Secure the Future of Your Financial Practice Today

Succession planning is crucial for financial advisors and their clients. As a financial advisor, you have likely built strong relationships with your clients over many years, and they rely on you for guidance and support. Without a solid succession plan in place, your clients may be left in a state of uncertainty if something were to happen to you or if you were to retire without a clear transition plan.

At Householder Group, we understand the importance of succession planning and have helped numerous advisors in transitioning their financial planning practices over to well-vetted individuals with proven track records and expertise. We believe that clients should always be in good hands and should experience a seamless transition when their advisor retires or moves on. Our team has experience working with financial advisors to create a solid succession plan that protects their clients' interests and provides a smooth transition for everyone involved. Don't wait until it's too late to start planning for the future. Whether you’re looking to begin your transition today or interested in creating a succession plan for the future, let us help you ensure that your clients are well taken care of and that your business will continue to thrive for years to come.

Step 1: Contacting us. We will work with you to perform an independent valuation of your practice which takes into account a wide variety of information. This includes factors such as the asset makeup of your practice, the frequency of client contact, the use of technology and resources to assist with running the practice, and engagement in drip marketing with clients and prospects. Regardless of whether you plan to retire in the short or long-term, a valuation can provide excellent insight into the current state of your practice.

Step 2: Entering into a Letter of Intent (LOI). The LOI sets basic expectations for both the exiting advisor and the successor of the practice. Although non-binding, it provides both parties with an opportunity to review their transition goals and expectations, including items such as the timeline for exiting the business, the fate of current employees, and the exiting advisor’s role during the transition. To ensure continuity for clients, Householder Group retains all employees and regularly coaches and instructs new advisors brought on to the practice. We also involve the exiting advisor in the interview process to ensure a good fit with the successor advisor and the clients.

Step 3: Drafting formal documents for the transfer of the business. After an LOI has been agreed upon and signed by the parties, the formal documents contemplating the transfer of the business will be drafted. During this process, we make sure to include the exiting advisor in to ensure that their expectations are properly reflected and documented. In our transitions, every single advisor to date has received the full value of their practice and we believe it is because of our inclusion of them during this process and throughout the transition.

Step 4: Transitioning to the new advisor. Once the documents have all be fully executed by the parties we begin the transition stage. We leverage our vast recruiting network to find a successor advisor who shares the exiting advisor’s vision for the practice and the future (if a Householder Group advisor is not already nearby). Our goal is to minimize change and implement only those changes that provide added value agreed upon by the exiting advisor.

Step 5: Retirement. Householder Group hosts client appreciation events that honor the advisor who has served their clients for so long. This event serves as the final step in the transition process. At this point, the practice has a seasoned successor advisor who is committed to carrying on the exiting advisor's legacy. The only remaining question at this stage is how are you going to enjoy your time?