Financial services · United States
Financial services rollup map
14 US segments, each rated for rollup fit. Every number links to its public source.
Segments
Wealth & Retirement
- Registered investment advisers (RIAs)CrowdedSponsor-backed buyers do about three quarters of announced deals and large platforms now trade between sponsors, so a new entrant competes with many funded buyers even though thousands of small firms remain.
- Retirement plan administrators and recordkeepersActiveSeveral sponsor-backed TPA platforms are buying regularly, but most small owner-run TPAs have not sold yet, while recordkeeping itself is already concentrated and not a rollup target.
Rollup stages
- Open
- Fragmented, with little sponsor activity so far.
- Active
- Sponsors are buying, and many independent firms remain.
- Crowded
- Many sponsor-backed buyers compete for the same firms.
- Not a fit
- The structure of the segment works against a rollup.
Stages and ratings are MigrateForce's view. Reviewed October 29, 2026.
Not covered
Banks
Under the Federal Reserve's control rule, a company that controls a bank generally becomes subject to the Board's rules and regulations. Control is judged on factors that include the company's total equity investment, shared directors or officers, and business ties with the bank.
Source: Board of Governors of the Federal Reserve System, Jan 30, 2020
Exchanges & market infrastructure
A national securities exchange must register with the SEC under the Securities Exchange Act. The SEC publishes a list of registered exchanges.
Source: U.S. Securities and Exchange Commission, Division of Trading and Markets, Jan 7, 2026
Private equity firms
One GP stakes platform makes non-control investments in alternative asset managers. A non-control stake is a minority investment, not a buy-and-build of whole firms.
Source: Goldman Sachs Asset Management
Digital asset custody & exchanges
New York requires a BitLicense or a state banking charter, such as a limited purpose trust company, to run a virtual currency business there. The state rule also bars any change of control of a licensee without the superintendent's prior written approval.
Source: New York State Department of Financial Services; Legal Information Institute, Cornell Law School (text of 23 NYCRR Part 200, NYDFS)