More and more investment advisors are looking to grow their business through mergers or acquisitions. But while these deals present a great opportunity, Private Ocean CEO Greg Freidman cautions advisors to really investigate the firms they’re looking at. “Mergers between RIAs are like marriage without sex,” he says. As he found out, an unintended consequence of the 2009 merger between Friedman & Associates and Salient Wealth Management resulted in a substantial drop-off of client referrals for three years.