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Summary: It may seem odd that financial professionals who help clients plan for retirement rarely do a good job planning for retirement themselves. Beyond the cliché that a shoemaker's children often go barefoot, it highlights the fact that most successful plan advisers have little experience building and running a business.
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Summary: According to a recent InvestmentNews article, “RIAs Must Confront the Emotional Side of Letting Go of Their Business,” of the 118,000 financial advisers planning to exit the business in the next 10 years, about 61 percent have some plan in place—whether it’s succession, sale, or client reassignment.
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Summary: Two advisory firms can have nearly identical revenue and assets under management. Yet if one structures its business in specific, strategic ways, it can command more than twice the valuation of a lifestyle-oriented practice — even if the other firm is larger.
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Summary: [Gallery] About 70% to 80% of business partnerships fail within five years. Tanya Rapacz, owner of the consulting firm The Partnership Resource, knows why firsthand. The former financial adviser saw the merger of her own firm with another fall apart after just two years because the partners weren’t compatible.
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Summary: There's a lot more to succession planning than just hiring younger advisers, but some registered investment advisers aren't even doing that part right.
