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Summary: Lessons learned at his father's side in the practice. Let's dispense with the discussion about whether you need a succession plan, as it would be a waste of everyone's time. Take it from me, it's not “if” but purely a question of “when” you need to have it in place.
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Summary: The average financial adviser in the United States is older than 50, a number that shows no sign of getting lower because relatively few young people are interested in the work. That is creating a problem for Wall Street, which after the financial crisis likes the idea of managing other people’s money more than it did before. As both independent firms and large broker-dealers attached to investment banks try to expand their asset management businesses, they must figure out how to attract and retain a fresh pool of talent that is increasingly looking to find its riches elsewhere.
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Summary: Many advisors say they are close with their clients, but just how close? It may seem like a radical idea to some advisors, but Stacy Francis of New York City believes in inviting clients into her home.
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Summary: Like the vast majority of people, Dan Candura always thought he had more time. More time to spend with his six grandchildren. More time to take his wife, Marie, to Paris. More time to explore his father's roots in Sicily or, even, write a book. He also thought he had more time to draft a continuity plan in the event he was no longer able to run his advisory firm in Braintree, Mass.
Added on July 2014 in M&A Issues
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Summary:The high end of the wealth management market is a very, very good place to be right now. Valuations for advisory firms with over $500 million in assets under management are expected to escalate in the wake of this month's Boston Private Bank and Trust's $60 million acquisition of Banyan Partners -- made at what sources say was a valuation of nine times EBITDA.
