Advisors in Transition: Challenges and Best Practices
July 24, 2025
Amid ongoing advisor movement, it is crucial for both advisors and wealth management firms to develop a strong narrative that reassures clients about continuity and improvements in practice infrastructure aimed at fostering future growth.
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New research from Cerulli and 55ip finds implementing a comprehensive, technology-driven transition plan is essential to retaining client assets and meeting the evolving expectations of investors, who increasingly seek services beyond mere investment management.
Key Findings
Advisor Movement Remains Elevated
In 2025, approximately 10% of advisors anticipate transitioning their practice, either through consolidation or individual decisions to move firms. These transitions are expected to continue at a high pace in the coming years, primarily driven by M&A activity and a wave of retiring advisors.
Strategic Enhancements Are a Path to Increased Value
As centralization and scale continue to shape the industry, many wealth managers are focused on integrating operational efficiencies and advanced technology alongside extensive service offerings to demonstrate their long-term value to potential acquisition targets.
Investor Expectations Are Shifting
More than two-thirds (69%) of retail investors believe it is important for their advisor to help reduce their tax bill, a sentiment that is even stronger among high-net-worth households. Advisors must view a practice transition as an opportunity to implement necessary changes that enhance their practice's value and modernize their strategic approach to align with evolving client preferences.
Subject Matter Experts
Meet Our Team
Andrew Blake
Associate Director
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Andrew Blake
Associate Director
Andrew is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types.
Prior to joining Cerulli Associates, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has spent over a decade working with financial advisors and researching distribution best practices.
Full biography here.
Asher Cheses
Director
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Asher Cheses
Director
Asher is a Director in the Wealth Management practice, specializing in research and consulting related to high-net-worth investors and advisory firms, including multi-family offices, RIAs, broker/dealers, private banks, and trust companies. As the co-head of Cerulli’s Wealth Management practice, Asher leads a team of analysts dedicated to developing data and insights to support Cerulli’s published research and consulting business. In his role, Asher is also responsible for leading various strategic consulting engagements, focusing on key areas including growth strategies, practice management, service expansion, M&A due diligence, product development, and distribution strategies.
Full biography here.
Kevin Lyons
Senior Analyst
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Kevin Lyons
Senior Analyst
Kevin is a Senior Analyst within Cerulli’s Wealth Management practice, focusing on trends in distribution strategies, advisor product use, and portfolio construction.
Prior to joining Cerulli Associates, Kevin worked at Columbia Threadneedle Investments as a Consultant on the Strategic Beta ETF team. In his career, he has over 15 years of experience working with financial advisors in the wirehouse, independent broker/dealer, and RIA channels at Columbia Threadneedle Investments, Russell Investments, and Putnam Investments.
Full biography here.
Andrew Rose
Associate Analyst
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Andrew Rose
Associate Analyst
Andrew is an Associate Analyst on the Wealth Management team at Cerulli, specifically in Wealth Management Technology. As an Associate Analyst, Andrew contributes to the State of U.S. Wealth Management Technology report and supports strategic research and consulting engagements in the WealthTech sector.
Prior to joining Cerulli, Andrew interned at Equitable Advisors and Cabot Risk Strategies. He graduated from Boston College with a Bachelor of Arts in Economics and minors in Finance and German.
Full biography here.
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