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Summary: Earlier this year, James Ludwick, a 67-year-old certified financial planner, sold the Odenton, Maryland-based advisory firm he founded more than a decade ago. His clients have hardly noticed.That's because Ludwick sold the fee-only practice, MainStreet Financial Planning, to his younger partner and longtime protégé, Anna Sergunina, a 31-year-old certified financial planner who essentially got her start at the firm in 2006 as a paraplanner and administrative assistant.
Added on June 2014 in M&A Issues
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Summary: At first blush, accountants and financial advisors appear to make strange bedfellows. The former are often perceived to be more analytical and the latter, more entrepreneurial. These perceptions aside, many medium to large accounting firms have taken steps to establish or greatly expand their financial services practices.
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Summary: Advisors think they're personally successful -- but they think their industry stinks. Those were two key findings of Pershing's second annual study of advisory success, unveiled here last week during the company's Insite conference.
Added on June 2014 in M&A Issues
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Summary: Greg Friedman had heard about the benefits a merger would bring to his small practice, things like expanded client services and more revenue.But after his Friedman & Associates joined forces in 2009 with Salient Wealth Management LLC, he was caught off-guard by the dissatisfaction among some of his staffers and clients.
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Summary: Here is a scenario that you obviously do not want to picture: You are in a motor vehicle accident and you are severely injured. You cannot work for months; you can’t even make work-related decisions.Who will provide financial advice to your clients while you are away, and how will he or she be compensated? If you are never able to return to work, who will figure out what will happen to your firm and how it will be marketed?
