Selling Your Financial Advisory Practice: a Step-By-Step Workbook

Selling Your Financial Advisory Practice: a Step-By-Step Workbook
Author: Emily Chiang
Publisher:
Total Pages: 84
Release: 2017-10-17
Genre:
ISBN: 9781549983061

Are you looking to sell your financial advisory business because you are approaching retirement or another life change?Author Emily Mei Chiang, CFP�, MBA guides you through the process as only someone who has done this successfully can.Selling Your Financial Advisory Practice: A Step-By-Step Workbook answers questions you may not even know to ask about* How to prepare to search for an ideal buyer* The interviewing process and the materials you will need* Common deal structures* What to do during the post-sale transition* Major practice differences that could derail the transitionWith this paperback workbook, you have plenty of space to make notes and start preparing your exit strategy immediately."Practice may make perfect, but not when it comes to selling your financial advisory business. You generally only get one chance to get it right to realize the full value of your professional investment. This is not a time for learning from your mistakes.But it is the time for learning from a wise, thoughtful, and experienced CFP� professional who sold her practice and now lives happily ever after to share her tale of success. For the tens of thousands of baby boomer advisors looking to do the same over the next decade, Emily Chiang's practical, no-nonsense guide to selling an advisory business comes not a moment too soon.There are many things for a busy business owner to like about this workbook. It's practical and efficient, wasting no time getting to the nuts and bolts of finding an ideal buyer and getting your financial and client metrics in apple-pie order, ready for a sale. For an audience who no doubt lives by its calendars and flow-charts, there are helpful bulleted checklists a-plenty to walk them through every step of the transaction.But for all its brisk, no-nonsense approach to selling a financial advisory practice, Chiang's guide is remarkable for its compassionate insight into the mental and emotional preparation that must be undertaken by a prospective seller. Chiang's own story quietly informs this book, and so transforms what might otherwise be a simple transactional recipe into the sharing of a powerful personal experience. Chiang's purpose in selling her practice was to secure her personal and professional legacy, and with this timely guidebook, she inspires other sellers to do the same."Eleanor Blayney, CFP� and author of Women's Worth: Finding Your Financial Confidence"Emily Chiang has done an outstanding job of breaking down the steps of succession planning and providing a clear decision-making framework in her book. Transitioning, whether a partnership or the standard sale of a business, is an emotional experience, perhaps the most difficult one a financial advisor will make. Her style provides practical guidance on this industry-wide quandary and accomplishes this without intimidating or overwhelming advisors. Emily's workbook is very well designed and I particularly enjoyed how she encourages advisors to become more introspective to prepare for their next act."Marguerita Cheng, CFP�, Chief Executive Officer of Blue Ocean Global Wealth"Emily Chiang has solved the retirement mystery for all sole-proprietor practitioners. The thoughtful, detailed, step-by-step process she sets forth in her workbook, born from her own extensive professional experience, is the best I have seen. Her practice management suggestions can also be used long before retirement to give sole-proprietors valuable real-time insights into the strengths and weaknesses of their business so they can build an even stronger business."Clyde ("Hoppy") Hohenstein, former CFP�, now retiredPurchase your workbook now and find out how to choose the right buyer for your financial advisory practice.

How to Value, Buy, or Sell a Financial Advisory Practice

How to Value, Buy, or Sell a Financial Advisory Practice
Author: Mark C. Tibergien
Publisher: John Wiley and Sons
Total Pages: 355
Release: 2010-05-13
Genre: Business & Economics
ISBN: 0470884983

Financial planning is a young industry. The International Association of Financial Planning—one of the predecessors to the Financial Planning Association—was formed less than forty years ago. But as the profession's first tier of advisers reaches maturity, the decisions that may be part of transition planning for their firms loom large. A sale? A partner buyout? A merger? No matter what the choice, its viability hinges on one critical issue—the value of the firm. Unfortunately, many advisers--whether veteran or novice—simply don't know the worth of their practice or how to influence it. That's why How to Value, Buy, or Sell a Financial-Advisory Practice is such an important book. It takes advisers carefully through the logic and the legwork of coming to a true assessment of one of their most important personal assets—their business. Renowned for their years of experience helping advisers tackle the daunting challenges related to the valuation, sale, and purchase of advisory firms, Mark C. Tibergien and Owen Dahl offer guidance that's essential and solutions that work.

How to Build Your Financial Advisory Business and Sell It at a Profit

How to Build Your Financial Advisory Business and Sell It at a Profit
Author: Al Depman
Publisher: McGraw Hill Professional
Total Pages: 353
Release: 2009-10-21
Genre: Business & Economics
ISBN: 007162158X

Too many financial advisors simply close shop when they decide to exitthe business—squandering untold goodwill and legacy business. Why waste a great opportunity? By applying the advice of Al Depman, a.k.a. “The Practice Doctor,” you can transform your financial services practice into a legacy-focused business that will add substantial wealth to your retirement nest egg. How to Build Your Financial Advisory Business and Sell It at a Profit walks you through the steps of developing, managing, and growing a profitable practice you can sell for enhanced value or bequeath to family members. Depman guides you through the process of forming a sound plan for your financial services business, including how to: Create a team of advocates in marketing and administration Build a sophisticated referral process Develop sales and casedevelopment systems Write a best-practices operations manual Maximize new technology to streamline operations Put a succession plan in place Building a long-term business model is not just good for your future. It will also make you happier and more profitable today. You’ll be able to spend more time with clients. You’llput more energy into finding new ones. You’ll focus more on referral sources. And someone else will do the grunt work. Use How to Build Your Financial Advisory Business and Sell It at a Profit to build your business into more than a simple means to a paycheck—and reap the rewards of your hard work long after you choose to leave the firm.

Practice Made (More) Perfect

Practice Made (More) Perfect
Author: Mark C. Tibergien
Publisher: John Wiley & Sons
Total Pages: 342
Release: 2011-08-09
Genre: Business & Economics
ISBN: 1118019318

A revised and expanded look at how to thrive and prosper in the financial advisory business A new and revised edition of the eye-opening, no-nonsense handbook on managing and growing a financial-advisory business, Practice Made (More) Perfect is packed with industry insight and practical ideas that every leader and manager within a financial advisory practice needs to know in order to get the most out of their business. Regardless of how little time is available or how seriously challenged a firm may be, this book contains the information that can help. The principles of sound management apply to firms of all types, and the tools provided in this book are guaranteed to be applicable under practically any circumstances. Written by industry expert Mark Tibergien, one of the "25 Most Influential" people in the financial services industry A new edition of a bestselling Bloomberg title Includes fresh insight on recent topics, including how advisors responded during the latest meltdown, the implications of the aging advisory profession, the challenges of attracting and keeping both clients and staff, the role of organizational design in a growing business, recent changes in compensation planning and implementation, and key information on leadership and management in today's financial world Many financial advisers run their businesses as if acquiring more clients will solve any and all problems, but without a strategic framework, more clients just lead to more demands and less time to meet them. The truly successful firm will build strategy, structure, and processes that will ultimately translate into increased profits, cash flow, and transferable value.

Buying, Selling, and Valuing Financial Practices, + Website

Buying, Selling, and Valuing Financial Practices, + Website
Author: David Grau, Sr.
Publisher: John Wiley & Sons
Total Pages: 325
Release: 2016-08-22
Genre: Business & Economics
ISBN: 1119207371

The Authoritative M&A Guide for Financial Advisors Buying, Selling, & Valuing Financial Practices shows you how to complete a sale or acquisition of a financial advisory practice and have both the buyer and seller walk away with the best possible terms. From the first pages of this unique book, buyers and sellers and merger partners will find detailed information that separately addresses each of their needs, issues and concerns. From bestselling author and industry influencer David Grau Sr. JD, this masterful guide takes you from the important basics of valuation to the finer points of deal structuring, due diligence, and legal matters, with a depth of coverage and strategic guidance that puts you in another league when you enter the M&A space. Complete with valuable tools, worksheets, and checklists on a companion website, no other resource enables you to: Master the concepts of value and valuation and take this issue “off the table” early in the negotiation process Utilize advanced deal structuring techniques including seller and bank financing strategies Understand how to acquire a book, practice or business based on how it was built, and what it is capable of delivering in the years to come Navigate the complexities of this highly-regulated profession to achieve consistently great results whether buying, selling, or merging Buying, Selling, & Valuing Financial Practices will ensure that you manage your M&A transaction properly and professionally, aided with the most powerful set of tools available anywhere in the industry, all designed to create a transaction where everyone wins—buyer, seller, and clients.

Succession Planning for Financial Advisors

Succession Planning for Financial Advisors
Author: David Grau, Sr.
Publisher: John Wiley & Sons
Total Pages: 230
Release: 2014-06-02
Genre: Business & Economics
ISBN: 1118866428

This book is going to challenge you and everything you think you know about succession planning. For independent advisors, succession planning is quickly becoming the cornerstone to a strategic growth strategy designed to perpetuate their business and their income streams beyond their own lifetime, while providing a multi-generational service platform that attracts and rewards younger advisors. This makes succession planning one of the most, if not the most, important practice management tools in this industry today. As an independent financial advisor, now is the time to address the question of what will happen to your practice and your clients after you “exit the building.” In most cases, the answers are right in front of you. Thankfully, Succession Planning for Financial Advisors: Building an Enduring Business has arrived to transform today’s practices into businesses designed to endure and prosper and serve generations of clients. Learn how to create a “Lifestyle Succession Plan” that can provide a lifetime of income and benefits to the founder even as he/she gradually retires on the job Unlock the power of equity management – the best planning and building tool an independent advisor owns Learn how to attract and retain the best of the next generation to help you build a great business and to support your succession plans and care for your clients and their families Determine precisely when to start a formal succession plan and related continuity plan so that your business can work for you when you need it most Understand why succession planning and selling your business are completely different strategies, but how they can complement each other when used correctly 95% of independent financial service professionals are one owner practices. To the positive, these practices are among the most valuable professional service models in America. But almost all advisors are assembling their practices using the wrong tools – tools borrowed from historically successful, but vastly different models including wirehouses, broker-dealers, and even OSJ’s and branch managers. Revenue sharing, commission splitting and other eat-what-you-kill compensation methods dominate the independent sector and virtually ensure that today’s independent practices, if left unchanged, will not survive the end of their founder’s career. It is time to change course and this book provides the map and the details to help you do just that. For independent practice owners and staff members, advisors who want to transition to independence, as well as accountants, attorneys, coaches and others involved in the financial services space, there are invaluable lessons to be learned from Succession Planning for Financial Advisors. Written by the leading succession planning expert in the financial services industry, former securities regulator, M&A specialist, and founder of the nationally recognized consulting and equity management firm, FP Transitions, David Grau Sr., JD, has created an unmatched resource that will have an enduring and resounding impact on an entire industry.

Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)

Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)
Author: Steve Moore
Publisher: John Wiley & Sons
Total Pages: 256
Release: 2010-10-05
Genre: Business & Economics
ISBN: 0470930144

A how to guide to avoiding the mistakes ineffective financial advisors most often make Based on a 15-year consulting program that author Steve Moore has led for financial advisors, Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes details proven techniques which allow advisors to transform their business into an elite practice: business analysis, strategic vision, exceptional client service, and acquiring high net worth clients. Told through the story of a purely fictional and completely average financial advisor, each chapter begins with an ineffective habit that is then countered with a discipline that improves business results and adds value. The book Details a step-by-step strategy for working through current clients, rather than relying on cold calling to form new relationships Includes anecdotes collected through both personal experience and stories relayed to him by clients and colleagues Provides question and answer segments, examples, and homework assignments Ineffective Habits of Financial Advisors (and the Disciplines to Break Them shows you how to deliver exceptional service while generating higher revenue per client.

The Ultimate Financial Advisor

The Ultimate Financial Advisor
Author: Bryan Sweet
Publisher:
Total Pages:
Release: 2021-05-18
Genre:
ISBN: 9781732973459

Have you dreamt of becoming the Ultimate Financial Advisor but don't know where to start? This book by Bryan Sweet, Brittany Anderson & Draye Redfern reveals the 12 pillars that are necessary to set you up for success and help you grow your financial advisory business exponentially. Not only will you uncover the strategies, marketing, systems needed to be successful, but you will also learn how to build your dream team along with the step-by-step path to actually implement all of your best ideas into your practice to reach your ultimate goals as a financial advisor.

The Million-Dollar Financial Advisor Team

The Million-Dollar Financial Advisor Team
Author: David J. Mullen, Jr.
Publisher: AMACOM
Total Pages: 305
Release: 2018-08-21
Genre: Business & Economics
ISBN: 0814439217

Based on interviews with fifteen top financial advisors, this priceless toolkit contains universal principles to guide both veteran and new financial professionals to immediate success. This book features two complete case studies, featuring a “best of the best” advisor whose incredible success showcases the power of all the book's principles working together in concert, and an account of a remarkable and inspiring career turn around that demonstrates it's never too late to reinvent yourself. The Million-Dollar Financial Advisor distills these success principles into thirteen distinct step-by-step lessons that teaches you: how to build and focus on client relationships, have a top advisor mindset, develop a long-term approach, and much more. Brimming with practical advice from author David J. Mullen and expert insights from his interview subjects, The Million-Dollar Financial Advisor equips any financial advisor to succeed--regardless of market conditions.

The Pocket Guide to Sales for Financial Advisors

The Pocket Guide to Sales for Financial Advisors
Author: Beverly D. Flaxington
Publisher: Ata Press
Total Pages: 174
Release: 2014-10
Genre: Financial planners
ISBN: 9780983762089

Selling is as old as civilization itself. Put in the simplest of terms, selling is the exchange of goods and services for something of value. To financial advisors, however, the sale is often seen in a negative light, and many cringe at the word "sell." Interestingly, the same advisors who shy away from the concept of selling are often those who find themselves selling every single day! Sometimes they're even participating in the selling process multiple times throughout the day--and they may not realize it. Asking for client referrals, developing strategic alliances, seeking and talking with new prospects are all obvious parts of the selling process, but selling happens every time you remind a client why it's a good choice to do business with you, too. The fact is that most CFAs(R), CFPs(R), CPAs, and other professionals did not obtain these titles because deep down they really wanted to be in sales. Most times, their interests tend more toward data, analysis, and more solitary orientations. Selling is probably the last thing those who entered these fields were thinking of doing. They may not have considered the "people" aspect of their chosen profession; the aspect that involves sales. For this reason, and some others, turning into a salesperson seems like a negative, degrading thing. Many advisors will conjure up the picture of the slimy used-car sales guy. It's time to recognize selling as the valuable activity that it is. It is a way to: Let people know who you are and what you do well. Get your message out to those who need it. Promote your planning process, wealth management services, or investment expertise. Use your relationship skills to close new business. Take your business to the next level. If you want to grow your business, the bottom line is that you--or someone on your team--need to sell, and to sell well. This book will offer guidance on how you can sell in a comfortable and effective manner.