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Summary: With M&A activity continuing to blossom and the average age of financial advisors being well over the age of 50, succession planning for financial advisors is becoming an increasingly important subject and area of focus.
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Summary: If you’ve been in the wealth management space for more than a decade, you probably have a lot of clients who are in their late 60s and older. These clients came to you in a much different era than today. They expect a specific type of personalized service, such as face-to-face appointments and a particular beverage when they come into the office. And some likely still prefer paper statements that are traditionally mailed rather than digitally delivered.
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Summary: Over the last four years, Hightower has completed more than 45 deals and built a team soley focused on acquisitions, including calling and researching RIAs. Oros said the firm evaluates succession plans as part of every transaction. A lack of succession planning has even killed a couple of the company’s potential deals.
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Subject: Back in 2020, at the height of the pandemic, my long-time business partner and I sold our Houston-based registered investment advisor, with $450 million in assets under management, to a national integrator for a combination of cash, equity, and the fact that we were able to bring virtually all our employees along with us to the acquiring firm.
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Summary: As Mike Leverty, the founder and CEO of Leverty Financial Group in Wisconsin, recently told ThinkAdvisor, the work of serving clients in 2023 is about so much more than picking stocks and bonds. A big reason why, Leverty says, is the fact that individuals’ financial lives have themselves become so much more complicated, especially when it comes to planning for retirement.
