Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
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The Risks of a Solo Practice
Added on December 2013 in Plan for the Future
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Summary: Too many lone advisors are failing to plan for emergencies, putting their businesses—and clients—at risk. Solo advisors face many unique challenges, but perhaps the biggest is that they are, in bad times as well as good, solo. According to a REP. magazine survey, a significant portion of these advisors have no contingency plan in place should they unexpectedly not be able to continue working.
Facing the succession planning crisis
Added on November 2013 in Plan for the Future
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Summary: While the precise statistics vary depending on the source, all studies point to the fact that less than 25% of advisers have viable succession plans in place. Looking at the demographics of our industry drives this point home further. According to Cerulli Associates Inc., across all channels, including RIAs and wirehouses, advisers who are at least 60 control more than $2.3 trillion in client assets. For advisers like these, there has never been an industrywide solution to help protect their clients, their employees and their families for the long term.
The Conversation: How Young Advisors Can Spur Owners to Succession Planning
Added on November 2013 in Plan for the Future
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Summary: Today, most owner-advisors launched their firms using well-established business and service models, taking on the challenges of a startup because they wanted to take care of their clients their own way. Consequently, most of today’s business management wisdom doesn’t really apply to independent advisory firms, with one major exception: the changing roles of firm founders and advisors who were hired as the firm grew.
Developing a Sustainable Business and Succession Plan
Added on November 2013 in Plan for the Future
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Summary: A new guidebook filled with practical information about virtually every aspect of developing a sustainable business and succession plan. Many firm owners are only a decade or so from retirement—and yet, fewer than 30% of independent registered investment advisors (RIAs) have even created a succession plan.Without an exit strategy in mind, advisors lack clear goals to guide their business planning efforts. This informative guidebook explains how you can address many of the key planning questions facing your firm.
Smart Recruiting Can Secure Your Succession
Added on November 2013 in Plan for the Future
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Summary: Industry observers say the extent to which independent advice firms can keep stealing market share from big-name rivals like Merrill Lynch and Morgan Stanley depends on their ability to transition to next-generation owners. Extending an established trend, indie RIA assets grew by 19% last year, while AUM at the four biggest brokerages were essentially flat, according to Cerulli Associates. Bigger RIAs can merge with approximate equals or acquire smaller firms to see them into the middle of the century. But for smaller RIAs, the best way forward may lie in smart recruiting.
