Snowden Lane Partners, the top-ranking independent RIA based in New York, has opened up a new program to help senior advisors ensure continuity while enjoying the fruits of their decades-long labor.
Snowaden Lane has announced the official launch of its Practice Continuation Plan, a new retirement program designed to help senior advisors monetize their practices while ensuring a smooth succession process.
The program offers retiring advisors the option to receive an up-front lump-sum payment upon entering the five-year plan, along with a revenue-sharing arrangement that splits ongoing earnings between retiring and inheriting advisors. All in all, advisors participating in the program can achieve a total value of up to 250 percent of their trailing 12-month revenue, according to the firm.
“We’re excited to officially unveil this program, as meeting our advisors’ unique needs will always be a priority for our firm, and we believe this will serve as another attractive differentiator for prospective advisors considering a boutique firm such as Snowden Lane,” Rob Mooney, managing partner and CEO of Snowden Lane, said in a statement announcing the program.
The plan also includes an accelerated profit-sharing scheme that the firm says is key to its advisor compensation model. Advisors inheriting the practice will share revenues over the five years, ultimately taking ownership of the full revenue stream by the program's conclusion.
“We introduced this program earlier this year, after discussions with a number of our advisors who are looking to complete their careers at Snowden Lane but would also like to achieve monetization of their practice and ensure business continuity for their clients," Mooney said. "The response has been enthusiastic as the structure achieves those goals."
The announcement comes in the wake of significant expansion at Snowden Lane, which has added added 13 financial advisors and $1.8 billion in client assets since September 2023. As part of its continuing drive to recruit top advisor talent, the firm has also grown its geographic footprint with new offices in Florida, Colorado, and Pennsylvania and reported a 20 percent increase in year-over-year revenue.
The firm has also announced some recent key appointments, including naming senior partner and managing director Alex Bryer to a national business development role earlier this month. In mid-November, Snowden Lane elevated another senior partner and MD, Armando Ureña, to the firm’s Operating Committee to represent advisor interests.
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