Buyers expect RIA rollover equity to reach 33% in 2026

The median RIA deal climbed to $630 million while the number of deals fell, according to Advisor Growth Strategies, which cites Fidelity's 2026 Mid-Year Update. Buyers expect rolled equity to reach 33% of RIA deal consideration in 2026, against an average of 29% in 2025.

Rollover equity is the portion of a purchase price paid in the buyer's shares. As that portion grows, the thing a seller has to underwrite changes: the buyer's growth plan and balance sheet become part of the price, not just the closing paperwork.

Put numbers on it. At 29% rollover, $2.9 million of a $10 million deal sits in buyer paper; at 33%, it is $3.3 million. A seller negotiating the headline multiple is negotiating two prices: cash and the buyer's equity, which is only as good as the buyer's growth plan and balance sheet.

Ameriprise's advisor loans rose 29% to $2 billion, and its forgivable transition notes rose $447 million in a year. CEO James Cracchiolo told analysts the firm has no broad retention program.

A forgivable note is a promise with a schedule attached. The note is earned back over time, so the forgiveness period and what happens to an unpaid balance determine how much of a package an advisor actually keeps if the relationship ends early.

For sellers, Advisor Growth Strategies advises running a parallel buyer search rather than taking a single offer. That follows from the arithmetic: two bids at the same headline multiple can leave a seller holding different amounts of the buyer's equity, and that equity carries the buyer's own valuation risk.

The 29% is what was averaged in 2025. The 33% is what buyers say they expect to pay in 2026.