Communications & Marketing
Selling an advice practice
BY  |  

Due to tighter compliance requirements and changing personal priorities, many financial advisers are beginning to think of selling their practice.

However, selling a practice is not like listing a products store for sale. Its client base is the main asset, and the ownership transition needs to be managed carefully to keep clients' confidence and trust.

Getting record-keeping systems in order is one way to increase the perceived value of a business and make the transition smoother. This and other steps to help create a stress-free, successful sale are examined in this paper.

Your clients are your biggest asset

An adviser may have spent years building up their business, but maybe the time to sell the financial planning practice is drawing near. Do you just slap a 'for sale' sign out the front and hope for the best?

Selling a financial planning practice is not like selling most other businesses. Customers buying from Widgets 'R' Us generally do not know—or care—who owns the store. However, customers using the services of a qualified professional—like a doctor or a financial planner—do care.

Adviser-client rapport is often built up over many years. Thus, clients deserve to be treated with respect, which means planning the sale carefully and transitioning them smoothly through to the new owners.

Link to something LSNaRBBv