  What a buyer actually buys, why client consent comes up, the registration filings, and how the tax allocation works.

• Down payments, seller notes and earnouts: how the price gets paid

  Why the headline price is rarely the cash at closing, and how down payments, seller notes, earnouts and buyer equity work.

• Minority stakes and outside capital

  How a minority investment differs from a sale, how common these deals are, and why control is about more than a percentage.

• How long a sale or succession takes

  Years to prepare, months to sell, and a year or more of payments and transition after closing.

• What buyers look at

  Revenue quality, growth, clients, team and records: the factors that move a practice up or down a published range.

Confidential by default

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