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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How To Identify Advisors About to Jump
From wealthmanagent.com
Added on May 2014 in Plan for the Future
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Summary: A looming advisor shortage and a limited pool of prospects means retaining advisors is the top job for many managers. Here's how to spot, and keep, talent on the brink of jumping ship. Workplace consultancy Rainmaker Thinking recently surveyed 41,000 professionals (6,000 of them from the financial services industry) and found that 46 percent felt “stuck” in their current job, and had for at least the past year. Twenty-five percent said they have felt that way for over three years.
Passing the baton, step by step
From CNBC
Added on May 2014 in Plan for the Future
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Summary: Of the more than 30,000 independent investment advisors in the country, fewer than a quarter have a succession plan in place, according to numerous studies, and most solo practitioners haven't even identified a potential successor.
Advisors slow to train successors
From CNBC
Added on May 2014 in Plan for the Future
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Summary:The dismal demographics of the financial advisory industry have been well documented, but aging advisors continue to drag their feet when it comes to succession planning and preparing for their own retirement. Data produced by research firm Cerulli Associates suggest a bleak outlook for the industry. Aging advisors are expected to retire in droves over the next two decades, and relatively few young people are entering the industry to take their place. Financial advisors without a succession plan for their practices put not only their own retirement at risk but also the well-being of their clients.
Succession Planning: How to Partner With a Younger Advisor
From Financial Planning
Added on May 2014 in Plan for the Future
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Summary: May-December pairings may provoke the occasional snide look — Michael Douglas and Catherine Zeta-Jones, anyone? — but for financial advisors trying to plan for retirement, they can be a romantic ideal. For older advisors, bringing on new talent helps pave the way for a succession plan that protects existing clients while creating a payout for the founding partner.
Financial Planning's Future: CPAs?
From Financial Planning
Added on April 2014 in Plan for the Future
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Summary: There are tried-and-true battle plans as firms labor to recruit planners into their ranks: poach from rival firms, lure brokers away from the wirehouses, train new graduates to become CFPs, etc.But as HD Vest President and CEO Roger Ochs sees it, the practice of essentially trading advisors with other firms is a zero-sum game. Instead, HD Vest - which believes that a tax return is a "road map" that can help a professional build a comprehensive financial plan - seeks to fulfill its growth strategy by turning CPAs into CFP/CPAs.
