Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
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Selling the business to junior partners no piece of cake
From Investment News
Added on May 2012 in Plan for the Future
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Summary: At the National Association of Personal Financial Advisor’s conference in Chicago, a panel convened to discuss selling a business to a junior partner. Nearly every one of the 100 or so in the audience said they would like to buy or sell. The panel discussed their challenges and successes of internal succession.
Succession-planning program at Cambridge is bearing fruit
From Investment News
Added on March 2012 in Plan for the Future
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Summary: Representatives and financial advisers with Cambridge Investment Research are taking advantage of a succession-planning program that gives junior reps access to capital to buy into senior reps' practices while the broker-dealer, in return, gets a piece of the action. Called Continuity Partners Group LLC, the program was launched two years ago and has seen the number of practices joining the program double, with 46 offices now on board.
Finding Success in Succession Planning
From Advisor One
Added on July 2011 in Plan for the Future
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Summary: Two stories, one in the broker dealer world, one in the RIA space.
Kim Nourie, of San Antonio-based Cross Financial Services became her father’s succession plan and found her successor through her local FPA chapter. Their broker dealer, United Planners Financial Services has a platform called Connectup to help their advisors.
Like Nourie, Aspiriant CEO Rob Francais says the RIA’s succession planning policy was born of necessity. The firm, with 42 owners and 120 employees, has a structured policy in place for associates to achieve equity and security, but it wasn’t always the case.
For succession to be success, advisers must face their fears
From Investment News
Added on February 2012 in Plan for the Future
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Summary: Writing a succession plan isn't too difficult. Overcoming the concerns that inhibit advisers from tackling the project in the first place is. The chief stumbling blocks that stand in the way of advisers' creating a plan include concerns over sharing client records, fears about giving up control and getting past the anxiety of dealing with younger advisers. It also takes much longer to plan and execute a succession than generally thought.
Have an aversion to succession plans? Consider a continuity pact as a vital baby step
From RIAbiz
Added on February 2012 in Plan for the Future
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Summary: All advisors should have a continuity agreement, even if they do not have a final succession plan in place. Every year, we hear of advisors who die unexpectedly. Untimely deaths without a contingency plan translate to a distressed sale price for family left behind. The clients too are left without a critical service. The initial plan does not have to be perfect.
