What to Expect from M&A in 2026 (Ep. 32)

About this episode

David Grau Jr. discusses M&A trends and expectations for financial advisors in 2026 based on 2025 data.

RIA valuations are at record highs, private equity is reshaping deal structures, and internal succession is evolving faster than ever. In this episode of The Fine Print, David Grau Jr. breaks down the real M&A data from 2025 and maps out what financial advisors should expect for the rest of 2026. David digs into the latest revenue and EBITDA multiples, explains why the most profitable firms don't always command the highest valuations, and dissects the typical private equity deal structure: 40% cash down, 30% performance-based payments, and 30% rolled equity. He also covers how deal terms are shifting, why nearly a third of transactions last year were internal equity sales, and why phantom equity programs are surging in popularity as a succession planning tool. Whether you are a buyer preparing for inorganic growth or a seller weighing your options, this episode gives you the benchmarks and strategic context you need to make informed decisions in today's M&A environment. Topics covered: • 2025 RIA valuation multiples (3.27x revenue, ~10x EBITDA) • Why higher profit margins can lead to lower valuation multiples • Private equity deal structures and what they really look like…

People in this episode

Host: David Grau Jr.

Topics covered

• M&A
• RIA valuations
• private equity
• deal structures
• internal succession
• phantom equity
• financial advisory

Keywords

• RIA valuations
• private equity
• deal structures
• phantom equity
• EBITDA multiples
• internal equity sales
• compensation plans

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