Succession Planning for Advisors
Depending on what source you look at, the average age of an advisor in the financial services industry is anywhere from 51-57 years old. While that would typically leave plenty of time until the average age of retirement, the average age of an advisor selling their business is much younger, most often occurring near age 59. This is due in large part to the long-term seller involvement that is ideal in the sale of a professional services business, ranging from as low as 12 months to possibly 5 years. While you may not sell your business, you will leave this industry – planned or unplanned. The better prepared you are for your eventual transition, the happier your clients will be with the process, and the more you are likely to get out of it (financially and emotionally).
At Silver Oak, we help our advisors prepare for their practice and their clients for the next phase of their life.
- Know your timeline
- Understand the current business environment
- Value your business
- Analyze your product mix and service model
- Increase your curb appeal
- Establish repeatable process
- Talk to your clients
Hope for the Best Prepare for the Worst
What would happen to your business, your clients and the value of your company, if something were to happen to you suddenly? Do you have a plan and systems in place to ensure your business will carry on until you return? Or, a plan to ensure the business continues under someone else’s leadership if you cannot return?
(PORTLAND, OR – January 21, 2016) – Succession Resource Group, Inc. (SRG), a succession and acquisition consulting firm for advisors is pleased to announce a new strategic alliance with, and development of strategic resources for Silver Oak Securities, Inc., a fast growing regional broker-dealer and Registered Investment Advisor based in Jackson, Tennessee catering to approximately 150 advisors nationwide.