Author Info
Mark Mersman is the Chief Marketing Officer at USA Financial, joining the firm in 2004. He has held numerous roles within the company prior...
There’s not a one-size-fits-all solution to advisors considering their succession plan. Regardless of age, advisors would benefit from starting with the end in mind. What is the ideal scenario for you?
The industry is buzzing with conversations around succession, mergers, and acquisition. It’s not surprising when you consider the demographics. The average age of a financial advisor today is 56 years old, according to FinancialPlanning magazine. And get this – Investment News reports that more than a third of US advisors plan to retire in the next 10 years. On top of that, this all comes as we’re staring down the “Great Wealth Transfer,” where a massive shift of assets is anticipated to take place as the Baby Boomer generation ages, involving an estimated $84 trillion transferring to younger generations by 2045.
We’ve all heard the joke about the cobbler’s kids having no shoes, but will our industry follow in the cobbler’s footsteps? The good news is that advisors are starting to take this problem more seriously; perhaps as a result of the heightened awareness being created by large broker-dealers and investment advisory firms who want to provide solutions to this glaring problem.
Let’s consider the benefits of planning ahead. Have you thought about wanting to reduce your administrative workload as you get older? Or perhaps taking more vacation time? With a well-crafted succession strategy for your financial practice, you can extend your career while enjoying more free time.
If M&A factors into your succession strategy, it’s crucial to view potential firms as future partners rather than just buyers. It’s all about finding the right match.
We talk about “right fit” here at USA Financial, and for good reason. You understand that each client is unique, and the same principle applies to advisor practices. No two are identical. Trying to force a mismatched pair is like trying to jam a square peg into a round hole – it just won’t work.
So, before you dive headfirst into any merger or acquisition deal, take time for thorough evaluation. This is about ensuring a smooth transition for your clients as well as securing your legacy and retirement strategy.
Here’s a few factors to consider when evaluating if another firm is a “right fit” partner for you:
Remember, this decision impacts you, your staff, and your clients. Take your time and do your due diligence. Don’t hesitate to ask tough questions to find a true partner who won’t just buy your business but will value it and continue to build upon it.
If you’re looking to dive into this material further through a workshop. We’ve recently created an event around this topic called Predictable Zeros, where we spend a day here in Grand Rapids, Michigan, helping advisors define the outlook for their firm and stage a path for what’s next.
Mark Mersman is the Chief Marketing Officer at USA Financial, joining the firm in 2004. He has held numerous roles within the company prior...
In this edition of the Trending Report we’ll talk about how the upcoming election and even the leaves changing color in the fall correlates with market trends.
The most exciting update from the SEC’s New Marketing Rule of November 2022 was allowing the use of testimonials in financial advisor’s marketing. The industry has been slow to adopt testimonial use, in part because it can be awkward to ask for reviews, endorsements, and testimonials. Let’s talk about the most common questions the marketing team here at USA Financial gets asked.
Let’s have a conversation, just you and me. Imagine you’re a financial advisor, someone who’s built a solid business, developed a loyal client base, and is doing reasonably well. But lately, maybe you’ve been wondering if there’s something more — some hidden potential you’re not tapping into. Perhaps you’re feeling like you’ve plateaued, or you’re getting bogged down by the day-to-day grind and losing sight of the bigger picture.
In this edition of the Trending Report we’ll talk about how the upcoming election and even the leaves changing color in the fall correlates with market trends.
The most exciting update from the SEC’s New Marketing Rule of November 2022 was allowing the use of testimonials in financial advisor’s marketing. The industry has been slow to adopt testimonial use, in part because it can be awkward to ask for reviews, endorsements, and testimonials. Let’s talk about the most common questions the marketing team here at USA Financial gets asked.
Let’s have a conversation, just you and me. Imagine you’re a financial advisor, someone who’s built a solid business, developed a loyal client base, and is doing reasonably well. But lately, maybe you’ve been wondering if there’s something more — some hidden potential you’re not tapping into. Perhaps you’re feeling like you’ve plateaued, or you’re getting bogged down by the day-to-day grind and losing sight of the bigger picture.