Advisor Talk is a podcast by Elite Consulting Partners focused on financial advisor transitions, recruiting and long-term growth strategy.
When Should a Financial Advisor Change Firms?
We talk a lot about not making a move just for the money. And that is still true. But what happens when the difference between two firms is not a few thousand dollars but $9 million? At what point does the math become impossible to ignore?
Sometimes the money IS the right reason.
And pretending otherwise might be the most expensive mistake you ever make.
In this episode of Advisor Talk, Frank LaRosa and Stacey Frank take a hard look at why advisors with high AUM and lower revenue are sitting on one of the most powerful negotiating positions in the market right now, and why too many of them are walking away from life changing money without a good reason.
Frank breaks down the unicorn recruit concept, how asset based transition deals are creating massive opportunities for advisors whose AUM far outpaces their revenue, and why the transition window right now is unlike anything the industry has seen in decades.
He also explains why advisors should think like their wealthiest business owner clients when evaluating an opportunity, what they can do with that capital to grow their practice faster, and why getting a monster transition package is not selling your business but monetizing it without giving anything up.
Questions answered in this episode include:
What is a unicorn recruit and why do some advisors have more leverage than they realize?
What is the difference between an AUM based deal and a T12 based transition package?
Why are transition packages and practice valuations at all time highs right now?
Is it okay to make a move primarily because of the economics?
How can a large transition package help an advisor grow their business faster?
What should advisors be thinking about before a market downturn hits?
How do you know if you are leaving money on the table by staying where you are?
Key Highlights:
00:00 – The $9 Million Gap: When Money IS the Reason to Move
01:04 – Welcome to Advisor Talk
02:20 – Why Most Firms Look the Same and Where the Difference Really Is
05:00 – The Unicorn Recruit: AUM Based Deals vs T12
09:00 – The $9 Million Question: When Economics Has to Come Into Play
13:00 – Think Like Your Wealthiest Business Owner Clients
27:14 – How to Reach Frank and Stacey
Learn more about Elite and our resources:
Elite Consulting Partners | Financial Advisor Transitions: https://eliteconsultingpartners.com
Elite Marketing Concepts | Marketing Services for Financial Advisors: https://elitemarketingconcepts.com
Elite Advisor Successions | Advisor Mergers and Acquisitions: https://eliteadvisorsuccessions.com
JEDI Database Solutions | Technology Solutions for Advisors: https://jedidatabasesolutions.com
Elite Wealth Management Insights Report: https://eliteconsultingpartners.com/insight-report
Listen to more Advisor Talk episodes: https://eliteconsultingpartners.com/podcasts/
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