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 an Associate Director in the Wealth Management practice. He specializes in asset manager distribution strategies for products sold through financial advisors and is the author of The Cerulli Report—U.S. Intermediary Distribution. Before joining Cerulli Associates, he gained distribution experience at several firms, including Manulife John Hancock Investments. He also authored The Cerulli Report—U.S. Advisor Metrics, which explores trends in advisor practices, such as the use of investment products, client relationships, fees charged, and service offerings.
In his role, Andrew is also responsible for various strategic consulting engagements, focusing on key areas such as growth strategies, practice management, service expansion, M&A due diligence, product development, and distribution strategies.
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 in the Product Development practice at Cerulli, focusing on trends related to asset managers' product strategy, development, and management functions. This broadly includes assessing the opportunity for product line expansion, evaluating emerging product trends, assessing optimal pricing strategy, and understanding distribution and product positioning for investment products across retail and institutional channels. As a Senior Analyst, Kevin oversees Cerulli's Exchange-Traded Fund Markets Report and contributes to various reports, including the U.S. Alternative Investments, U.S. Product Development, and U.S. Asset Allocation Model Portfolios reports. He also plays a role in the quarterly Cerulli Edge: Product Development Edition and contributes to related consulting engagements.
Full biography here.
Andrew Rose
Associate Analyst
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Andrew Rose
Associate Analyst
Andrew is an associate analyst in Cerulli’s Product Development practice, focusing on trends related to asset managers’ product strategy, development, and management functions. This broadly includes assessing the opportunity for product line expansion, evaluating emerging product trends, assessing optimal pricing strategy, and understanding distribution and product positioning for investment products across retail and institutional channels.
Full biography here.
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