A technology company and financial advisory business consultant are partnering to help RIAs with growth and succession planning, the two firms announced today.

TradePMR, a firm based in Gainesville, Fla., that provides technology and custodial services for RIAs, is collaborating with FP Transitions, a succession planning consultant for financial advisors based in Lake Oswego, Ore., to enhance growth potential and succession planning for RIAs.

The collaboration will give advisors on the TradePMR Fusion platform, an advisor workstation, access to integrated practice management and tailored consulting service tools.

“This new collaboration is designed to help ensure that breakaway brokers and existing RIAs establish the ideal entity design, organizational structure and modern compensation system in an effort to build a sustainable, enduring independent advisor business,” the two firms said.

“The issues advisors face today are complex and [they] are best served by a team that can take the time to develop a deep understanding of what makes each firm unique,” TradePMR founder and CEO Robb Baldwin said in a statement. The teams at the two firms agree that advisors need enhanced services to tackle the challenges of growth … and eventually succession.

The firms cited data from Cerulli Associates that said at least 26,000 advisors will retire by 2030 but have no succession plan in place. Succession plans can take up to 15 years to design and implement. “Our data suggests that firms that have implemented succession plans have seen significant increases in value,” said Scott Leak, director of business development for FP Transitions, in a statement.

The partnership will provide advisors with certified valuations, custom benchmarking, and one-on-one coaching to assess, protect and grow the equity value of their businesses, as well as analytic and legal guidance for firms creating next-generation ownership pathways, the two firms said.