succession planning

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We understand the common objective shared by many financial advisers: the desire to amplify the value of their business before retirement. This aspiration is both admirable and strategic, yet often raises the crucial question: where do you start? Succession Planning is not merely about passing the baton; it’s a meticulous process that involves strategic foresight, financial acumen, and a deep understanding of your business’s unique dynamics. At Futuro, we specialise in guiding advisors through the complexities of succession planning, aiding them in crafting a robust strategy for their eventual exit. We navigate through the essential steps and considerations in your succession journey, ensuring a prosperous future for your practice.

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Did you know?

Did you know around 2/3 of young businesses (less than 5 years old) don’t have an up-to-date succession plan?

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Futuro Value Drivers

Our extensive experience has shown that with a well-defined plan and diligent execution, advisors can effectively double their business capital value within the five years leading up to retirement. Central to this achievement is a focused effort on enhancing the value drivers within your business.

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Formal strategic plan with clear accountabilities

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Leverage staff structure

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Compliance mindset & behaviours

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Strong understanding of cost to serve & appropriate pricing

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Strong processes and willingness for continual process improvement

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Willingness to change & adapt

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Referral process with clients

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Centres of influence relationships & referring

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Owners maximising the use of their time with high value clients & developing market opportunities

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Open to maximising technology

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Succession Planning with Futuro

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How We Support You

1. Business Coach

Work with our experienced business coach to craft a tailored strategic plan for your succession journey. Our dedicated coach will work closely with you to understand your unique objectives, challenges, and aspirations, ensuring that the strategic plan aligns perfectly with your vision for the future of your practice.

2. TBC

Build relationships with like-minded professionals, and enjoy product and business education at our adviser network meetings.

3. Technology

Unlock the full potential of Xplan with our comprehensive training and support, available at no cost. We provide expert guidance and extensive resources to ensure you make the most of Xplan’s features. Our dedicated support team is here to help you navigate the platform and utilise its tools effectively. 

case study

Succession Planning for Financial Adviser Practices

1. Initial Engagement

Peter, the owner of a successful financial advisory practice, approached us approximately two years prior to his planned retirement. His main concern was the future of his business after his departure.

2. Lack of Succession Plan

Upon our initial assessment, we discovered that Peter had no succession plan in place. This absence posed significant risks to the continuity and stability of his practice.

3. Tailored Strategic Succession Plan

Our team collaborated closely with Peter to develop a customized succession plan tailored to his business needs. This strategic plan included identifying potential successors, establishing a transition timeline, and implementing training programs to ensure a smooth handover.

4. Successful Retirement

Thanks to the comprehensive succession plan, Peter retired stress-free. He had peace of mind knowing that his business was well-prepared to continue thriving under new leadership, ensuring continued prosperity for both his clients and employees.

This case study exemplifies the importance of early succession planning and the positive impact it can have on the longevity and success of financial advisory practices.

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HEAD OFFICE

Visit Us

Level 3 240 Queen Street | BRISBANE QLD 4000

Postal address

GPO Box 942 | BRISBANE QLD 4001

Contact us

P: (07) 3018 0400 | E: info@futuro.com.au       

opening Hours

Mon-Fri: 8.30am - 5.00pm | Sat-Sun: Closed