Buying A Financial Advisor Practice

A growing number of advisors believe that the greatest opportunity to grow is to acquire or partner with another practice. The process of buying a financial advisor practice can be complex. The market is extremely competitive, with some studies suggesting that there are over 50 buyers for every one seller. There are also a number of to-do items that need to be attended to. If you are interested in buying practices and haven’t independently assessed your readiness, Bridgemark Strategies can help you assess your strengths and weaknesses and work closely with you so you can get the edge in this competitive market.

The Importance of a Self-Assessment

For advisors interested in buying another practice, one of the first steps is to self-assess to better understand your readiness. This assessment is critical, because it is a seller’s market and you will likely be competing with a large number of other buyers including some institutional buyers. Your assessment will not only help you distinguish yourself but will also better position you to be able to sell your value as to why someone should choose you as their succession plan.

Buying a Financial Advisor Practice To-Do List

Check off as many of these items as possible before you start searching for the right advisory practice to buy. There are plenty of sellers out there, so it is wise to spend more time in the preparation stage. Our experts here at Bridgemark Strategies recommend the following: