Financial Planning & Succession Peter Fysh, Principal Make an enquiry

Succession planning for financial planning businesses.

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Succession planning: issues to address.

One of the biggest issues for Financial Planning businesses in Australia is what the Succession Solution will be for the business.

With an average age of 57 years, advisers need to consider what their options are well before they decide to retire. In some cases that decision may come earlier than planned if unforeseen circumstances, such as ill-health, occur.

Having certainty about their exit strategy is something that Principals are concerned with. The fact is, most Principals do not have a fully funded Succession Plan in place.

Selling a planning business is a very sensitive issue, particularly when it comes to handing clients over to a new owner. There is also the issue of staff who have worked with clients for many years, and who, unlike the Principal, may be keen to continue to work in the business. Have their needs been addressed in the Succession Plan?

Other questions that need to be addressed in developing a Succession Plan include:

  1. At what stage do I start putting a plan in place?
  2. Is the Practice “Principal Dependent”?
  3. Is the business corporatised?
  4. What value do you place on the business?
  5. Are you in control of your destiny?
  6. Am I selling just the clients, or the business as a whole?

How we can help.

Financial Planning & Succession is able to assist businesses, including:

  1. Assist in formulating a succession plan
  2. Develop the appropriate timeframe for the initialisation of your Exit Strategy
  3. Make certain that staff and clients are provided for in your Succession Plan
  4. Generate the highest measure of profitability for you and your company
  5. Assist principals with their acquisition strategies

More about our services

“It wasn’t just about the sale price.”

Critical to my plans was the issue of who would be managing my client’s financial affairs and investments upon my eventual retirement. There was also the issue of my staff, and how they too could be looked after within my succession plans. Thankfully Peter was able to provide solutions for both these key issues.

Peter McAuleyPrincipalRead the full testimonial
Peter Fysh

Peter Fysh, Principal.

With over 23 years in the Financial Services industry, Peter understands the issues that Principals are facing, particularly with increased Regulatory controls being applied to the planning industry.

After a successful career in the Financial Services industry, working for some of the larger companies, Peter established Financial Planning & Succession Pty Ltd in 2008, to assist Financial Planning businesses with their succession plans.

More about Peter

From the blog.

All presentations and articles
Article
30 March 2016 Succession planning also involves your staffYour key staff may plan to keep working long after you retire. A good succession plan has to work for them too. Feature
5 July 2013 The need for a succession strategyWhy exit planning should start three to five years out, and how buyers and banks were starting to value advice businesses on profit. Talk
13 April 2010 Tips and traps in buying and selling a planning businessPeter's talk outline from the FPA Western Sydney Chapter breakfast, for buyers and sellers.

Talk to Peter about your succession plan.

Send Peter a few details and he will get back to you. Or call him directly.

0417 524 733

Prefer to talk? Call Peter on 0417 524 733.