David DeVoe | Source | Founder & Managing Director at DeVoe & Co

Firms that attach their caboose to the Mercer train immediately benefit from the power of a $12 billion RIA. With access to a broad set of capabilities and services, clients should be sticker and the sales process with prospects should be easier.

With swollen coffers, banks and large financial services corporation may determine that acquiring RIAs is a good way to deploy this capital.

The structural changes that are driving the sales of RIAs and the natural consolidation of the industry have not changed, and M&A momentum is likely to continue. But the impact of developments like the tax law and how brokers will react to changes in the Broker Protocol remains uncertain.