Succession Planning for Financial Advisors

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.

Autorentext

DAVID GRAU SR., JD, is the founder and president of FP Transitions, a firm that specializes in building financial services businesses of enduring and transferable value. He has authored over 85 nationally published articles, white papers, and manuals on complex succession strategies, equity management, business continuity, income-perpetuation plans, and mergers and acquisitions. Grau Sr. was named one of the most influential people in the profession in an industry survey by Financial Planning magazine and is a nationally recognized expert on succession planning and business-perpetuation strategies in the financial services industry.

Zusammenfassung
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.

Inhalt

Preface ix

Acknowledgments xi

Introduction xiii

CHAPTER 1 The Succession Conundrum 1

Practices Built to Die 1

What Exactly Is a Succession Plan? 2

Why You Need to Create a Succession Plan Now 4

Your Clients Are Watching You! 8

Why This Industry Struggles with This Concept 9

The Evolution of the Solution 11

Mind Your Own Business 14

The Opportunity at Hand 16

CHAPTER 2 How to Start Creating Your Succession Plan 19

Defining Your Goals 19

Building a Foundation for Success 24

Facing Your Biggest Challenges 26

EquityA Powerful Business-Building Tool 33

Valuing a Financial Services Practice 35

Practicing Equity Management 47

Building Profit-Driven Businesses 49

CHAPTER 3 Transforming Your Practice into a Business 51

Assessing What You Have Built 51

A Building Problem, Not a Plannin…