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Summary: When it comes to succession planning, the financial advice industry is often painted with a broad brush as being woefully ill-prepared.The latest research from Cerulli Associates shows that of the roughly 118,000 advisers within 10 years of retirement, 44,000, or 37%, have no formal succession plan in place.
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Summary: For most of my advisory career there has been a very real opportunity for advisers to operate “lifestyle” businesses. It has enabled them to largely choose when they will work; who they will work with; and how much they will earn. It has cost little to run and required virtually no infrastructure that the adviser had to pay for.
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Summary: Charlie Fitzgerald spent the last five years or so figuring out how to equitably pass on his 19-year-old financial advice firm, Moisand, Fitzgerald, Tamayo, to the next generation.
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Summary: Warren Buffett coined the term “moat” to reflect a firm’s ability to maintain its long-term competitive advantage. I use that visual with clients to describe a firm’s “Total Rewards Moat,” meaning all intrinsic and extrinsic rewards used to motivate and retain an organization’s top performers.
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Summary: You know your practice has reached a crucial turning point when you have to choose between serving your clients and growing your business — because you no longer have enough time and resources to do both.
