The financial advisory industry is on the brink of a major transition, with more than one-third of advisors expected to retire in the next decade. According to a recent report from Cerulli Associates, this wave of retirements will impact over 41% of total assets in the industry. However, many advisors (especially those at independent registered investment advisory (RIA) firms) are uncertain about their succession plans, raising concerns about the future of their businesses and could use tips for succession planning.
Potential buyers and sellers face significant challenges in structuring deals and valuing practices. Focus Financial Network provides expert guidance during transitions, with a proven track record of completing over 50 successions since 2004. By working closely with advisors to understand their goals and address their business needs, we partner with them to develop a plan that enhances brand loyalty and customer retention. As the industry shifts, having a well-structured succession plan can ensure long-term stability and growth for both retiring advisors and those looking to expand their firms.
Jake Saba, VP of Growth & Succession at Focus Financial, shares three succession planning tips to help kickstart your succession planning journey. In this video, he breaks down essential steps for advisors looking to plan their transition effectively, whether you’re preparing for retirement or seeking to grow through acquisitions. Watch as he provides expert insights on:
- How to structure a successful succession plan
- Navigate common succession planning challenges, and
- Ensure a smooth transition that helps protect your clients and business legacy
Preparing for succession or acquisition is as critical as managing client portfolios. For personalized guidance, reach out to Jake Saba.
Source: Financial Advisor IQ – Succession Plan Murky for Many FAs Nearing Retirement: Cerulli
