$200MM AUM | $2MM Rev in
Walnut Creek, CA
A once in a lifetime opportunity for a qualified hard working advisor/firm to own a $200+ Million AUM firm with over $2 Million a year in revenues, with no out of pocket money.
We currently pocket about $1.6 Million between the two partners and this would become the successor's after a full and successful transition.
WE WILL NOT BE TALKING TO ANYONE WHO DOES NOT OFFER US WHY THEY ARE A GREAT FIT on EACH of the below items.
Since we'll be entrusting our firm and its clients to the successor advisor/firm, this opportunity will only come to someone who doesn't believe in taking sick days off, who is willing to work VERY LONG weeks and days, and who has no quit in them to achieve success. Someone who has a mind-set of persevering over all and any obstacles.
My business partner and I are looking to bring in a successor advisor/firm who will, over time, be rewarded with ownership of our firm (an S.E.C. registered RIA). It took us our two lifetimes (66+ years combined) to build it and we are willing to share it with a successor in less than a fifth of the time it took us.
We are SEEKING ALL THE BELOW:
1- To be 100% transparent, we are looking to EXIT and receive compensation into the 8 figures by going this route. The reason we are going this route of finding a successor is because we feel it would pay us more in the long run, so we need someone who is willing to work the long game (10-15 years) in order to receive the reward (ownership in the firm). We know how much we can get if we sold the practice today so we are evaluating if we can find a successor to follow this path instead.
2- Our successor must serve our clients' needs and keep the same systems in place, or improve them, so there is minimal disturbance to the clients.
3- It would be best if the individual/firm we bring in has AUM so that there is additional value added into the firm when they join. We custody our clients' assets at Fidelity and Schwab.
4- We are a 100% fee based firm utilizing Indexes and MFs and wish for the future of the firm to remain as-is. No selling annuities, insurance, long-term care and such other products will be offered through our firm, and no stock picking either! Our firm believes in planning, utilizing Monti Carlo, and following prudent investing strategies.
5- Our clients will need in-person meetings and we are located in the East Bay of the San Francisco Bay Area. So, we need someone who will be in the office DAILY when California opens up.
6- Please share your educational background, where you graduated from and what your degree was in, work history/positions, as well as who you have been working with as clients.
7- Our successor must have a proven record in closing deals with prospects. Please share your qualifications and closing/sales history, AUM, revenues from current practice, etc. It is best if you have been around for a little while but not too long, and it is also best if you work well with older retired clients in the 50s, 60's 70's, 80's and even 90/100!
8- Share with us why you fit this statement: "doesn't believe in taking sick days off, who is willing to work VERY LONG weeks and days, and who has no quit in them. Someone who has a mind-set of persevering over all and any obstacles".
9- We expect whomever joins us to continue to bring in new business and to grow the firm. Please share how you would do this (excluding from client referrals). Please share what experience you have in marketing, sales, etc.
10- We are not the type to baby you and we are extremely driven and VERY DIRECT. We have no tolerance of anyone who is not a high achiever and expect a 100% commitment to the clients' and the firm's success. If you tend to get your feelings hurt, then we are not likely a good fit.
11- Ownership interest must be earned through hard work and commitment, as well as proving your success as a successor. These parameters will be set and the ownership will be granted in tranches, starting after some time of proven success by the successor.
12- A great successor will have great working knowledge of investing, financial planning, tax and estate planning. Please share with us what you have actually worked on in these areas and which areas are your weakest.
Thank you for your interest and we look forward to hearing from you.