For the past few months we have been going through our archives at No More Practice Education, looking at shows we made way back when, and thinking about the challenges advisers have faced over the past 10 years. It’s been a valuable experience to think about the issues you’re facing today, versus the ones of the past.
One of the biggest differences between now and when we filmed our first series back in 2010, is the fact that back then, there was a flood of financial planning practices selling off non-commission clients, and a whole bunch of very motivated buyers looking to snap them up.
This dynamic led the first two advisers who participated in the series to secure incredibly profitable sales for their businesses.
While today, there is not the same demand to buy that there was seven years ago, there is a need for advisers to grow profitable, streamlined practices, that could easily be transferred to a new owner when the time comes.
With all the focus on legislation, education standards and a changing economy, we have not lost sight of the fact that advisers work incredibly hard every day to build their businesses and serve their clients.
This hard work should be rewarded with a profitable transition when the time comes. With this in mind, it’s interesting to go back into our Vault and note some of the tips given to our advisers who went through the sale process.
Much of that advice rings as true today as it did back then. It’s also advice you could use to prepare your practice over the longer term for a profitable transition. Succession planning is as important as ever to advisers, and bringing on the next generation of financial planners is just as critical, as this will ensure Australians have access to high quality advice over the long run.
So enjoy The Vault. Watch this at night before bed (that’s what I do at least!) and think about the challenges our advisers faced, and what recommendations they took on. I know these lessons can be applied to your practice so you can learn from others who have come before you. Enjoy your unlimited access to the No More Practice Education Vault.
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Until next time,
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