Wealth-management consolidation is becoming increasingly international, with record-setting U.S. activity supporting acquisitions at home and helping channel North American capital toward the United Kingdom, while Australia’s constrained adviser supply and lower relative valuations are drawing growing interest from private-equity and permanent-capital investors.

A midyear report from Berkshire Global Advisors presents the three markets as being at different stages of the same structural transition. The United States has developed a mature ecosystem of serial acquirers, private-equity-backed registered investment adviser platforms and recapitalization transactions. The UK is moving from regional consolidation toward larger, institutionally financed platforms. Australia remains earlier in that process, offering a fragmented market in which investors believe scale could help address unmet demand for financial advice.

The report, published during the week of July 24, said 225 transactions involving U.S. RIAs with at least $100 million in assets under management were announced in the first six months of 2026. That compared with 162 during the same period in 2025, an increase of almost 40%. The first-quarter total of 124 was the highest quarterly figure in Berkshire’s database, while the second quarter produced another 101 transactions.

Those numbers reinforce the view that wealth-management M&A is no longer dependent on unusually favorable financial markets or a temporary rush among retiring founders. The industry’s ownership structure, operating costs and service requirements have made combinations a recurring part of how advisory firms pursue growth, finance succession and develop capabilities that would be expensive to build independently.

Transaction activity was broad rather than concentrated in a single segment. Large platforms continued to pursue acquisitions capable of adding substantial assets, advisers, geographic coverage and specialized services. Smaller tuck-in deals remained common because they can be comparatively straightforward to integrate and allow buyers to deepen their presence in selected markets. Mid-sized independent firms also became more active acquirers, sometimes using outside capital or buyer equity to finance expansion.

The rise in large transactions was particularly notable. Berkshire counted 26 deals involving U.S. firms managing more than $5 billion, compared with 15 in the first half of 2025. That shift reflects both consolidation among established firms and a developing recapitalization cycle among platforms that accepted institutional capital several years ago.

Many RIA businesses that raised money in 2020 and 2021 are now considering new sponsors, strategic combinations or other liquidity transactions for their existing investors. Before undertaking those transactions, platforms may be motivated to demonstrate organic growth, stronger profitability and a credible acquisition pipeline. The result is an ownership cycle in which firms that previously acted primarily as buyers eventually become targets for larger investors or strategic partners.

Carson Group led Berkshire’s first-half ranking with 12 transactions, although nine were classified as internal consolidation deals. Savant Wealth Management completed nine. Beacon Pointe Advisors, Hightower Advisors and Wealth Enhancement each recorded eight, with six of Hightower’s transactions involving internal consolidation. Cerity Partners and Merit Financial Advisors completed six each, while EP Wealth Advisors, Mercer Advisors and Waverly Advisors each recorded five.

Private-equity-backed RIAs remained the dominant strategic buyers, accounting for 85% of strategic acquisitions during the first two quarters. The attraction for sponsors is grounded in the sector’s recurring fee revenue, high client-retention rates, potential operating leverage and continued fragmentation. Advisory firms also tend to hold long-duration client relationships that can support predictable earnings when service quality and adviser continuity are maintained.

That financial profile does not eliminate execution risk. Wealth-management acquisitions involve relationships rather than only balance-sheet assets. Buyers must retain advisers, communicate effectively with clients, preserve service standards and integrate compliance, technology and investment operations without disrupting the experience that made the acquired firm valuable.

Cash remains the principal consideration for many sellers, particularly founders seeking liquidity or a succession solution. Equity participation is becoming more important in growth-oriented combinations. Sellers may reinvest part of their proceeds in the acquiring platform, aligning their economic interests with the buyer and allowing them to participate in future appreciation. Buyers may also use rolled equity to encourage retention and continuity after closing.

Berkshire recorded 31 financings, minority investments and recapitalizations in the first half, including seven involving RIA platforms with more than $10 billion in assets. Such deals indicate that the consolidation market is maturing beyond straightforward purchases of retiring founders’ practices. Larger businesses increasingly need institutional capital for technology, acquisition financing, executive recruitment and expansion into adjacent services.

The UK market offers U.S. investors a related but distinct opportunity. It remains fragmented, professional-advice demand continues to exceed available supply, and succession pressures are building among independent businesses. At the same time, compliance, technology and staffing costs are strengthening the economic advantages of scale.

Previous waves of consolidation have already created larger UK platforms with more sophisticated operating structures and greater capital requirements. That evolution is encouraging deeper-pocketed investors to enter the market. North American sponsors view the UK as a potential gateway to European wealth management because it combines an established regulatory system with a substantial universe of independent firms and considerable room for further consolidation.

Recent transactions illustrate the variety of buyer strategies. Berkshire highlighted NatWest’s agreement to acquire Evelyn Partners for roughly £2.7 billion, describing it as both a significant private-equity exit and a major return by a UK bank to the financial-advice sector. The report also cited Stone Point Capital’s investment in Amber River and Goldman Sachs Alternatives’ minority investment in The Private Office as examples of U.S. capital targeting different parts of the market.

The opportunity is not limited to conventional domestic financial advice. Cross-border wealth management remains active in the ultra-high-net-worth and multi-family-office segments, where clients may have residences, businesses, investments and tax obligations across several jurisdictions. Firms capable of serving globally mobile families across the UK, continental Europe, the U.S. and other financial centers can command strategic interest because the operating and regulatory infrastructure required is difficult to replicate.

For acquirers, however, strong demand does not mean every UK advisory business will attract a premium or complete a transaction. Berkshire said buyers are placing greater weight on regulatory records, integrated operating systems, management depth and the ability to expand after closing. International sponsors generally favor businesses that can operate without constant oversight from the investor.

That scrutiny makes seller preparation increasingly important. A firm may have attractive clients and assets but still encounter valuation discounts or delayed negotiations if its compliance processes are inconsistent, its data is fragmented, its technology cannot support growth or too many client relationships depend on one founder. Clean documentation and credible second-generation leadership can therefore influence transaction certainty as well as price.

The UK’s direction also suggests that future dealmaking may involve platform building rather than merely aggregating local practices. Buyers are likely to seek firms that can centralize compliance, investment management, administration and technology while preserving adviser relationships at the local level. The ability to integrate acquisitions repeatedly could become a major dividing line between successful consolidators and firms that accumulate complexity faster than they create value.

Australia presents an earlier-stage consolidation thesis. The country has a mandatory retirement-savings system that has created a large pool of households with investable assets, but its adviser population is limited. As more households approach retirement, their needs are expanding beyond accumulation into income planning, taxation, estate structuring, intergenerational transfers and decisions involving property wealth.

Berkshire estimates that Australia has approximately 15,500 advisers working across more than 6,000 firms. Only about 16% of Australians over age 55 currently receive financial advice, according to its research. That leaves a substantial population without professional guidance at the point when financial decisions often become more consequential and interconnected.

The shortage partly reflects the effects of Australia’s Royal Commission into misconduct in the financial-services industry and the reforms that followed. Higher professional and educational standards strengthened the market’s regulatory foundation, but they also contributed to adviser exits and reduced supply. Tighter rules have simultaneously raised the cost and complexity of delivering advice.

For private-capital investors, that imbalance creates an argument for scale. Larger firms can invest in centralized support, compliance systems, technology, adviser recruitment and standardized service processes. Properly executed, consolidation could increase adviser productivity and allow more clients to be served without attempting to replace the human relationship at the center of complex financial planning.

Recent Australian transactions cited by Berkshire include Scarcity Partners’ backing of Infocus Wealth Management, Mercury Capital’s investment partnership with Findex, TA Associates’ strategic growth investment in Viridian Financial Group and Adamantem Capital’s acquisition of Mason Stevens. The deals involve different investor types and structures, but collectively indicate increasing confidence that the market can support larger advice platforms.

Valuations add to Australia’s appeal. Berkshire said Australian wealth-management businesses continue to trade below comparable U.S. companies. Offshore investors familiar with the consolidation model may see an opportunity to acquire an initial platform at a lower relative multiple and subsequently purchase smaller practices at lower valuations as the platform expands.

The return case can include both earnings growth and potential multiple expansion if the sector becomes more institutionalized. A buyer that creates a durable national or regional platform could improve margins through centralized infrastructure while increasing the scarcity value of a scaled business. The approach resembles earlier stages of U.S. RIA consolidation, although differences in regulation, retirement systems and adviser economics mean the model cannot simply be transferred unchanged.

Australia’s opportunity is constrained by the limited supply of obvious platform assets. The country has thousands of small practices but relatively few firms with the management teams, compliance systems and operational infrastructure required to conduct a sustained acquisition strategy. Investor interest may therefore be rising faster than the number of businesses capable of absorbing capital effectively.

Founder dependence is another concern. Many practices need succession plans, yet the market may lack internal successors with sufficient experience, financing or appetite to buy the founder’s equity. An external sale can provide continuity, but the acquirer must ensure that client trust transfers to the wider firm rather than remaining tied to the departing adviser.

Generational wealth transfer raises a related strategic issue. Firms must retain relationships not only with current clients but also with their children and grandchildren. That requires digital capabilities, broader service models and deliberate engagement with future heirs. Buyers evaluating Australian targets are therefore likely to examine client demographics and intergenerational retention alongside conventional financial metrics.

Across all three markets, technology is increasingly part of the scale argument. Artificial intelligence and automation can reduce administrative workloads, improve workflow consistency and give advisers more time for client conversations. Larger platforms generally have greater capacity to evaluate tools, integrate data and deploy new systems across advice, operations and compliance teams.

The report does not suggest that technology will displace advisers serving affluent families. Instead, it raises the standard for how efficiently firms support them. Clients with complex tax, estate, business and cross-border needs still require judgment and personal relationships, but they may expect faster responses, more coordinated reporting and better access to information.

For advisory-firm owners, the midyear findings point to a market in which buyers remain available but quality differentiation is becoming sharper. Firms with durable client relationships, recurring revenue, scalable operations, strong compliance records and leadership beyond the founder are positioned to attract broader interest. Businesses lacking those features may find that headline deal volumes do not translate into favorable terms.

For investors, the geographic comparison highlights different routes to growth. The U.S. offers the deepest acquisition pipeline and a mature recapitalization market. The UK provides access to a fragmented but increasingly institutionalized European advice sector. Australia offers lower relative valuations and unmet consumer demand, counterbalanced by a scarcity of scalable targets and the difficulty of integrating founder-led practices.

The common theme is that consolidation has become a long-term feature of wealth management rather than a short-lived response to market conditions. Succession needs, rising operating expenses, client demand for broader capabilities and abundant institutional capital continue to support transactions. The firms most likely to benefit will be those that treat acquisition as an operating strategy—requiring disciplined integration, adviser retention and client continuity—rather than merely a method of accumulating assets.