Advisor Group rolls out succession planning offer

Platform allows advisers to value their businesses and search for practices to buy using a variety of filters

Oct 20, 2017 @ 2:58 pm

By Bruce Kelly

Advisor Group is introducing a platform for advisers to buy and sell practices that uses a new online model for creating a business valuation.

The program supports succession planning mergers and acquisitions across the Advisor Group network of broker-dealers: FSC Securities Corp., Royal Alliance Associates Inc., SagePoint Financial Inc. and Woodbury Financial Services.

Called My Succession Plan, the new program includes a partnership with Truelytics, which provides a platform for advisers to benchmark their businesses.

(More: Advisor Group broker-dealer gets new CEO)

Advisers who use the program will be able to complete a "sophisticated, online valuation model and obtain a fair market estimate of the value of their business," according to a company statement.

Right now, the program is open only to brokers and advisers affiliated with Advisor Group. There is a $300 annual membership fee. In the future, advisers from other firms will be able to anonymously register on the platform.

Jamie Price, president and CEO of Advisor Group, said Friday afternoon on a conference call that the network had done 114 such deals for advisers' practices last year and is on track for a similar amount in 2017. There are 150 registered advisers on the new platform, he said.

(Video: Why succession planning is such a struggle for financial advisers)

Advisers can search for practices using a variety of information and filters, including location, assets under management and other data. Users are not charged a closing fee, and financing assistance is available.

Todd Fulks, vice president of succession and acquisition, is in charge of the consulting team behind the new program.

Meanwhile, Advisor Group also announced Friday a new adviser-to-client communication platform, MyCMO, which provides personalized marketing campaigns to clients and prospects.

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