Added on January 2014 in M&A Issues
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Summary: Yung advisers struggling to gain a critical mass of clients and bulk up their assets under management may want to find another firm to buy. Karsten Advisors, a Fort Worth, Texas-based firm with four financial advisers, all under the age of 40, has acquired nine advisory practices in the last 13 years to reach a total of $250 million in client AUM
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Summary: You can lose a client at any time and, really, for pretty much any reason. But divorce, dementia and above all death are high on the list of unfortunate circumstances. More than half of widows (55%) ditch their husband’s advisor, and almost all (98%) of next-generation inheritors fire their parents’ advisor, says client-data reporter Blueleaf, citing a study from PwC. A measure of client attrition is inevitable. But advisors can prevent some losses by taking action before it’s too late, according to Trust Advisor.
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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: Amazon went from nothing to $150 billion in market cap in just 20 years. What can you learn from its success and apply to your own firm? Brad Stone's new book, "The Everything Store" (Little, Brown & Co., 2013), chronicles the rise, fall and rise again of that behemoth of technology that is Amazon. Here are 7 lessons from “The Everything Store,” that you can use to build your company.
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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.
