Results for "succession planning"

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3 obstacles to succession planning — and how to overcome them

May 30, 2018

Though financial advisers may excel at helping clients plan for the long term, too few are following their own advice. Only 37% of advisers have an adequate succession plan, according to a new FA Insight report on succession planning, a statistic...

Why saying goodbye to your clients and business is hard

June 8, 2018

Boomers, do you look your age? If so, clients have likely been wondering how long you will be around to help them with their financial future — and they have probably been wondering this for longer than you think! In fact, clients often feel...

Why advisory firm founders and successors can't get on the same page

May 25, 2018

"A man learns something carrying a cat by the tail that he can learn in no other way." With this quote Mark Twain insightfully illustrates a powerful point: Experience is the best teacher, though it's not always kind or gentle to the student....

How to attract high-net-worth clients

May 3, 2018

In a financial advisor's perfect world, their book of business would contain many high-net-worth (HNW) clients. Unfortunately, this is often not the case. While it sounds ideal to have a book full of HNW clients, attracting and retaining them...

Advisers still have a really big succession problem

April 25, 2018

Financial advisers continue to find succession planning difficult, with 73% not having a written plan in place, according to a new study by the Financial Planning Association and Janus Henderson Investors. The results, little changed from a...

Adviser's Consultant: Building a flexible succession plan

May 11, 2018

Jack Hillis isn't quite ready to stop working with clients or give up his lifestyle advisory practice, but at 74 years old, he knew he needed a succession plan in place. His solution was to complete all the paperwork for a sale that will take...

Succession planning, Aussie style

November 13, 2011

Regardless of differences in regulation, compensation or specific products, there is one issue that unites financial advisers around the world: succession planning. Whether here or abroad, the adviser community continues to gray, and succession...

When internal transitions go wrong

September 27, 2009

For good reason, most financial advisers prefer internal to external transitions when planning their business' succession. Internal transitions allow for greater client and staff continuity, give the departing owner an opportunity to play a...

Advice business must improve succession planning

March 7, 2018

More than a quarter — 28% — of advisers who are within 10 years of retirement are unsure about succession, posing a problem for all channels of the advice business, according to a new study by Cerulli Associates. Confirming widely known...

Adviser's Consultant: Hammering out succession plans that work for everyone

June 26, 2017

Charlie Fitzgerald spent the last five years or so figuring out how to equitably pass on his 19-year-old financial advice firm, Moisand, Fitzgerald, Tamayo, to the next generation. The Orlando-based firm structured agreements three years ago...

Don't bet on an aggregator deal

December 4, 2011

Owners of independent advisory firms have been hearing lots of talk of aggregators — firms that include Fiduciary Network LLC, Focus Financial Partners and United Capital Financial Advisers LLC — that are scooping up top registered investment...

How to Jump-Start the Succession Planning Process

June 1, 2017

According to a May 2016 article on Forbes.com, only 30 percent of financial advisors have a succession plan. Are you one of the 70 percent of advisors who has neglected this important task? As a small business owner, you're putting your staff,...

Three keys to succession planning

December 15, 2017

The advisory profession is a noble one, wherein participants are entrusted with the important responsibility of helping clients to accumulate wealth, plan for the future and retire comfortably. However, the industry is at an inflection point....

Smarter tech can mean a better deal

December 13, 2015

Selling a successful wealth management business is one of the hardest things an owner will ever do. Intense negotiations and emotions compound the pressure of determining an optimal valuation for the firm while also keeping the practice running...

Developing a workable succession plan: What do advisers really want?

May 11, 2014

The enormous focus in recent years on empowering succession planning on the part of broker-dealers and custodians is truly laudable and reflects the inescapable changes that the aging of the overall financial adviser population will bring to...

Strategic succession planning

June 2, 2013

Why should management succession be high on the list of strategic priorities? Because owners of financial services firms can maximize the value of their businesses by making management succession part of their strategic plans. There are a number...

The succession discussion has to change

August 4, 2016

Succession planning is a dirty word. How can I say this—being that I consult with advisers about succession all the time? Ten years ago, approximately 20% of advisers had a succession plan. Today, despite years of events, articles and software...

10 issues every plan should address

September 9, 2012

This is excerpted from a column that originally appeared in The Adviser's Consultant, a monthly practice management newsletter published by InvestmentNews. No single succession plan will be right for every firm. Succession plans will be as different...

Advisor Group's Jamie Price: The real reason why most advisers don't have a succession plan in place

May 23, 2017

Eighty percent of advisers do not have a succession plan in place, though about half of them already know they will need to transition their businesses within the next 10 years, according to Jamie Price, president and CEO of Advisor Group.

Five mistakes when passing the baton

December 12, 2010

Working with advisers over the years, I've seen firsthand how creating and executing a solid succession plan can be fraught with pitfalls. While they can spend as much time on succession planning as larger companies, advisory firms must take...

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