TRANSITION TALK

Sell to a third party, or a junior partner? There are pros and cons to each, but either one beats a dead-stick landing.

The publishable manuscript for , was submitted to Wiley & Sons on March 17th, 2014 – all 78,118 words of it – 76 days past due. It was released in June 2014, and I couldn’t have been happier or prouder. It is, in my humble opinion, a very good book, one that I and the entire FP Transitions Team can be proud of, and one this industry will benefit from.

After the honest critique from my partner, Brad, regarding the first manuscript, and all I learned writing it. The second book came a lot easier, and faster. It was written in just over 60 days once Brad and I tended to the all-important task of proper organization. We had a good plan the second time around, and it was well executed. It wasn’t so much that I knew what to say, it was more that I had learned what wasn’t all that interesting and what wasn’t really necessary in the telling of an interesting and informative story. I still shake my head at all the good material left on the cutting room floor. It was hard to let that all go, but sharp and decisive editors helped a lot.

I wrote a book! Actually, I wrote two books, but only one was publishable. I’d like to tell you about the one that didn’t get published - the one I learned the most from.

Yesterday, FP Transitions president and founder David Grau Sr., JD appeared as a guest on benzinga.com and #Premarket Prep to discuss his new book Succession Planning for Financial Advisors: Building an Enduring Business and the succession planning process.

“Succession planning isn’t just about figuring out who’s going to take over when you’re gone,” says David Grau Sr., President and Founder of FP Transitions. “It’s about building a business that will support your long-term vision, and which will continue to serve clients even when you’re not around as much.”

Advisor.ca article "Succession Planning Can Boost Business" with insight and research from SEI and FP Transitions. Read the full article here.

Professional goals should extend beyond just earning a living during an advisors peak working years, learn how to perpetuate your income into the future. 

“Isn't it ironic? Most independent financial advisers have no exit strategy and let their firms die through attrition.”

"To paraphrase Oscar Wilde, independent advisors who rely on revenue sharing versus equity for compensating junior advisors are aware of price but not value.  If your goal as an independent advisor is to build a valuable and enduring business, then the focus should be on compensation structures that underpin the creation of a team of advisors working together in support of a single enterprise."

Yes, it’s true, you can work forever.

Recently, the career of “financial planner” has appeared on many Top 10 career lists. This is due to high job satisfaction and earning potential in the industry. It comes as no surprise to veteran advisors, who have first-hand experience of the financial and emotional rewards that come with helping clients achieve their financial goals. This reason is only one of several why many advisors desire to work as long as possible, and why so many fail to plan for their own retirement or succession.

Failure to plan can have severe effects on your personal wealth, and thus your lifestyle.