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Summary: When Victoria Collins started her transition into retirement a half-dozen years ago, she wasn’t overly concerned about getting equity out of the firm she helped found in 1990. Indeed, she still owns a 5.6% stake in First Foundation, the wealth management company’s publicly traded parent.
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Summary: If we want to have a good financial advice industry, we need to own it. One way to do that, among others, is to sell our firms internally to our subordinates. Internal succession—passing the baton to people actively engaged in the business—is one of the best ways to keep a firm’s culture alive and keep promises to clients and employees
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Summary: Just over a third of advisors say they have a succession plan, but how viable is it and where are they getting the money to fund it? A new survey shows hitting up friends and family is still one of the more popular financing avenues to explore, but most are banking on their broker/dealers.
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Summary: Financial advisors have a difficult job: keeping up with the markets, following ever-changing regulations, growing their business, protecting clients’ assets, and sometimes even protecting clients from themselves when a market drop or hot new investment trend makes a bad idea look good.
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Summary: "Why do today what you can put off until tomorrow?” — an inversion of Ben Franklin's virtuous commandment — is apt for continuity and succession planning. But it won't hold water as an excuse when regulators come knocking.
