A common way to help a younger (and often, less wealthy) adviser buy your client base is through vendor financing. Often the loan is secured against the client base. Which sounds fine. In fact it was fine, back when all you needed in order to manage a client base was to be a Registered Financial Adviser. After all, if you were selling a client base, you were already an RFA. But selling a base in this way no longer works in an environment with changed agency requirements. New agency terms appearing now, changed to reflect the implementation of FSLAA and with provisions for expected conduct law, require that an adviser must be appropriately licensed. So if you vendor finance you need to maintain your license status. That may suit some, but won't meet the needs of those that are selling in order to avoid having to do just that.