DeVoe & Company recently confirmed what many in the industry have suspected – 2025 was a record year for wealth management M&A. Last year, there were 322 transaction announcements, greatly surpassing the 272 record-setting deals in 2024. The outlook for 2026 remains positive, with many RIA executives expecting M&A activity to stay at a rapid pace.
Against this backdrop, RIA founders are increasingly considering their options for monetizing their business through an internal succession, an outright sale or a different deal structure. While there are multiple areas of concern for a seller, from valuations to infrastructure integration, many proud firm owners are worried about what a sale means for the legacy of their life’s work.
To learn how RIA founders are balancing their desire to sell into this strong environment with their emotional need to preserve a legacy, we spoke with industry veteran Jason Inglis, Chief Development Officer of Trilogy Financial, to hear his perspective.
WSR: When advisors hear “selling your practice,” many think “loss of control” or “loss of identity.” What’s behind this perception, and where does it fall short?
Inglis: That perception is rooted in early M&A models where founders sold 100% upfront, exited quickly, and were absorbed into a centralized brand. The old-school horror stories were real: sell your firm, hand over the keys, get a new logo and suddenly you’re wearing someone else’s jersey.
Thankfully, most modern advisory deals don’t work that way. Today’s buyers know that if they strip away an advisor’s identity, the value of what that advisor built can go with it. The right partnership should feel less like a takeover and more like adding a strong back-office and growth engine. The right sale often provides more support and sustainability – not less control.
WSR: What does “legacy” mean in the context of an advisory practice, and how can it be impacted by a poorly structured M&A deal?
Inglis: For a seller, legacy isn’t just the number on the check, it’s whether your clients still feel taken care of long after you stop answering every call. It’s your culture, your philosophy and the trust you’ve built one conversation at a time over many years. The buyer has a strong incentive to protect the practice’s legacy. A poorly structured deal can put all of that at risk, turning a lifetime of goodwill into a short-term transaction that leaves clients and staff feeling like collateral damage.
WSR: What are the most common mistakes sellers make that unintentionally erode culture or client relationships?
Inglis: The biggest mistake is chasing the highest multiple and assuming everything else will magically work out. Sellers also underestimate how much control they may be giving up post-close, depending on the deal structure. Sometimes they exit too fast, leaving clients wondering, “What just happened?” Skipping thoughtful communication with staff and clients is a surefire way to create anxiety, rumors and unnecessary attrition.
WSR: How should advisors evaluate potential partners for philosophical and values alignment?
Inglis: Advisors should look beyond the pitch deck and ask less about the “platform” and more about real-life decision-making. Who actually calls the shots when something goes wrong? How much freedom do advisors really have? And most importantly, advisor should talk to firms that have already sold to them. Not just the one that closed last month, but the ones that have been there long enough to tell you what it’s really like.
WSR: What role does deal structure play in preserving a seller’s legacy?
Inglis: The deal structure is the fine print that determines whether your legacy survives or slowly fades. Timelines control how rushed the transition feels. Governance determines whether your voice still matters. Retained equity and earnouts keep everyone rowing in the same direction. Continued advisor involvement, especially in client relationships, preserves trust and continuity while enabling organic succession rather than abrupt change. Structure is what turns “selling” into “staying involved – just with better support.”
Structure is what turns “selling” into “staying involved – just with better support.”
WSR: What should sellers prioritize to ensure clients experience continuity after a transition?
Inglis: Clients want to know one thing: “Am I still going to be taken care of by the people I trust?” Keeping advisors involved, maintaining the service model and retaining key team members go a long way toward success. Clear, confident communication also helps. Clients care about consistency, not just in performance but in service and relationships.
WSR: How can buyers strike a balance between integration and autonomy?
Inglis: Buyers should integrate where it makes life easier: operations, compliance and resources. They should then stay out of the way where advisors tend to shine: client relationships, advice and customized service. The goal isn’t to standardize personalities, but to free advisors from the stuff they never got into this business to do in the first place.
WSR: What signals indicate a buyer is genuinely committed to long-term stewardship rather than just scale?
Inglis: Real stewards talk about succession planning, not flipping the firm in a few years. They keep founders involved, invest in teams and structure deals that reward long-term growth, not quick financial engineering. If every conversation is about scale and multiples, that’s usually a tell.
WSR: What piece of advice would you give advisors worried about their legacy?
Don’t sell your firm! Choose your next chapter.
Inglis: Don’t sell your firm! Choose your next chapter. The right partner should protect your clients, empower your team and let your life’s work keep doing what it has always done best, even when you’re not in every meeting anymore.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
