Questions to ask
Book Ownership.
Client Relationship Ownership
Advisors should understand whether they truly control the client relationship or whether the firm, bank, OSJ, RIA, or enterprise has meaningful ownership rights.
- Who legally and practically owns the client relationship: me, the firm, the bank, the OSJ, the RIA, or another enterprise?
- If I leave in the future, can I contact my clients and ask them to move with me?
- Are there restrictions based on how the client was acquired, referred, serviced, or assigned?
- Does the firm treat clients as advisor-owned relationships or firm-owned relationships?
- What does the agreement say about client ownership, solicitation rights, client records, and future portability?
Rep Code / Advisor of Record
Rep code and advisor-of-record structure can affect revenue, servicing rights, team structure, succession, and control of the book.
- Whose rep code or advisor-of-record designation will appear on each client account?
- Who controls account servicing rights, revenue attribution, household assignment, and advisor changes?
- Can rep codes be changed, split, reassigned, merged, or transferred if my team structure changes?
- How are junior advisors, partners, service advisors, and successors added to or removed from accounts?
- What happens to rep codes and advisor-of-record status if I retire, sell, leave the firm, join another team, or change affiliation models?
Portability Rights
Book ownership means very little if the advisor cannot later move the client relationships, data, assets, and revenue cleanly.
- If I leave this firm later, what rights do I have to solicit, contact, and transition my clients?
- Are my portability rights different for advisory clients, brokerage clients, bank referrals, firm-assigned clients, or team-owned relationships?
- What agreements, non-solicits, protocol rules, garden leave provisions, or client-contact restrictions could limit portability?
- Can client data, account information, planning notes, and relationship history move with me?
- What parts of my book may become less portable by joining this firm or affiliation model?
Succession Rights
Succession rights affect whether the advisor can monetize the practice, choose a successor, and control the exit plan.
- Can I sell, merge, sunset, or transition my practice to a successor of my choosing?
- Does the firm, OSJ, branch, bank, or enterprise have approval rights over my buyer or successor?
- Are there internal succession programs, financing options, valuation tools, or buyer marketplaces available?
- Can I create an internal succession plan with junior advisors, partners, family members, or staff?
- What happens to my clients, revenue, and enterprise value if I die, become disabled, retire, or leave unexpectedly?
Non-Solicit / Restrictions
Restrictions can materially reduce the real value of a book. Advisors should understand what they can and cannot do before and after leaving.
- What non-solicit, non-compete, garden leave, confidentiality, protocol, or client-contact restrictions apply?
- Can I take client names, contact information, notes, account data, planning records, or other client-related information if I leave?
- Are restrictions different for clients I brought in versus clients referred by the firm, bank, branch, OSJ, or enterprise?
- What are the resignation rules, timing requirements, communication limits, and permissible client outreach steps?
- What are the consequences if the firm believes I violated solicitation, confidentiality, or transition restrictions?
Enterprise / OSJ Control
An advisor may be independent on paper but still face approval rights or control from an OSJ, branch, enterprise, aggregator, or platform.
- Does an OSJ, branch, enterprise, aggregator, or platform have approval rights over my book, revenue, staffing, branding, or succession plan?
- Who controls advisor onboarding, rep code setup, supervision, product approvals, account assignments, and client servicing structure?
- Are there overrides, revenue-sharing arrangements, supervision fees, or enterprise-level costs that affect my economics?
- If I leave the OSJ or enterprise but stay with the broker-dealer or custodian, can my clients and revenue move with me?
- What rights does the OSJ or enterprise have if there is a dispute over clients, staff, revenue, or succession?
Book Valuation Impact
Ownership rights directly affect enterprise value. Buyers care about portability, contracts, recurring revenue, client control, and transferability.
- How does this firm or affiliation model affect the valuation multiple of my practice?
- Will restrictions around portability, succession, client ownership, or buyer approval reduce the buyer pool?
- Can my book be financed, sold, merged, or acquired easily under this structure?
- How much of my revenue is truly transferable to a buyer or successor?
- Does this move increase or decrease my long-term enterprise value compared to staying where I am or choosing another model?
Client Data & Records
Client data control affects portability, service quality, compliance, succession, and long-term practice value.
- Who controls CRM notes, client files, planning data, emails, documents, account history, and relationship records?
- If I leave later, what client data can I legally and practically take with me?
- Can I export client records, household information, beneficiary details, meeting notes, planning assumptions, and service history?
- Are there restrictions on using client data for future client communication, succession, sale, or transition planning?
- What happens to client data and records if I change firms, change affiliation models, sell the practice, or move to another platform?
We're happy to help
Speak With Us Today.
1) Calculator Overview
Learn how to use our calculators, and find the required information for your book.
Or simply gain clarity on everything that goes into these valuations.
2) Client Growth Trial
Interested in a free trail for our client referral program?
Take this call to see if you'd be a good fit.
3) Explore Firms
Thinking about making a move in the future?
We'll have a preliminary discussion about your book value, options, and process for ensuring you have a successful move.
Contact Us Today.
Book a consultation or give us a call.
© 2026. R&R Consulting. All Rights Reserved.