{ "media_type": "text", "post_content": "For those of you who have previously bought a practice, what are some key factors you want to look into when analyzing and conducting due diligence? Specifically for client retention.", "post_id": "5a14cb297b524606d9de8f40", "reply_count": 4, "vote_count": 4, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

For those of you who have previously bought a practice, what are some key factors you want to look into when analyzing and conducting due diligence? Specifically for client retention.

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What are the client expectations and what does the current advisor presentation look like?Wallet Share being low is actually a good thing for you as a buyer, as it means there is opportunity to bring in assets.Look for pockets of clients that move in packs. Ask questions about the largest clients and where they came from. This would give you a sense of how sticky they are, or if there is a chance they are just waiting for the seller to leave the business so they can move elsewhere.

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Don't use "averages". Ask for a detailed list of clients (personal info redacted). You want age, tenure, aum, fee level. It is very conceivable that you could have a practice with $25mm aum, and half the assets are concentrated among 3 or 4 clients, in their 80's. But the "averages" might look very normal.

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Thank you. How about this: 50% of the book is held in Advisory, 33% in Fixed Annuities (most coming due within 12months), and the remainder held direct at MF companies. The majority of the valuation appears to be based on the 50% in Advisory. I am RIA, so what are my chances of bringing over the Direct fund business, thus increasing my Advisory AUM. How about the Fixed Annuities as they come due?

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Depends if they are A or C shares.

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