How transparent are advisors & brokers about their conflicts of interest?

January 19, 2026

by a professional from University of Southern California - Marshall School of Business in North Palm Beach, FL, USA

Conflicts of interest in SMB M&A are common but rarely disclosed. When seeking advice, how often do you see clear acknowledgments of these conflicts? The field has its share of bad actors whose "client-only" advice often serves themselves first. Noticing something odd? The self-styled M&A "gurus" warning you about charlatans and bad actors in SMB deals - are often the very people you should be avoiding. Have you seen good—or bad—examples? Comment or DM, please.

Reply by an intermediary
from Mount St. Mary College in Orange County, NY, USA

I would say true conflicts must be disclosed. But there needs to be specificity to determine a conflict. I avoid dual representation in business transactions, it’s just not necessary and we often act as advisors and strategists which blocks effective dual agency. I disclose when I have a financial interest as that could be a conflict. I have also done deals where I had an interest in a competitor and I disclosed that. Not sure it was a real conflict but I like the rule of thumb that says if you’re not sure disclose it.

Reply by a searcher
from University of Rochester in Washington, D.C., USA

Brokers and IBs work for the success fee, never ever for you. This is how the industry operates.

+7 more replies.

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