Wealth Management M&A Surge Driven by US Capital and Global Demand

The US market is seeing a shift toward larger-scale acquisitions, with 26 deals involving firms managing over $5 billion in assets—a sharp increase from 15 during the same period in 2025. Berkshire Global Advisors, which authored the report, identifies Carson Group and Savant Wealth Management as leading dealmakers. These transactions reflect a broader recapitalization cycle among mega RIAs, as established firms consolidate to achieve institutional scale.

In the UK, US sponsors are leveraging the country’s regulatory framework to build entry points into the broader European wealth sector. High-profile moves, such as NatWest’s £2.7 billion acquisition of Evelyn Partners and investments from Stone Point Capital and Goldman Sachs Alternatives, underscore a market where professional advice demand consistently outpaces supply. Cross-border activity remains particularly robust in the ultra-high-net-worth segment, where firms are prioritizing the ability to serve globally mobile families.

Australia presents a different dynamic centered on the country’s acute “advice gap.” With roughly 15,500 advisors spread across 6,000 firms, the market is failing to reach the majority of its aging population. Only 16 percent of Australians over age 55 currently receive financial advice, creating a vacuum that private capital providers like Scarcity Partners and Mercury Capital are eager to fill. As household wealth grows under the mandatory retirement savings system, the imbalance between supply and demand is driving a surge in strategic partnerships and acquisitions.