Sponsored by Commonwealth Financial Network
Acquiring a retiring advisor’s practice can quickly expand your business; it’s far more efficient than other prospecting techniques such as cold-calling or courting centers of influence. In fact, 59% of advisors who acquired another advisor’s book of business called the move “very effective” at helping grow their firm, according to the Financial Planning Association.1 There are challenges, however, including retaining clients and preparing staff and systems for the large influx in new accounts.
“The goal, above all, is ensuring a positive experience for the clients,” says David Grau, whose firm FP Transitions helps buyers and sellers prepare for and navigate through that transaction. “And you do that when both buyer and seller are focused on the technical details and working together to create a sense continuity and structure.”
Here are six tips to help you facilitate a successful transition:
1 FPA 2014 Research & Planning Institute: Drivers of Business Growth (https://www.onefpa.org/business-success/ResearchandPracticeInstitute/Documents/FPA_RPI_quarterly%20report_R5.pdf)
