BlogRIA M&A
RIA valuation multiples (2026)
RIAs sell for a multiple of adjusted EBITDA: a record 11.6x median in 2025, from about 6.5x for $100M firms to 16x for $1B+ platforms.
Published ranges by firm size, every figure cited. Value your own firm anonymously in the valuations tool.
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EBITDA multiples by firm size
| Firm size | 2024 to 2026 | 2020 to 2022 peak |
|---|---|---|
| $100M-$250M AUM | 6.5x to 8.5x | 7.5x to 10x |
| $250M-$500M AUM | 7.5x to 10x | 9x to 12x |
| $500M-$1B AUM | 8.5x to 11.5x | 10.5x to 14x |
| $1B+ AUM | 11x to 16x | 13x to 20x |
| $5B+ AUM | 13x to 18x | Not reported |
Source: CT Acquisitions, RIA and Wealth Management M&A Multiples Report 2026
01Size
Size sets the band.
Large consolidators want $500M and up: in a May 2026 DeVoe survey of 11 of them, none preferred targets of $100M to $500M.
Grow AUM and wait for the band to move.
Caddi doesn't change your size. It changes how the work runs, which is what moves a firm within its band.
02Quality
How the firm runs sets where you land in it.
Published guidance runs from about 5x EBITDA for founder-dependent practices to 15x or more for institutional-quality firms.
Processes live in the founder's head and a shared drive.
Discover maps the repetitive work across your tools; Automate runs it the same way every time, whoever is in the office.
03Proof
Buyers discount what they can't see.
Diligence asks how the work gets done and by whom. A record answers faster than a narrative.
Assemble a data room from spreadsheets the month before.
Govern keeps a record of every run: evidence instead of assurances.
Caddi
See how Caddi AI Agents can make your firm run without its founder and show a buyer how your back office actually works
Frequently asked questions
What multiple do RIAs sell for in 2026?
Published figures put the median 2025 RIA transaction at 11.6x adjusted EBITDA, a record, up from 11.0x in 2024 and 8.0x in 2020 (Advisor Growth Strategies). Size matters a great deal: CT Acquisitions' 2026 report shows roughly 6.5x to 8.5x for firms with $100M to $250M in AUM, 8.5x to 11.5x for $500M to $1B, and 11x to 16x for $1B+ platforms.
How do you value an RIA?
Most RIA deals are priced as a multiple of adjusted (normalized) EBITDA: earnings after paying the owners a market salary for the work they do. Smaller practices are often priced on recurring revenue instead. The multiple then moves with growth, client demographics, scale, founder dependence and deal structure, since cash at close, equity and an earnout are worth different amounts.
What is a typical revenue multiple for a financial advisory practice?
For small advisory books, published figures cluster around 2x to 2.5x recurring revenue (FP Transitions, as cited by CT Acquisitions), and CT Acquisitions reports roughly 1.5x to 2.7x recurring revenue for owner-operator practices under $100M in AUM. Larger firms are usually priced on EBITDA instead.
What increases an RIA's valuation?
Organic growth, an engaged next-generation team, simple and consistent investment operations, a client niche, recurring revenue with strong retention, and scale. Founder dependence, flat growth and small size push the multiple down: published guidance runs from about 5x for founder-dependent practices to 15x or more for institutional-quality firms.
Why do multiples differ so much between reports?
Each tracker uses a different sample and definition. Some count only SEC-registered firms over $100M, some include minority deals or broker-dealer transactions, and medians are pulled up by a small number of large platform deals. Read each figure with its source and year, and treat any single number as a rough guide rather than a price.
How has the median RIA multiple changed?
Advisor Growth Strategies reports the median adjusted EBITDA multiple on RIA deals at 8.0x in 2020, 9.9x in 2023, 11.0x in 2024 and a record 11.6x in 2025.
Can an RIA sell for 20x EBITDA?
Rarely. DeVoe & Company says a well-managed firm around $5B can reach 20x and a fast-growing $1B firm the very high teens (Q2 2026 Deal Book). But a dealmaker quoted by InvestmentNews in August 2026 noted that while the reported median is around 12x, the deals his firm closed ranged from 7x to 18x. A median is not a price.
Who is buying RIAs, and at what size?
Mostly private-equity backed consolidators: Fidelity found 89% of first-half 2026 deals had PE-backed or PE-owned buyers. In a May 2026 DeVoe survey of 11 large consolidators, 46% preferred targets of $1B to $5B, 27% preferred $500M to $1B and none preferred $100M to $500M. The median seller in 2026 through Q3 had $625M in AUM (DeVoe).