Deals involving the biggest RIA firms are dominated by private equity firms. But being owned by a PE firm comes with challenges. PE investors are attracted to the RIA space for its high returns—which are far higher than they are for other businesses, said Dan Seivert, chief executive of Echelon Partners, at the firm's Deals and Deal Makers Summit in Newport Beach, Calif. Average returns for PE firms have fallen to about 10% per year, Seivert said, but RIA deals have been producing returns in the 40% to 50% range.