RIA Guides
RIA Owner Guides
Selling, buying, or planning succession for a registered investment adviser raises questions long before anyone calls a lawyer. These guides answer the questions RIA owners actually ask, in plain language, before, during, and after a transaction. Each guide links to the underlying regulatory mechanics in the RIA M&A glossary.
What Happens to My Clients When I Sell My RIA?
Client contracts are assigned to the buyer, and most sales use a negative consent process rather than requiring every client to sign off individually.
How Long Does It Take to Sell an RIA?
Most RIA sales run six to twelve months, with the client consent notice period usually setting the pace.
What Happens to Employees When You Sell an RIA?
The buyer decides which employees to keep, and key advisers are often asked to sign retention agreements tied to the purchase price.
Asset Sale or Stock Sale: Which Is Better When Selling an RIA?
Each structure carries different tax and liability tradeoffs, but both trigger the same client consent requirement under the Advisers Act.
Can the Buyer Make Me Sign a Non-Compete When I Sell My RIA?
Yes. Sale-of-business non-competes are standard and are generally enforced more readily than employment non-competes.
What Happens to a Solo RIA If the Owner Dies or Becomes Disabled?
Without a continuity plan, client accounts can be left without an authorized adviser, and the practice's value can erode quickly.
My Partner Wants Out of Our RIA. How Does a Buyout Work?
The operating agreement's buy-sell provision usually controls price and terms, and even an internal transfer can trigger client consent obligations.
Can I Sell Part of My RIA or Take On a Minority Investor?
Yes. The legal questions center on whether the transfer counts as an assignment and what rights the minority investor negotiates.
Working through one of these questions for an actual transaction? Request a consultation →
Related
RIA M&A Attorney
Legal representation for RIA buyers and sellers, from letter of intent through closing.
RIA M&A Glossary
Definitions for the regulatory terms behind the questions above: assignment, negative consent, valuation multiples, and more.
Selling an RIA Firm: Legal Guide
The full legal process of selling an RIA: consent strategy, Advisers Act compliance, and deal terms.