10. A real need - Recent Fidelity research showed that only about a third of advisors feel comfortable with the succession plan they have. This is a vulnerability for those that do not have it nailed down, and a possible opportunity for those looking to eventually buy businesses.
"Many advisors are spending more time evaluating strategies that can help them increase the competitiveness, growth and on-going success of their firms," said Canter. "Because M&A and succession planning activity can be complicated and time consuming, we are working closely with advisors through events like Inside Track and one-on-one interactions to help them diagnose their firms' needs and thoughtfully address these issues."
Mike Byrnes founded Byrnes Consulting to provide consulting services to help advisors become even more successful. His expertise is in business planning, marketing strategy, business development, client service and management effectiveness, along with several other areas. Read more at www.byrnesconsulting.com