Are You Trusted But Still Replaceable?

Financial advisors are highly trusted by business owners.

So, why do many of them lose the assets when the business is sold?

When it comes to selling a business, financial advisors are ranked the most trusted professional – ahead of CPAs, attorneys, and M&A firms. That insight comes from Cornerstone Business Services’ 2025 national study of 750 business owners (ages 45–75) running companies with $5M–$100M in annual revenue.

So far, so good.

However, 96% of business owners surveyed said they would be open to leaving their financial advisor after selling their business.  Let that sink in.

You’re the most trusted voice in the room… and 96% are at least open to replacing you at the biggest liquidity event of their lives.  What’s up with that?

This is not a loyalty problem. And it’s not about them liking you. It’s how you positioned your expertise and value.

The Relationship Didn’t Break. It Just Didn’t Evolve.

In the introduction to his survey, Scott Bushkie tells this true story…  A financial advisor worked with a business owner for nearly 20 years. He managed the portfolio. They discussed retirement. They broke bread on many occasions. They played multiple rounds of golf. 

The client sold his business and hired another advisor to manage his millions.  This is an unfortunate turn of events that happens more often than you might expect.  Don’t let it happen to you!

According to the Cornerstone study:

• 62% of business owners said they would consider leaving their advisor if no value was added during the sale process.
  
  
• Only 13% ranked fees as their top reason for leaving.
  
  
• In contrast, more ranked no proactive conversation and no value during the sale as primary reasons for switching.

This isn’t about a broken relationship. This is about the advisor not positioning him or herself as someone who can add value before, during, and after the sale of the client’s business.

The Window Is Narrower Than You Think

Here’s another wake-up call from the study:

• 48% of business owners in the study planned to exit within three years.
  
  
• 64% expected to exit within five.
  
  
• 82% expect to be out within ten.

And yet:

• More than 60% of the owners have not had a formal valuation or Real Market Analysis.
  
  
• Nearly 49% said their retirement plans would be in jeopardy if they couldn’t sell.
  
  
• Almost half admit they’ve lost sleep because too much of their net worth is tied up in the business.

These business owners are worried. They’re thinking about it. BUT they may not be telling you.  

It’s never too soon to start the conversation and keep it lively throughout the relationship.

Here’s the Inconvenient Truth

You don’t lose business owners at the sale.

You lose them years before the sale – by staying silent.

Many advisors assume:

“When the deal closes, the proceeds will naturally roll over.”

But business owners – especially those who have never had this level of liquidity – become cautious. They get approached by specialists. They start wondering whether their current advisor really understands concentrated wealth, tax exposure, deal structures, and post-sale lifestyle planning.

And if you haven’t initiated the conversation? You’re behind.

They Don’t Need You to Be an M&A Expert

Cornerstone’s study makes it clear that business owners expect their financial advisor to recommend specialists to help maximize value and minimize taxes.

They don’t expect you to personally run the sale process. But they do expect you to lead.

That means asking:

• “Have you had a recent valuation?”
• “Do you know what you would net after taxes and fees?”
• “If you sold today, would that fund the lifestyle you actually want?”

Those aren’t technical questions. They’re strategic questions.

They’re leadership questions.

And the advisor who asks these questions early becomes indispensable.

The Real Growth Strategy Hiding in Plain Sight

Imagine five business owners netting $20 million each from a sale – and entrusting you with those proceeds. That’s $100 million in AUM.

Five clients – not 200.

This isn’t about chasing more clients.

It’s about serving the right ones more deeply at the moment that matters most.

The question is whether you’ll act like the trusted advisor you already are.

Want to Go Deeper?

If this topic resonates with you – I invite you to join me for a live webinar conversation with Scott Bushkie, Managing Partner at Cornerstone Business Services.

Title: How Financial Advisors Win & Keep Business Owner Assets 

March 24 at 1:00 PM Eastern

We’ll unpack the research, talk about where advisors are getting it wrong, and more importantly, what proactive advisors are doing differently to protect – and grow – these relationships.

To get all the details and register CLICK HERE

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