Explore TAG Advisory Services’s latest blog posts, expert advice, news, and commentary. Learn more about the features of our innovative blog here.

When it comes to selling your financial advisory practice, timing is crucial. But waiting for the perfect time to sell your practice may prove costly. As we experience market volatility not seen in over a decade, you might be thinking about what’s happening to the value of your largest asset: your business. While the continuing bull market is currently still roaring, reversion to the mean is inevitable and by then it might be too late. 

If you haven’t already done so, now is the time to safeguard the value of your practice so you can remain on course for your own retirement. Retire on top and start your succession plan now. It’s an emotional milestone for sure, but one that shouldn’t be put off for too long for a number of reasons. In part 1...

Starting a new business and building an enterprise takes time, especially in the wealth management sector. Too many entrepreneurs focus entirely on building their books and realize far too late that they also need to think about a succession plan. Yet succession plans enable wealth managers to future proof and protect their businesses. This article features five important lessons learned by the founder of a firm that has counseled financial advisors and firm owners on how to navigate the succession planning journey.

We all know we should have a succession plan in place - for now, for next year, or next decade - but why is it so difficult to find the right successor for your practice? In our discussions with numerous advisors over the years, we’ve heard many reasons, among them: 

It’s Hard to Let Go

First let’s acknowledge that, especially for sole practitioners, your practice is...

We invite you to watch a video interview featuring Larry Faretta and Eric Majka, the latest successful TAG TEAM at TAG 2.0, moderated by TAG 2.0 National Sales Manager John Cadigan. Here are the highlights:

Successful longtime financial advisor Larry Faretta recently began thinking about transitioning his practice into retirement. As he said, “Age was probably the most dominant factor and motivator — the inescapable movement of the clock. It was time to start looking out for my clients...

It is often not the lack of will, but the lack of impetus that prevents advisors from their own succession planning. Sometimes all you need is a  compelling enough reason to start! Financial advisors spend their careers assisting clients and helping create plans to drive and maintain financial wellness. But just like the proverbial shoemaker, they’re not planning for their own future unknowns.

From developing financial plans, to estate planning and risk management, financial planners play...

While no one wants to think about their spouse passing away, a simple guide to what needs to be done immediately following a death can be helpful in reducing some of the confusion and uncertainty a life partner often experiences following a devastating loss. As this article points out, there are important financial decisions to be made to prepare the surviving spouse for their future, including sorting through all pertinent legal and financial documents. Your team of trusted advisors can play an important role during this difficult time, helping to facilitate prudent decisions, and shouldering some of the responsibility your spouse shared while they were alive.

Too many financial advisors are playing a dangerous game of “kick the can” with their business continuity or succession plans, whether through procrastination or a genuine fear of what that plan might look like. According to Cerulli Associates, 38% of advisors will age out of the industry over the next decade—that’s 110,000 advisors— and the Financial Planning Association finds that only around 11% of them have a comprehensive succession plan in place. And that’s a problem.

Why?...

Cerulli Associates anticipates a migration of $68 trillion to the next generation over the next 20 years. There are a number of things both parents and children should do to prepare if they expect to be part of this historic transgenerational wealth transfer.

Steps for Parents

1.   Ensure Your Estate Plan Is Up To Date

Planning for what happens to your estate after you die should be an integral aspect of your overall financial management strategy that can:

  • prevent...

Because money is often a touchy subject, families who’ve accumulated wealth and built enterprises likely don’t spend enough time considering how to discuss money with their children. To further complicate the situation, older and younger generations often have different questions and concerns about their own financial futures. This disparity—and the challenge of clear communication between generations and each side seeing the other’s concerns, needs, and perspectives—often causes issues during the transition of a family business.

This article discusses when and how to have these conversations, recommending planning a series of conversations, each with a different focus, in an environment where all parties feel comfortable sharing their perceptions and questions.

At TAG, we are often asked to advise on Transgenerational Wealth management, including Trust and Estate Planning and other wealth transfer strategies to directly benefit their grandchildren. Some clients are looking for ways...

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