The idea of internal succession and transferring ownership to the next generation can be sticky for a lot of advisory owners. The process is daunting and giving up any amount of control can be hard to fathom. For these reasons, top advisors seeking equity and ownership are sometimes met with resistance or flat-out rejection.
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Topics: Multi-Generational Ownership, Building Your Team, Equity Pathways
Value is the starting point for everything you want to do for your business in terms of growth, protection, sustainability, and more. It provides a starting point for your plans and informs important decisions, but depending on what you’re trying to do, value can play a variety of roles in your strategy.
The determination and use of your valuation always comes down to the purpose and the circumstance. Let’s look at the four main areas where your valuation plays a starring role: growth and planning, M&A and external sales, equity ownership, as well as protections and legal documentation.
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Topics: M&A, Business Value, valuation
In the world of golf, even the best players seek coaching to refine their skills and elevate their game. Similarly, Scott Leak, CFP®, CEPA®, emphasizes the importance of coaching for financial advisors aiming to enhance their business practices. In this blog post, Scott shares his journey of hiring an independent advisor to ensure that he could focus on his clients without compromising his own financial planning. Just as golfers visualize their shots for better performance, Scott encourages advisors to clarify their intentions for business growth and to seek out mentors who can hold them accountable. Through a structured approach and strategic guidance, Scott highlights how hiring a coach can transform not just your practice, but also your vision for the future, ensuring you stay aligned and intentional in your pursuits.
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The Wicked Pissah Podcast, brought to you by the Financial Planning Association of New England (FPA® of New England), features discussions for financial professionals including topics of financial planning, recent or future events in the financial services industry, and interactions with influential speakers from across the industry.
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Topics: Business Value, Benchmarking, valuation
There comes a point for many wealth management businesses where they find that though they have grown successfully over the years and increased their value leaps and bounds, they are a unable to move the needle in the increments they’re used to. The same strategies just aren’t as effective as they once were.
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Topics: Compensation, Business Growth, Culture, Client Experience
In late April, the Federal Trade Commission voted to finalize their Non-Compete Rule which prohibits the inclusion or enforcement of non-compete clauses in employment agreements in the United States. The rule is currently set to go into effect on September 4, 2024, but is the subject of active litigation which may delay or stop it from going into effect. The FTC’s Non-Compete ban applies to most employer-employee business relationships (with limited exceptions), but how will it affect wealth management and financial services businesses like yours? How will it impact your ability to protect the assets and value of your business if and when team members decide to leave the firm?
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Topics: Industry News, Client Retention, Talent Recruitment, Building Your Team, Equity Pathways, Client Relationships, Client Experience
In late April, the FTC voted to finalize and promulgate their Non-Compete Rule which prohibits the inclusion or enforcement of non-compete clauses in most employment agreements. Industry experts from FP Transitions and Key Bridge Compliance sat down this week to discuss the details of the Rule, the level of concern business owners in the industry should have, and which other means advisory owners have to protect their business. You can listen to the full discussion here.
Below are essentials that you need to know about the FTC’s Rule.
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Topics: Industry News, Client Retention, Talent Recruitment, Building Your Team, Equity Pathways, Client Relationships, Client Experience
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ARE YOU CONSIDERING THESE IMPORTANT STAKEHOLDERS IN YOUR TRANSACTION?
Finding the right transaction partner, and executing a potentially complicated and emotional transition, can attract most of the consideration in an M&A deal. It’s important to also look beyond the immediate stakeholders–you, your ownership team, and your transition partners–to a few other groups who will be greatly impacted by the change: your family, your team, and your clients.
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Topics: Selling Your Practice, Acquisition, M&A, Deal Structure, Buying & Selling, Client Experience
Federal, state, and local laws are constantly shifting and changing. Which is why it’s important to have consistent communication with your legal counsel so that you are made aware of any new and changing regulations that may affect your business or affect you as the business owner. This year there are three significant changes to be aware of regarding ownership transparency and certain employment and contractor agreements.
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Topics: Industry News, Announcements, Compliance
One of the best things about financial advisors and wealth management professionals – you love your job. You enjoy the puzzle and the prospecting. You enjoy the paycheck. And you enjoy your clients. We know this because we know you. This is what you and your peers tell us every day on the phone, in emails, and at conferences.
This is why when it comes time to talk about an eventual exit and the “R-word” you wield so effectively with your clients, you brush off the conversation. You say, “It’s too early to talk about that, ask me again in five years.” And the next year you say the same thing, and the next, and the next, until suddenly it’s time and you just gotta work with what you’ve got.
On our side of the industry, we shake our heads and call it the “Rolling 5-Year Plan.”
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Topics: Continuity Planning, Succession Planning, Talent Recruitment, Sustainability, Sell and Stay™