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Summary: Propelled by a sense of urgency, wealth management firms are rethinking the way they train and develop young advisors—a move they hope will crimp the coming talent crisis.More than one-third of U.S. financial advisors plan to retire over the next decade, according to a report from Cerulli Associates in February. In order to keep up with demand, the industry will need to add over 200,000 new professionals.
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Summary: Commit the time, energy and resources to make your junior advisor succeed. Do this and you’ve gained freedom to grow, to become a master rainmaker, and you’ve also created a succession plan for yourself.
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Summary: The math is simple. The longer an advisor can postpone a sale, the more cash is put in his/her pocket. Whether the sale happens today or five years down the road, the sale proceeds will always be there. In the meantime, an advisor can bank additional income. Indeed, an advisor may be better off waiting (from an economic standpoint) if the client base continues to grow and the market marches steadily higher.
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Summary:With so many advisers contemplating retirement, the chatter about succession options has become constant. Forget valuations, terms of the deal and buy/sell agreements. Far before you get to that point, you need to anticipate what the future business could and should look like. Do you want the firm to continue without you (internal succession), or do you want to sell your business to another firm (external succession)? Each approach has its pros and cons.
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Summary: You're on a team of financial advisers. You're successful. You know what it takes to find clients and manage their money in a careful, respectful way. In the world of private wealth management--where everything works and nothing works--you repeat your go-to moves over and over again. Yet, you ask yourself: "Do we need a new partner?" Norb Vonnegut describes a few roles that people play on successful teams.
