Succession Planning For Financial Advisors
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| 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.
| 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.
| 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.
| Author | : Eric Hehman |
| Publisher | : John Wiley & Sons |
| Total Pages | : 245 |
| Release | : 2015-09-15 |
| Genre | : Business & Economics |
| ISBN | : 111905852X |
An insightful look at leadership transition from the successor's perspective Success and Succession examines the leadership transition process from the successor's point of view, and outlines the considerations and strategies that lead to a better future for the business. With a focus on practical planning and execution, this insightful guide provides insight into the strategies that smooth the transition and help the new leadership make better business decisions. You'll learn when and how to start planning, who you need on your team, and the obstacles you should anticipate along the way. You'll learn to navigate the uncertainty the process entails, and how to identify opportunities for reciprocal understanding and adopt workable approaches for successful resolution of a multitude of transition issues. Interviews with those at various stages of transition highlight the real-world application of these ideas, and give you an inside look at what worked, what didn't, and what they wish they had thought of. The transition of leadership in an independent, non-public professional service business can be emotional and difficult for everyone. This book gives you a framework for smoothing the process and driving the best possible future of the business. Consider the complexities of succession and transition Balance conflicting dynamics of outgoing and incoming leadership Plan for operational, financial, and emotional obstacles Develop and execute a winning strategy for long term success The transition from founder to successor is far from an academic exercise, and is not linear. Answers are hard to find, and the ebb and flow of the process requires patience, creativity, and willingness to try again. Success and Succession provides a unique strategy for success, from the perspective of incoming leadership.
| Author | : Donald F. White |
| Publisher | : Made For Success Publishing |
| Total Pages | : 200 |
| Release | : 2021-04-27 |
| Genre | : Business & Economics |
| ISBN | : 1641465433 |
The world likes to believe life is a series of endings. Some are good, others bad, but things always end. In the modern age, the movie ends, the television show ends, the book finishes with "The End", and we start to believe life is about endings. Yet life continues, without end. Recently, my young nephew died, but the next day life went on without him. This book is based on the premise that endings are just new beginnings. Everyone can end, with the beginning in mind. Giving up the concept of "everything ends" is one of the most important steps in business continuity. People love to talk about Succession Planning, but few ever accomplish the task. The numbers are staggering. The US Department of Labor Statistics tell us after one year in business, 20% of new businesses in America fail, but after 20 years only about 20% of those same businesses will have survived. Of those who survive, less than 20% will continue to a second generation! Most businesses have a cessation plan (a plan that leads to a business ceasing to exist), while very few have succession plans (a plan that leads to a business not only continuing, but thriving after the founder exits). In his book, "Always End with the Beginning in Mind", Donald White takes you on his journey that resulted in a successful business continuation, and will give a founder of a business the steps necessary for a succession plan to actually succeed. A well-thought out and properly executed Succession Plan is a classic win-win. In fact, it is a win-win-win. It is a win for the company, namely the clients and staff who are able to enjoy continuity after the founder's exit. It is a win for the successor, who is able to build on the success of the founder. Finally, it is a win for the founder, who is able to exit on their own volition and see what they have built continue to prosper for years to come. Firms can succeed into perpetuity. They do not need to eventually cease. A businessperson who exits a business without seeing their exit as an ending, but as a new beginning, both for themselves and the business, can enjoy seeing the firm they spent a lifetime building continue to prosper after the business transitions to new leadership and simultaneously enjoy a new season of life personally. Do not leave business continuity to fate! Read this book and discover the tools necessary to move from a reactive cessation plan to a proactive plan of succession.
| Author | : P. Palaveev |
| Publisher | : John Wiley & Sons |
| Total Pages | : 247 |
| Release | : 2012-10-02 |
| Genre | : Business & Economics |
| ISBN | : 1118209540 |
A detailed road map for wealth managers who want to build an ensemble firm or team and achieve sustained growth, profitability and high valuations Why do ten percent of wealth management firms grow faster than the rest of the industry, often despite the turbulence of the markets? The answer, according to industry consultant and researcher, P. Palaveev, is that the most successful firms are those which, create and promote a team-based service model that serves as the foundation of their enterprise. Find out how and why a team-based service model can play a decisive role in the future growth and sustained success of your wealth management firm Discover the key factors for building a successful ensemble firm and profit from the best practices top team-based firms employ Profit from the author's years of experience working with the world's top wealth management firms and the data he has compiled as a pre-eminent industry researcher Learn about the various organizational structures, partnership models and career path options and how to put them to work building an ensemble practice Get the lowdown on how the savviest traditional broker-dealer firms have formed dynamic ensemble teams within their organizations and learn of the results they've achieved
| Author | : Gregory Monday |
| Publisher | : American Bar Association |
| Total Pages | : 188 |
| Release | : 2022-05-02 |
| Genre | : Law |
| ISBN | : 9781641056915 |
"This book provides lawyers with step-by-step guidance on how to lead family business owners through the succession planning process to produce a result that is tailored to the unique circumstances and objectives of the owners and their successors."--Back cover.
| Author | : David Edward Marcinko |
| Publisher | : Jones & Bartlett Learning |
| Total Pages | : 350 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 9780763745790 |
Financial Planning for Physicians and Advisors describes a personal financial planning program to help doctors avoid the perils of harsh economic sacrifice. It outlines how to select a knowledgeable financial advisor and develop a comprehensive personal financial plan, and includes important sections on: insurance and risk management, asset diversification and modern portfolio construction, income tax and retirement planning, and succession and estate planning. When fully implemented with a professional's assistance, this book will help physicians and their financial advisors develop an effective long-term financial plan.
| Author | : Philip Marcovici |
| Publisher | : John Wiley & Sons |
| Total Pages | : 310 |
| Release | : 2016-12-12 |
| Genre | : Business & Economics |
| ISBN | : 1119327520 |
Wealth owners are responsible for more than just assets The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family. While today's families have become global and the world has become smaller and more mobile, we have not yet become immune to the problems wealth poses to the family unit. This book provides authoritative guidance on family wealth management, with an emphasis on both family and wealth. Global taxation regimes, changing bank secrecy laws, asset protection and other critical issues are examined in depth to assist wealth owners in planning, and the discussion includes details on the essential tools that aid in the execution of any wealth management strategy. More than a simple financial planning guide, this book also delves into the psychology of wealth, and the effect it has on different family members; wealth destroys families every day, and smart management means maintaining the health of the family as much as it means maintaining and expanding wealth. Family wealth brings advantages, but it also carries a potential for destruction. Wealth owners have a responsibility to their families and to themselves, and this book provides the critical guidance you need to get it right, whether you are part of a wealth-owning family or are an advisor to wealth-owning families. Learn how careful planning can prevent family strife Protect assets from risks ranging from divorce to political upheaval Explore the many tools that facilitate secure wealth management Discover how changing global regulations affect wealth Understand how private banks and other advisors work Uncover challenges faced by the wealth management industry Find out how to work with advisors and to manage costs while ensuring efficient and effective outcomes Families at all levels of wealth are vulnerable to shifting economic climates, evolving regulatory issues, asset threats and more. Any amount of wealth is enough to shatter a family, but deeply intentional planning based on thoughtful consideration is the key to keeping destructive forces at bay. The Destructive Power of Family Wealth provides expert guidance and a fresh perspective to help you maintain both family and wealth. For those in the wealth management industry and for other advisors to wealth-owning families, The Destructive Power of Family Wealth contains insight on the needs of today's wealth-owning families, ways in which the tools of wealth planning address those needs and guidance on what it takes to be a successful, trusted family advisor.
| Author | : Philip Palaveev |
| Publisher | : John Wiley & Sons |
| Total Pages | : 260 |
| Release | : 2017-08-22 |
| Genre | : Business & Economics |
| ISBN | : 1119370094 |
Vital guidance to ensuring the future of your firm G2: Building the Next Generation provides financial advisory firms with a clear roadmap to management succession. Based on the author's 17 years of experience with over 1,000 firms, this book provides a systematic process to help you identify, develop, and install the new leadership that will guide your firm's future. Extensive statistical research backs proven strategies for structuring management and succession, overcoming obstacles, selling equity, and more, while expert guidance walks you through the process and warn you of potential pitfalls along the way. A generation of entrepreneurs used their talent and ambition to build an industry; to ensure that their success lives on, those leaders now face the formidable challenge of succession. With the future of your firm at stake, how do you recruit, train, mentor, and develop the next generation of professionals, owners, and leaders? This book shows you how to find the people you need, and develop them into the leadership your firm deserves. Identify and develop future leaders from the pool of existing and upcoming talent Structure management and management succession to ensure successful transition Begin selling equity to your firm's next generation of leaders Learn smart strategies for dealing with setbacks along the way The next generation of leaders will shape the future of your firm, but collectively, they will define the future of the entire advisory industry. Firms who succeed in developing their best talent will continue to thrive—those who fail will be left with a great car, but no driver. Getting this right may be one of the most critical points of your career, and it isn't something that should be left to chance or "gut feeling". G2: Building the Next Generation gives you a solid, grounded, systematic approach for ensuring your firm's long-lived success.
