Wondering if anyone's feeling some burn out or just wanting to exit. What are options out there right now? Anyone thinking about or in the process of selling a practice?
I know alot of people (including myself) who would love to buy a practice. Are you burned out from growing the practice, or managing it? Some will subsdvise the accounts out to other RIAs, split the fee and only do the planning aspect.
On one hand, I am feeling burned out. I don’t want any more clients. But I want to grow with more advisors. Unfortunately, I don’t think I’m at a point yet where I can turn down any clients. I also want to cover my tail in case some of the advisors I’ve hired don’t stay.
I’ve just decided to move the direction of how I am in this business in a different direction. Have you thought about transitioning your book to someone and take income off of that person’s production? And then concentrate on hiring another person who has some AUM and is trying to move to Indy, but doesn’t want all of the headaches.
My goal is to have about ten to fifteen IARs and then turn the business over to someone so that I can just spend time with my family. If I can get that done before 35, things will be great.
Just a thought. It will probably help you feel less burned out.
Check with your firm, they may have an exit strategy for you. Some firms will work with the advisor on valuing your book and finding an interested advisor to purchase it. Some will even provide the financing to the advisor that would be buying it. What does your book consist of? AUM & % fee or commission?