From Wall Street Journal
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Summary: You're on a team of financial advisers. You're successful. You know what it takes to find clients and manage their money in a careful, respectful way. In the world of private wealth management--where everything works and nothing works--you repeat your go-to moves over and over again. Yet, you ask yourself: "Do we need a new partner?" Norb Vonnegut describes a few roles that people play on successful teams.
From InvestmentNews
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Summary: Much has been made of the crisis facing the financial adviser industry as aging advisers exit and the industry searches for younger advisers to step in. According to the latest from Cerulli Associates Inc., over 100,000 advisers are projected to leave in the next ten years — a full third of the industry. Just like in every industry, there is a natural evolution of growth, maturity and then a disruption or tipping point, often caused by technology, that transforms it to take on a different shape and direction.
From Pinnacle Advisor Solutions
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Summary: The topic of continuity/succession planning is on everyone’s minds these days. Aggregators see an opportunity to acquire additional assets. Young advisors see an opportunity to grow their firms. Custodians want to ensure those assets remain in their custody despite any change of control.
From InvestmentNews
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Summary: As competition for the assets of retiring advisers heats up, the wirehouse firms have been updating their succession programs for aging advisers. This year, the big four are knocking the dust off old succession programs and revamping them with new names, higher payouts and lower barriers to entry.
From Financial Advisor IQ
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Summary:When preparing to sell your practice, understand that transitioning from the business will require years of time with no shortcuts. There is a strong correlation between the amount of time one gives to succession and the seller’s satisfaction with the price and outcome of the exit.Don’t let a lapse in time commitment hurt your succession plan and diminish the value of the sweat equity you have accrued.
