Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
All Articles
Follow These Tips for a Smoother Succession
From Financial Advisor IQ
Added on March 2014 in Plan for the Future
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Summary:When preparing to sell your practice, understand that transitioning from the business will require years of time with no shortcuts. There is a strong correlation between the amount of time one gives to succession and the seller’s satisfaction with the price and outcome of the exit.Don’t let a lapse in time commitment hurt your succession plan and diminish the value of the sweat equity you have accrued.
Overcoming RIAs' Top 4 Business Hurdles: Succession Planning
From Think Advisor
Added on March 2014 in Plan for the Future
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Summary: If 2013 was the year financial advisors started thinking about their succession plans, this is the year to start the actual planning. One of the biggest (and possibly most common) missteps in succession planning is procrastination. While the average age of the advisor continues to rise (mid-50s and counting) the competition for talented young planners has become fierce and the idea of M&A seems more and more attractive.
Facing Retirement Wave, Firms Get Serious About Training New Advisors
From Financial Planning
Added on March 2014 in Plan for the Future
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Summary: Running up against the limits of a recruitment strategy based on swiping advisor talent from their competitors, leading wealth management firms are trying a new ploy: Growing their own. With so many regionals, wirehouses and independents intent on poaching top talent in recent years, there has been little to no emphasis on cultivating a new generation of advisors.
Growing Advisory Firms Learn How to Be Lean
From Wall Street Journal Online
Added on March 2014 in Plan for the Future
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Summary: To really grow, a financial advisory business needs to find ways to become more efficient. Those ways often involve new technology and systems to make their expanding ranks of advisers more effective at tending to clients and their money, and bringing in more of both.
Leadership Teams Put the Success in Succession
From Think Advisor
Added on March 2014 in Plan for the Future
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Summary: When most owner-advisors talk to me about succession planning, the first thing they tell me is the value of their business (based on a recent valuation or a model formula). Then they spell out their plan for how the partners should pay for it. They think succession is about the numbers, and what they are usually looking for is a spreadsheet for how it's going to work. When it comes my turn to talk, I tell them that's all very nice and ask, “What have you done to groom your successors into leaders?”
