Asking questions about compliance, checking for regulatory complaints and ensuring your services match client expectations are important steps when buying another advisor's book.This is the first article in a series about succession planning and acquiring books of business. Look for the second article next week.
“Sometimes, the quick win of getting more assets and managing more money puts the long-term viability of your business in jeopardy,” Mr. Lichtman says. Before making that purchase last August, Mr. Lichtman had planned to take over a retiring advisor’s book and offer clients more financial planning services. But that arrangement went awry as the retiring advisor couldn’t pinpoint a date for the transition. He notes that sometimes sellers can get cold feet because they built client relationships for decades and may be reluctant to let go.
Christian Battistelli, CFP with Unified Advisory Group at Assante Financial Management Ltd. in Markham, Ont., purchased 32 households in June as part of a larger purchase with his partners. In 2022, they also purchased a book from Mr. Battistelli’s mother-in-law, who was also at Assante. Over the years, he’s been approached by other sellers but didn’t see a natural fit. “They were insurance-only practices with limited planning and client engagement,” he says.“In my experience, that’s not necessarily well received,” he says. “If clients are comfortable doing things a certain way, they want to continue doing things that way. Any changes need to be handled carefully and slowly.”
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