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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Succession-planning program at Cambridge is bearing fruit
Added on March 2012 in Plan for the Future
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Summary: Representatives and financial advisers with Cambridge Investment Research are taking advantage of a succession-planning program that gives junior reps access to capital to buy into senior reps' practices while the broker-dealer, in return, gets a piece of the action. Called Continuity Partners Group LLC, the program was launched two years ago and has seen the number of practices joining the program double, with 46 offices now on board.
Finding Success in Succession Planning
Added on July 2011 in Plan for the Future
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Summary: Two stories, one in the broker dealer world, one in the RIA space.
Kim Nourie, of San Antonio-based Cross Financial Services became her father’s succession plan and found her successor through her local FPA chapter. Their broker dealer, United Planners Financial Services has a platform called Connectup to help their advisors.
Like Nourie, Aspiriant CEO Rob Francais says the RIA’s succession planning policy was born of necessity. The firm, with 42 owners and 120 employees, has a structured policy in place for associates to achieve equity and security, but it wasn’t always the case.
For succession to be success, advisers must face their fears
Added on February 2012 in Plan for the Future
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Summary: Writing a succession plan isn't too difficult. Overcoming the concerns that inhibit advisers from tackling the project in the first place is. The chief stumbling blocks that stand in the way of advisers' creating a plan include concerns over sharing client records, fears about giving up control and getting past the anxiety of dealing with younger advisers. It also takes much longer to plan and execute a succession than generally thought.
Have an aversion to succession plans? Consider a continuity pact as a vital baby step
Added on February 2012 in Plan for the Future
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Summary: All advisors should have a continuity agreement, even if they do not have a final succession plan in place. Every year, we hear of advisors who die unexpectedly. Untimely deaths without a contingency plan translate to a distressed sale price for family left behind. The clients too are left without a critical service. The initial plan does not have to be perfect.
Pershing Releases Advisor Business, Succession Planning Guidebook
Added on January 2012 in Plan for the Future
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Summary: Pershing Advisor Solutions (PAS), the RIA custody division of BNY Mellon, on Thursday released Developing a Sustainable Business and Succession Plan: An Independent Advisor’s Guide, a 30-page practical PDF guidebook that presents detailed steps advisors can take to build a business plan and a succession plan. The guidebook, developed with Advisor Growth Strategies LLC, the practice management consulting firm led by former Schwab executive John Furey, presents stark figures on the relatively small number of advisors who have developed formal business and succession plans, including research showing that fewer than a third of RIAs have either defined or implemented a succession plan.
