The market to acquire registered investment advisor firms has been red-hot for almost a decade, with hundreds of firms bought and sold each year. But the mergers and acquisitions frenzy has its skeptics, particularly among broker-dealer executives, who express alarm at the heady valuations some RIAs continue to fetch.

Add Jamie Price, CEO of the giant broker-dealer network Osaic Inc., to the group of those skeptical about the prices some private equity investors are paying to acquire RIAs.

“I think there’s going to be a day of reckoning in the RIA space,” Price said. “Will there be more RIAs for sale than there are buyers at the trough?”

Read more at InvestmentNews.com.