Jake Smithers was excited about the prospect of taking over a retiring colleague’s book of business.

Jake needed to learn that there are a number of important details beyond valuation, legal and accounting issues to consider before completing the transaction:

> The single most important consideration is “fit” between the two advisors. They should have similar philosophies, values and methodologies.

> If there are differences in approach, such as the use of investment policy statements or wealth-management questionnaires, be sure to present jointly any changes in procedure to clients.

> Consider what will happen to the retiring advisor’s support staff. Will they be terminated or will they be absorbed by the acquiring advisor?

> Don’t rush. A successful transition can take three to six months.