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Summary: The math is simple. The longer an advisor can postpone a sale, the more cash is put in his/her pocket. Whether the sale happens today or five years down the road, the sale proceeds will always be there. In the meantime, an advisor can bank additional income. Indeed, an advisor may be better off waiting (from an economic standpoint) if the client base continues to grow and the market marches steadily higher.
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Summary:With so many advisers contemplating retirement, the chatter about succession options has become constant. Forget valuations, terms of the deal and buy/sell agreements. Far before you get to that point, you need to anticipate what the future business could and should look like. Do you want the firm to continue without you (internal succession), or do you want to sell your business to another firm (external succession)? Each approach has its pros and cons.
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Summary: You're on a team of financial advisers. You're successful. You know what it takes to find clients and manage their money in a careful, respectful way. In the world of private wealth management--where everything works and nothing works--you repeat your go-to moves over and over again. Yet, you ask yourself: "Do we need a new partner?" Norb Vonnegut describes a few roles that people play on successful teams.
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Summary: Much has been made of the crisis facing the financial adviser industry as aging advisers exit and the industry searches for younger advisers to step in. According to the latest from Cerulli Associates Inc., over 100,000 advisers are projected to leave in the next ten years — a full third of the industry. Just like in every industry, there is a natural evolution of growth, maturity and then a disruption or tipping point, often caused by technology, that transforms it to take on a different shape and direction.
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Summary: The topic of continuity/succession planning is on everyone’s minds these days. Aggregators see an opportunity to acquire additional assets. Young advisors see an opportunity to grow their firms. Custodians want to ensure those assets remain in their custody despite any change of control.
