Financial Advisor Succession Solutions Focused on Building Relationships

Significant change is on the horizon for the financial planning market.

Consider this: An estimated 37% of financial advisors are expected to retire¹ over the next 10 years, yet one out of every four do not have a succession plan in place.

Those who are actively planning are often faced with one of two decisions: Recruit capable advisors from within their own wirehouse to take over their practice, or search externally. One focuses on building relationships with potential advisors you likely trust and have built up a solid rapport. The latter calls for searching beyond familiar faces and networks – and it comes with unknown risks.

In a recent case study conducted by LPL Financial, former colleagues – and long-time friends – Pat McQuilling and Mike Ashworth built a profitable succession plan through a combination of timely synchronicity and help from LPL’s Strategic Wealth Services.

McQuilling had been focused on his succession plan for several years before he attracted potential buyers. But, with all of the potential unknowns and risks, it was difficult to decide on the best scenario. He was looking for someone he could trust. Then, a reliable recommendation from someone in his LPL network led him to Ashworth. “I had no doubts about his credibility or work ethic. It felt like it was the right fit at the right time,” said McQuilling.

With Strategic Wealth’s advice and unwavering support, McQuilling was on his way to mapping out a future both he and Ashworth could count on.

“Being able to bring in the experienced professionals who are already on your team – it has exceeded my expectations,” McQuilling says. “To the extent you want LPL to take care of things for you or run the show, they’ll do it and take all the headaches off your plate. I have found them to be a fantastic business partner.”

Learn more about how the two melded their practices together.