Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
All Articles
Don't Sell Your Practice, Redesign it
From Pinnacle Advisor Solutions
Added on November 2013 in Plan for the Future
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Summary: A great deal has been written about succession planning over the last two years. Most of it focused on selling your practice to either a younger version of yourself or merging into a larger firm and transitioning your clients over a period of time. Clearly they are options, but they may not be the best options. We believe you are better off redesigning your practice to accommodate your lifestyle – perhaps a retirement lifestyle – and continuing to run your practice for many more years before considering a sale.
Realizing your ideal model
From aRIA: Alliance for Registered Investment Advisors,
Added on November 2013 in Plan for the Future
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Summary: Best-managed advisory firms are constantly innovating, revising their business plans and seeking to drive the next iteration of growth. What is different for advisory firms now is the pace of change is so fast that standing still is not an option – advisors may simply be lapped by the field!
Why You Shouldn't Name Your Firm After Yourself
From Finacial Advisor IQ
Added on November 2013 in Plan for the Future
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Summary: When veteran financial advisors Eric Clark and Cheryl Sherrard were trying to come up with a moniker for their new practice, they were determined to keep their names out of it. “We didn’t want the brand tied to anyone in the firm,” says Clark, president of 10-month-old Clearview Wealth Management, a practice in Charlotte, N.C., with about $52 million under management. “You have to think ahead 10 or 25 years, when the people now involved may be retired or even at other firms.”
What must a succession plan entail?
From InvestmentNews
Added on October 2013 in Plan for the Future
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Summary: Rebecca Pomering, chief executive of Moss Adams Wealth Advisors LLC, helped somewhere between dozens and hundreds of advisory firms develop succession plans during her 11 years as a management consultant for Moss Adams LLP. Now she heads up the firm's strategic-planning and growth objectives. Her firm doesn't have a succession plan document, but its six partners all have identified successors whom they continually train and develop, Ms. Pomering said.
Evolution of Value Creation
From aRIA
Added on October 2013 in Plan for the Future
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Summary: Business-planning challenges such as succession planning, gaining scale and maintaining growth may not be acute today; however, if advisors choose not to plan for their future, they may fall into the land of unintended consequences, including degradation of firm value, limited growth, an aging client base and limited choices/control about the future of their business.
