I work in Business Development for a mid-sized independent broker dealer, and am searching on behalf of a financial advisor in Fort Worth, TX. The advisor is 56 years old and looking for two things. First, he is looking to acquire new books of business in the Dallas/Fort Worth area. This may involve purchasing the book, or perhaps utilizing our broker dealer's unique succession program. Some bullet points on the program are listed below:
• Provides up to 75% of your pre-retirement contracted rate on your recurring revenue for up to 20 years. This will often result in income 5-8 times more than selling your practice.
• You choose when to retire. It could be 1 year down the road or 10 years or more. It’s your choice.
• If you were to pass away, your beneficiaries are protected and will continue receiving payments at the same rate for up to 20 years. As a matter of fact, your immediately vested in this program as part of our Rep Agreement. That means if something were to happen to you before you actually retire, we would pay your beneficiaries accordingly.
• Your clients will be appropriately serviced to ensure retention of business and recurring revenue
Second, the advisor is a one-man shop and potentially looking to merge with another practice. This could be a peer or potentially even a junior advisor.