Is there a bubble in RIA prices?

At least two well-known names in the acquisition business, United Capital and HighTower Advisors, have backed away from buying established registered investment advisers while citing, in part, the high costs of the transactions.

“The valuations of RIAs have been methodically increasing since the stock market decline in 2008, and we're probably slightly above the historical average of the last dozen years,” said David DeVoe, whose firm, DeVoe & Co., conducts transition planning for RIAs. “That's driven by the stability of the economic recovery, and [because,] clearly, RIAs are demonstrating that they can continue to win new clients in the marketplace.”

http://www.investmentnews.com/article/20150302/FREE/150309989/is-there-a-bubble-in-ria-prices