Stay, Move, or Build: Make the Call Before It's Made for You
Most Advisors Never Decide to Move. Something Decides for Them.
The short answer: Decide in advance. Know your true economics and the clients you want to serve. Write down what any firm must offer before you take a single recruiting call. Advisors who set that filter first tend to land in the right place, whether that means staying, moving, or building their own RIA.
An acquisition is announced. A payout grid gets cut. A custodian rewrites its terms. For most advisors, one of these events is the moment the question finally gets asked, and by then the clock is already running.
I recently talked through this with Shelby Nicholl on Episode 272 of The Resilient Advisor Podcast. Shelby founded Muriel Consulting and hosts Advisors Off Script, and helping advisors make this decision is her full time work. What follows is her framework for making the call on your own schedule.
Why do most advisors wait until they are forced to decide?
Because running a practice leaves little room to ask where it should go. Nicholl says every advisor transition begins because the story changed. Sometimes the advisor changes. More often something outside changes, and the decision gets made under pressure.
Inertia does the rest. The script is easy: keep your head down, keep doing the work, and stay put. Nicholl calls the alternative an off script life, one where you own every decision about your business.
I see that inertia most clearly after long bull markets like this one. Clients are not complaining, revenue is up, and nothing feels urgent. That is exactly when to think the question through, because you can do it calmly.
What should you know about your business before deciding anything?
Three things: your real numbers, your real clients, and how other advisors run their practices.
Your real numbers. Most advisors know their payout. Fewer know the full chain from the client's fee to their own paycheck. Start at the top:
The client's total, all in fee, including manager fees
What reaches you and your office
Your local expenses
What you actually take home
Nicholl says the first number is often the hardest to get, especially inside a wirehouse.
Your real clients. Look at who you serve today and at the profile of your last ten new clients. Then decide who you want to serve in five and ten years, and which relationships you have outgrown.
Outside perspective. Go to conferences and talk with advisors who work in other models. You cannot judge your own situation without a point of comparison.
What is a decision filter, and what belongs in it?
A decision filter is a short written list of conditions any option must meet before you consider it seriously. Nicholl's firm has studied the Commonwealth advisors who left after LPL announced its acquisition, a group ThinkAdvisor reported at more than 950 by July 2026. Her finding: the advisors who did best set a clear vision first and judged every option against it.
Her filter has four parts:
Functionality. What capabilities do you need to run a thriving practice and serve clients well?
Financial outcomes. What economic result do you want over the long run?
Leadership and ownership. Who owns and runs the firm, platform, or custodian you would depend on?
Personality. Who do you want to learn from and work alongside? Nicholl avoids the word culture. "You can't spell culture without cult," she says.
Writing the filter is goal setting before it is recruiting. If you cannot describe what you want the business to look like in five years, no recruiter can show it to you.
When is staying the right answer?
When your current firm already passes your filter. Staying is not a failure to act, provided it is a deliberate choice. In my experience, a surprisingly large share of advisors who work through this exercise should stay where they are.
If you stay through an acquisition, the retention offer is your moment of greatest leverage. Nicholl's advice:
Do not sign on day one. Retention offers have historically grown for advisors who waited. Compare notes with peers before you commit.
Ask for what you do not have today. A seat on an advisory council or a voice in technology decisions can be worth as much as the check.
How much should transition money weigh in the decision?
Less than it seems. Upfront money is the easiest number to compare, which is why it tends to take over the decision. Nicholl recommends two checks:
Run a ten year pro forma. Differences in upfront capital often even out once you model ongoing economics over a decade.
Separate need from want. Be honest about whether you need transition capital or simply like the idea of it.
Sometimes taking the check is right, but only when the firm also passes your filter. Most large checks come from the broker dealer channel, so they fit best for advisors who plan to build a career there.
Who should not build their own RIA?
Anyone who does not want to run a business. Nicholl frames it as a question of which buttons you want to push. An RIA owner runs compliance meetings, tracks regulatory change, oversees technology, and makes payroll every cycle. If your honest answer is "I just want to focus on my clients," a platform or an existing firm will serve you better.
Nicholl spent 25 years in corporate ranks before starting her own firm, and she calls the move from employee to owner an identity shift. She once worked with an advisor who missed payroll more than once after going independent. An owner does not get to miss payroll.
Two practical tests help. My standing suggestion is to sit through a QuickBooks webinar and notice how you feel about it. Nicholl adds a size guideline: under about $100 million in assets, joining an existing RIA or platform usually beats launching a standalone, state registered firm.
If you do build, what breaks first?
Record keeping. In the first 90 days, the only real objective is moving assets: opening accounts and getting them transferred. CRM data, schedules, and the client experience fall behind. Plan for that gap before launch, and decide early which functions to outsource, such as bill pay, CFO work, and payroll.
Frequently asked questions
Should a financial advisor leave their current firm?
Only if the current firm fails the advisor's own criteria for fit: functionality, financial outcomes, leadership and ownership, and personality. Many advisors who work through that test find they are already in the right place. Staying is a sound choice when it is deliberate, not a default.
How do I know if I am ready to start my own RIA?
You are ready if you want to run a business, not just serve clients. RIA owners handle compliance, technology, operations, and payroll. If you would rather spend all your time with clients, an RIA platform or an established firm is usually the better fit.
How much in assets do you need to launch an RIA?
There is no legal minimum, but Shelby Nicholl of Muriel Consulting says advisors under about $100 million are usually better served joining an existing RIA or platform. A standalone, state registered firm at that size carries the full cost and workload of ownership with less revenue to support it.
Should I sign a retention bonus right away?
Usually not. Retention offers made during acquisitions have historically increased for advisors who waited before signing. Compare offers with peers, and use the moment to negotiate items beyond money, such as a seat on an advisory council or input on technology.
How should I compare transition packages from different firms?
Build a ten year pro forma for each option instead of comparing upfront checks. Ongoing payout, expenses, and growth often matter more than the initial payment. Then confirm whether you need the transition capital or simply want it.
What goes wrong first after an advisor launches an RIA?
Record keeping and CRM data. During the first 90 days, the priority is opening accounts and moving assets, so client records, schedules, and service routines fall behind. Planning for that gap and outsourcing functions like payroll and bill pay keeps the launch on track.
Listen to the episode
Shelby and I go deeper on all of this in Episode 272, including how she runs an RIA launch as a general contractor across roughly 300 tasks. [LINK: Episode 272 audio page]
You can find more of Shelby's research, and her short "Is Your Business RIA Ready?" quiz, at Muriel Consulting. Her own show is Advisors Off Script.
Want help writing your own filter? Resilient Advisor Coaching
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