PLANADVISER - January/February 2022 - 17

work out the transition's details. Then, the
company helps the firm with its valuation,
and its legal team provides guidance and
the documentation necessary to put the
plan into operation.
The Next Generation
Grau says his firm has seen increasing
demand for its services-and growing
interest from potential successors.
" We seem to have many really good
next-generation advisers out there who
are willing to, or who would rather, buy
into and build on top of an existing business
than hang their shingle out and
start from scratch, " Grau says. " You can't
have a succession plan without next-gen
talent. "
Mark Contey, chief business development
officer at LaSalle Street, which helps
adviser
clients
successors, says such transactions can be
a great deal for both parties.
" The plan adviser space is a great way for
young advisers to enter financial advising,
[when] they come into an existing practice
that's generating revenue and has the
ability to support someone for a few years
economically, " he says.
LaSalle Street also helps finance succession
deals by offering zero-rate loan transition
packages to clients. " It helps us recruit
and find some potential successors or
junior advisers to come into a practice, and
it helps the retiring advisers because they
know that LaSalle is the bank, and you
talking points
Gone Fishing
Americans reassessing their work demands vs. leisure
may be contributing to employee shortages.
66%
say they're
interested in
switching jobs
55%
Source: Personal Capital, with The Harris Poll
know someone who
quit a job because
of " YOLO [you only
live once] "
connect with potential
don't have to go out and find a third-party
lender and pay a double-digit interest rate. "
Some larger firms are also launching
products and services to help independent
advisers thinking about what will happen
to clients and staff once they move on
from the practice they built.
This past October, for example,
James
Raymond
unveiled
" Practice
Exchange, " a succession planning platform
for that firm's advisers. The cloudbased
tool, powered by FindBob, provides
advisers with M&A software, prospective
buyer/seller matching and other succession-planning
education materials.
Finding the Right Successor
The challenge of locating a good match for
the exiting team leader may be more difficult
for plan advisers than some other business
owners, given the specialization and
regulation in the field, says Alex Reffett,
co-founder of East Paces Group. " We help
advisers build an infrastructure template
and get their assets in order. Then we have
a transition period where they can offload
the work and have our advisers take over,
so they can sunset their leader. "
While it can help to work with a
specialist in succession planning, those
who perform those services for other
professional firms can also assist, Goodrow
says. " A solid, private-company corporate
lawyer can help quarterback the plan
toward an exit. Your first call shouldn't be
to the business broker. " -Beth Braverman
➜ John Hancock
Investment
Management named
Andrew Brosco as a
managing director,
defined contribution
investment only specialist,
for its central territory.
➜ The Retirement
Advantage Inc. has
acquired The Law Offices
of R. David Danziger,
of Southampton,
Pennsylvania.
➜ SageView Advisory
Group executed
definitive agreements
with Capital One
Investing to acquire
investing client portfolios
with $900 million in assets
under management.
➜ Annie Chor Joyce
was named head of
environmental, social and
corporate governance
for Amundi U.S., the U.S.
business of Amundi, an
asset management firm.
➜ Aon hired Doug
Melton as its new global
analytics and actuarial
leader, health solutions.
➜ Global law firm K&L
Gates LLP welcomed
Victor Chang as a
partner in the benefits,
employee stock
ownership plans and
executive compensation
practice area.
planadviser.com January-February 2022 | 17
➜
http://www.planadviser.com
PLANADVISER - January/February 2022

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