When an RIA leader is looking to sell, negotiation is the name of the game. It is expected that virtually every aspect of a business will be on the table for discussion. And while many RIA acquirers will enter negotiations with a tried-and-true approach to how they plan to manage the firms they acquire, never forget that you are in the driver’s seat.

If you are like most RIA leaders, selling is about much more than getting the best possible valuation. You are likely just as concerned, if not more so, about what will happen to your team, your clients, and ultimately your legacy. To ensure that the things you care most about are protected and preserved for long into the future, here are four areas that should NOT be up for negotiation when making a deal.

Your Brand

An RIA’s brand is often its most valuable asset-and the reason why clients are known to stick with a firm for decades. Make sure that any acquirer you consider respects and values your brand equity as a key differentiator in a crowded marketplace. For many RIAs, they’ve built their reputations around having a boutique brand, which embodies their close relationships with clients. Potentially endangering those relationships by altering a brand should be non-negotiable.

Your Culture

A close “cousin” to an RIA’s brand is its culture. It’s the essence of who you are as a business. For your team, it’s what makes your firm a great place to work and to build a career. For clients, it’s what separates you as a trusted partner on the journey of building and sustaining multi-generational wealth. Many RIAs have a culture that is rooted in an entrepreneurial spirit that has fueled their growth, but that can be suffocated when joining a larger firm if you’re not careful. Don’t let that happen; choose your partner wisely and protect your culture at all costs.

Your Approach to Client Service

You know how to deliver exceptional service to your clients. They have expectations about the quality of service they’ve grown accustomed to. How you model this experience, including your team structure and approach to financial planning, should remain unchanged when partnering with another firm. Some acquirers, for the sake of efficiency, will want to limit the number of client meetings per year or how many team members can take part. That is often to the detriment of client experience and can harm deeply personal and hard-won client relationships. Be mindful of that when exploring potential firms to partner with.

Your Investment Strategy

Your investment strategy and asset allocation process are as unique as you are. Your investment strategy is likely one of the primary reasons your clients engaged with you. Don’t put that at risk. Many RIA acquirers will want to place you and your clients in a one-size-fits-all model portfolio, again for efficiency’s sake. Doing so could result in significant tax consequences, which, of course, no client wants. While you should explore additional investment options (such as direct and private investments) when partnering with another firm, your core investment strategy should be sacrosanct.

To be certain, when joining forces with a larger RIA acquirer, there ideally will be many additional capabilities and resources that should be embraced and leveraged on behalf of your clients and team. Doing so is often critical to achieve the next level of growth and likely why you are considering partnering in the first place. But be clear-eyed and transparent about what is non-negotiable for the sake of your team, your clients, and your legacy.

Explore how Aspen can help you grow your firm, and secure your legacy, on your terms.