📝 usncan Note: Your Financial Advisor Has Been Acquired. What Do You Do Now?
Disclaimer: This content has been prepared based on currently trending topics to increase your awareness.
Acquisitions have become increasingly common in the wealth management industry, and the pace shows no signs of slowing as Registered Investment Advisors continue to merge or be acquired. While there are likely several factors behind this trend such as founders needing liquidity and advisors looking for greater scale, the influence of private equity firms over RIAs has become unmistakable. According to Cerulli Associates, in 2024, private equity firms backed a staggering 89% of RIA acquisitions, up from 43% just eight years prior. And by mid-2025, according to Fidelity Investments’ biannual M&A review, the consolidation wave has continued unabated, with over 132 M&A deals totaling $182.7 billion in AUM already completed — the busiest mid-year on record.
Against this backdrop, many ultra-high-net-worth clients find themselves wondering: What does this mean for my family’s financial future? The answer depends on your experience post-acquisition.
Choosing the right wealth advisory firm is about aligning culture and services with your family’s priorities. When evaluating whether to stay or move, it helps to establish a clear framework.
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Scenario 1: Everything Seems the Same
Over the past decade, I’ve seen wealthy families navigate both seamless and highly disruptive acquisitions. The difference often comes down to transparency and alignment. Sometimes an acquisition is a non-event. In these cases, your trusted advisor hasn’t changed, your service feels consistent, and you’re still receiving the same quality of support and guidance. If you’re satisfied, there may be no need to do anything.
- What to do: Stay put and continue monitoring the relationship. Pay attention to potential shifts over time, but don’t disrupt what’s working well.
Scenario 2: Gradual Changes
In other cases, you begin noticing differences. Maybe your wealth advisor gets reassigned, is harder to reach, or is stretched thinner across more clients. You’re now part of a larger organization with more layers. One family I know saw their long-time advisor reassigned three times in two years after an acquisition and realized they were now calling a 1-800 number for basic requests.
- What to do: Ask direct questions. Who is truly responsible for your account? Has your advisor’s compensation changed in ways that affect incentives? If accessibility and personalized service matter to you, it may be time to explore alternatives.
Scenario 3: Significant Disruption
Sometimes things change significantly and warrant your reconsideration. In these cases you might see your trusted advisor absorbed into a bigger team, and the culture may feel different. Instead of holistic advice, you’re pitched new products, add-on services, or investments that don’t align with your interests or needs. And maybe there are increased fees and charges. The relationship becomes transactional, not personal.
- What to do: This is often the clearest signal it’s time to re-evaluate. If your client experience feels bureaucratic or sales-driven, your priorities may no longer align with the firm’s.
If You’re Considering a Change: Define What Matters Most
Of course, not every private equity-backed acquisition is problematic. Some firms have added capabilities, technology, and resources that directly benefit clients. The key is whether those benefits outweigh the trade-offs.
If you decide to start exploring a change, choosing the right wealth advisory firm is about aligning culture and services with your family’s priorities. When evaluating whether to stay or move, it helps to establish a clear framework. Consider the following factors to help you figure out what really matters:
1. Investment Philosophy
Do you prefer a passive, low-cost approach? Active management? Access to private equity, hedge funds, or other alternative strategies?
2. Fiduciary Commitment & Independence
Confirm whether the firm acts as a fiduciary 100% of the time. Some firms operate with hybrid models (a Registered Investment Advisor + Broker-Dealer) that allow for commission-based sales and proprietary investment products. The SEC holds RIAs to “continuous fiduciary duty.” However, with hybrid firms, fiduciary duty applies only in an advisory role; and when acting as a broker, hybrids are governed by Regulation Best Interest (Reg BI). This dual framework can potentially create client confusion. Independent RIAs are legally required to put clients’ interests first — but the culture of true independence can vary.
3. Firm Ownership & Stability
Who owns the firm today — and what’s the long-term vision? Founder- or employee-owned firms may be more client-focused, while roll-ups and private equity-backed consolidators often face pressure for growth and near-term exits. A firm’s ownership structure can reveal a lot about incentives and what your client experience will be like.
4. Advisor Continuity & Succession
Will your advisor — or the team serving you — be with you for the next 5, 10, or 20 years? Ask how the firm ensures continuity for multi-generational families. Does the company have formalized succession plans and equity participation for rising advisors? Ask probing questions.
5. Family Office Services
Do you want a one-stop shop for accounting, bill pay, taxes, insurance, and consolidated reporting? Some RIAs say that they offer this level of integration, but be careful in making sure they actually do all the things they say they do, and that they have people with the expertise to do them well.
6. Transparency & Fee Structure
How does the firm make money? Flat fees, AUM percentage, retainers? Make sure you understand the full cost, including potentially hidden fund expenses.
7. Family Engagement & Governance
Beyond investments, does the firm help prepare the next generation, design succession plans, or strengthen family communication? Guidance on philanthropy or running a family foundation may also be important to you.
8. Firm Culture & Client Experience
What’s the “feel” of the firm? Do you prefer a boutique environment where you’re one of a hundred clients, or a larger enterprise where you’re one of thousands?
Final Thoughts
The acquisition of your financial advisor doesn’t automatically spell trouble. Many firms maintain their culture and service model even under new ownership. But if you notice red flags — reduced access to your advisor, product pushing, fee increases, or a more institutional feel — it may be time to re-examine whether your needs are still being met.
Ultimately, your wealth advisory relationship should provide clarity, confidence, and continuity. If your priorities no longer align, it may be worth exploring firms that match your values — whether that’s independence, scale, or a family office model.
This article is for informational purposes only and does not constitute legal, tax, or investment advice.
