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Financial advisor SUCCESSION PLANNING

Put your clients in good hands and retire with a plan

Retiring financial advisors can plan their own retirement and ensure their clients are well taken care of in the years to come when they work with Rick Fairley.

A SMOOTH TRANSITION

The moment you’ve been waiting for

Maximize the value of your business and leave your client legacy in good hands.

As a financial advisor, you spend your career helping your clients achieve their financial goals, and
it’s a career that you spent with the same clients for a long time, so naturally you have formed a
close bond with these families. It’s not a transactional business but a relational one, so you want
your clients to have a competent, caring financial planner that can connect well with them when you
are ready to step out of your advisor practice and into retirement.

how does it work?

When should I find my successor?

This is a common question asked by every advisor who is 1, 5 or even 10 years away from retirement; whether an advisor is a couple years or 10+ years away from retirement, an advisor should have a successor in mind that they have talked to.

What happens if you got into an accident or if you have to step away from work suddenly for health reasons?

Even if you think that you have 10 years left before you want to retire, we are in the business of preparing for the what IF’s. Lots of succession planning is done years in advance because it sets up the retiring advisor’s clients and the retiring advisor's family with the ‘insurance’ plan, the insurance plan that if you had to step away from the business, you know and approve of who will be looking after your clients that you care about. You know that you and your family will be financially compensated for the amount you agreed on.

How do you find A successor that lines up with your values, competence?

This can be tricky, often it’s from word of mouth, but even word of mouth is very limiting in your options. There are good competent advisors out there that are the right fit for you, it might take a little work to find them. Look up a certified financial planner on FP Canada. Feel free to reach out and I’d be glad to help point you to someone who could be a great fit.

What happens if I find an advisor I like but he/she is working with a different investment dealer and MGA?

With IIROC and MFDA consolidating, and the financial industry becoming more and more regulated, focusing on offering clients a true independent service, a different MGA shouldn’t be a road block for an advisor that you want to take over your business. If they are serious about helping you with their succession plan, they will switch dealers and get properly licensed to help your clients and to help you with your transition.

How can the successor advisor afford to pay for the retiring advisor’s business? 

Rick has helped advisors with their succession plans. He has the financing available for any size book along with an expert team at Beyond Business Financial Solutions to ensure that a retiring advisor’s complex and affluent clients will receive the professional planning along with the high level of service they are use to getting from their retiring advisor.

How do retiring advisors structure the sale of their business?

There are few different ways this can be structured, depends as well on how a retiring advisor wants to sell (asset or share sale), how they want to set up the timing of the buyout to spread out the remaining tax consequence. Please make sure your potential successor advisor has financing approved before moving too far down the succession plan path. Nothing worse than introducing your successor to your clients and then when it comes time to retire, their financing fell through and now you have to start the process over and find someone else to introduce to your clients and postpone your retirement. Let’s avoid that nightmare.

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