Succession

Building A Foundation For Success - Part 2

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    Recruiting and developing a skilled team of advisors is one of the most difficult challenges facing the ownership of a financial advisory business. It is, after all, the people that are the real assets of any business, and nowhere is this more true than in a professional services industry.

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Building a Foundation for Success

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Building a financial services practice that has enduring and transferable value should be the goal of every advisor. After all, the plans that you write and the investment strategies that you implement for your clients impact multiple generations – why not build a business that can deliver advice and services to all of the members of a family, and beyond your lifetime and your clients’ lifetimes.

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The Equity-Centric Business Model

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I am always amazed by the fee-only planners that we work with who begin every conversation with, “We are a unique business model…”  There are some truly unique and ground-breaking business models out there, but most financial advisory practices share many fundamental revenue and operational components – and that’s a good thing.  Predictability translates into more available successors and continuity partners, relevant comparable sales data, and lower-cost valuation and succession planning solutions.  

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Value Drivers in an Advisory Practice

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One of the most important changes over the past two years in this industry, prompted by the Great Recession, is that practice value, or equity, has grown into the single largest, most valuable asset most advisors own. At the same time, our studies show that most advisors do not understand what they’ve built or, how to transfer it, value it, or protect it.  It’s time for that to change.  Let’s continue our discussion of practice value and valuation methods.

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How to Value Your Practice

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OK, let’s talk about practice valuations, and, more specifically, the value of the independent financial services practice or business that you own.

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