BUILDING YOUR SUCCESSION PLAN
Six Steps to Creating a Flexible Plan on Your Terms
Equip yourself with the essential strategies to craft your succession plan.
Succession planning is a common term frequently discussed in the financial services industry. Although many advisors are abundantly familiar with the need to have a succession plan in place, unfortunately, there is not much attention on how to build the best plan.
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WHAT’S THE RIGHT SUCCESSION PLAN FOR YOU?
Understanding the industry’s shifting landscape to determine if you should remain as an employee advisor or make a move to independence.
During the Advisor migration in the early 2000s, roughly 60% of advisors aligned as W2 employees, but now we see that number has flipped. Today, approximately 60% of advisors are independent due to various factors. Veteran financial advisors have become more attracted to the equity they can earn from their practice, the potential to sell their practice, and the open architecture of their succession planning approach, among many other reasons.
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WILL MY CLIENTS FOLLOW ME IF I GO INDEPENDENT?
Discover the significant factors that can impact the success of a transition and the number of clients who follow you.
Becoming an independent advisor is a huge step for any advisor’s business. After working through some of the complexities of the change, everyone comes to the most essential question that each advisor will inevitably ask themselves, “will my clients follow me if I go independent?”
In the last 20 years, more advisors are migrating to independence due to three overarching reasons:
- Control and decision making around the resources your business needs
- Improvement of ongoing compensation and cashflow
- The creation of equity/enterprise value in the business
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CONTACT US
Independence. It sounds great, but is it really that easy? Whether you’re an employee advisor or you have been running your business for years, there is a lot of responsibility. We are here to provide solutions to reduce the time and energy that is required of today’s business owners.