Transitions can be challenging for any organization, especially when managing relationships during the succession or sale of an advisory firm. However, as advisors shift to an independent wealth advisory business model due to its unconflicted nature and ability to provide valuable services to clients, mergers, acquisitions, and partnerships are becoming more prevalent. What factors do owners need to understand when selling their business, and how can they navigate the challenges that come with the transition?
“The only thing worse than providing bad advice is delivering great advice that’s not acted upon. That comes down to trust, which is why the independent wealth advisor business model being unconflicted is the right way to provide service to clients.” ~ Justin Ferri
In this episode, Steve talks with Justin Ferri, President at Buckingham Wealth Partners. Before joining Buckingham, Justin was a managing director of Focus Financial Partners, responsible for business development and acquisition activities with an emphasis on identifying and partnering with top advisors and independent RIA firms. Today, Justin focuses on forward-looking strategies, vision, and growth for Buckingham’s advisory teams and client experiences. He is proficient in building growth-oriented businesses, focusing on recruiting, motivating, and leading highly creative and productive teams.
A seasoned financial services executive with extensive management and leadership experience, Justin talks with Steve about managing relationships during times of transition. He also shares the decision points when considering succession or sale of an advisory firm, what influences valuation and how potential sellers can maximize their value, and how leaders can navigate the challenges of business transitions.
- Justin Ferri on LinkedIn
- Justin Ferri on Twitter
- P. Morgan
- Merrill Lynch
- Focus Financial Partners
- Adam Birenbaum
- Alex Potts
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For 25 years Steve has helped advisors get into the RIA space and/or helped them grow by developing and sharing a variety of client experience best practices. Steve was an original architect of Buckingham’s Design | Build | Protect® client experience process along with the Life Discovery and Feedforward programs. Steve is also an author of The Wealth Solution and 27 Principles Every Investor Should Know. He is also the host of the Admired Advisor podcast. Steve is a graduate of the University of Nebraska at Omaha with a Bachelor’s in Finance and Investment Banking. Steve lives in Edwards, CO and enjoys spending time with his daughters skiing in the winter or golfing in the summer .