Succession Planning
Succession and sale of practice: reap the rewards of what
you’ve built.
When retirement time approaches, what will you do? Alternatively, a new career path may face you; what becomes of your clients and the equity you’ve built into your practice?
Wirehouses offer little, if any, solutions. They believe the accounts are their own property.
RJFS offers several opportunities. When you join, one of the documents you’ll execute is a succession planning contract. The actual implementation of this plan becomes the practical issue.
Essentially you are selling your practice to another financial advisor who will serve your clients and share revenues over a stipulated period. Problems encountered include finding a buyer who is in your area, who has the purchase funds and who has the expertise to service your clients.
54K offers solutions to these problems. Because we have many associates in several areas, the opportunity of identifying a qualified financial advisor, or advisors, is increased. Indeed, your practice may best be distributed to more than one advisor to best serve and retain your clients.
We will negotiate with you directly, using known industry metrics to fairly evaluate and price your practice. The proper advisor(s) will be brought in to best represent your clients. Our longevity and status with RJFS offers surety that all terms of a resultant sale are effected, and paid on time.
Remember, It's your practice. You choose whose hands
you leave it in.
The process of selling your practice can be challenging and emotionally arduous. After all, you are giving up a practice perhaps evolved over decades, with clients who have become friends, and who completely rely on you for their financial welfare.
Joining RJFS and our team specifically can greatly help with the transferring of your clients. Set up as a satellite office and avoid the administrative and compliance headaches of establishing an OSJ. Spend as much time as you need in interviewing associates, and educating your clients on the eventual transfer.
Most important, realize full value from your practice, and leave your clients in good hands, which you have chosen.
