PLANADVISER - November/December 2022 - 36
practice management / succession
Strategic Moves
Joining a 'conglomerate' firm doesn't always aid succession planning
T
roy Hammond is not surprised when plan advisers
reviewing merger and acquisition details sometimes
change their mind about the specifics of a potential deal.
" When you start taking these whiteboard concepts and
turning them into definitive documents is when it becomes
real for people, " says Hammond, CEO of Pensionmark Financial
Group, in Santa Barbara, California. " Many times, people
look at that and go, 'Maybe I don't want that.' "
Hammond, who has helped oversee 52 transactions,
including World Insurance Associates' acquisition of Pensionmark
this spring, sees succession planning as a fluid conversation
that will ideally incorporate shifting viewpoints. Those
might range from the timing of a hand-over of clients from a
retiring adviser to a new adviser or, in the case of an acquisition,
extending or shortening the length of time the adviser
continues working under new ownership.
" For almost every single person who's selling, it's the
only transaction they're ever going to do in their entire life,
and they get one shot at it and they have zero experience, "
Hammond says. " I can really empathize with advisers;
the reason they might change direction throughout the
process is that they're learning. "
Succession planning is a key topic for many retirement
plan advisers, particularly when principals are late career.
And a smooth transition, especially when it involves the
sale of a company, can be a natural outgrowth of matching
philosophies with an acquirer, agreeing on mutual goals
and even potentially aligning interests longer term through
shared revenue agreements crafted in a deal.
When it comes to evaluating a possible purchase, the
first step in developing a succession plan for Jed Finn, chief
operating officer of Morgan Stanley Wealth Management, is
ensuring the parties' objectives and cultures fit. He points to
the acquisitions of Cook Street Consulting, for $72 billion, in
March and Hyas Group, for $43 billion, in September 2021.
" It's important that the strategic vision is the same. We
36 | planadviser.com November-December 2022 Art by Alfonso de Anda
http://www.planadviser.com
PLANADVISER - November/December 2022
Table of Contents for the Digital Edition of PLANADVISER - November/December 2022
Built to Last
Cyber Ready
Measure Your Footprint
Determinants of Profitability
Keep a High Profile
Strategic Moves
The Value of a VCOC
Retroactive Compliance Reviews
Sheri Fitts
PLANADVISER - November/December 2022 - Cover1
PLANADVISER - November/December 2022 - Cover2
PLANADVISER - November/December 2022 - 1
PLANADVISER - November/December 2022 - 2
PLANADVISER - November/December 2022 - 3
PLANADVISER - November/December 2022 - 4
PLANADVISER - November/December 2022 - 5
PLANADVISER - November/December 2022 - 6
PLANADVISER - November/December 2022 - 7
PLANADVISER - November/December 2022 - 8
PLANADVISER - November/December 2022 - 9
PLANADVISER - November/December 2022 - 10
PLANADVISER - November/December 2022 - 11
PLANADVISER - November/December 2022 - 12
PLANADVISER - November/December 2022 - 13
PLANADVISER - November/December 2022 - 14
PLANADVISER - November/December 2022 - 15
PLANADVISER - November/December 2022 - Built to Last
PLANADVISER - November/December 2022 - 17
PLANADVISER - November/December 2022 - 18
PLANADVISER - November/December 2022 - 19
PLANADVISER - November/December 2022 - 20
PLANADVISER - November/December 2022 - 21
PLANADVISER - November/December 2022 - Cyber Ready
PLANADVISER - November/December 2022 - 23
PLANADVISER - November/December 2022 - 24
PLANADVISER - November/December 2022 - 25
PLANADVISER - November/December 2022 - Measure Your Footprint
PLANADVISER - November/December 2022 - 27
PLANADVISER - November/December 2022 - 28
PLANADVISER - November/December 2022 - 29
PLANADVISER - November/December 2022 - Determinants of Profitability
PLANADVISER - November/December 2022 - 31
PLANADVISER - November/December 2022 - 32
PLANADVISER - November/December 2022 - 33
PLANADVISER - November/December 2022 - Keep a High Profile
PLANADVISER - November/December 2022 - 35
PLANADVISER - November/December 2022 - Strategic Moves
PLANADVISER - November/December 2022 - 37
PLANADVISER - November/December 2022 - The Value of a VCOC
PLANADVISER - November/December 2022 - Retroactive Compliance Reviews
PLANADVISER - November/December 2022 - Sheri Fitts
PLANADVISER - November/December 2022 - Cover3
PLANADVISER - November/December 2022 - Cover4
https://www.planadviserdigital.com/planadviser/winter_2023
https://www.planadviserdigital.com/planadviser/fall_2023
https://www.planadviserdigital.com/planadviser/summer_2023
https://www.planadviserdigital.com/planadviser/industryleader_2023
https://www.planadviserdigital.com/planadviser/spring_2023
https://www.planadviserdigital.com/planadviser/november_december_2022
https://www.planadviserdigital.com/planadviser/september_october_2022
https://www.planadviserdigital.com/planadviser/july_august_2022
https://www.planadviserdigital.com/planadviser/may_june_2022
https://www.planadviserdigital.com/planadviser/industry_leader_awards_2022
https://www.planadviserdigital.com/planadviser/march_april_2022
https://www.planadviserdigital.com/planadviser/january_february_2022
https://www.planadviserdigital.com/planadviser/november_december_2021
https://www.planadviserdigital.com/planadviser/september_october_2021
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
https://www.nxtbookmedia.com