Pemberton Wealth Research
Adviser Deal LedgerNo. 9 · Third quarter 2026
Adviser Deal Ledger · Six most active buyersData to 30 September 2026
The six most active buyers took 37 percent of announced deals
Our ledger buyers announced 34 acquisitions with $46.5 billion of seller assets in the third quarter. Half of those sellers kept their brand, and buyers offered more equity than our study recorded for 2025
1Deals by buyer
The ledger follows the six buyers with the most announced acquisitions over the last four quarters. Between them they announced 34 deals in the third quarter, the highest count since the ledger began. The national aggregator backed by private equity remained the most active, with nine deals and $14.6 billion of seller assets.1
| Buyer | Deals | Seller assets | Median seller | Q3 2025 deals |
|---|---|---|---|---|
| National aggregator, PE backed | 9 | 14.6 | 1.2 | 7 |
| Minority stake partner | 6 | 8.2 | 1.1 | 4 |
| Insurance owned platform | 4 | 5.1 | 1.0 | 5 |
| Bank owned wealth arm | 3 | 6.4 | 1.9 | 2 |
| Adviser owned consolidator | 7 | 4.3 | 0.5 | 5 |
| Regional aggregator, PE backed | 5 | 7.9 | 1.4 | 3 |
| Ledger buyers | 34 | 46.5 | 1.1 | 26 |
Source: buyer announcements, SEC Form ADV filings, public company filings, Pemberton Wealth Research estimates
Source: buyer announcements, SEC Form ADV filings, public company filings, Pemberton Wealth Research estimates
2How the deals were structured
Full acquisitions still account for most deals and most seller assets, but minority stakes rose to nine from four a year ago. Six of them came from the minority stake partner and three from the two aggregators, which now offer a minority option to sellers who are not ready to give up control.
| Structure | Deals | Share | Seller assets |
|---|---|---|---|
| Full acquisition | 18 | 53% | 22.4 |
| Minority stake | 9 | 26% | 13.9 |
| Majority recap with rollover | 5 | 15% | 9.3 |
| Team or book purchase | 2 | 6% | 0.9 |
| All ledger deals | 34 | 100% | 46.5 |
Source: buyer announcements, SEC Form ADV filings, public company filings, Pemberton Wealth Research estimates
Source: buyer announcements, SEC Form ADV filings, public company filings, Pemberton Wealth Research estimates
3What sellers kept
We read each announcement and the seller's next Form ADV against the buyer's stated positioning. Half of the sellers kept their brand and half moved custody. Sellers to the bank owned arm moved custody in every case, while the minority stake partner left both brand and custody untouched in all six of its deals.2
| Buyer | Brand kept | Custody moved | Equity offered |
|---|---|---|---|
| National aggregator, PE backed | 2 of 9 | 7 of 9 | Parent rollover |
| Minority stake partner | 6 of 6 | 0 of 6 | None |
| Insurance owned platform | 1 of 4 | 3 of 4 | None |
| Bank owned wealth arm | 0 of 3 | 3 of 3 | None |
| Adviser owned consolidator | 5 of 7 | 2 of 7 | Partner units |
| Regional aggregator, PE backed | 3 of 5 | 2 of 5 | Parent rollover |
| Ledger buyers | 17 of 34 | 17 of 34 | 3 of 6 buyers |
Source: buyer announcements, SEC Form ADV filings, public company filings, Pemberton Wealth Research estimates
4Against our Transaction Study
5What to watch in the fourth quarter
Fourth quarter counts have risen above the third in each of the last three years as buyers close before year end. We will also watch whether the regional aggregator's announced recapitalization changes its pace, and whether more sellers accept minority stakes as an alternative to a full sale.
How this ledger is built
- A deal counts when a buyer or seller announces it, dated to the announcement, and stays in the ledger if it later fails to close
- Seller assets are regulatory assets under management from the seller's latest Form ADV before announcement
- Structure and equity terms come from announcements and filings, and are checked against the firm's private transaction database
Approved for subscribersThomas ReardonManaging Director, Transaction Research · 9 October 2026
1 Ledger buyers are reset each January to the six buyers with the most announced deals in the prior four quarters.
2 Custody moved means the seller's Form ADV filed after closing names a different primary custodian. Deals not yet closed are counted on the buyer's stated plan.