A review of 2021 M&A activity among registered investment advisors (RIAs) shows that valuations “increased materially, while the median-adjusted EBITDA multiple set a record,” according to the newest edition of “The RIA Deal Room,” an annual study from Advisor Growth Strategies. “The median valuation multiple for sellers increased for the fourth straight year to 8.99x EBITDA,” the study says. “However, this marks a 12% increase over the previous year, compared to the 21% increase in 2020 and 29% increase in 2019. While deal volume is likely to persist for years, valuations may soon hit their ceiling.”