The U.S. wealth management industry is on the cusp on two major, disruptive shifts. Over the next decade, an estimated $84 trillion in assets will transfer from one generation to the next, creating challenges for advisors seeking to retain client assets amid this shift.

At the same time, thousands of financial advisors – many without a succession plan – are getting ready to exit the business. Wealth advisors aged 55 and older account for 42% of advisors in the U.S., and nearly 40% of them are planning to retire – and potentially sell their practice – in the next decade, leaving their clients facing a tenuous transition.

For advisors looking to expand their business, now is the time to capitalize on the unparalleled acquisition opportunities that will soon be arising across the industry. But while acquisition can provide a powerful boost to your firm’s growth, taking on a new book of business is a significant undertaking. And without adequate planning, it could ultimately hurt rather than help your business.

It’s also worth noting that the competition to acquire practices will be intense: It is estimated that there are 83 potential acquirers for every one seller of a practice.¹ As they look to transfer the relationships they’ve built for decades, advisors exiting the business will have plenty of options. Teams that make a concerted effort to make their firm attractive to sellers will set themselves apart.

To help ensure you and your team are prepared to take this momentous step, following are five key areas to focus on.

1. Strengthen your infrastructure

If you and your team are not equipped to handle the increased demands on your resources that an acquisition presents, the strain could quickly become unmanageable. That’s why, before pursuing a purchase, you’ll want to take steps to ensure your operational foundation is solid. This means:

– Having consistent processes in place and finding ways to create capacity on your team to efficiently onboard new clients and advisors.

– Creating clear methods for client service, compliance, and portfolio management to integrate new business seamlessly.

– Building or expanding your CRM and data management system to support consistent, proactive contact with current and new clients from the retiring advisory team.

2. Create a culture of purpose

Consider this an intangible – yet critical – aspect of your infrastructure. Firms that can effectively articulate their vision, mission, values, and strategies in a consistent and clear manner will be better able to connect emotionally with advisors looking for a team to transition their business. Consider these steps:

– Build a strategic plan based on growth and connection with your clients.

– Create an environment of trust that focuses on cultivating relationships.

– Discuss the services and offerings you can bring to a retiring advisor’s clientele in terms of investment philosophy, wealth strategies, and a focus on creating wealth for generations.

3. Define your ideal acquisition strategy

With more advisors preparing to retire, the pool of prospective acquisition opportunities is poised to expand. But not every practice is the right fit. Define clear acquisition criteria by considering:

– Client demographics: Does the acquired team align with your firm’s expertise and service model?

– Cultural fit: Can the team integrate smoothly into your firm, not just from an operational standpoint but in terms of your core values aligning?

– Revenue model: Will the acquisition improve profitability and sustainable growth potential?

4. Create relationships with advisors looking to exit

Ensuring the right fit is not something that can be accomplished on paper; it requires proactive outreach and open communication, with the goal of establishing mutual trust and understanding.

To achieve that goal, these steps are essential:

– Create a standard of care that you can discuss with potential sellers so they can see your vision for the future.

– Discuss the team’s transition and support them in understanding what that next phase looks like in terms of their identity.

– Initiate consistent conversations focused on change management to ensure success.

5. Develop a seamless transition plan

The success of any acquisition depends on client retention. And the key to retaining clients is making sure they’re comfortable and confident that their needs and expectations will continue to be met.

To ensure a smooth transition:

– Prioritize client communication and education throughout the process to minimize disruption and uncertainty.

– Offer incentives for the selling advisor to stay on temporarily, which can help ease client concerns.

– Have a plan in place to communicate how the new team will handle onboarding, branding, and service continuity.

The next decade presents unprecedented growth potential for well-prepared firms. By strengthening your operations, creating capacity within your current team, and strategically targeting acquisitions, you can position your firm to thrive during the Great Wealth Transfer and build a legacy that extends for generations.

¹ Succession Resource Group, 2025.