Succession Planning
Why Some Firms are Not Experiencing Recruitment & Retention Difficulties
I recently met with a practitioner who was probably one of the most fortunate within the profession at present. Unlike every other firm I have spoken to in the past year, two years, etc, they were experiencing absolutely no difficulties in recruiting or retaining their personnel. This was put down to firm culture. They took…
Read MorePartner Selection – Ensuring Long Term Harmony
Being in partnership with others can represent a real challenge for some, hence the number of sole practitioners around the country, whilst for others there is nothing better than teaming up with colleagues or friends to build an empire; for some, the bigger the better. Which is why I find it intriguing as to how…
Read MoreSourcing Succession Can Be Hard
Sourcing and attracting new partners to a firm can be challenging at times with our many years within the professions highlighting that many firms experience one of two trends. The first is a pattern that we’re often asked to advise on where a firm is unable to source internal successors and therefore feels they need…
Read MoreThe Forces Driving Small & Sole Practitioner Firms to Sell
I recall a report that was published within the profession some three, four, or even perhaps five years ago, suggesting that something like 51% of equity holders within firms at that time, would be heading for the door over the coming five or so years. Fast forward to today, and whilst that event may not…
Read MoreIs Everyone Suited to Buying a Practice?
The short answer is no! A question I often ponder is ‘is everyone suited to being a business owner or are there some individuals that will always be better suited to being employees?’ Importantly, there is no criticism of either. However, I have just always thought that running a business is not for everyone, particularly…
Read MoreSecuring Your Succession
Succession planning is something that is done rather poorly in businesses across the country and perhaps the world. All to often, little or no preparation is performed. Arguably, succession is something that requires planning from day dot. However, getting to a desired retirement age, either willingly but without forethought, or through necessity, due to poor…
Read MoreHas the Change in Training Requirements for FP Advisers Prematurely Led to Industry Departures?
I have been reading with interest the varying commentary around the declining number of licensed financial advisers within Australia with a more recent piece reporting a decline in calendar year 2021 alone from around 21,000 to almost 18,000 advisers by year’s end. Reportedly, many of those retiring and leaving the professional have done so based…
Read MoreTips & Traps When Changing Financial Planning Licensees
Through our practice broking and valuation services, we have for many years now observed the interactions between Dealer Groups/Licensees and their representatives within multidisciplinary and standalone financial planning firms. Prior to many of the more recent industry changes, there was this underlying view by the licensees that they owned the clients serviced by the planners,…
Read MoreAm I Old Fashioned or Do I Just Not Understand the Younger Generations’ Need to Chop & Change Jobs?
Call me old fashioned or out of date, however how do employers feel about employing staff who seem to chop and change jobs every couple of years? This was a question I found myself posing during an assignment we were engaged to perform for one of our clients. The task was to find a senior…
Read MoreIs My Firm Big Enough to Support an Additional Equity Holder?
One of the many areas that we consult with firms is around the introduction or admission of new / additional equity holders. We consult on such matters, we perform valuations for such admissions, and so on. However, it is really important to appreciate that your firm may not necessarily always have the ability to admit…
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