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Summary: Nearly half of the advisor work force is at or near retirement, which means more firms must recruit younger advisors to accelerate their succession plans, and also puts BDs and custodians at risk of losing assets under management, according to a just-released study by Cerulli Associates.
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Summary: Financial advisers who own a firm or have clients who are business owners appreciate the need for sound succession planning. Having a plan in place ensures stability well into the future, which means that clients are more likely to be around for multiple generations.The trick is that a good succession plan is like a battle plan: It's perfect only until it goes into action, and then it's likely to fall apart in five minutes.
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Summary: When it comes to their own retirement, growing numbers of advisers seem to be looking within their firms for an exit strategy. Across the country, consulting firms that specialize in brokering, structuring and providing legal advice on deals involving registered investment advisers are seeing more and more firms broadening ownership or facilitating sales to junior partners, according to several consultants who specialize in the space.
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Summary: There's one problem that every advisor faces sooner or later: capacity limits. Luckily, it's no secret how to fix this - just balance new client growth with additional advisors, right? Unfortunately, it's not as easy as it sounds. And the strategy you choose can substantially affect your growth and your firm's ultimate success.
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Summary: Like financial planning, succession planning is a multistep process that requires extensive contemplation of all aspects of an adviser's life. Whether you're considering retirement, leaving the profession or building your business through a merger or acquisition, the decisions you make during your self-evaluation will serve as a barometer as you establish a plan.
