By James Ianaconi, SVP & Head of Partnerships at Aspen Standard Wealth
When exploring potential acquirers, RIA leaders typically focus their due diligence questions around obvious areas like valuations, deal structures, and upfront payments. While it makes sense that such topics take center stage during negotiations, many critical questions often go unasked—leaving founders with potentially unwelcome post-close surprises that could have been preempted. To help avoid seller’s remorse, below are four essential, yet frequently overlooked, questions that every RIA leader should ask before signing on the dotted line.
Which decisions will I still control post close… and which will shift?
Often, the acquiring firm does not define for RIA Leaders a clear set of roles and responsibilities prior to closing a transaction. While obvious responsibilities are often alleviated by an RIA platform (e.g., compliance, IT, finance & accounting, etc.), go-forward decision-making power, team/personal autonomy, and decisions related to spending can remain ambiguous. With that in mind, it is important to seek clarity upfront on what decisions will remain in your control—and which will transfer to the buyer.
For example, who controls hiring decisions, pricing strategies, investment philosophy, technology stack, and client service models? A vague answer of “we’ll figure it out later” is usually a red flag. Request specific examples and documented “swim lanes” of responsibilities. An acquiring firm should be able to provide a framework showing how operational control will be divided between local leadership and the parent organization.
Also ask about how budgeting is handled post-transaction. Will you still have the autonomy to allocate funds toward key priorities? Or will you need approval from a centralized finance team? Understanding this process ensures you’re not caught off guard when trying to make critical business decisions.
Can I speak with other founders who sold to you and not just the ones you reference?
Any potential partner can line up glowing references. The real insight comes when you go beyond the curated list. Ask to speak with a range of individuals from across the acquiring firm, both advisors and operators, and most importantly with sellers that have already gone through the transition to your potential new home.
If the buyer hesitates or limits access only to senior executives or former founders who are now deal champions, that is a reason to take pause. A transparent and confident acquirer should encourage you to reach out to a wide cross-section of their leadership and acquired teams.
Use these conversations to validate what you’re being told. How was the integration process? Were there surprises? Has the seller’s role changed materially since the deal closed? Is the acquirer delivering on the promises that were made in diligence? Often, these unfiltered conversations are the most accurate source of truth when evaluating cultural alignment and long-term expectations.
How do you handle conflicts of interest across your network of firms?
As many RIA acquirers today operate multi-firm platforms, it’s essential to understand how they manage conflicts of interest. Overlapping geographies, similar client demographics, and internal competition for shared resources can create tensions if not thoughtfully managed.
Ask specifically how the firm handles marketing leads. If they run centralized digital campaigns, who gets the leads—and based on what criteria? If the firm is part of a custodial referral program, how do newer acquisitions gain access or integrate into those relationships?
Similarly, if another firm in the network offers similar services or targets the same niche or clientele, how are priorities determined? Is there a protocol to protect each firm’s competitive positioning, or is it first-come, first-served?
These operational details will impact your ability to grow post-transaction and can significantly affect morale and trust if not handled transparently.
What / who is your source of capital and what is their investment timeline?
Another often-neglected topic is the buyer’s capital structure and the implications for the future. Many aggregators and acquirers are backed by private equity capital, which often comes with specific investment horizons—typically three-to-five years.
This matters for two key reasons. First, the PE firm’s timeline may dictate the broader strategic direction, including cost-cutting, aggressive growth mandates, or secondary sales. Second, if you’re rolling over equity as part of the transaction, the timing of your deal relative to the private equity firm’s hold period can significantly affect your outcome.
For example, an RIA owner entering into a deal near the end of the acquiring firm’s PE investment cycle may face a quick second transaction/liquidity event, but with less time for their equity to appreciate or much upside in the equity altogether. So, ask about the PE firm’s history, average hold periods, and when the last capital event occurred. Transparency here is crucial to setting realistic expectations about liquidity events and your role in the company’s future.
