In the world of golf, even the best players seek coaching to refine their skills and elevate their game. Similarly, Scott Leak, CFP®, CEPA®, emphasizes the importance of coaching for financial advisors aiming to enhance their business practices. In this blog post, Scott shares his journey of hiring an independent advisor to ensure that he could focus on his clients without compromising his own financial planning. Just as golfers visualize their shots for better performance, Scott encourages advisors to clarify their intentions for business growth and to seek out mentors who can hold them accountable. Through a structured approach and strategic guidance, Scott highlights how hiring a coach can transform not just your practice, but also your vision for the future, ensuring you stay aligned and intentional in your pursuits.
The Wicked Pissah Podcast, brought to you by the Financial Planning Association of New England (FPA® of New England), features discussions for financial professionals including topics of financial planning, recent or future events in the financial services industry, and interactions with influential speakers from across the industry.
0 Comments Click here to read/write comments
Topics: Business Value, Benchmarking, valuation
There comes a point for many wealth management businesses where they find that though they have grown successfully over the years and increased their value leaps and bounds, they are a unable to move the needle in the increments they’re used to. The same strategies just aren’t as effective as they once were.
0 Comments Click here to read/write comments
Topics: Compensation, Business Growth, Culture, Client Experience
In late April, the Federal Trade Commission voted to finalize their Non-Compete Rule which prohibits the inclusion or enforcement of non-compete clauses in employment agreements in the United States. The rule is currently set to go into effect on September 4, 2024, but is the subject of active litigation which may delay or stop it from going into effect. The FTC’s Non-Compete ban applies to most employer-employee business relationships (with limited exceptions), but how will it affect wealth management and financial services businesses like yours? How will it impact your ability to protect the assets and value of your business if and when team members decide to leave the firm?
0 Comments Click here to read/write comments
Topics: Industry News, Client Retention, Talent Recruitment, Building Your Team, Equity Pathways, Client Relationships, Client Experience
In late April, the FTC voted to finalize and promulgate their Non-Compete Rule which prohibits the inclusion or enforcement of non-compete clauses in most employment agreements. Industry experts from FP Transitions and Key Bridge Compliance sat down this week to discuss the details of the Rule, the level of concern business owners in the industry should have, and which other means advisory owners have to protect their business. You can listen to the full discussion here.
Below are essentials that you need to know about the FTC’s Rule.
0 Comments Click here to read/write comments
Topics: Industry News, Client Retention, Talent Recruitment, Building Your Team, Equity Pathways, Client Relationships, Client Experience
/Blog%20Banner%20-%20The%20Dangers%20of%20Napkin%20Negotiations.png?width=1200&height=628&name=Blog%20Banner%20-%20The%20Dangers%20of%20Napkin%20Negotiations.png)
ARE YOU CONSIDERING THESE IMPORTANT STAKEHOLDERS IN YOUR TRANSACTION?
Finding the right transaction partner, and executing a potentially complicated and emotional transition, can attract most of the consideration in an M&A deal. It’s important to also look beyond the immediate stakeholders–you, your ownership team, and your transition partners–to a few other groups who will be greatly impacted by the change: your family, your team, and your clients.
0 Comments Click here to read/write comments
Topics: Selling Your Practice, Acquisition, M&A, Deal Structure, Buying & Selling, Client Experience
Federal, state, and local laws are constantly shifting and changing. Which is why it’s important to have consistent communication with your legal counsel so that you are made aware of any new and changing regulations that may affect your business or affect you as the business owner. This year there are three significant changes to be aware of regarding ownership transparency and certain employment and contractor agreements.
0 Comments Click here to read/write comments
Topics: Industry News, Announcements, Compliance
One of the best things about financial advisors and wealth management professionals – you love your job. You enjoy the puzzle and the prospecting. You enjoy the paycheck. And you enjoy your clients. We know this because we know you. This is what you and your peers tell us every day on the phone, in emails, and at conferences.
This is why when it comes time to talk about an eventual exit and the “R-word” you wield so effectively with your clients, you brush off the conversation. You say, “It’s too early to talk about that, ask me again in five years.” And the next year you say the same thing, and the next, and the next, until suddenly it’s time and you just gotta work with what you’ve got.
On our side of the industry, we shake our heads and call it the “Rolling 5-Year Plan.”
0 Comments Click here to read/write comments
Topics: Continuity Planning, Succession Planning, Talent Recruitment, Sustainability, Sell and Stay™
One could argue that the open market acquisition process is a bit like online dating. Using a finite amount of fields and characters you must convey to someone–whom you’ve never met and know a limited amount of information about–that you are worth their time. That you are worth their time conversing with, spending time together, and potentially making a binding commitment with.
And like dating, finding the right match isn’t about how much someone is willing to spend on dinner, but how many of your attributes complement each other, how well you get along, and how much you trust each other. These matters are paramount to making a relationship work–whether it’s friendship, love, or business acquisition.
0 Comments Click here to read/write comments
Topics: Selling Your Practice, Acquisition, M&A, Deal Structure, Buying & Selling
Your firm’s succession plan is designed to gradually transition ownership, leadership, and growth responsibilities to the next generation of advisors. The goal is sustainability of the firm, and it is accomplished through a plan that coordinates the changing roles of the founder(s) and the successor team over many years.
Selling equity in the business in a series of steps or “Tranches” gives both the founder and the next generation of owners the time to wisely manage the transition and to prepare for the changes to come. The transfer of ownership from the founders (G1s), to the second and third generation of owners (G2s and G3s), starts with Tranche 1. Tranche 1 is usually a sale of 10% to 20% of ownership to the next generation. Tranche 1 is often called the incubator stage and allows for all parties to test the waters and to prepare the business structure for the journey ahead.
0 Comments Click here to read/write comments
Topics: Succession Planning, Business Growth, Next Generation, Building Your Team