BLOG

The ongoing pursuit of inorganic growth has transformed the conversations and expectations between financial advisors looking to transition and the aggregators/wealth management firms competing for their businesses. One important consequence of this shift: the growing role of offering an equity stake in a firm as a selling point to lure top advisor talent. In this increasingly competitive recruiting environment, it’s become readily apparent that firms hoping to attract quality financial advisors need creative compensation, and offering equity is a popular option among innovative players in the space. So, the question becomes: Are the “show me the money” days waning in the face of rising RIA consolidation and an aging advisor population? Indications are “yes.” Here’s why. Equity is a compelling enticement, offering advisors an opportunity for substantial wealth creation down the road. In particular, IARs with a shorter runway in the industry will view owning their book of business in [...]

What do the most successful financial advisory firms have in common? Read on to find the answers. 1. They have a clear vision, roadmap and organizational structure that can deliver. Creating a clear vision for what you want your financial advisor firm to look like five, ten or even 20 years from now is a critical piece and sets up everything else you do. Once you have the vision spelled out clearly, you can begin to build a team and structure that will get you there. Talent, technology, and marketing strategy will be among the core elements of a successful structure. The fast-growing financial firms have a “now” and “future” organizational chart, so they never lose their way. 2. They invest in their business before there’s a need. Successful advisory firms know that if you wait until the need is obvious, you’re already behind. Make investments before they become critical. That [...]

Exit strategizing, also known as a Succession Plan or even a Succession Strategy, is one of the most important aspects of business--it's also one of the most overlooked. The simple difference between a succession plan and a succession strategy is the length of time before trying to implement it. A succession plan tends to be short-term or more immediately executed, whereas a succession strategy is often worked on over many years. Most business owners only consider an exit strategy or succession plan when they're ready to retire or sell their businesses. However, there are many reasons you might need a succession plan or succession strategy, even if you plan to continue running your business for years. Here's your guide to business exit strategy and what you need to know. Afterward, if you have any questions about planning your strategy, contact our team at Bridgemark Strategies for a confidential no-obligation consultation. Start [...]

When the time comes to retire, it's crucial to have a plan for finding a successor. Your business is your life's work, and you don't want to hand it over to just anyone. You need someone who can carry your legacy and take your business to the next level. Read on for eight tips on how to find a successor for your company. Follow these pointers, and you'll be able to rest easy knowing that your business is in good hands. What to Look for in a Successor While it may seem like finding a successor is all about luck, there are certain qualities you should look for. After all, this person will take over your life's work, so you want to ensure they're up for the task. The ideal successor will have: The skills and knowledge necessary to run your business A real interest in what you do and how [...]

Switching broker-dealers can be a little intimidating. But if you know what questions to ask, you can gain more confidence as you navigate the process. The goal is to make a change that provides you greater stability, benefits, and peace of mind. To find the right broker-dealer, consider asking these five important questions. […]