While there are multiple key non-financial reasons advisors move firms, Financial Advisors, by nature and definition, also consider how a transition will impact their financial well-being and personal wealth.
The financial recruiting package is a key, but just one aspect of the total financial consideration advisors need to analyze. True payouts after haircuts, client retention, ticket charges, office and staff, all impact the total financial package.
Your timeline to retirement is also a major financial factor in choosing the right firm. Will you be looking to retire in a few years or in a decade? Depending, there are financial strategies allowing you to monetize your practice in a way that maximizes your personal wealth and your own retirement nest egg.
Is growth your AUM through acquisitions an important growth strategy to you? Then you’ll need to have the right partner firm that can not only help you find practices to buy but help you with financing those acquisitions as well.
We recommend that you establish your initial firm choices for consideration based on the best overall financial situations available (not just the deal) and then narrow the field from there based on the culture you best match and your comfort level after due diligence.
Call Advisorbox to confidentially discuss recruiting options, holistic financial considerations of a move, and how to effectively monetize your business through recruiting packages or selling.
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