The SEC’s Marketing Rule in Advisor M&A: Endorsements and Client Transitions (Ep. 30)

What to Expect from M&A in 2026 (Ep. 32)

RIA valuations are at record highs, private equity is reshaping deal structures, and internal succession is evolving faster than ever. In this episode of The Fine Print, David Grau Jr. breaks down the real M&A data from 2025 and maps out what financial advisors should expect for the rest of 2026. David digs into the latest revenue and EBITDA multiples, explains why the most profitable firms don't always command the highest valuations, and dissects the typical private equity deal structure: 40% cash down, 30% performance-based payments, and 30% rolled equity. He also covers how deal terms are shifting, why nearly a third of transactions last year were internal equity sales, and why phantom equity programs are surging in popularity as a succession planning tool. Whether you are a buyer preparing for inorganic growth or a seller weighing your options, this episode gives you the benchmarks and strategic context you need to make informed decisions in today's M&A environment. Topics covered: •      2025 RIA valuation multiples (3.27x revenue, ~10x EBITDA) •      Why higher profit margins can lead to lower valuation multiples •      Private equity deal structures and what they really look like •      Shifting deal terms: down payments trending lower, more internal sales •      The rise of phantom equity (SARs and liquidation rights) •      Compensation plan redesign: from grid-based to salary-plus-bonus •      Advice for buyers and sellers heading into a high-volume deal year

What Advisory Firm Owners Get Wrong About M&A | The Exchange (Ep. 31)

Most advisory firm owners think they're 80% done with a deal once they've found a buyer and shaken hands on a number. In reality, they may not even be in the first inning. In this episode of The SRG Exchange, SRG's consulting team and General Counsel pull back the curtain on what firm owners consistently get wrong about M&A, from timing and valuation methodology to entity structure and equity sharing strategy. The group covers when to bring in an outside team and what happens when you wait too long, why a business's appraised value and its sale price are not the same thing, where market multiples landed in 2025, why internal succession deals rarely match the economics of an external sale, and how entity planning and equity sharing have shifted from tools reserved for the industry's biggest firms to essentials at nearly every size.

The SEC’s Marketing Rule in Advisor M&A: Endorsements and Client Transitions (Ep. 30)

Regulatory scrutiny is evolving, and RIAs involved in acquisitions or succession transitions are starting to see a new area of exam focus: how the SEC’s Marketing Rule endorsement provision may apply to certain client transition communications. In this episode of The Fine Print, SRG General Counsel Todd Fulks [https://www.successionresource.com/todd-fulks/] is joined by Christine Ayako Schleppegrell, [https://www.linkedin.com/in/christineayako/] Partner at Morgan Lewis and former SEC attorney, for a timely discussion on what firms are seeing in exams and deficiency letters, and why this issue is emerging now. You will hear how a rule many advisors associate with testimonials and advertising is beginning to surface in the M&A transition context, and what firms can do to stay prepared.

Your Employment Agreement Won’t Protect You Like You Think (Ep. 29)

Employment agreements are often treated as a formality, until a key employee leaves, client relationships walk out the door, or a succession plan starts to unravel. In this episode of The SRG Exchange, SRG’s consulting team and General Counsel break down the real-world role of restrictive covenants in advisory firms, and why the biggest risk is often having no agreement in place at all. The group explores the difference between non-competes, non-solicits, and no-serve provisions, why enforceability varies state by state, and how firms can create protections that are both practical and reasonable.

The Exchange: Entity Structure and Why It's The Backbone of Your Advisory Firm (Ep. 28)

Entity structure is not just paperwork. It shapes how your firm grows, shares ownership, and eventually transitions. In this episode of The SRG Exchange, SRG’s consulting team and general counsel break down what advisors need to know about entities and entity maintenance, and why firms often outgrow the structure they set up years ago. You’ll learn: * How entity design affects internal succession and equity transfers * Why S-corp rigidity can create hidden obstacles * What ownership classes, voting rights, and governance terms actually change * What entity maintenance looks like in practice and why it matters * Common mistakes that create risk during growth, M&A, or exit Whether you are building your first entity or planning for future owners, this episode offers practical clarity on structuring your firm for long-term flexibility and value.