Are you ready for your 3rd third of life?

Beaches, travel, skiing, spending time with family and grandkids…All of this might be possible if you have created your succession plan. Do you have one?  If not, why don’t you? Have you started, but have not completed the process?  Do you know where to start?

A Census Bureau report reveals that by 2029, when all baby boomers are 65 years or older, they will represent 20 percent of the U.S. population. Did you know that nearly 50% of financial advisor firms either have no succession plan or have only plans to make plans?1

Why now?  As a financial advisor, you know very well why planning for the future is so important.  Unfortunately, advisors can often be seen as the cobbler with no shoes.  They are so busy working and making everybody else a priority, they often neglect to do their own planning.

Take charge of your future…but don’t go at it alone

At the Financial Advocacy Network, we focus on the growth and well-being of our advisors. We continuously strive to help establish strong business foundations, although that is only half the battle.  As our industry continues to age, we also work towards facilitating the best path for planned and unplanned exits. We truly believe operating in the Independent and Fee channels is not an exercise of solidarity, but rather an opportunity to grow your personal vision in a collaborative environment.

We would love to start the conversation about how we might both benefit from a future partnership.

The Financial Advocacy Network (FAN) is your primary resource in helping you continue to put your clients first while letting our firm worry about the extraneous elements of running your business.  We see working together as a partnership that might last from just a few years to several, depending on your long-term personal/business goals.  We have offices along the east coast. FAN’s comprehensive benefits:

  • Designing an exit strategy that suits your needs—We provide guidance on how to carefully map out your exit strategy and educate you on the types of agreements and contracts you need to have in place. These could include continuity plans, buy/sell contracts, partnership agreements, and operating agreements.
  • Access to valuable resources—We’ll supply you with sample agreements and helpful checklists to help prepare you for the transition.
  • Inviting everyone to the table—We’ll teach you how to engage with your CPA, legal team, senior advisors, and business partners to make sure you’re communicating your plan effectively with all the involved parties.

While we know tomorrow is never guaranteed, we believe that a solid succession plan is the foundation toward the security and stability for your clients and their futures.

[1] Investment News “Building a Business, Not Just a Practice” (2/17/14)