The Fact: Only 25% of advisors plan to sell their practices to an existing partner. The balance of advisors either have no clear plans (34%) or will sell to an, as yet unidentified, third party (26%).

The Implications: The majority of financial advisors will look outside their practices for their exit strategy. As a result, building value into the practice will take on increased importance, including the team, technology and processes that support the practice.

The Idea: Advisors can increase the value of the practice by standardizing and automating key processes. The less the practice relies on the senior advisor, the higher the value. An operations manual is a clear reflection of the processes that are in a place in a practice. Such a manual outlines all recurring processes and procedures in the practice, identifying activities, timelines, responsibilities and associated templates. As you standardize processes in your practice, a project which can up to a year to complete, create hard copies of each process and use that manual both as an effective training tool and a concrete demonstration of value.

The Next Step: The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.AdvocisStore.ca and click on the Business Success Kit.