Looking for the right custodian for your firm comes with hurdles and possible setbacks, so it’s important to consult an expert to help you in your search. Bridgemark Strategies is here to provide insight and guidance registered investment adviser (RIA) firms need when searching for the optimal custodian. Here’s a quick look at why RIAs need a custodian and what to hone in on during the search. […]
There is a common and understandable misconception that clearing firms and custodians are one in the same. In reality, clearing firms and custodians are distinctly different entities with unique roles. Here’s an in-depth look at the differences between clearing firms and custodians. […]
Often advisors ask us how to find the next generation of talent. While this isn’t something we focus on, there are some learning we can pass along. This blog will help provide ideas for those advisors looking to grow their firm. The manner in which you approach recruiting new talent largely dictates whether the individuals you bring on board prove to be “rainmakers,” client servicers, closers, or a combination of all three. Below, we highlight some of the best recruiting channels for financial advisors to find their next generation of support, along with some tips that will help you find the best talent. […]
The financial advisor industry is rife with pitfalls that many financial advisor professionals may be unaware of. If you aren’t careful, you’ll make one or several of these crucial mistakes, lose clients, and possibly even alter your career trajectory for the worse. Let’s take a look at the top mistakes financial advisors must avoid in order to retain clients and grow their business. Mistake 1: Letting Prospecting Grind to a Halt If you stop prospecting or even slow your prospecting, your pipeline will become depleted. Continue to prime the prospect pump and you’ll gradually move that many more opportunities through the sales funnel and convert them into clients. Most financial advisors are experiencing an aging client base and a maturing book of business. Both of which can have a negative impact on enterprise value. Don’t be lulled by the fact that your revenue is growing every year. If you’re clients are [...]
Your business may greatly benefit from switching broker dealers, yet you might not notice the need for a change unless you pay attention to the telltale signs that indicate it’s time to make the shift. Switching broker dealers will require some research and work, yet it will also lead to a litany of benefits that advance your bottom line, setting the stage for continued success. The most common response from advisors who finally switch firms is they should have done it sooner. […]
It is no secret that potential mergers and acquisitions (M&A) are complex business agreements that take considerable time and analysis to bring to fruition. The truth is plenty of M&A specialists invest dozens of hours in discussions pertaining to a potential merger or acquisition only for the deal to fall apart amidst negotiations. Let’s take a look at why mergers and acquisitions sometimes fail. […]
The language used in your financial advisory firm’s buy-sell agreement can make the difference between a transition that proves mutually beneficial to both parties or one that results in costly and frustrating litigation. If you are considering selling your practice, it is in your interest to lean on a proven consultant to prevent potential challenges that chew up your time, patience and money. Our consultants have more than 80 years of combined industry experience helping financial advisory firms of all types and sizes. […]
Non-compete and non-soliciting agreements contain complex legalese, and it’s important to understand the fine print and language of these clauses so you don’t get stuck in a contract you don’t want. You might be tempted to gloss over important phrases, but be aware that these agreements may impact your future and your relationships with your clients. If you are considering signing an agreement or have already signed an agreement, you should always seek legal counsel to best understand your rights and options. At Bridgemark, our financial advisor consultants have worked with hundreds of advisors over the years. Many advisors have had some variations of these agreements and we are here to provide invaluable guidance. […]
Selling a financial advisor practice is not a DIY endeavor. The valuation process might not seem that complicated at first glance, but this challenge will chew up your time and energy. You may choose to consult with an expert in order to get an accurate and fair value for your financial advisory firm. Let’s take a quick look at the best approaches for calculating fair value for your firm. […]
Franklin Templeton Investments recently conducted a study on succession planning that included 162 RIA leaders with AUMs ranging from $100 million to $5 billion. Less than one third of them have started the process to ensure a successful transition to retirement. More than half feel that won’t affect the pool of potential buyers when they’re ready. Financial professionals, relied upon by countless individuals and companies for sound financial planning, often fall short in that area when it comes to their own interests. Yes, the ratio of buyers to sellers is estimated at 50 to 1 right now, but that doesn’t mean you’ll get maximum value for your book of business. Successful succession requires careful planning. Step #1: Establish a Timeline Choosing to sell your practice on a whim when a buyer appears is not fair to your clients. If you’re thinking about moving on, establish a set timeline to do it [...]
