Managing
The Partner Network: How To Find A CPA For Clients In Need Of Accounting Support
- Details Category: Practice Management
While the "partner" approach -- in which advisors team up with other members of their clients' professional network to provide more effective and comprehensive solutions -- has won a lot of support in the advisory community, some of the details of finding new players to fill the holes remain a little vague.
Most RIAs Who Sell Their Businesses Have To Finance The Deals Themselves
- Details Category: Succession
Only the biggest RIA firms sell for cash, says a noted expert in the advisory M&A field. Everyone else ends up financing the deal over a few years while the new owners find their feet.
The Real Cost of Changing Firms Could Be Huge Unless The Benefits Justify It
- Details Category: Practice Management
Transition costs can easily eat up $10,000 in cash and up to six times that much in lost efficiencies, so advisors being aggressively wooed to change affiliations -- or simply thinking about it -- should make sure that the concrete benefits of the move will make up for it.
Getting Ahead Of Your Succession Plan
- Details Category: Succession
Perhaps the most surprising thing about succession planning in the advisory business is that 75% of all firm owners claim they have an exit plan. That percentage seems high, so a bit of review may be in order.
Have You Established Your Firm’s 2011 Goals?
- Details Category: Practice Management
When attending conferences, I always like to have a question in mind to ask each participant that I meet. I recently attended a conference in San Francisco with over 200 financial advisors in attendance, and with the New Year approaching, I decided to ask each advisor what his or her firm’s goals were for 2011.
