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Articles by Matthew Crow
Alternative Asset Managers Face a Reset in Public Market Valuations
Key Takeaways Publicly traded alternative asset managers gained 1.4% in the third quarter of 2026 but declined 17.9% over the trailing twelve months, significantly underperforming both the S&P 500 and traditional asset managers. Valuation multiples for alternative asset managers have compressed substantially, with median EV/EBITDA declining from 16.4x to 10.7x year over year, despite double-digit growth in AUM and revenue and more modest EBITDA growth.
RIA M&A Update: Q3 2026
Key Takeaways RIA M&A activity remained robust through August 2026, with 158 announced transactions, 11% below the same period in 2025 but 13% above 2024 levels. While transaction volume has moderated, continued acquisition activity reflects sustained buyer interest in the sector. Large transactions disproportionately influenced acquired AUM totals, with two August acquisitions accounting for approximately 80% of the month's reported assets.
RIA Market Update: Q3 2026
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When RIA Owners Disagree on Value
Key Takeaways Decide how to choose an appraiser before you need one: A selection mechanism should work even when the parties cannot agree. Look beyond credentials: RIA disputes require both valuation expertise and genuine investment-management industry knowledge. Design the process: transparency, symmetry, deadlines, review rights, and a clear decision mechanism can be as important as the appraisal itself.
Mercer Capital to Sponsor the Association of Trust Organizations 2026 Annual Meeting
Mercer Capital is pleased to sponsor the Association of Trust Organizations’ 2026 Annual Meeting, taking place September 21-23, 2026, at the Grand Hyatt Deer Valley in Park City, Utah. Matt Crow, Brooks Hamner, and Zach Milam will attend on behalf of the firm. The 2026 Annual Meeting is a 1.5-day conference designed exclusively for the trust industry and will feature more than 13 hours of roundtables, panels, and networking.
The Margin RIA Buyers Actually Underwrite
Key Takeaways Buyers generally value an RIA based on the earnings it will produce after closing under the buyer’s operating model. The same RIA can produce different margins for different buyers because each has its own platform, compensation structure, and approach to integration. Sellers should understand those differences. A buyer that can generate more cash flow from the business may have greater capacity to pay.
Does AI Spending Increase an RIA’s Value - or Just Reduce Its EBITDA?
Key Takeaways AI spending initially reduces reported EBITDA. Most subscriptions, personnel costs, and other recurring expenses associated with AI are ordinary operating costs, not valuation add-backs. The valuation benefit depends on the return. AI can enhance value if it enables an RIA to serve more clients, delay incremental hiring, improve organic growth, strengthen retention, or reduce operating risk. Spending is not the same as adoption.
Physiological Profiling of Beer-Spoiling Yeast and the Implications for No- and Low-Alcohol Beer
Abstract The no- and low-alcohol beer market represents a growing sector worldwide. However, these products are more susceptible to microbial contamination than standard beers, primarily due to reduced or absent ethanol, which traditionally limits the growth of microorganisms. Contamination by beer-spoiling yeast can compromise product quality and cause financial losses, but limited research has explored their growth potential and tolerance in the no- and low-alcohol environment.
Making Money in Money Management
Key Takeaways Wealth managers develop client relationships to attract and retain AUM; asset managers develop investment products to attract and retain AUM. The two models can create very different economics even though both ultimately depend on gathering assets. Growth makes scale valuable. Wealth management generally offers a clearer path to sustainable growth but requires more client-facing labor as it grows.
The Valuation Provision in Your RIA’s Buy Sell Agreement Is Probably Stale
Key Takeaways The value of RIA firms has moved dramatically since many buy-sell agreements were drafted, and the gap between the number produced by the document and what the firm is actually worth is the size of the eventual dispute.
Not All AUM Is Created Equal
Key Takeaways AUM alone is a poor proxy for value. Two firms with the same AUM can generate very different revenue and EBITDA depending on fee rates, margins, and product mix. The quality and durability of AUM matter as much as the quantity. Asset class, liquidity, client retention, net flows, and revenue visibility all affect the risk and sustainability of future cash flows. Product mix can materially influence valuation through growth and profitability.
The Sponsor Clock: What the Recapitalization Cycle Means for RIA Sellers Holding Rolled Equity
Key Takeaways Six of the twenty most active RIA acquirers of 2025 have gone four or more years since their last sponsor capital event, and two of them entered reported sale or recapitalization processes within the past several weeks. A recapitalization resets the reference price on rolled equity, but whether it delivers liquidity to the sellers holding that equity depends entirely on the operative agreements signed at the original closing, not on the headline number.
Organic Growth Is Becoming the RIA Valuation Differentiator
Key Takeaways AUM growth is not the same as organic growth. Market appreciation can lift revenue and profits, but it does not prove that an RIA can consistently attract new clients or assets. Repeatable organic growth can support a higher valuation. Consistent net inflows strengthen revenue forecasts, create operating leverage, and demonstrate that the firm’s value proposition remains competitive. Growth must be transferable to matter fully in a transaction.
Mercer Capital to Sponsor The Florida Bar’s 44th Annual Attorney/Trust Officer Liaison Conference
Mercer Capital is pleased to sponsor The Florida Bar’s 44th Annual Attorney/Trust Officer Liaison Conference, taking place July 30 to August 1, 2026, at The Breakers in Palm Beach. Matthew R. Crow, CFA, ASA, and Thomas C. Insalaco, CFA, ASA, will represent the firm at the conference.
Independent Trust Companies Benefit from Durable Industry Tailwinds
Key Takeaways Independent trust companies benefit from durable long-term tailwinds, including expanding global wealth, significant intergenerational wealth transfers, and growing demand for sophisticated fiduciary services. Firms that invest in technology, talent development, succession planning, risk management, and scalable operations may be better positioned to serve increasingly complex client needs and sustain long-term growth.
RIA M&A Update: Q2 2026
Key Takeaways RIA M&A activity remains historically strong, but the market has become increasingly segmented. While transaction volume has held steady, a relatively small number of platform-scale acquisitions account for a disproportionate share of assets changing hands. Premium valuations are becoming more selective.
RIA Market Update: Q2 2026
Publicly traded investment management firms rebounded in Q2 2026, with traditional managers outperforming amid a broad market recovery while alternative asset managers lagged. Valuations improved for both larger and smaller traditional managers as EBITDA multiples expanded, whereas alternatives experienced further multiple compression despite continued topline growth.
13159 Shirley Ln, Huntley, IL 60142, US
Copied 13159 Shirley Ln, Huntley, IL 60142, US $345,000 13159 Shirley Ln, Huntley, IL 60142 Checked: 2 days ago Updated: Jul 24, 2025 at 10:40PM Investment Summary Net Operating Income (NOI) minus mortgage payments. Calculation: NOI - Mortgage Payments Monthly Cash Flow -$418 Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
What Drives RIA Value - Growth or Margin?
March 21, 2025 Valuation In motor racing, winning requires building a car with the best combination of speed and handling. There’s a tradeoff between them, as speed requires bigger motors, more structure, and larger tires and brakes, all of which add weight. Weight is the enemy of handling. The physics of momentum makes it exponentially more difficult to change vector (handling) as mass increases. More speed or better handling is better. More of both is best.
Specter of Stagflation Threatens RIAs
February 28, 2025 Current Events Industry Trends Higher interest rates over the past three years haven’t had much impact on RIA transaction multiples, aided by strong financial markets and some window-dressing on deal terms. As rates started to fall in 2024, we saw the possibility of further support for transaction activity throughout the investment management community.
Who Should Own Your RIA?
February 7, 2025 Practice Management Aside from the initial startup years, when fledgling RIAs struggle to achieve profitability, the most difficult period that most firms endure is the transition from the founding generation of leadership to G2. For those that make the transition, getting from the second generation to the third, and so forth, is comparatively easy.
“He’s a competitor and competitors find a way to win”: Leonard ready to leave it all on the field for Notre Dame in national title game
“Alright, let’s go get this thing done.” That was the message that Notre Dame’s backup quarterback, junior Steve Angeli, delivered to the starter, senior Riley Leonard, at halftime of the College Football Playoff semifinal last Thursday night. But at that point in time, not much had transpired in the first 30 minutes of Notre Dame’s Orange Bowl matchup with Penn State to inspire confidence that Leonard and the Irish would be able to make good on those words.
The future is now: Irish rising star Adon Shuler is learning from coaches, veterans and leading the way for young defensive core
One year ago, Adon Shuler was a highly touted freshman safety who played sparingly and contributed primarily on special teams, recording six tackles across the entire 2023 season.
Five key moments from Notre Dame’s 49-14 Shamrock Series victory over Army
On Saturday night at Yankee Stadium, Notre Dame donned its blue-gray Shamrock Series jerseys for a primetime matchup with undefeated Army and sent Irish fans home happy for the ninth straight game, jumping to a big early lead and coasting down the stretch on their way to a statement 49-14 victory over the Black Knights. Here are five key moments from the win that pushed Notre Dame to 10-1 and kept it in the College Football Playoff race as we enter the final week of the regular season.
Component Analysis of RIA Returns
November 1, 2024 Practice Management Valuation If you ask most people to name an entrepreneur who made their mark in cars, they would probably name Henry Ford or Elon Musk. A third and equally compelling story is that of Bernie Ecclestone, the former chief executive of Formula One Group. Ecclestone grew a fairly obscure and marginally sustainable auto racing series into one of the world’s largest and most widely followed sports, with billions of viewers.
Five key moments from Notre Dame’s 31-13 win over Georgia Tech
On Saturday afternoon, Notre Dame hit the road for the first time in over a month, heading south to Atlanta to face Georgia Tech at Mercedes-Benz Stadium. The Irish overcame early adversity, surrendering a turnover and trailing at the start of the second quarter. However, for the fifth straight game, they rose to the challenge, responding with 31 unanswered points to secure a decisive 31-13 victory over the Yellow Jackets.
‘This group just continues to believe’: Irish overcome slow start, roll past Georgia Tech
It was easy to watch Notre Dame’s game on Saturday afternoon and get a sense of déjà vu. Was this the Irish’s road matchup against Georgia Tech in Atlanta? Or was it a rerun of Notre Dame vs. Stanford the previous weekend in South Bend? In both cases, the Irish struggled severely in the first quarter while falling into a quick 7-0 hole before suddenly hitting their stride on both sides of the ball to rattle off a huge scoring streak — 49 unanswered points against Stanford, 31 against Georgia Tech.
Keys to victory: Notre Dame vs. Stanford
As far as bye weeks go, last week was about as successful as Notre Dame could have hoped for.
Crow: Notre Dame doesn’t need style points, it just needs to keep winning
Three weeks ago, Notre Dame was on the losing end of the biggest upset in all of college football to date when it suffered a 16-14 defeat at home against Northern Illinois. On that Saturday night in South Bend, it was hard to imagine that the Irish would be where they are today — 4-1, ranked No. 14 nationally and holding claim to a pair of top-25 wins that give them one of the more impressive resumes in the country.
“You find a way to get it done when it matters most”: Irish ride early surge, late stop to 31-24 win over Louisville
The phrase “must-win game” can often be overused in sports, but it’s hard to find any other way to describe No. 16 Notre Dame’s home matchup against No. 15 Louisville on Saturday afternoon. The Irish needed a win to stay in the College Football Playoff hunt, avenge last year's defeat and rebuild their confidence at home after a shocking loss to Northern Illinois in their season opener at Notre Dame Stadium — along with plenty of other reasons.
Five Ideas to Turn Your RIA’s Success into Momentum
September 20, 2024 Practice Management Wealth Management Understanding why you’ve been successful is important to sustaining your success. Porsche made its mark in auto racing in the 1950s by turning the race for better power-to-weight ratios on its head. While most automakers focused on the numerator, building bigger cars with more powerful engines, Porsche worked to keep the cars light — not only to improve acceleration but also braking and handling.
‘They went in there and did their job’: Veteran offensive linemen Coogan and Spindler rely on preparation, commitment in return to key roles
Entering the 2024 season, it was unusual for the inexperience of Notre Dame’s offensive line — typically one of the nation’s strongest and most battle-tested units — to be a major question mark for the Irish offense.
Cross, Watts stay confident despite setback
When graduate students and defensive standouts Howard Cross III and Xavier Watts — a sixth-year defensive lineman and a fifth-year safety, respectively — entered a somber press conference room at Notre Dame Stadium on Saturday night, it was almost as if they could predict the barrage of questions that would be thrown at them following No. 5 Notre Dame's 16-14 upset loss at the hands of Northern Illinois that was equal parts shocking and disheartening.
“This is as low as it gets”: Notre Dame drops 16-14 stunner in home opener against Northern Illinois
This was a tough one to see coming. It’s not as if we haven’t seen it before for Notre Dame under Marcus Freeman, as the 2022 defeat to Marshall in the Irish home opener was a frequent discussion point in postgame press conferences in addition to likely being on the forefront of the minds of Irish fans throughout the afternoon. But this Notre Dame team – in year three under Freeman – was supposed to be different.
Keys to victory: Notre Dame vs Northern Illinois
It feels like a giant weight has been lifted off the back of the Notre Dame football program. Last Saturday, the Irish earned arguably its biggest win in the Marcus Freeman era, traveling to College Station and emerging with a gritty, 23-13 victory over Texas A&M. It wasn’t always pretty, as Notre Dame never led in the first half and needed nearly 40 minutes to reach the end zone for the first time before finally scoring the go-ahead touchdown in the final two minutes.
Funding Your RIA’s Buy-Sell with Life Insurance Just Got Much Harder
August 30, 2024 Current Events Practice Management When is something worth more than it’s supposed to be worth? If it’s a vintage sports car, it might be that a restoration shop has modified the original car to make it more visually appealing, faster, and more useful than new. If it’s a decedent’s interest in an RIA, it’s because life insurance benefits paid upon the death of the shareholder are now included in the value of the business.
Notre Dame’s history of marquee season openers
After a long and eventful offseason, Notre Dame football is finally back. And while the start of every new season brings immense excitement for Irish fans worldwide, the 2024 season opener will pack an extra punch.
RIA Value Is a Function of Liquidity
August 2, 2024 Industry Trends Valuation The value of any asset is determined by the market in which it trades. The most significant component of that market as it relates to value is the relative access to liquidity of market participants. The continued volume of RIAs selling to consolidators illustrates this. An independent RIA is dependent on its founders for liquidity and then on successor ownership.
Ken Fisher’s Deal Is Remarkable Because It Isn’t Remarkable
June 21, 2024 Current Events Transactions In the pre-Uber days of business travel, my least favorite part of every trip was the rental car. Driving is fun if you have a fun car and a good road. Driving a generic transportation appliance in an unfamiliar area while juggling a map and a cup of coffee is miserable. My fortunes changed briefly when Hertz introduced the Neverlost system, a proprietary GPS mapping system that it installed in a portion of its cars.
Ken Fisher’s Deal Is Remarkable Because It Isn’t Remarkable
June 21, 2024 Current Events Insights Transactions In the pre-Uber days of business travel, my least favorite part of every trip was the rental car. Driving is fun if you have a fun car and a good road. Driving a generic transportation appliance in an unfamiliar area while juggling a map and a cup of coffee is miserable. My fortunes changed briefly when Hertz introduced the Neverlost system, a proprietary GPS mapping system that it installed in a portion of its cars.
Formula Pricing Gone Wrong
May 24, 2024 Margins and Compensation Practice Management Transactions Hard to imagine today, but just one year ago, some of the largest prices paid for new cars relative to MSRP were for an EV. The Porsche Taycan, a six-figure ride in any configuration, was commonly selling for 20-25% above sticker. What a difference a year makes. Today, EVs are shunned by many (certainly the press), and Porsche is rushing out a new version of the Taycan for 2025 to address flagging sales.
Should You Accept Rollover Equity?
May 3, 2024 Transactions I’m sure it sounded like a great idea during the planning stage. Last month, I was walking through the historic “South of Broad” area in Charleston, South Carolina, when I noticed a bright orange McLaren 570S turning onto the cobblestone street (photo above). I’ve driven a 570S, with over 550 horsepower and a naught-to-125 mph time of less than ten seconds, on a track before and am familiar with its tremendous capabilities.
Saints women’s, men’s tennis sweep St. Ambrose to clinch regular season conference titles
Holy Cross women’s and men’s tennis have been dominant in Chicagoland Collegiate Athletic Conference play all year. On Saturday, both teams kept rolling, posting a pair of 4-0 sweeps at home against St. Ambrose to claim CCAC regular season titles and finish conference play unbeaten. The Saints women (8-2, 4-0 CCAC) entered Saturday on the heels of consecutive conference wins against Roosevelt and St. Francis that followed a narrow 4-3 non-conference defeat at the hands of Indiana Wesleyan.
For the Notre Dame backfield, Love is the answer
It’s uncommon for a true freshman to be given opportunities for significant playing time at a premier program like Notre Dame, and especially so when the starter at their position is among the nation’s best players.
Irish gear up for major road test against No. 3 Duke
It’s often said that there's no rest for the weary. That’s especially true when you’re in the thick of the ACC men’s lacrosse slate. Just one week after taking down then-No. 3 Syracuse in what would have been a season-defining win for most teams, No. 1 Notre Dame has the challenge of attempting to match that feat on Sunday afternoon, when they face current No. 3 Duke on the road.
Irish use strong first half to take down No. 3 Syracuse in ACC opener
This week, Notre Dame men’s lacrosse rose to No. 1 in the national rankings on the heels of a three-game winning streak. On Saturday afternoon, the defending national champion Irish ensured they’ll retain that spot with a signature 14-12 victory over No. 3 Syracuse to open conference play. The atmosphere for the Easter weekend matchup at Arlotta Stadium was electric from the opening faceoff, with an over-capacity crowd enjoying near-perfect weather conditions for the high-profile ACC duel.
An Ontological Approach to Investment Management
March 22, 2024 Practice Management When we started writing about investment management in 2007, my colleagues and I went looking for materials on practice management and, in general, found nothing. There was no shortage of books, papers, articles, blogs, and conference presentations on investing, some insights on the profession of a practicing financial advisor, a couple of good books on the value of an investment management business, and even materials on marketing oneself in the profession.
Notre Dame spring break sports preview
Starting Friday, Notre Dame hockey will begin the postseason where it finished the regular season — Ann Arbor. Two weeks after receiving a sweep from the Wolverines, the Irish will return to Yost Ice Arena and face Michigan in the Big Ten Quarterfinals. Notre Dame enters the best-of-three series as the fifth seed in the conference, having ended the regular season at 15-17-2 overall and 9-13-2 in league play.
Capital Budgeting for Team Building
March 1, 2024 Practice Management This week, news that Apple was canceling what was known as its “Apple Car” project after a decade of work and billions invested puts a spotlight on the troubles facing EV development. As little as one year ago, EVs seemed inevitable, as several automakers declared they would abandon internal combustion engines (ICEs) within the next decade and dedicate their entire fleets to battery propulsion.
Red-hot Irish gear up for Senior Day matchup with Clemson
On Tuesday night, Notre Dame men’s basketball secured what was arguably the team’s biggest win of the season to date, a 70-65 nail-biter at home against Wake Forest. The Irish will have the chance to follow up that win with an even bigger one — and earn their fifth ACC victory in their last six games — when they take the court at Purcell Pavilion for the final time this year to face Clemson on Saturday night. Just three weeks ago, the Irish season appeared to be in a free fall.
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