Many advisors spend their entire career building their business, whether it be as an independent or full-service company. Often, as many advisors get to the end of their careers, they are left with some major questions about how to make the most from the business that they have put so much time into.
In this episode, David Armstrong is joined by Frank LaRosa, founder and CEO of Elite Consulting Partners, to discuss his position as a finalist for the 2021 Wealth Management.com Industry Awards, recognized for his work on succession planning, and his thoughts about how advisors should handle the transition and monetization of their company as they approach retirement.
In this episode, you will learn:
- Background about Frank LaRosa and his journey in the wealth management industry;
- The difference between working in an independent space as opposed to an RIA firm;
- Why having a contingent successor for your business is so important;
- The mechanics of the dual monetization strategy;
- How to take advantage of long-term deals to increase your payout; and
- The difference between transaction and fee-based businesses and what that means for your clients.