TRANSITION TALK

BOOK REVIEW: Successful Hiring for Financial Planners: The Human Capital Advantage by Caleb Brown, CFP®

Posted by Kem Taylor on Sep 23, 2022 11:43:38 AM

BOOK REVIEW Successful Hiring

Brown, Caleb. Successful Hiring for Financial Planners: The Human Capital Advantage. Coventry House Publishing, 2018.

Many small financial advisory firms don’t have a Human Resources Department. So when it comes time to seek out, hire, train, and develop employees, those tasks usually fall to the owner. They must figure out where to find candidates, what to ask in an interview, how much to pay, how to set up a training plan, and how to keep them engaged and motivated. That research takes valuable time away from the owner’s other obligations and productivity.

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Topics: Next Generation, Talent Recruitment, Sustainability

Applying Our Own Advice to Ourselves, Not Just Our Clients

Posted by FP Communications on Jun 3, 2022 5:00:00 AM

Blog - Applying Our Own Advice

"Think about those future goals."

"Hold steady and don't react to the market."

"Remember, we have a plan and it's still well on track."

Throughout the market roller coaster of the Pandemic and now with 2022 rearing its head, advisors are getting used to coaching clients through market volatility. What matters most in these scenarios are two things: first, a trusted relationship between advisor and client, and second, preparation and education to navigate these emerging challenges.

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Topics: Succession Planning, Selling Your Practice, Business Value, Sustainability, Trends

4 Tips for Building a Strong Foundation

Posted by FP Communications on May 26, 2022 12:00:00 PM

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Designing a sustainable firm is something that requires intentionality. For most advisors, this is always the goal, but having time to monitor your progress and course-correct is simply overwhelming. It gets shelved in the back of our brains, and its not until something unexpected crops up when we realize its time to revisit our goals. 

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Topics: Continuity Planning, Organizational Structure, Entity Structure, Sustainability, Business Operations

Succession Planning Course Corrections

Posted by FP Transitions on Mar 29, 2022 12:30:00 PM

Course-Correction

Succession planning is a critical, foundational element in building a sustainable business. Incorporating new talent into your ownership structure is a process that takes continuous planning, evolution, and monitoring. When done correctly, succession planning ensures incredible employee culture, firm growth, and enduring business value. When the brunt of the planning is complete and documented with the help of partners like FP Transitions, firms have to stay focused as they begin executing their plan. Owners and next generation leaders must engage in transparent communication to navigate the inevitable bumps that can occur throughout the planning and execution of a succession strategy. The reality is, we’re all human. Life presents curves, and personal and professional goals can change. These anticipated bumps can necessitate larger course corrections in order to keep your plan on track.

Typically there are three areas where succession plans may need course corrections: if founder/owner plans change, if successor plans change, and if Plan B needs to be activated.

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Topics: Succession Planning, Selling Your Practice, Sustainability

Enhancing Your Successor Traits as a Woman in Wealth

Posted by FP Communications on Mar 8, 2022 3:38:39 PM

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Enhancing Your Successor Traits as a Woman in Wealth 

Written by Jess Flynn, Communications Director at FP Transitions

Recent Bureau of Labor Statistics data details that women comprise 47% of the workforce, but just 29% of senior management positions. While more women are entering the financial planning profession, they are joining in marketing, administrative, or other staff roles within financial planning firms and related organizations. There is still a large gender inequity between females in leadership at these firms, and it becomes especially apparent as we look at the number of female owners in the financial advisory space.  

As advisory firms continue to build profitable, transferrable and enduring businesses, one critical gap in this process has been around attracting and retaining diverse talent. While many firms have openly committed to embracing diversity, equity and inclusion within their firm, the effects of this are yet to be seen in the broader financial services community.

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Topics: Succession Planning, Culture, Next Generation, Sustainability, Women in Wealth

LLC vs. Corporation. Which entity structure fits your goals?

Posted by FP Transitions on Feb 23, 2022 1:32:32 PM

 

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LLC vs. Corporation. Which entity structure fits your goals?

Understanding your specific needs and specific goals is an important first step of the entity-building process. As Rod Boutin, JD, General Counsel at FP Transitions outlined in a recent webinar, “it is important that we build an entity that clearly identifies and promotes your attainment of those goals. Done right, an entity is a tool to align with your goals.”

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Topics: Succession Planning, Organizational Structure, Business Growth, Tip of the Week, State of the Market, Exit Planning, Next Generation, Sustainability, Wealth Management, Valuation & Appraisal, Business Operations

Addressing Sustainability – One step at a time.

Posted by FP Transitions on Jan 12, 2022 12:54:26 PM

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Topics: Continuity Planning, Webcasts, Multi-Generational Ownership, Organizational Structure, Business Growth, Tip of the Week, Business Value, Client Success, Sustainability, Client Relationships, Business Operations

11 Places to Find Top Talent

Posted by Kem Taylor on Nov 29, 2021 7:57:00 AM

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Finding and recruiting talented professionals can be time consuming and intimidating. In this industry, online job boards like Indeed and Monster are not all that relevant. There are many other - better - places to locate up-and-coming talent. Whether you’re looking to recruit experienced advisory professionals, or fresh, new graduates, the following are 11 places for sourcing the best talent.

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Topics: Multi-Generational Ownership, Organizational Structure, Culture, Tip of the Week, Next Generation, Talent Recruitment, Sustainability, Building Your Team

KPIs. What are Key Performance Indicators, and how do you Leverage them?

Posted by FP Transitions on Nov 29, 2021 7:47:00 AM

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KPIs, or Key Performance Indicators

During a recent webinar hosted by FP Transitions, several attendees had questions about KPIs. Marcus Hagood Director of Equity Management System at FP Transitions, and Mike McKennon, EMS Consultant at FPT, had previously hosted a webinar on KPIs, and many of those key points are featured in the following post.

 Knowing the KPIs

The industry is flush with discussions of KPIs. Surely, you’ve heard the term before, or perhaps seen these indexes described as performance metrics, key variables or key success indicators. At FP Transitions, we use the term Key Performance Indicator; but ultimately, the data these terms convey is the same. KPIs are a unit of measurement leveraged to help you determine where your business is at, where you want to go, and will ultimately provide you with a road map of how you should proceed on your journey.

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Topics: Webcasts, Business Growth, Tip of the Week, Deal Structure, State of the Market, Sustainability, Benchmarking, Valuation & Appraisal, Business Operations

Mid-Year Market Update - Key Insights

Posted by FP Transitions on Aug 9, 2021 3:07:11 PM

Last month our M&A Director James Fisher, JD and CEO Brad Bueermann delivered our 2021 Mid-Year Market Update and explored marketplace activity for the first half of 2021.

We all know that 2020 was a truly unique year on all fronts. The financial services M&A marketplace was no exception (as we discussed back in January).  The effects of 2020 have carried over into 2021 and have impacted transactions in some unexpected ways–and have potentially changed deal term norms from here on out.

Our full Mid-Year Market Update presentation was close to 60 minutes, including a live Q&A session, and covered up-to-date transaction data and trends, realities of today's industry, qualities of successful buyers, and common acquisition misconceptions.

To focus in on some of the most important highlights from the session, Craig Strauser sat down with James Fisher, JD to discuss them further. Watch their chat below.

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Topics: Compensation, Business Growth, Sustainability, Enterprise