The Advisor Group of broker-dealers on Friday announced the launch of an advisor-matching service, called My Succession Plan, described as a one-stop resource for advisors looking to buy or sell a practice, or just create a continuity plan.
The service will help match advisors from Advisor Group’s four B-Ds -- FSC Securities Corp., Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services -- as well as practices outside the network.
Advisors have difficulty finding a good partner or merger candidate, said Jamie Price, chief executive of Advisor Group on a call with reporters. The new service should make that easier, and “facilitate the paperwork [and] the funding through Live Oak bank,” Price said.
The new matching service has 150 registered members from within the Advisor Group B-Ds, and will soon open up to outside advisors and practices looking for a match-up.
“It’s groundbreaking,” said David Goad, a succession planning consultant who used to work with the Advisor Group. “This is as robust and complete as anything that exists in the profession.”
Goad, who still works with individual reps from the four B-Ds in the network, said the fact that advisors will be able to transact across the different firms and potential outside partners is a big step forward.
Another important piece is helping advisors find a continuity partner, he added. In the independent B-D channel, about 70 percent of advisors over the age of 60 are solo practitioners, and most transitions are internal successions, said Goad, who has consulted with many firms on succession issues.
Advisor Group also announced the launch of an automated marketing program for advisors, called MyCMO (My Chief Marketing Officer.)
MyCMO is billed as a multi-channel communications platform fueled by original, pre-approved content produced in-house, but with a personalized look and feel.
“Advisors can upload their client list, and push go,” said Susan Theder, Advisor Group’s chief marketing officer.