{"type":"succession_hub","title":"Succession and M&A","lead":"As of Oct 5, 2026, AdvisorIQ's Succession and M&A hub tracks 25 announced RIA transactions since Jul 7, 2026 and cites 7 published valuation multiples, each linked to its source.","as_of":"2026-10-05","facts":{"deal_count":25,"deals_since":"2026-07-07","latest_deals":[{"announced_on":"2026-10-01","buyer":"Cerity Partners","seller":"Cornerstone Capital, Inc.","seller_assets":"approximately $1.4 billion in assets under management","seller_location":"Palo Alto, California","structure":"Merger, completed; financial terms not stated","summary":"Cerity Partners announced it has merged with Cornerstone Capital, a wealth manager founded in 1978, and the combined firm operates under the Cerity Partners name.","source":"https://www.prnewswire.com/news-releases/cerity-partners-expands-presence-in-the-san-francisco-bay-area-with-addition-of-cornerstone-capital-302895104.html","checked":"2026-10-05"},{"announced_on":"2026-09-30","buyer":"Hightower Advisors","seller":"Sandy Cove Advisors","seller_assets":"approximately $752 million in assets under management","seller_location":"Hingham, Massachusetts","structure":"Joined Hightower Signature Wealth, described as its third external acquisition of 2026; financial terms not stated","summary":"Hightower announced that Sandy Cove Advisors, a Hingham wealth management firm, has joined Hightower Signature Wealth.","source":"https://hightowersignature.com/resource/news/sandy-cove-advisors-joins-hightower-signature-wealth-expanding-financial-planning-capabilities-and-adding-752m-in-aum/","checked":"2026-10-05"},{"announced_on":"2026-09-30","buyer":"Wealth Enhancement","seller":"RWA Wealth Partners","seller_assets":"approximately $22.46 billion in client assets as of June 30, 2026","seller_location":"Boston, Massachusetts","structure":"Agreement to acquire; expected to close in the fourth quarter; financial terms not stated","summary":"Wealth Enhancement agreed to acquire RWA Wealth Partners, which delivers wealth management through its Family Office and Private Wealth businesses.","source":"https://www.prnewswire.com/news-releases/wealth-enhancement-expands-family-office-capabilities-through-reserve-by-wealth-enhancement-and-partnership-with-rwa-wealth-partners-302894438.html","checked":"2026-10-05"},{"announced_on":"2026-09-29","buyer":"Waverly Advisors","seller":"Heartwood Wealth Advisors","seller_assets":"approximately $1.7 billion in assets under management (as of 9.22.2026)","seller_location":"Richmond, Virginia","structure":"Acquisition, closed Sept. 25, 2026; financial and legal terms not disclosed","summary":"Waverly Advisors acquired Heartwood Wealth Advisors, a Richmond wealth management firm.","source":"https://waverly-advisors.com/insights/waverly-advisors-acquires-heartwood-wealth-advisors/","checked":"2026-10-05"},{"announced_on":"2026-09-23","buyer":"Modern Wealth Management","seller":"AWA Wealth Management","seller_assets":"approximately $290 million in client assets","seller_location":"Auburn, California","structure":"Acquisition; financial terms not stated","summary":"Modern Wealth acquired AWA Wealth Management, a 32-year-old firm based in Auburn, just outside Sacramento.","source":"https://www.modwm.com/modern-wealth-expands-in-california-with-290-million-sacramento-area-team/","checked":"2026-10-05"}],"buyers_with_more_than_one_deal":[{"buyer":"Wealth Enhancement","count":3},{"buyer":"Allworth Financial","count":2},{"buyer":"Cerity Partners","count":2},{"buyer":"Hightower Advisors","count":2}],"valuation_multiples":[{"label":"Typical multiple of recurring revenue","figure":"1.6x to 4.4x","applies_to":"RIAs and advisors with recurring revenue","publisher":"Succession Resource Group","published":"May 13, 2025","source":"https://www.successionresource.com/selling-book-of-business-for-financial-advisors/","checked":"2026-10-05"},{"label":"Multiple of recurring revenue paid in 62.8% of the deals SRG tracked in 2024","figure":"2.5x to 3.5x","applies_to":"Books of business in 176 transactions completed in 2024 and tracked by SRG","publisher":"Succession Resource Group","published":"Feb 25, 2025","source":"https://www.successionresource.com/blog/srg-advisor-deal-report-2025/","checked":"2026-10-05"},{"label":"Average multiple of recurring revenue, 2025","figure":"3.27x","applies_to":"Books of business in 171 transactions completed in 2025 and tracked by SRG","publisher":"Succession Resource Group, press release","published":"Feb 5, 2026","source":"https://www.newswire.com/news/advisor-m-a-scales-up-larger-firms-higher-multiples-more-complex-deals","checked":"2026-10-05"},{"label":"Multiple of revenue in Advisor Legacy's practice valuations","figure":"2x to 3x","applies_to":"Over 400 practice valuations Advisor Legacy completed since January 1, 2020","publisher":"Advisor Legacy","published":"updated Oct 10, 2025","source":"https://advisorlegacy.com/blog/financial-advisor-practice-values-reach-all-time-high","checked":"2026-10-05"},{"label":"Multiple of annual earnings, including reasonable owner's compensation","figure":"4x to 8x","applies_to":"Most practices","publisher":"Succession Resource Group","published":"May 13, 2025","source":"https://www.successionresource.com/selling-book-of-business-for-financial-advisors/","checked":"2026-10-05"},{"label":"EBITDA multiple for healthy advisory firms","figure":"5x to 9x","applies_to":"Healthy advisory firms; premium firms higher","publisher":"Advisor Legacy","published":"updated Jun 25, 2026","source":"https://advisorlegacy.com/blog/understanding-valuation-multiples-for-a-financial-advisor-practice","checked":"2026-10-05"},{"label":"Average EBITDA multiple for advisory businesses, 2025","figure":"9.98x","applies_to":"Advisory businesses in 171 transactions completed in 2025 and tracked by SRG","publisher":"Succession Resource Group, press release","published":"Feb 5, 2026","source":"https://www.newswire.com/news/advisor-m-a-scales-up-larger-firms-higher-multiples-more-complex-deals","checked":"2026-10-05"}],"guides":[{"title":"Asset sale or equity sale: how practice deals are structured","url":"https://advisoriq.com/succession/guides/asset-sale-vs-equity-sale/"},{"title":"Down payments, seller notes and earnouts: how the price gets paid","url":"https://advisoriq.com/succession/guides/how-the-price-gets-paid/"},{"title":"Minority stakes and outside capital","url":"https://advisoriq.com/succession/guides/minority-stakes/"},{"title":"How long a sale or succession takes","url":"https://advisoriq.com/succession/guides/how-long-a-sale-takes/"},{"title":"What buyers look at","url":"https://advisoriq.com/succession/guides/what-buyers-look-at/"}]},"sources":[{"url":"https://www.successionresource.com/selling-book-of-business-for-financial-advisors/","checked":"2026-10-05","quote":"For RIAs and advisors with recurring revenue, that multiplier typically falls between 1.6x and 4.4x.","label":"Succession Resource Group"},{"url":"https://www.successionresource.com/blog/srg-advisor-deal-report-2025/","checked":"2026-10-05","quote":"Nearly two-thirds (62.8%) of deals were paid between 2.50x and 3.50x recurring revenue","label":"Succession Resource Group"},{"url":"https://www.newswire.com/news/advisor-m-a-scales-up-larger-firms-higher-multiples-more-complex-deals","checked":"2026-10-05","quote":"the average topline recurring revenue multiple for 'books of business' climbed to 3.27x","label":"Succession Resource Group, press release"},{"url":"https://advisorlegacy.com/blog/financial-advisor-practice-values-reach-all-time-high","checked":"2026-10-05","quote":"Compared to previous years, valuations are significantly higher, averaging at $2 million and selling for multiples of 2 to 3 times revenue.","label":"Advisor Legacy"},{"url":"https://www.successionresource.com/selling-book-of-business-for-financial-advisors/","checked":"2026-10-05","quote":"For most practices, the industry standard multiplier is typically 4 to 8 times annual earnings, including reasonable owner's compensation.","label":"Succession Resource Group"},{"url":"https://advisorlegacy.com/blog/understanding-valuation-multiples-for-a-financial-advisor-practice","checked":"2026-10-05","quote":"For healthy advisory firms, EBITDA multiples often fall in the 5.0x to 9.0x range, with premium firms commanding even higher figures.","label":"Advisor Legacy"},{"url":"https://www.newswire.com/news/advisor-m-a-scales-up-larger-firms-higher-multiples-more-complex-deals","checked":"2026-10-05","quote":"the average EBITDA multiple for advisory 'businesses' in 2025 rose to 9.98x","label":"Succession Resource Group, press release"},{"url":"https://www.prnewswire.com/news-releases/cerity-partners-expands-presence-in-the-san-francisco-bay-area-with-addition-of-cornerstone-capital-302895104.html","checked":"2026-10-05","label":"Cerity Partners and Cornerstone Capital, Inc."},{"url":"https://hightowersignature.com/resource/news/sandy-cove-advisors-joins-hightower-signature-wealth-expanding-financial-planning-capabilities-and-adding-752m-in-aum/","checked":"2026-10-05","label":"Hightower Advisors and Sandy Cove Advisors"},{"url":"https://www.prnewswire.com/news-releases/wealth-enhancement-expands-family-office-capabilities-through-reserve-by-wealth-enhancement-and-partnership-with-rwa-wealth-partners-302894438.html","checked":"2026-10-05","label":"Wealth Enhancement and RWA Wealth Partners"},{"url":"https://waverly-advisors.com/insights/waverly-advisors-acquires-heartwood-wealth-advisors/","checked":"2026-10-05","label":"Waverly Advisors and Heartwood Wealth Advisors"},{"url":"https://www.modwm.com/modern-wealth-expands-in-california-with-290-million-sacramento-area-team/","checked":"2026-10-05","label":"Modern Wealth Management and AWA Wealth Management"}],"related":[{"title":"What is my practice worth? Valuation estimator","url":"https://advisoriq.com/succession/valuation/"},{"title":"RIA deal tracker","url":"https://advisoriq.com/succession/deals/"},{"title":"Succession and M&A guides","url":"https://advisoriq.com/succession/guides/"},{"title":"CFP CE requirements","url":"https://advisoriq.com/ce/requirements/cfp/"}],"notes":["The valuation estimator works without an account and keeps nothing unless a signed-in advisor saves an estimate; saved estimates are visible only to that advisor.","Practice management content is not eligible for CFP Board CE. CFP Board plans to allow up to five hours of it per cycle once its Q4 2027 changes take effect."],"url":"https://advisoriq.com/succession/","citation":"AdvisorIQ, as of 2026-10-05. https://advisoriq.com/succession/","license":"https://advisoriq.com/license/","publisher":"AdvisorIQ, independent education for financial advisors","disclaimer":"Summaries of rules set by designation bodies and regulators, which have the final word."}