Succession Planning for Financial Advisors
PAG helps you plan for the future.
PAG Internship Program
Private Advisor Group, in collaboration with LPL Financial, has designed a custom Learning Plan and certification program for college students who are intelligent business or finance majors. This certification program is an online course that educates the student on some of the basic workflows found in our independent advisors’ offices. Once they complete the certification, we market them to the advisors in our network as qualified candidates for summer or winter break internships. This allows our advisors to gain access to smart, enthusiastic and eager students that might be a fit for their firm in the future.
Succession Planning for your Financial Firm
Private Advisor Group recognizes that many of the independent advisors in our network do not have an exit strategy for their business. To this end, we help in a few ways. We provide our advisors with access to business valuation software through one of our Strategic Partners. This software will lead them through a series of online questions and then provide them with a detailed report outlining what the value of their practice is today and what they need to do in order to drive the value of their practice up for tomorrow. The output delivers actionable items and levers the advisor may do today to assist in getting the most out of their business when it is time to sell.
In addition, with over 550 advisors in our network, we are in the know when any of our advisors are seeking to buy or sell their practice and can act as matchmaker to ensure the best possible fit for both the advisor and the clients.
Advisor Protection Program
For advisors in our network that do not have any formal plan currently in place, we designed the Advisor Protection Program. This program is a stop gap measure for an advisor should he or she suddenly die. It helps plan for the unexpected and ensure your clients and family are taken care of should something happen to you.
|WHAT IS THE ADVISOR PROTECTION PROGRAM?||Private Advisor Group will offer any advisor in our network the opportunity to enter into a buy-sell agreement where Private Advisor Group will pay your beneficiary double your trailing 12 month advisory revenue should you die.|
|HOW DOES THE PROGRAM WORK?||An advisor will sign a buy-sell agreement with Private Advisor Group. Should the advisor die, Private Advisor Group will pay the designated beneficiary—over the course of four years—the specified amount (double your trailing 12 month advisory revenue).|
|WHAT WILL HAPPEN TO MY CLIENTS?||With over 500 advisors in our network nationwide, Private Advisor Group will seek to match your clients with an advisor in close proximity, whose business model, investment philosophy, and specialized services are most similar to yours and best suited to their needs.|
|WHAT IF MY CLIENTS GO ELSEWHERE?||Private Advisor Groups assumes all the risk and will pay your beneficiary regardless of whether your clients and assets leave the firm.|
Note: Buy-sell agreement includes all advisory and brokerage assets. Payout is based on double advisory business only.
If you don’t have a succession plan in place or any of these programs is intriguing to you, please call us now for more information.