Advisors looking to buy a book of business have no shortage of options; however, they need to be aware of some key considerations
Advisory teams with more than US$500 million in AUM already control a disproportionately large share of the advisory market
Don’t hesitate in getting your succession plan in motion as the process of selling a book of business can take years from beginning to end
Advisors who did everything right in succession planning - starting early and grooming a successor — can be side-swiped by unpreventable events. The best advice is to be prepared and expect the unexpected
Hiring a junior advisor early on with the intention that he or she will take over your business has many advantages. Your clients will be assured that their needs will be met after you retire
Putting standardized practices in place that a buying advisor could assume easily is a key way to maximize the value of your financial advisory practice
Keeping your clients in the dark threatens your practice
Online education program focused on the challenges that family business owners face
here are some universal considerations that apply to succession planning, regardless of the size of the firm. But planning your departure from the top position at a larger organization poses some special challenges
Introduce your successor and clarify new roles