The firm also teamed up last year with Dynasty Financial Partners to launch Mariner Platform Solutions, allowing independent practices to use its back-office services while retaining full equity. Representatives for Leonard Green declined to comment on the deal. The three PE deals by competitors and the Dynasty transaction were part of 26 minority-stake deals in wealth management in , according to Echelon. The potential downsides of selling a minority stake resemble those of selling a majority one, Armitage continues. Either move could undervalue the selling firm, or the sellers may not fully grasp the implications of the deal on their overarching strategic decisions, she notes.
Creating a Business Plan for Your Financial Planning Practice
Our goal is to connect people with the best local experts. We scored San Diego Financial Advisors on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best. Grace Wealth Management Group, Inc. The company has more than two decades of financial planning experience.
Over time it's not uncommon for an advisory firm to accumulate a number of clients with widely different situations and needs. Does your firm have a niche or are you trying to develop one? It's important to identify the types of clients you want to focus on going forward and to be sure your firm is set up to serve those clients in the best manner possible.
The wealth management business as we currently know it is far less mature than the accounting or legal professions. With less history than the accounting profession, the financial planning or wealth management business is still evolving into a profession that can be broadly respected and somewhat consistent from practice to practice. How that relates to the wealth management business inside an accounting firm is an interesting paradox.