Fee-only advisors have another place to go if they're considering selling or buying a business.
The National Association of Personal Financial Advisors (NAPFA) has announced it has started a transition planning Web site for its members, in partnership with Business Transitions LLC.
The site, www.napfatransitions.com, includes confidential listings by buyers and sellers of practices, a private communications system, and opportunities for discounts on closing commissions.
NAPFA, an organization that represents the fee-only financial advisory business, has about 1,100 members.
"NAPFA advisors have a very high level of skill and knowledge, and their clients appreciate this," says NAPFA CEO Ellen Turf. "When it is time for one of our advisors to retire or reduce the size of their practice, their clients want another NAPFA member to take over. Through our strategic partnership with Business Transitions, we are addressing the future needs of not only our advisors, but also the public who want to continue working with a NAPFA advisor after their current advisor retires."
The site will also give NAPFA members access to transition planning consulting services offered by Practice Merger Consultants, a firm run by NAPFA members David Drucker and Kristofor Behn.