Three Simple (Yet Critical) Steps to Capturing AUM After a Business Sale

Most business owners have 70–90% of their net worth tied up in their company. That means, for years, they may have relatively modest investable assets with their financial advisor.

Then the sale happens. And overnight, that same client has more liquidity than they’ve ever had in their life.

Just as the business owner gets one chance to sell their company the right way, you as the advisor typically get one at-bat to either capture or lose those assets. And rapport alone isn’t enough.

According to Cornerstone’s 2025 National Study on Selling Your Business, only 4% of owners said, “My financial advisor is good for me now and will be good for me after the sale—no questions asked.”

That should get your attention. But it should also show you the opportunity on the table. Because the path to retaining (and growing) assets under management (AUM) isn’t about becoming an M&A expert. It’s about doing three things consistently and well.

1. Start the Conversation Before They Do

Most owners aren’t bringing up a sale on their own. In fact, more than half say they probably won’t initiate that conversation with their advisor.

So if you’re waiting for them, you’re already behind. Instead, lead with a few simple, thought-provoking questions:

• Have you had a Real Market Analysis or valuation of your business in the last 1-2 years?
• Do you know what you would net after taxes if you sold today?
• Do you know what you need financially to support your next chapter?
• Is there a wealth gap between what you have and what you need?

These aren’t complicated questions, but they do something important. They shift your role from portfolio manager to trusted advisor. You’re no longer just managing assets. You’re helping them think through their biggest asset.

2. Introduce and Endorse the Right Specialists

Once you’ve identified a need, your job isn’t to solve it alone. It’s to connect the client with the right expertise.

For example, if they haven’t had a recent Real Market Analysis or valuation, the next step is simple. A referral might sound something like this:

“Your business is your largest asset. We should understand what it’s truly worth in today’s market. I can introduce you to a team that specializes in this. It’s a confidential, no obligation conversation. Does that sound reasonable?”

That’s it. You don’t need to run the process. You don’t need to be the M&A expert. You just need to introduce and endorse the right partner.

This is no different than referring a client to an estate attorney or insurance specialist. It’s a natural extension of your role.

3. Stay in the Loop and Act as the Quarterback

When it’s time for the business owner to sell, too many financial advisors step out of the M&A process, assuming the business owner will pull them back in when it matters. But that’s a mistake.

The advisors who retain assets are the ones who stay engaged throughout the process, acting as the quarterback while specialists handle execution.

At Cornerstone, for example, we run a structured sell-side process (our Assurance 360™ approach), where the financial advisor remains part of the team:

• Staying informed at key milestones
• Helping the client interpret financial implications
• Coordinating with tax, legal, and planning professionals
• Reinforcing the overall strategy

You don’t need to drive the deal, but you do need to stay visible and valuable. Make sure you’re working with specialists who keep you plugged in, informed, and treated as an integral part of the process (not someone on the sidelines).

Why This Works, and Why Advisors Lose Clients Without It

In Cornerstone’s 2025 National Study on Selling Your Business, we asked owners directly why they would consider leaving their financial advisor after a sale. Their top responses were clear:

1. The advisor never initiated a conversation about their post-sale needs to live their ideal lifestyle
2. The advisor didn’t bring meaningful value to the process
3. The advisor anchored expectations to an incorrect value or outcome

This isn’t anecdotal; it’s what business owners themselves are telling us.

That third point deserves a closer look. In the same study, 34% of owners said they “valued” their business by creating an assumption with their financial advisor. In reality, that often means the owner is driving the number, based on something they’ve heard, what they need, or what they hope is true. And the advisor simply goes along with it.

The problem comes later. When the market tells a different story, clients don’t remember how the number was formed. They remember that you agreed to it. And that gap between expectation and reality can quickly erode trust.

On the flip side, when advisors take a more active role and ensure the client is working with accurate information and M&A specialists, the outcome tends to look very different. The client experiences a more structured, supported sale; more options; and stronger financial and tax outcomes.

That means when the transaction closes, the advisor is naturally positioned to retain, and often grow, the relationship, because they were part of making that outcome possible.

Where to Start

If you’re not sure how to open these conversations, start simple. We’ve put together a free, one-page resource: Critical Questions for Business Owner Clients. A set of mostly yes/no questions designed to surface gaps and get owners thinking, it’s a practical tool you can use with any business owner client to start taking a more proactive role.

Because at the end of the day, you don’t need to be an M&A expert to win in this space. But you do need to show up differently:

• Start the conversation that your client doesn’t know how to start.
• Bring the right team around them.
• Stay engaged all the way through.

Do that consistently, and you won’t just retain AUM, you’ll transform how your clients see your value.

Related Resources

• Why Saying “I’ll Know When the Time is Right” is Not Good Exit Planning Strategy
• Why Every Business Owner Deserves a Legacy-Level Deal
• How Top Advisors Build All-Star Exit Planning Teams