A successful acquisition requires advanced planning and thought. Making it up on the fly will not only risk the acquisition but the firm’s current growth as well
. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.Rarely have we met an advisor who hasn’t brought up acquiring a practice as a requisite to scaling their business. Moreover, a well-structured inorganic growth strategy can increase a practice’s value – something advisors often ignore even though it may be the most important investment they hold.
Advisors will experience an increase in client satisfaction and growth in referrals, both resulting in deeper and more meaningful relationships. Attrition rates should decline along with the cost of service – all of which are essential to growth.Advisors selling their books typically choose an acquirer based on the trust that they will serve their clients well and support their growth objectives. Industry experts estimate that each seller has anywhere between 50 to 75 buyers to choose from.
With an effective vision, an advisor can craft a standard elevator pitch that identifies their practice’s operating methodology and unique features. Articulating how the practice can create value for advisors looking to sell their books and their clients will be critical. Advisors looking to buy books of business will eventually tailor their description for each target firm, but getting it down on paper will help improve the messaging.
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