3.6.4.3Vertical
RIA Aggregators & Platforms
Companies acquiring and supporting independent RIA firms.
Market snapshot
These figures describe Investment Advisory & RIA (3.6.4), the segment that RIA Aggregators & Platforms sits within — not RIA Aggregators & Platforms on its own.
- Market size
- ~$373B
- Growth
- ~5.5%CAGR (2017–22, nominal)
- Companies
- ~67,500
FragmentationConsolidatingEstimate
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 523940 (Portfolio Management & Investment Advice; 2017 codes 523920/523930).
Business model & economics
Revenue model
Recurring fees on assets under management
Key economics
- Recurring revenue
- High
- EBITDA margin
- 20–35%
- Capex intensity
- Low
sticky AUM-based fees
Characteristics
- Vast, fragmented base of advisory firms.
- Aging advisors and scale value drive the roll-up.
- Recurring AUM fees and sticky relationships.
M&A deal context
Deal activityHigh
Who’s acquiring
- National RIA consolidators
- PE-backed wealth platforms
- Bank & brokerage strategics
What’s driving deals
- Aging-advisor succession driving sales.
- Scale, technology, and platform value.
- Abundant private-equity capital.
Find RIA Aggregators & Platforms acquisition targets
Search Acquisera’s index for companies classified under RIA Aggregators & Platforms (3.6.4.3) and build a targeted deal pipeline.
Search companies