# Succession and M&A

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
Address: https://advisoriq.com/succession/

## 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/

## 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.

## Sources

- Succession Resource Group, checked 2026-10-05: https://www.successionresource.com/selling-book-of-business-for-financial-advisors/ ("For RIAs and advisors with recurring revenue, that multiplier typically falls between 1.6x and 4.4x.")
- Succession Resource Group, checked 2026-10-05: https://www.successionresource.com/blog/srg-advisor-deal-report-2025/ ("Nearly two-thirds (62.8%) of deals were paid between 2.50x and 3.50x recurring revenue")
- Succession Resource Group, press release, checked 2026-10-05: https://www.newswire.com/news/advisor-m-a-scales-up-larger-firms-higher-multiples-more-complex-deals ("the average topline recurring revenue multiple for 'books of business' climbed to 3.27x")
- Advisor Legacy, checked 2026-10-05: https://advisorlegacy.com/blog/financial-advisor-practice-values-reach-all-time-high ("Compared to previous years, valuations are significantly higher, averaging at $2 million and selling for multiples of 2 to 3 times revenue.")
- Succession Resource Group, checked 2026-10-05: https://www.successionresource.com/selling-book-of-business-for-financial-advisors/ ("For most practices, the industry standard multiplier is typically 4 to 8 times annual earnings, including reasonable owner's compensation.")
- Advisor Legacy, checked 2026-10-05: https://advisorlegacy.com/blog/understanding-valuation-multiples-for-a-financial-advisor-practice ("For healthy advisory firms, EBITDA multiples often fall in the 5.0x to 9.0x range, with premium firms commanding even higher figures.")
- Succession Resource Group, press release, checked 2026-10-05: https://www.newswire.com/news/advisor-m-a-scales-up-larger-firms-higher-multiples-more-complex-deals ("the average EBITDA multiple for advisory 'businesses' in 2025 rose to 9.98x")
- Cerity Partners and Cornerstone Capital, Inc., checked 2026-10-05: https://www.prnewswire.com/news-releases/cerity-partners-expands-presence-in-the-san-francisco-bay-area-with-addition-of-cornerstone-capital-302895104.html
- Hightower Advisors and Sandy Cove Advisors, checked 2026-10-05: https://hightowersignature.com/resource/news/sandy-cove-advisors-joins-hightower-signature-wealth-expanding-financial-planning-capabilities-and-adding-752m-in-aum/
- Wealth Enhancement and RWA Wealth Partners, checked 2026-10-05: 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
- Waverly Advisors and Heartwood Wealth Advisors, checked 2026-10-05: https://waverly-advisors.com/insights/waverly-advisors-acquires-heartwood-wealth-advisors/
- Modern Wealth Management and AWA Wealth Management, checked 2026-10-05: https://www.modwm.com/modern-wealth-expands-in-california-with-290-million-sacramento-area-team/

## Related

- [What is my practice worth? Valuation estimator](https://advisoriq.com/succession/valuation/)
- [RIA deal tracker](https://advisoriq.com/succession/deals/)
- [Succession and M&A guides](https://advisoriq.com/succession/guides/)
- [CFP CE requirements](https://advisoriq.com/ce/requirements/cfp/)

## Cite as

AdvisorIQ, as of 2026-10-05. https://advisoriq.com/succession/

License: https://advisoriq.com/license/