The Fine Print

David Grau Jr.
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  • MANAGEMENT
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Are you an independent financial advisor managing your own practice? Stay ahead of the game with SRG's "The Fine Print" podcast where Succession Resource Group's experts dive deep into the latest industry trends, recommendations, and observations. With no fluff and a touch of entertainment, we provide valuable insights on understanding and leveraging the value of your business, growing your business through optimized organizational structures and deals, improving and protecting your business for sustainability, and preparing for retirement to maximize results. Each episode brings a fresh perspective to industry trends, empowering you to achieve your business goals. So grab your favorite beverage and join us on SRG Off Script for expert advice on managing your financial services practice.

  1. 30 APR

    What to Expect from M&A in 2026 (Ep. 32)

    RIA valuations are at record highs, private equity is reshaping deal structures, and internal succession is evolving faster than ever. In this episode of The Fine Print, David Grau Jr. breaks down the real M&A data from 2025 and maps out what financial advisors should expect for the rest of 2026. David digs into the latest revenue and EBITDA multiples, explains why the most profitable firms don't always command the highest valuations, and dissects the typical private equity deal structure: 40% cash down, 30% performance-based payments, and 30% rolled equity. He also covers how deal terms are shifting, why nearly a third of transactions last year were internal equity sales, and why phantom equity programs are surging in popularity as a succession planning tool. Whether you are a buyer preparing for inorganic growth or a seller weighing your options, this episode gives you the benchmarks and strategic context you need to make informed decisions in today's M&A environment. Topics covered: •      2025 RIA valuation multiples (3.27x revenue, ~10x EBITDA) •      Why higher profit margins can lead to lower valuation multiples •      Private equity deal structures and what they really look like •      Shifting deal terms: down payments trending lower, more internal sales •      The rise of phantom equity (SARs and liquidation rights) •      Compensation plan redesign: from grid-based to salary-plus-bonus •      Advice for buyers and sellers heading into a high-volume deal year

    40 min.

  2. 2 APR

    What Advisory Firm Owners Get Wrong About M&A | The Exchange (Ep. 31)

    Most advisory firm owners think they're 80% done with a deal once they've found a buyer and shaken hands on a number. In reality, they may not even be in the first inning. In this episode of The SRG Exchange, SRG's consulting team and General Counsel pull back the curtain on what firm owners consistently get wrong about M&A, from timing and valuation methodology to entity structure and equity sharing strategy. The group covers when to bring in an outside team and what happens when you wait too long, why a business's appraised value and its sale price are not the same thing, where market multiples landed in 2025, why internal succession deals rarely match the economics of an external sale, and how entity planning and equity sharing have shifted from tools reserved for the industry's biggest firms to essentials at nearly every size.

    1 uur

  3. 4 MRT

    The SEC’s Marketing Rule in Advisor M&A: Endorsements and Client Transitions (Ep. 30)

    Regulatory scrutiny is evolving, and RIAs involved in acquisitions or succession transitions are starting to see a new area of exam focus: how the SEC’s Marketing Rule endorsement provision may apply to certain client transition communications. In this episode of The Fine Print, SRG General Counsel Todd Fulks is joined by Christine Ayako Schleppegrell, Partner at Morgan Lewis and former SEC attorney, for a timely discussion on what firms are seeing in exams and deficiency letters, and why this issue is emerging now. You will hear how a rule many advisors associate with testimonials and advertising is beginning to surface in the M&A transition context, and what firms can do to stay prepared.

    32 min.

  4. 5 FEB

    Your Employment Agreement Won’t Protect You Like You Think (Ep. 29)

    Employment agreements are often treated as a formality, until a key employee leaves, client relationships walk out the door, or a succession plan starts to unravel. In this episode of The SRG Exchange, SRG’s consulting team and General Counsel break down the real-world role of restrictive covenants in advisory firms, and why the biggest risk is often having no agreement in place at all. The group explores the difference between non-competes, non-solicits, and no-serve provisions, why enforceability varies state by state, and how firms can create protections that are both practical and reasonable.

    1 u 3 m

  5. 7 JAN

    The Exchange: Entity Structure and Why It's The Backbone of Your Advisory Firm (Ep. 28)

    Entity structure is not just paperwork. It shapes how your firm grows, shares ownership, and eventually transitions. In this episode of The SRG Exchange, SRG’s consulting team and general counsel break down what advisors need to know about entities and entity maintenance, and why firms often outgrow the structure they set up years ago. You’ll learn: How entity design affects internal succession and equity transfersWhy S-corp rigidity can create hidden obstaclesWhat ownership classes, voting rights, and governance terms actually changeWhat entity maintenance looks like in practice and why it mattersCommon mistakes that create risk during growth, M&A, or exit Whether you are building your first entity or planning for future owners, this episode offers practical clarity on structuring your firm for long-term flexibility and value.

    55 min.

  6. 04-12-2025

    The Truth About Advisor Contingency Planning (Ep. 27)

    What does a real contingency plan actually look like—and why are so many advisors still unprotected when something goes wrong? In this inaugural episode of The SRG Exchange, SRG’s consulting team sits down for a candid, unscripted conversation about one of the most overlooked areas in an advisor’s business: contingency planning. Pulling from real client experiences, the team breaks down what “good” looks like, what’s missing in most firms, and how to create a plan that truly protects clients, revenue, and family in the event of death, disability, or unexpected disruption. They explore common misconceptions (“My BD form covers me, right?”), share firsthand stories of plans that worked—and plans that didn’t—and outline the essential steps every advisor should be taking long before a crisis ever occurs. Whether you're reviewing your current plan or starting from scratch, this episode offers clear, practical insight into building continuity where it matters most.

    1 u 12 m

  7. 01-10-2025

    Organic & Inorganic Growth

    How do top advisors win at both organic and inorganic growth? In this episode of The Fine Print, SRG President David Grau Jr. sits down with Jeff Concepcion, Founder & CEO of Stratos Wealth, to unpack practical strategies for building a sustainable advisory business. From turning referrals into repeatable growth systems to competing in today’s crowded M&A market, Jeff shares actionable insights on what it takes to scale, reinvest, and position your firm for long-term success.

    23 min.

  8. 06-08-2025

    Empowering Independence | Building Self-Leading Teams with Saša Mirković (Ep. 25)

    In this episode of SRG's The Fine Print, host David Grau is joined by Saša Mirkovic from Inspire Network to explore the art of building self-leading teams. Saša shares his journey from financial advisor to a leader in developing teams that thrive independently. Discover the importance of transitioning from advisor to CEO, the concept of being a 'multiplier,' and the role of humility in leadership. Whether you're an advisor or a business owner, learn how to create a business that can exist without you, ensuring long-term success and growth. Tune in for insights on talent density, team-based compensation, and the power of mentorship. Get ready to cut through the noise and examine the real fine print.

    33 min.
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Info

Are you an independent financial advisor managing your own practice? Stay ahead of the game with SRG's "The Fine Print" podcast where Succession Resource Group's experts dive deep into the latest industry trends, recommendations, and observations. With no fluff and a touch of entertainment, we provide valuable insights on understanding and leveraging the value of your business, growing your business through optimized organizational structures and deals, improving and protecting your business for sustainability, and preparing for retirement to maximize results. Each episode brings a fresh perspective to industry trends, empowering you to achieve your business goals. So grab your favorite beverage and join us on SRG Off Script for expert advice on managing your financial services practice.

Informatie

  • Maker
    David Grau Jr.
  • Jaren actief
    2023 - 2026
  • Afleveringen
    33
  • Beoordeling
    Veilig
  • Copyright
    © Copyright 2026 The Fine Print
  • Website van aflevering
    The Fine Print

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