Wealth Advisors & RIAs Change of Control Consents: An Independent Sponsor's Counsel
Managing Change of Control Consents on wealth advisors and RIAs deals, with the structure protection and capital connectivity an independent sponsor actually needs.
The economics on a wealth advisors and RIAs platform deal usually hinge on a handful of structural decisions. Change of Control Consents is one of them.
The typical wealth advisors and RIAs platform sits at $10M to $180M EV with EBITDA in the $3M to $25M range. The thesis runs on RIA aggregation or wealth platform roll-up. Client consent process is the longest pole. Start it the day after the LOI signs.
How Change of Control Consents actually gets structured.
Build a consent matrix from the data room contracts.
Sort consents into required, prudent, and informational categories.
Assign owners and deadlines for each consent.
Track consent progress in a single closing dashboard.
In wealth advisors and RIAs, layer in negative consent process timed with regulators as part of the Change of Control Consents workstream.
Discovering a required consent on the day before close. The signing slips, the deal team loses leverage.
"Consents are a project, not a footnote. Run them like a project."Jason Powell · Change of Control Consents
The deal is one thing. The capital that opens up after close is another.
Most independent sponsors solve the closing capital and then run into the post-close capital problem alone. The capital markets relationships that matter at month 18 are part of this practice.
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An LOI on the desk, a wealth advisors and RIAs target, and a Change of Control Consents question worth a real conversation.
Twenty minutes of practitioner-grade input from a securities attorney whose first move is to read the deal, not the engagement letter.