Merger activity for independent US wealth managers up 10%

NEW YORK: Merger activity among independent wealth management firms in the US hit an all-time high in 2016 as more of the industry’s aging workforce retired, the economy strengthened and more advisers were able to obtain financing for acquisitions, according to new study.

The report, published last week by the industry consultant firm Echelon Partners, found that 138 independent advisory firms completed deals last year, a 10% increase over 2015 and the fourth consecutive year the figure has gone up. The actual number is likely much higher, the study found.