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If you’re preparing to sell your business, the M&A process might seem daunting and mysterious. As a financial advisor, you’re an expert at connecting with clients and providing sound financial guidance. Dealmaking is not your forte. However, you’ll find that financial advising and wealth management M&A are built on the same foundation: strong relationships and communication.
Before becoming an M&A advisor, I held many roles in wealth management, with the last eight years as a financial planner and wealth manager. What surprised me most when I transitioned into M&A was how naturally my experience carried over. The same skills that helped me build trust with clients allow me to help you navigate the personal, complex decision to sell your business now.
M&A consultants serve a different audience than wealth managers, but our goals and skillsets overlap. We all want to educate, connect, and achieve success in financial and qualitative terms. Here are a few of the lessons I learned through my career transition, which you can apply to selling your practice.
1. Every Client and M&A Deal Is Unique
Just as no two wealth management clients shared the same goals, no two deals look exactly alike. In wealth management, my clients made decisions based not only on financial metrics but also on family milestones, career shifts, and personal priorities. The same holds true for an advisor selling their firm.
As an M&A advisor, I understand that a seller’s goals go beyond the transaction itself. Whether you are looking to safeguard clients, protect your team, or set yourself up for the next chapter of life, my role is to tailor the process to what matters most.
If you are considering a sale, think of your own needs just as you would your clients’. Acknowledge that you need to balance business goals with personal priorities. Selling your business, like all major life decisions, is an emotional process. Give yourself time to learn and adapt.
2. Empathy and Communication Are Non-Negotiables
Advisors know how important it is to sit with clients during tough conversations. As an M&A advisor, I do the same thing. Selling a firm you’ve built is an emotional process and can stir up doubts, even if you’re confident it’s the right move.
An RIA sale goes far beyond running the numbers. Listening closely helps my clients weigh the emotional and financial implications of each decision, and it’s one of the most important roles I play in a deal process. Communicating exciting opportunities while also being honest about the realities of the process helps keep clients focused on the long-term outlook.
3. Keep the Big Picture in Mind
In financial planning, everything ties back to the client’s long-term goals. The same principle applies in M&A. Deals can get bogged down in legal language and financial minutiae, but it’s critical to zoom out and remember what really matters: ensuring the outcome aligns with your vision for your clients, your team, and yourself.
4. Always Put the Client First
In wealth management, success comes from earning trust, communicating clearly, and delivering advice that serves the client. My years as a financial advisor taught me the importance of human connection in financial matters. Now, I bring that same focus to helping advisors find the right partner and structure the right deal.
If you are selling your firm, you have to put your objectives first. This means going beyond the mindset of achieving a high multiple or a certain equity stake. Certainly, those are important parts of a successful outcome, but it’s equally important to ensure that a transaction is better for clients and provides long-term opportunities for your employees.
To secure a successful deal, conduct an M&A process that aligns your long-term objectives and economic outcomes. If done correctly, I promise you will see the parallels between providing M&A guidance to wealth managers and how you provide advice to your clients.
Matt Carter is a director at the M&A advisory firm Turkey Hill Management.
A message from Advisor Perspectives and VettaFi: Thinking about starting your own RIA, making a move to a different firm, or specializing in a new area? Read our latest articles on financial advisor transitions.
Read more articles by Matthew Carter
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
