Making your practice increasingly profitable through retirement requires you to build a business that will outlive you. There is a difference between a “practice” and a “business.” A practice is something that depends on the practitioner to complete tasks. A business is something that is scalable, with repeatable, measurable systems in place, quality control, customer service standards, and a brand that customers align themselves with beyond just the advisor’s personality.

If you have a vision for business growth through the entirety of your retirement process, you’ll need to transition your practice into a viable business. You’ll be the most likely to be able to do this if your retirement is still a relatively long way off.

Pros

• Maximizes the payout that the owner receives at retirement (and beyond)
• Activities are familiar–grow the business organically, one client at a time
• Makes the business into a place that is more attractive to potential clients
• Makes the eventual transition and sale of the business more viable

Cons

• Difficult to get everything adequately into place if retirement is very close
• Still requires additional planning for who will take over the practice

advisorRETIRE’s program is set up to incorporate the benefits and desirability of maximizing book value into a viable succession planning model. When you enter into a deal with advisorRETIRE, your accounts will eventually be transitioned to our advisors at CollaborativeWEALTH^®, but you will have the opportunity to continue to grow your book.

We support your practice growth and encourage a scenario where you get the highest possible purchase price for your business. You can even take advantage of marketing materials to help you to grow as much as possible, as well as administrative support to maximize your available time. All of this takes place on a flexible timeline that allows you to introduce your clients gradually to the new firm and retain the management of the client accounts that you want to retain. You’ll get a chance to make your final purchase price as high as you can make it.

Learn more about how our process works when you sign up to receive our free ebook, “The Financial Advisors’ Guide to Retirement.” You’ll also get a free estimate of your practice valuation when you sign up. We look forward to hearing from you.