Acquisitions are transformative corporate strategies, with financial and legal advisors playing a crucial role in deal structuring, valuation, and negotiation. However, the extent to which advisors enhance shareholder value remains contested. By reviewing the literature on M&A advisors, I outline their contributions and potential conflicts of interest in acquisition processes. While top-tier advisors can improve deal execution and post-merger performance, relational hazards and contingent fee structures may bias their recommendations. Information asymmetry and long-standing client relationships further complicate advisory incentives. Despite extensive study, gaps remain in understanding advisors’ long-term strategic impact, and emerging trends and questions are identified. The result is a roadmap for future research that emphasizes the need for longitudinal studies and governance mechanisms to ensure advisor incentives align with shareholder value.