When an associate expresses an interest in becoming a partner in your practice, avoid becoming too generous with the equity of your business. Consider the qualities of the candidate and the needs of your firm
How to add value to your business by partnering with another advisor
No matter how simpatico you may feel about your partnership with another advisor, it’s crucial to plan for the possibility that your relationship will encounter rough waters if and when you decide to part. Reduce the friction by planning ahead
Working with a partner means choosing a team structure
Make sure your partnership agreement anticipates a full range of situations — and what to do about them
Clearly defined relationships, from compensation to cost-sharing will help ensure your team is free to focus on the clients
The best way to prevent a difficult team breakup is to have a formal partnership agreement in place; otherwise, a positive attitude and a commitment to fairness can make things easier for all involved
Silo partnerships vs professional ensembles
An advisor who would like to combine his resources with several other advisors at the same firm asks “Coach’s Forum” if forming the partnership, which will also allow advisors to reduce their individual expenses, is a worthy endeavour