The drive to merge or acquire hasn’t slacked off among registered investment advisory firms, but thepush to align with another organization should be governed by afirm’s strategic objectives if it’s to pay off.

That’s according to a new Pershing report. “Real Deals:Achieving Purposeful Growth with Purposeful Transactions” analyzesRIA deals and offers guidance to firms for determining if or when atransaction is the optimal course of action.

The report said that one out of every four advisory firms wasinvolved in a transaction in the past five years. Of thosetransactions, almost half (48 percent) were RIA-RIA deals, which isa big change over the last 10 years. A decade ago, industrytransactions were dominated by banks and other institutionalbuyers.

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