The report also covers the UK and Australia markets, analyzing a trend of US firms acquiring stakes or outright ownership of UK businesses. 

During the first six months of the year, there were 225 transactions involving US-registered investment advisors with at least $100 million in assets under management, compared with 162 deals during the same period in 2025. That represents almost a 40 per cent rise on a year earlier, setting the market up for a record year, the 2026 Midyear report said. 

In Australia, the need to close an “advice gap,” advisors' succession and relatively attractive valuations are attracting private capital into the industry, it said.

US dealmakers
The report noted that the top dealmakers in the first six months of 2026 were Carson Group (12); Savant Wealth Management (9); Beacon Pointe Advisors (8); Hightower Advisors (8); Wealth Enhancement (8); Cerity Partners (6); Merit Financial Advisors (6); EP Wealth Advisors (5); Mercer Advisors (5), and Waverly Advisors (5). The Carson Group figures include nine internal consolidation deals, and the Hightower figures include six such transactions.

A clear trend in the US was the size of firms involved: There were 26 deals involving firms with more than $5 billion in assets, versus 15 such deals in the same period a year earlier, the report said. “Transactions of this size reflect continued consolidation among well-established firms, as well as the ongoing recapitalization cycle among large/mega RIAs,” it said. 

Coming to the UK
The report said that the UK market remains fragmented and demand for professional advice is outpacing supply. 

“What has evolved, however, is how those dynamics are showing up in transaction activity. Ongoing consolidation has produced larger, more institutionalized platforms, many of which now require deeper pools of capital to support their next stage of growth,” it said. 

Recent deal activity reflects both sides of that shift. NatWest’s agreement to acquire Evelyn Partners for roughly £2.7 billion ($3.6 billion), represents a “significant strategic exit for private equity and a major return by a UK bank to the financial advice market.”

“Meanwhile, Stone Point Capital’s investment in Amber River and Goldman Sachs Alternatives’ minority investment in The Private Office show US-based capital pursuing opportunities across different parts of the UK market, from established consolidators to high-quality independent advice businesses,” it said. 

“US sponsors continue to view the UK as an attractive entry point into European wealth management, drawn by its fragmented advice market, established regulatory framework and relative headroom for consolidation,” the report continued. 

Cross-border attractions
“Beyond the domestic advice market, cross-border wealth management remains active, particularly in the ultra-high net worth and multi-family office segments,” it said. A year ago, US-based Corient, to give one example, acquired multi-family offices Stonehage Fleming and Stanhope Capital, significantly expanding the Miami-headquartered group’s international reach. 

“Demand is strongest for firms capable of serving globally-mobile families across the UK, Europe, the US and other international hubs,” the Berkshire report said.

As reported separately here today, there has also been a trend of European firms setting up operations to serve US expats coming to the UK and mainland Europe.

Australia’s attractions
“Australia’s wealth management market has long offered the basic ingredients for consolidation, including a fragmented base of advice firms, limited advisor capacity and a mandatory retirement savings system that has created a large number of households with investment assets.

"As those households move closer to retirement, the need for advice is becoming more complex, more urgent and harder for the existing advisor base to meet,” it said. “For capital providers, that imbalance is increasingly the opportunity.”

Recent deal activity shows this interest. Scarcity Partners has backed Infocus Wealth Management, extending its investment management-focused model into wealth management. Other examples include 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 country’s “advice gap” is creating an opportunity for investment into the sector, the report said. 

“Australia has approximately 15,500 advisors across over 6,000 firms, while the number of households that could benefit from advice is much larger. Our research indicates that only about 16 per cent of Australians over age 55 currently receive financial advice, leaving a significant unadvised population at a stage of life when retirement, tax and estate planning needs often become more complex,” it concluded.