What Ben Alge Sees in the Wealth Management Industry Today
Ben Alge, president of M&A advisory firm Touchstone Investments, observes a more institutionalized RIA landscape in the wealth management industry compared to just a few years ago. Many of the larger RIAs and aggregators now resemble small wirehouses, with centralized decision-making, defined investment platforms, and sophisticated capital structures.
Impact on Buyer and Seller Dynamics
This shift directly influences buyer and seller dynamics, with buyers becoming more disciplined and focused on strategic fit rather than just acquiring assets. According to Alge, there is still strong demand and ample capital in the market, but buyers are now more interested in building scaled businesses.
In 2025, M&A deal volume reached a new high of 466, marking a 27% increase over the previous year and surpassing the average increase of 14% from 2020-2024, as reported by Echelon Partners.
Shifting Focus for Advisors
Advisors are no longer asking, “Is now a good time to sell?” Instead, they are focusing on finding the right partner and understanding where decisions will be made. Thinking through each stage of a deal is crucial to improve alignment and mitigate the risk of culture clashes, as highlighted in DeVoe & Co.’s December 2025 annual outlook.
Structure of the Deal Matters
Buyers need to be clear on their objectives before entering a transaction, whether it’s for growth, succession, or access to a broader platform. Key considerations during initial discussions include alignment around decision-making, investment processes, and advisor flexibility.
For sellers like Steven Crane, founder of Financial Legacy Builders, deal structure can significantly impact outcomes, especially in terms of tax implications and long-term compensation. The type of buyer and the payment structure can influence the overall success of the deal.
Post-Transaction Operations
Success post-transaction depends on effective cultural and operational integration, along with clear communication of the value proposition to clients and employees. It’s essential for firms to treat the transaction as a long-term strategic partnership, aligning legal, tax, and compensation aspects with the business’s operational plan.
Outside Partnerships for Support
Advisors can seek support from practice management consultants or other strategic partners to reduce operational strain and maintain focus on clients. Resilience, trust, and long-term planning are key factors in navigating through transactions and periods of change.
Engaging outside attorneys to model transactions at every stage is crucial, as highlighted by John Maragoudakis, managing director at Andersen. Attention to detail and tailored approaches are essential in ensuring successful deal outcomes.
For more information on what RIA buyers and sellers are prioritizing in a shifting market, visit here.
