In this 1 Minute Q&A, Todd Doherty, one of our M&A Experts answers the question: What are some trends you are seeing in Financial Advisor Succession?

Service Overview

In-Depth review of your practice to empower specific decision-making

The In-Depth Practice Assessment involves three different processes. The first is a Business Valuation conducted by our M&A experts. In this process, we help you determine the fair market value of your practice and the key factors that are influencing its price. The second part is the Human Resources Evaluation where an HR expert will do a complete audit of your practice to determine if you are compliant with applicable state and federal regulations. The third and final part is our Operational Evaluation conducted by our Practice Management team who will perform a deep-dive into the day-to-day aspects of your practice.

Key Areas Addressed

  • Vision & Foundation
  • Team Management
  • The Client Experience
  • Business Management
  • Client Acquisition
  • Continuity & Legacy Planning

Service Provided

Put our team of experts to work for you! In our In-Depth Practice Assessment, our diverse panel of experts help you see your practice in new ways. Many advisors have developed tools, systems, and client relationships that are neither scalable nor transferable. A world-class advisory practice must be built as a business - one with distinct processes, roles, communication, documentation, strategic planning, and longevity. The business must have systems that can be repeated to consistently deliver value and increase capacity for growth.

The In-Depth Practice Assessment was designed to help advisors think like CEOs. We begin with a valuation because it is imperative for advisors to measure the value of their business and to think about the daily decisions that impact its worth.

The HR Evaluation helps to ensure that you have enforceable policies in place to protect your business, incentivize your staff, and maintain the required records.

Our Practice Management Team looks at the specific day-to-day operational activities that help or hinder the productivity of the practice. They analyze the division of work among the team, internal communication, systems, use of technology, and many other logistical aspects of the practice. The purpose of this investigation is to assess the practice's capacity to provide consistent and exceptional client service efficiently.

Parties Involved

Advisor (Business Owner), Key Team Members from the Practice, Our KMG Legacy Planning Experts, Our KMG HR Team, and Our KMG Practice Management Team

Length of Engagement

Duration: Approximately 8 weeks

Meetings: 60-Minute Consultation to review the Business Valuation, 30-Minute Interviews with up to five key team members, Presentation of Final Recommendations

Expected Outcomes

Advisors will walk away with action items to enhance their practices.

Specifically, our In-Depth Practice Assessment provides:

•A detailed review of your practice
•Customized recommendations
•Written reports that summarize findings
•Personal consultations to discuss insights and action items

An advisor should have clarity and confidence when making decisions about his/her practice.

How To Purchase