Name: The Rise of ‘Sell and Stay’ Deals
Uploaded: 2025-12-30T16:00:00Z
Duration: 2 min 58 s
Description: Jeff Gonyo, head of Wealth Management at Steward Partners, says “sell and stay” transactions are skewing towards younger advisors who are seeking to scale their business.

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Jeff Gonyo, head of Wealth Management at Steward Partners, says “sell and stay” transactions are skewing towards younger advisors who are seeking to scale their business.

https://m.wsj.net/video/20251229/159564ac-f659-4c58-b418-430e071bc6dd/1/hls/manifest-hd-wifi.m3u8

The Rise of ‘Sell and Stay’ Deals

So why don't we talk about the sell and stay M&A deals?

Sure.

I assume most, many, if not most listeners are aware of this, but maybe just break it down for those who might not be aware of this. Can you just de describe the phenomenon, first of all, and then we can delve into it?

Yeah, and I'll back into, you know, what most people think of as M&A is the opposite of that, that you're selling the book and you're gonna leave.

Right.

And, you know, I would say what's interesting that flows into that, you look at the average age of an advisor, it's about 60, 62. And if you asked me two years ago the average age of somebody entering into an M&A deal, I would've said maybe 64. But the reality is, for us it's about 46.

Wow.

And so that is a very big, big shift in what we expected, and so sell and stay, all that is is it's really the opportunity for somebody to monetize their business today. And one of the things that we're seeing, and I think goes back to the shifting of the industry over the past 15 to 20 years, when I started at Merrill Lynch in '93, everybody was wearing a blue suit and a white shirt, and you were with Merrill Lynch, or Morgan Stanley, or, you know, Smith Barney, the big four firms. But there were a lot more of 'em back then, and that dominated the industry. Today, there are more RIAs out there than there are advisors in the wirehouse side of the equation. And what we're finding is it's not really the breakaway advisors that are looking for the sell and stay model. Somewhere along the way, it's really become the people that broke away 10 years ago, 15 years ago, have built their own independent model, and where they are right now is at a crossroads of scaling and growing the business. And it's the same things that have always been the biggest constraints in the business, at least financially, is keeping up with technology. I think compliance and risk, and also benefits, right? There's a human capital cost that goes into that. So a W2 model, historically it's about how much you can make. In a 1099 model, it's become how much do you actually keep? And if you wanna scale and grow, you have to have investments in all three of those things I just mentioned. And that also takes you away from what you came into the business to want to do anyway, which is take care of clients, and service them, and go get more of them. So the things that we offer in a sell and stay model is really, I'd start with operational relief. There's certainly a very big financial impact, and that's not just the money upfront, but it's the equity that you get in our company as well. And I can talk about that. And I think the third thing is really getting back to growth.