In this episode of Building the Billion Dollar Business, Ray Sclafani discusses the critical importance of succession planning for financial advisory firms, particularly in light of the impending retirements of senior advisors. He explores the role of mergers and acquisitions (M&A) as a strategic option for succession, emphasizing the need for a clear understanding of the motivations behind pursuing M&A. The episode highlights the challenges firms face in planning for the future, the significance of human capital in successful acquisitions, and the importance of intentional growth strategies. Sclafani concludes with coaching questions to help advisors reflect on their strategic goals and succession plans.

Key Takeaways

Less than 40% of RIAs have a written succession plan.
Only a third of RIA leaders are confident in succession.
Acquisition will not address your human capital needs.

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Before Taking Any M&A Action, Make Sure To Know Your ‘Why’

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