At a glance
- Larkin, who spent nearly 15 years at AG Edwards, Wachovia, and Wells Fargo, said sophisticated buyers were evaluating his firm as an enterprise rather than a book of business, which shifted his focus from short-term profitability to building a sustainable business.
- The story is a reminder that independence is not necessarily the endgame.
- For advisors building RIAs, ownership creates optionality, and buyers increasingly pay for enterprise value, not just client relationships.
On the Diamond Podcast from WealthManagement.com, Patrick Larkin, former founder of Oak Hill Wealth Advisors, detailed his path from breaking away from Wells Fargo in 2022 to merging with Cerity Partners three years later. Larkin, who spent nearly 15 years at AG Edwards, Wachovia, and Wells Fargo, said sophisticated buyers were evaluating his firm as an enterprise rather than a book of business, which shifted his focus from short-term profitability to building a sustainable business. He chose to merge with Cerity Partners not for an exit, but because he believed it strengthened the future for clients, team, and family.
The story is a reminder that independence is not necessarily the endgame. For advisors building RIAs, ownership creates optionality, and buyers increasingly pay for enterprise value, not just client relationships. Larkin's experience suggests that building a firm that can thrive beyond its founder may be the most valuable strategy, even for those who plan to stay independent.
Reported by the RIA desk from WealthManagement.com. Published . Corrections