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Summary: Scott Feraro, Founder of Pepin Consulting, poses 4 questions to consider as you begin to developing or assess your succession plan. A well-designed succession plan is critical to a firm’s continual success, but it’s hard to implement until it is completely finished. Succession planning includes developing and implementing the strategy, structure, processes and talent required to ensure the highest likelihood for the long-term sustainability of your business.
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Summary: Market Dominator RIAs offer their scale and systems, with varying degrees of autonomy, as a solution to smaller RIAs. Carson Institutional Advisors offers independent advisors a way to establish a succession solution. Ron Carson, of Carson Wealth Management and founder of Peak Advisor Alliance, expects to attract smaller firms and offer them the resources of a very large RIA.
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Summary: Wirehouse financial advisors will relate to these 9 common fears when considering breaking away to the independent channel.
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Summary: Internal succession continues to be the preferred succession plan. One of the country’s largest RIAs, Ronald Blue and Co created a company culture and a succession plan which requires the firm to value the whole over its parts. In other words, the group mindset has to be that the endurance of the firm is more important than the immediate prosperity of the individual advisor.
Added on June 2013 in M&A Issues
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Summary: Rebecca Pomering has spent much of her career guiding RIA mergers. But the failure of the Moss Adams-Rowling Dold merger was proof that even the best looking ones can experience unanticipated pitfalls. Rowling did not like the transition to having less control and less of a leadership role. It’s the intangibles that often determine whether the merger will be successful or not; sometimes RIAs just need to take the leap of faith and agree to some give and take.
