Succession planning is one area in wealth management that seems to have trouble keeping up with the industry’s growth and evolution.
Research studies indicate that less than 30% of advisors have a succession plan. Many more who run thriving businesses have no strategy at the ready should a worst-case scenario leave them unable to attend to their clients’ needs or even continue their livelihood.
Likewise, many advisors are still looking at the equity they’ve accumulated in their firms and wondering how they can access it—whether to monetize their life’s work or reinvest in the business’ growth.
While advisors have a lot to evaluate, including many prospective external capital partners and investors, the good news is that there are firms that realize there are great partnership opportunities available internally with these thriving practices.
In this episode, LPL Financial’s Jeremy Holly, executive vice president of strategic business development, and Jared Fingeret, senior vice president, join Louis Diamond to discuss this critical topic.
Jeremy and Jared represent LPL’s liquidity and succession program, which provides end-to-end solutions for advisors looking to increase business value and monetize the legacy they’ve built.
So in this episode, they share perspectives for both business founders and next gens on what they need to consider as they grow their businesses and explore both the long-term and the short-term, including:
- Succession options that exist for advisors—and how new pathways are being born every day.
- Sunset deals offered by the wirehouses—and how they might compare to an option from a firm like LPL or others.
- Monetization options—and how each avenue can impact a business owner and the next gen.
- The state of valuations—and what advisors need to know and the steps to take to maximize the value of their business.
It’s a conversation relevant to advisors and next gens in the wirehouses, independent firms, and everywhere in between.
Download a transcript of this episode…
