Knowledge and Insight

Fed up wirehouse advisors more eager to leave than ever, study says

Added on February 2012 in Join an RIA

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Summary: Three out of four wirehouse advisors would take action if a recruiter called them about the prospect of joining an RIA, according to a study released today by The Charles Schwab Corp. Of those surveyed, 67% of wirehouse advisors worry about job security and report that added responsibilities make it hard to meet clients’ needs. Moreover, 51% said they find the idea of becoming an RIA appealing. “

Don't ask advisers what their firms are worth, they don't know

Added on February 2012 in M&A Issues

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Summary: Three-quarters of advisors have never conducted a formal evaluation to nail down the value of their firm according to a preliminary finding from IN Adviser Solutions' first-ever study of Succession Planning in the financial advisory business.

Knowing the actual value of a firm is a critical element of a succession plan. And incidentally, just one-in-three advisory firms actually have a succession plan in place, according to the IN Adviser Solutions group's 2010 Financial Performance of Advisor Firms Study.

Finding Success in Succession Planning

Added on July 2011 in Plan for the Future

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Summary: Two stories, one in the broker dealer world, one in the RIA space.

Kim Nourie, of San Antonio-based Cross Financial Services became her father’s succession plan and found her successor through her local FPA chapter. Their broker dealer, United Planners Financial Services has a platform called Connectup to help their advisors. 

Like Nourie, Aspiriant CEO Rob Francais says the RIA’s succession planning policy was born of necessity. The firm, with 42 owners and 120 employees, has a structured policy in place for associates to achieve equity and security, but it wasn’t always the case. 

For succession to be success, advisers must face their fears

Added on February 2012 in Plan for the Future

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Summary: Writing a succession plan isn't too difficult. Overcoming the concerns that inhibit advisers from tackling the project in the first place is. The chief stumbling blocks that stand in the way of advisers' creating a plan include concerns over sharing client records, fears about giving up control and getting past the anxiety of dealing with younger advisers. It also takes much longer to plan and execute a succession than generally thought.  

Succession plans are new recruiting tool

Added on February 2012 in Manage Your Practice

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Summary: Advisory firms that lack a documented career development path may jeopardize their chances to recruit the best young talent, according to some industry experts. “The larger firms are getting better at institutionalizing the process of training and development, and can tell a candidate, "Here is what we will teach you and here is the career track at the three-, five-, and 10-year mark,'” said Michael Kitces, a principal with New Planner Recruiting LLC, which specializes in placing early-career planners.