Results for "succession planning"

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'Retire in place' doesn't cut it as a succession plan

April 16, 2019

It has become apparent to me that the succession plan of many older advisers is simply to retire in place. To achieve this, advisers basically stop working full-time, place all (or most) client assets in fee-based accounts, strip out as many...

RIA succession plan takes the long view

April 15, 2019

In a financial planning industry constantly chastised for not taking succession planning seriously enough, Michael Chasnoff might be considered an anomaly: He's 12 years into a 22-year succession plan. Mr. Chasnoff, founder and chief executive...

Succession plan success story

March 19, 2019

The story of Benjamin Tobias' succession plan is proof that having a good plan in place can help a firm endure and evolve through even the worst of circumstances. Mr. Tobias, 67, had been grooming two advisers to take over his Plantation, Fla.-based...

Making room for the next generation of advisers

March 4, 2019

Recently, I read an article in the November issue of the Harvard Business Review (What Happens to Younger Workers When Older Workers Don't Retire) that got me thinking. It focused on the world of symphony orchestras, where many principal oboists...

Veteran adviser locks down a succession plan that lets him stay involved

February 15, 2019

It took a while before it became a top priority, but Leon LaBrecque can finally rest easy knowing that at 63, his business succession plan is in place. After about eight years of weighing his options, and 18 months of grinding out the details,...

Leading to last: Growing an advisory firm so it will continue on

February 28, 2019

Over the past decade, succession planning has become an increasingly potent issue for many RIA firms — including ours. According to Fidelity's benchmarking study, 60% of RIAs either have no succession plan or have one that isn't ready for...

The new normal of succession planning

November 12, 2018

Advisers across the industry have been encouraged to get their continuity and succession plans in place. By and large, they've heeded the advice. Still, advisers approaching retirement see the same statistics they show their clients about more...

Investment bank launches digital loan platform for advisers

March 14, 2019

An investment banking firm that specializes in the independent adviser market has launched a digital marketplace for banks that want to lend money to advisory firms. (More: Thinking about selling your firm? 5 ways to prepare) Wayzata, Minn.-based...

Wells Fargo Advisors sweetens the pot for both older and younger advisers

March 11, 2019

After bleeding advisers for more than two years, Wells Fargo Advisors is changing its succession plan by offering a bonus to advisers who stay on until retirement and giving financial help to young advisers acquiring the business of those advisers...

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...

RIA firm sales could hinge on succession planning, study finds

January 30, 2019

RIA principals selling their business may get less than top dollar if they don't develop a succession plan. That's the key finding of a survey of 162 registered investment advisory firms of all sizes conducted by Franklin Templeton Investments....

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...

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...

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...

Grooming heirs is a continuous process

December 1, 2013

Financial advisers who own a firm or have clients who are business owners appreciate the need for sound succession planning. Having a plan in place ensures stability well into the future, which means that clients are more likely to be around...

Peeking inside adviser M&A

September 8, 2013

The term “M&A” is thrown around rather loosely. We read about mergers-and-acquisitions activity in financial publications daily, but usually what is being reported relates to one corporate giant acquiring another — for example, Verizon...

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 delicate art of hitting the road

March 10, 2013

In the 2002 movie “About Schmidt,” Warren Schmidt, played by Jack Nicholson, retires from an Omaha, Neb.-based insurance company. After the retirement party, his wife suddenly passes away. Schmidt struggles to adjust to his new life. Feeling...

Business valuation: One size doesn't fit all

December 2, 2012

As the first baby boomers turn 66, a steady stream of financial advisers also are entering or approaching retirement age. Most current advisers will be leaving the profession within 20 years. The question they will all have to answer is how...

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