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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4 Keys to Internal Succession Plan
From Financial Planning Magazine
Added on June 2013 in Plan for the Future
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Summary: Internal succession continues to be the preferred succession plan. One of the country’s largest RIAs, Ronald Blue and Co created a company culture and a succession plan which requires the firm to value the whole over its parts. In other words, the group mindset has to be that the endurance of the firm is more important than the immediate prosperity of the individual advisor.
Why Aren't More Advisors Succession Planning?
From Financial Plalnning Magazine
Added on March 2013 in Plan for the Future
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Summary: At Fidelity’s workshop, Realizing the Value in Your Firm, Fidelity takes a holistic approach to getting advisors to think about succession. They encourage the advisor to lift their gaze above their present practice and envision their life after their practice has transitioned. With a point on the horizon to head towards, Fidelity guides the advisors through the practice management steps towards succession planning.
Selling the business to junior partners no piece of cake
From Investment News
Added on May 2012 in Plan for the Future
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Summary: At the National Association of Personal Financial Advisor’s conference in Chicago, a panel convened to discuss selling a business to a junior partner. Nearly every one of the 100 or so in the audience said they would like to buy or sell. The panel discussed their challenges and successes of internal succession.
Succession-planning program at Cambridge is bearing fruit
From Investment News
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
From Advisor One
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.
