The financial advisory industry is facing unprecedented change as succession, consolidation, and private equity reshape the landscape. Tyson Ray and Kim Cochenour sit down with Wealth Enhancement Group’s Dean Smith to explore what’s driving the surge in M&A activity.

If you’re an advisor wondering how retirement and succession will impact your future or why you may be underestimating both the value of your business and the complexity of succession, this conversation is for you.

• Co-hosts Tyson Ray and Kim Cochenour are joined by Dean Smith of Wealth Enhancement Group to address an unprecedented industry change.
• One of the biggest shifts happening in the financial advisory industry right now is the convergence of advisory retirement, the increased M&A activity, and the surge of private equity interests.
• Dean goes over his backstory, what drives him, and shares his thoughts on what he has seen across the industry, both in terms of advisor retirement and consolidation.
• For Dean, the influx and M&A in the financial advisory industry started in 2015 and is driven by two things: the desire for succession planning, and the fact that scaling matters.
• Some advisors choose to stay for 3-5 years post-deal. They often feel like they’re having fun again.
• Tyson, Deal, and Kim touch upon some noteworthy industry trends.
• Dean has noted that “Many advisors are underestimating the value of their business and the complexity, but many of them also underestimate the complexity behind true growth.”
• “There are a lot of advisors out there that are losing so slowly they still think they’re winning, because market growth masks the reality of what their practice is really worth,” says Tyson.
• Dean lists the qualities ideal clients of Wealth Enhancement Group (WEG) should have.
• There are a lot of unknowns about what you can actually get in terms of your succession planning.
• Dean opens up about what advisors hear once the succession “dust” settles, as well as what someone intrigued by WEG should consider.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Dean Smith on LinkedIn

Wealth Enhancement Group

Charles Schwab

Fidelity Investments

Raymond James

Jeff Dekko