Succession Planning for Financial Advisors: Building an Enduring Business [NOOK Book]

Overview

Praise for Succession Planning for Financial Advisors

“At long last, a comprehensive, fact-based, and deeply insightful guide to overcoming excuses and giving all that is needed to build an enduring business. David Grau Sr. and the FP Transitions Team give a compelling account of a critical topic at a time that has never been more important, nor the need greater. The very essence of the independent advisor business is on the line. Clients, staff, and family members deserve a thoughtful approach and plan to ensure...

See more details below
Succession Planning for Financial Advisors: Building an Enduring Business

Available on NOOK devices and apps  
  • NOOK Devices
  • NOOK HD/HD+ Tablet
  • NOOK
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac
  • NOOK Study
  • NOOK for Web

Want a NOOK? Explore Now

NOOK Book (eBook)
$34.49
BN.com price
(Save 42%)$60.00 List Price
Note: This NOOK Book can be purchased in bulk. Please email us for more information.

Overview

Praise for Succession Planning for Financial Advisors

“At long last, a comprehensive, fact-based, and deeply insightful guide to overcoming excuses and giving all that is needed to build an enduring business. David Grau Sr. and the FP Transitions Team give a compelling account of a critical topic at a time that has never been more important, nor the need greater. The very essence of the independent advisor business is on the line. Clients, staff, and family members deserve a thoughtful approach and plan to ensure that their needs will be met and the true value of a life dedicated to helping others is celebrated through a long-lasting legacy of continuing to provide much needed independent advice.”
—Robert J. Moore, President, LPL Financial

“What is my practice worth? And how do I best recognize that value? Two straightforward questions with complex and nuanced answers. Nobody addresses those questions and answers better than David Grau Sr. and FP Transitions. This book will become the canon in the independent financial services industry on succession planning for years to come. In this book, Grau sets aside the myths and so-called ‘common sense’ approaches, and focuses the business owner on what is truly important in developing a real succession plan.”
—Kirk J. Hulett, Executive Vice President, Strategy and Practice Management, Securities America, Inc.

“Most financial advisors are deeply committed to their family, clients and employees, yet they put them at risk by not having a succession plan in place for their business. David Grau Sr. and the FP Transitions Team address this growing gap with Succession Planning for Financial Advisors—a wakeup call, a call to action, and much more. Grau’s astute and practical guidance will help advisors create and implement plans to secure the future of those who count on them—all while transforming their one-generational practice into an enduring business.”
—Valerie Brown, CEO, Cetera Financial Group

“David Grau Sr. and the FP Transitions Team accurately capture the industry’s dilemma while providing innovative outside of the box solutions to the problem. A must read for any advisor at any stage of their career. Outstanding!”
—B. Heapps, CLU, ChFC, President, John Hancock Financial Network (JHFN), Signator Investors, Inc.

“This book comes at an extremely important time in the history of the financial services industry as it approaches the potential loss of enormous intellectual capital possessed by the independent advisors of this country. Young professionals entering the industry are eager to find a vibrant organization requiring their dedication and talent as they progress towards a path to ownership. FP Transitions’ ‘secret formula’ provides such a path.”
—John Gilliam, PhD, CFP, CLU, Associate Professor and Director of MS Programs, Texas Tech University

“While passion is the catalyst for becoming an independent advisor, David and the FP Transitions Team offer the first practical guide to creating and monetizing real equity value as a business. In an industry where so much has changed, this book exposes the outdated assumptions of a by-gone era, arms you with the facts, and forges a clear path for achieving sustainable success for the future.”
—Sharon M. Theall, President, Strategic Management Advisors, LLC

Read More Show Less

Product Details

  • ISBN-13: 9781118866429
  • Publisher: Wiley
  • Publication date: 6/2/2014
  • Series: Wiley Finance
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 224
  • File size: 3 MB

Meet the Author

DAVID GRAU SR., JD, is the founder and president of FP Transitions, a firm that specializes in building financial services businesses of enduring and transferable value. He has authored over 85 nationally published articles, white papers, and manuals on complex succession strategies, equity management, business continuity, income-perpetuation plans, and mergers and acquisitions. Grau Sr. was named one of the most influential people in the profession in an industry survey by Financial Planning magazine and is a nationally recognized expert on succession planning and business-perpetuation strategies in the financial services industry.

Read More Show Less

Table of Contents

Preface

Acknowledgments

Introduction

Chapter One: The Succession Conundrum

Practices Built to Die

What Exactly is a Succession Plan?

Why You Need to Create a Succession Plan Now

Your Clients Are Watching You!

Why this Industry Struggles with this Concept

The Evolution of the Solution

Mind Your Own Business

The Opportunity at Hand

Chapter Two: How to Start Creating Your Succession Plan

Defining Your Goals

Building a Foundation for Success

Facing Your Biggest Challenges

Equity – A Powerful Business Building Tool

Valuing a Financial Services Practice

Practicing Equity Management

Building Profit-Driven Businesses

Chapter Three: Transforming your Practice into a Business

Assessing What You Have Built

A Building Problem, Not a Planning Problem

A Parable

Building Your Ship

Rethinking Your Compensation System

Balancing Revenue Strength & Enterprise Strength

Selecting the Right Entity Structure

Remodeling Your Cash Flow

Production Model vs. Business Model

Chapter Four: Creating Your Succession Team

The People Problem

The Secret Formula: G-1 + G-2 + G-3

Plan Before You Build and Hire

Mining the Talent Pool

Turning Employees into Equity Partners

Onboarding Talent with a “Book of Business”

Help Wanted Ad

Solving the Talent Crisis in this Industry

Chapter Five: The First Step - A Continuity Plan

A Dress-Rehearsal for Succession Planning

What Exactly is a Continuity Plan?

Basic Components of a Continuity Plan

Types of Agreements

Funding Your Continuity Plan

Continuity Plan Do’s and Don’ts

A Powerful Acquisition Tool

Communicating Your Plan

Chapter Six: Charting Your Succession Course

Exit Strategies vs. Succession Plans

Selling Your Practice

Mergers

What Doesn’t Work in this Industry

ESOPs

What Does Work?  A Lifestyle Succession Plan

Goals of a Lifestyle Succession Plan

The Family Business - A Special Case

“Yes, but…” (Obstacles to Overcome)

Chapter Seven: Succession Planning Step-by-Step

Where to Start

Assembling Your Support Team

Enjoy the Planning Process

Doing the Math

Establishing a Fair Price

The Nuts & Bolts of a Plan

Documentation

Bank Financing – Expanding Your Options

Beware of Benchmarks and Survey Results

Chapter Eight: A Tale of Ownership

Chapter Nine: Course Corrections

Returning to the Harbor

Empowering the Next Generation

Growth is a Sign that Your Plan is Working

What to do When Your Plans Change

What to do When Their Plans Change

Handling the Culture Shift

Conclusion

About the Companion Website

About the Author

Index

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)