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Financial Advisors

Financial Advisors

So, here’s the scene. You just finished a financial review with a couple who came in about six months after the husband retired from his position as a senior executive at a local IT company. His wife also retired the year before after 25 years in education. As they are leaving the office, you notice that they both look about 10 years younger, they have a giddy-up in their steps and they both have this rather impish grin on their faces. You’re thinking to yourself… “Hmm, I’d like to be like them someday…” Now, replay this scene over and over and well, you get the point. You want to retire someday, too! But, how does a financial advisor exit their business? You can’t just say to your clients in December that, “I’m retiring soon and my last day at work will be June 30….” To do this right, you have to plan way ahead by locating potential buyers, possibly coordinate an intra-office succession plan and making sure you address the all-important legal and tax issues that are involved in a transaction.

How can Ranney Coaching & Consulting help you in this process? Most importantly, my expertise comes from real first-hand experience. First, as an owner of a Broker-Dealer/RIA, I observed and consulted with advisors all over the country who were selling their practices. Some transactions went very well, and some not so well. Second, after almost 30 years as a financial advisor, my wife and business partner sold our well-known practice to a local advisor and stayed on for a one-year transition. Overall, the transaction went very well and we are both excited about the new adventures that lie ahead of us.

As a coach, I will help you explore important issues involved in the decision to retire including: What will I do when I exit the business? How will this impact the relationship with my spouse/partner/family? Can I afford to do this? How will my clients react, and what will my identity be when I leave the business? There are a lot more issues that you need to explore before you move forward, and that’s where the value of a coach comes into play.

As a consultant, I can help you align yourself with the best advisors and professionals to help you navigate the actual transaction. Plus, I can be your trusted and experienced confidant through the whole process so you, your firm and your clients have a positive experience with your successor.

Being aligned with your personal goals, values and interests before and after you leave the business are key components to a successful retirement. Remember, you have helped your clients reach their financial goals and life dreams… you deserve to do the same.