As reported by WealthManagement, succession planning remains a challenging area in wealth management, struggling to keep pace with the industry's growth and evolution. Research shows that less than 30 percent of advisors have a succession plan in place. Many advisors running successful businesses lack a strategy for unforeseen scenarios that could leave them unable to serve their clients or sustain their operations.
In a WealthManagement podcast episode, LPL Financial's Jeremy Holly, Executive Vice President of Strategic Business Development, and Jared Fingeret, Senior Vice President, joined Louis Diamond to delve into this critical topic. Representing LPL's liquidity and succession program, Jeremy and Jared seek to provide comprehensive solutions for advisors seeking to enhance business value and monetize their legacy.
The discussion covers essential aspects for business founders and next-generation advisors as they grow their businesses and explore both long-term and short-term strategies, including:
- Succession Options: Exploring the various succession pathways available to advisors, with new options emerging regularly.
- Sunset Deals: Comparing sunset deals offered by wirehouses with those from firms like LPL.
- Monetization Choices: Evaluating different monetization avenues and their impacts on business owners and next-gen advisors.
- Valuation Insights: Understanding the current state of valuations and the steps advisors need to take to maximize their business' value.
This conversation is highly relevant for advisors and next-gen professionals across wirehouses, independent firms, and other areas of the wealth management industry.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
