Mercer Advisors / Hightower / Creative Planning Acquisition — Defer the Tax on Your RIA Book Sale
The RIA consolidation wave is the biggest M&A story in wealth management. Mercer Advisors (Genstar-backed), Hightower Advisors (Thomas H. Lee Partners), Creative Planning (TPG-backed), Wealth Enhancement Group (TA Associates), Mariner Wealth Advisors, Captrust, Focus Financial Partners (Stone Point), Carson Group, Cerity Partners, Pathstone, EP Wealth Advisors, Allworth Financial — all paying 6-12x EBITDA for quality books.
A $1.5M EBITDA RIA = $9M-$18M deal. Cash + rollover split typically 70-85% / 15-30%.
The math — $8M RIA book sale
Mercer / Hightower / Creative Planning deal mechanics
- Cash + rollover split — typical 70-85% / 15-30%. §453 on cash portion.
- Client retention earn-out — 2-3 year retention triggers. Earn-out may be ordinary income.
- Fee revenue character — recurring AUM fees = goodwill on sale, §453 friendly.
- Custodian transition (Schwab, Fidelity, Pershing) — affects timing not §453.
- SEC Form ADV amendment + negative consent process.
- Solo vs ensemble book — ensemble higher multiples.
What is the tax bill on your sale going to be?
Send me the sale price and rough basis and I'll email you the actual number within one business day — plus the Seller's Guide to §453. If it doesn't fit your deal, I'll tell you that plainly.
No retainer · no obligation · the carrier compensates the broker, not you.
When this fits
- $1.5M+ sale (carrier minimums)
- Recurring-fee book (low commission %)
- Founder exiting (not 100% rollover)
- Sophisticated PE-backed buyer (all have done §453)
How I work
Hans Goldstein, IRC §453 specialist. Pacific Life / Independent Life / USAA Life and other A-rated Fortune 500 carriers — 50 states. Free fit-check.
Find out what your sale is really going to cost you in tax — and what you can do about it
No retainer. The carrier compensates the broker — not you.
Find out what your tax bill actually looks like before you sell — including the parts your CPA may not raise until the return is already being prepared.
Most people find out what they owe after the sale closes, when nothing can be changed. A short conversation now tells you the number, which layers apply to your situation, and which options are still open while the sale is still in front of you.
- What you will actually owe — federal, the 3.8% surtax, recapture and your state
- Which of those layers you can still do something about
- Whether spreading the sale changes the number in your case
Hans Goldstein · 317-463-6659 · Goldstein & Co. LLC · This is an educational conversation, not tax advice. Bring your CPA in before you file.
Educational. Not tax or legal advice. Goldstein & Co. is not affiliated with or endorsed by Mercer Advisors, Hightower Advisors, Creative Planning, or any other RIA consolidator.
Run your specific numbers
The calculator runs your sale through real 2026 federal + state tax brackets and shows §453 savings vs lump sum side-by-side.
Run the calculator → 317-463-6659