2025 Market Report

Recruiting trends, RIA M&A, wirehouse departures, and the industry's shift toward independence, in one year-end read.

Headlines: the $129B Merrill GCIAS breakaway to OpenArc, 22 teams leaving one firm in Q3, RIA deals up 18% over 2024's record, and RIA-managed assets passing wirehouse AUM for the first time.

Eleven sections, from compensation changes and platform transactions to the succession crisis, the 2026 outlook, and the recruiting scoreboard.