Many advisors underestimate the value of their practice. A practice is not a multiple. It is a cash flow engine with risk, durability, and transferability. When advisors value their business using dealer value formulas, they almost always leave money on the table. Dealers typically value practices using simple rules. They apply a percentage of trailing revenue or a multiple of cash flow. These formulas are designed for speed and consistency. Not to capture the true economic v

Transition allowances (also known as bonuses) are one of the most common tools dealers use to attract advisors to their firm, and they can be valuable when understood clearly. But the way these bonuses are structured, rather than the size of the cheque itself, is what determines whether they actually improve your long‑term economics. Most advisors compare offers based on the headline number. That’s where the analysis usually goes off track. The Problem Transition allowances c