Traditionally, the main drivers for representatives and advisors transitioning to an independent broker-dealer (BD) and/or Registered Investment Advisor (RIA) have been the promise of greater compensation and the freedom to do business in ways that best suit their investment approach and the needs of their clients.
Those drivers still apply, but advisors and representatives have also learned that independence can be the preferred route to achieving the personal and business goals they may have set aside to meet the demands of their broker-employers or current broker-dealers.
Independent representatives and advisors have the opportunity to select a BD/RIA that best matches and supports their personality, skills, business niche, and operating style, as well as their specific support requirements in the areas of technology, service, practice management, and compliance.
Many independent representatives have historically failed to plan for their own succession. They spend so much time planning for others that they often forget about planning for themselves.
In this whitepaper, we discuss creating your own succession plan as well as the important questions to ask yourself prior to selecting or changing broker-dealers.
If you have any questions about the succession planning aspects of this whitepaper, please contact SPS Family’s Practice Management area ([email protected]). To discuss joining SPS Family, contact Firm Development ([email protected]).
We wish you SUCCESS in Succession Planning!