Succession Planning & Transition Support

“92% admitted that it is ‘highly or moderately risky’ to run a business without a succession plan in place.”*

*Reported by Investment News

Succession Planning

In succession planning, time is either your ally or your enemy. You can spend time planning for succession during your active business life, or postpone planning and risk losing everything when the choice is no longer yours.

The Patriot Financial Group can help you as an advisor ensure that regardless of expected or unexpected circumstances, a smooth transition can occur, and the full value for your practice can be realized. Succession planning should include the long-term goal of retirement, and also focus on unexpected events and contingency planning.

Similar to individuals who don’t plan for retirement and therefore face a greater risk of missing their retirement goals advisors who fail to begin planning early enough risk jeopardizing a successful transition. Without a plan in place, you may not realize full value for your practice when you’re ready to transition or sell, especially if you’re forced to leave the practice due to unexpected circumstances. Transitioning a practice under pressure doesn’t allow you to properly investigate options and alternatives, and can put you at a real disadvantage in negotiating the terms of a sale or buyout.

Whether you are interested in selling your practice in order to start your succession plan or are looking for the right team to start the process of filtering your client groups through segmentation, we can help guide you in finding the right team on your terms so that the transition is as smooth as possible.

Transition Support

We are beside you every step of the way and are 100% committed to your success which includes the initial transition. Part of this process will include learning about the forms and systems you will use and the legal and regulatory requirements for your transition, as well as the products, services, and support available to you.

Phase 1: Preparation

  • Discovery meeting
  • Compliance review & approval
  • Office setup overview
  • Technology subscription form
  • Insurance appointment paperwork

Phase 2: Readiness

  • Strategic planning sessions
  • Registrations paperwork including U4
  • Introduction to the management team
  • Supplied assistance with populating forms & keeping the transition moving & on track
  • Marketing materials submitted and reviewed (stationary, website, social media)
  • Resignation best practices and protocol
  • Insurance appointment paperwork

Phase 3: Integration

  • Data transfer support
  • Announcement to clients
  • Execute re-papering plan

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