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Summary: Succession planning has moved to the top of the practice management priority list for tens of thousands of advisory firms. As the average age of founder/advisors creeps ever closer to traditional retirement age, the profession is asking itself a lot of hard questions about how to keep these businesses alive – and take care of clients – after the founder retires.
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Summary: The article reviews the important questions for succession and growth. Ask the right the questions of yourself and your potential partner or new hire. The right questions are as important as finding the right answers. Understand that people are not puzzle pieces and acknowledge that it is a relationship you seek to build. This will impact your approach. Thank you to Advisor Perspectives and Beverly Flaxington for inviting me as a guest columnist.
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Summary: “Fidelity...has introduced a program to help advisors create and formalize a succession plan.” These workshops include group and personal exercises as well as succession toolkits with worksheets and other resources to aid advisors in the creation and implementation of their succession plans.
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Summary: In November of 2011, David DeVoe left Schwab to set up his own M&A consulting business. DeVoe wasn’t getting enough hands-on work at Schwab and believed a significant opportunity existed to actively engage throughout the entirety of an M&A deal.
At this posting, June 2013, David has a staff of 3 and has had 50 engagements in the past 18 months. David’s entrepreneurial instincts coupled with his M&A talents have paid off and our advisory community is benefiting.
