Selling Inside the Platform? Read the Fine Print
If you’re part of an RIA, a broker-dealer, or an OSJ and you’re starting to think about selling your book, the easiest path is often the one right in front of you.
You mention your plans. They say they can help. They introduce you to “buyers in the network.” Maybe they even offer to take a partial stake. It sounds smooth, coordinated, and convenient.
But is it actually what’s best for you, your team, or your clients? Today, we take a look at some of the common practices we see behind the curtain that are worth being aware of before you get further down the path.
What You Don’t See in the Slide Deck
Behind the scenes, here’s what’s often happening. To be clear–not maliciously, but structurally:
The firm is prioritizing the buyers they earn the most from.
They’re matching you with someone who uses all their proprietary tools or platforms (even if they’re mid-tier).
They’re steering you toward buyers who “play ball” — not necessarily those who are the best cultural or service fit for your clients.
There might be a phenomenal buyer down the road, but if they’re not part of the official succession program (or not cutting a check to be on the list) you may never even hear their name.
Who’s This Business Really For?
Plenty of advisors have told me:
“I want to do what’s best for my clients… but once my earnout is over, I can’t control what happens.”
That’s true, but that’s also why this part of the process matters so much. You get one shot to make a clean, informed decision, and your platform may be offering you a very narrow lens.
This happens more than it should:
A platform whispers a big number.
The advisor starts picturing the house project, the vacation home, the next chapter.
Then the fine print starts coming in: “Oh, we can’t do that after all. Oh, that transition assistance doesn’t apply here.”
At that point, unwinding is hard. You’ve sunk a substantial amount of time, focus, and maybe resources into exploring this option.
I’ll pause to acknowledge here–there're many cases in which it’s the right fit. The problem I encounter is advisors don’t know the incentive structure and don’t know to ask about it. Asking is square one. If the answers aren’t clear, compelling, and unflinching, it’s a big red flag.
It’s Not About Having All the Answers
Advisors don’t need to have every detail mapped out. You’re running a business. You’ve got a personal life. You’re juggling both. This is where having an advocate, someone whose only incentive is to find the best long-term fit, can make a huge difference.
Not someone on a finder’s fee. Not someone protecting a platform’s revenue stream. Just someone with the space and objectivity to dig deeper and ask better questions. In many cases, the best buyer just hasn't been introduced.
Want a Clearer Look?
If you’re starting to explore a sale and you want to understand what else might be out there outside the internal shortlist, let’s talk. No pressure, and fully discreet.
It’s just a matter of knowing your options.