Wealth Advisors & RIAs Deals: Regulatory Diligence Done Right
When the deal is wealth advisors and RIAs and the question is Regulatory Diligence, the structure decisions in the first 30 days outlast the next five years. This is where Jason Powell works.
Wealth Advisors & RIAs deals in the lower middle market run a specific playbook. Regulatory Diligence is where the structure either holds or starts to leak.
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 Regulatory Diligence actually gets structured.
Map every license and permit, with renewal dates and transfer mechanics.
Identify regulatory consent requirements that require pre-close filings.
Address pending or threatened regulatory actions in the disclosure schedules.
Plan the post-close regulatory calendar with the operating team.
In wealth advisors and RIAs, layer in negative consent process timed with regulators as part of the Regulatory Diligence workstream.
Treating regulatory diligence as a sub-section. In regulated industries, it is the whole deal.
"Regulatory continuity is the closing condition that fails most often. Diligence it first, not last."Jason Powell · Regulatory Diligence
The deal is one thing. The capital that opens up after close is another.
After close, the call list for refinancing, recapitalization, and growth equity gets short and known. Jason carries that list.
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Regulatory Diligence for Healthcare Services
roll-up of physician practices and ancillary service lines
Regulatory Diligence for Home Services
regional roll-ups of HVAC, plumbing, and electrical operators
An LOI on the desk, a wealth advisors and RIAs target, and a Regulatory Diligence 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.