Global Financial Private Capital has announced a new succession and business continuity program for partner advisors.
It was developed in conjunction with Advisor Growth Strategies, a practice management consulting firm, and MarketCounsel, a business and regulatory compliance consultancy.
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The program offers two unique programs from which advisors can choose the appropriate business continuity plan to protect the value of their advisory business. The first ("Advisor to Advisor Continuity") helps advisors locate either an internal or external successor from the Global Financial network, with whom they subsequently create a continuity agreement through turnkey support provided by Global Financial’s partner firms.
The second, called "Legacy Lock," is an exclusive, new-to-market program within the financial services industry that offers advisors a compelling backstop program to protect their business, instead of having to find a successor and create an agreement themselves.
Geoffrey A. Frazier, president and relationship director of Global Financial, said: "Our goal is to help advisors make informed decisions that will help protect their clients, employees, and families. It is estimated that more than two-thirds of advisors have not established a true business continuity plan, whether it’s because they don’t have the time needed to develop a comprehensive program, have trouble finding the right successor, or cannot meet the cost of insurance or creating an agreement."
John Furey, principal and founder of Advisor Growth Strategies, said: "We are very excited about this program. Global Financial is taking a leadership position by making a material investment in their advisors. The Legacy Lock option is an innovative feature that we believe will have a serious and positive impact on the advisory space."
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By GlobalDataThe program also includes custom services for the sale and transition of advisors’ businesses. Global Financial will help select a "like-minded" advisor in their network who’s interested in purchasing an advisor’s business, at which point they–along with Advisor Growth Strategies and MarketCounsel–will provide turnkey support in developing a mutually accepted transaction.
Frazier added: "These offerings help ensure that advisors receive fair market value for their business. Most importantly, they will allow advisors to sleep soundly knowing their clients will continue to receive the high-touch quality of service they have come to expect from Global Financial."
