Tyson Ray and Kim Cochenour are joined by Brittany Anderson of Sweet Financial to dive into why the so-called "Queen Bee Syndrome" actually kills value and impedes succession.

Tune in to learn how to strategically identify your firm's leadership gaps, explore powerful external options, and find high-value next-gen advisors who are empathetic self-starters ready to lead their firm.

• Tyson Ray and Kim Cochenour explore potential external succession options.
• Brittany kicks things off by sharing how her journey in the wealth planning space started 17 years ago.
• She goes over why leadership development is such a critical piece of succession planning and growth.
• Tyson explains why, as a founder, doing things the way you did in the past isn't the right recipe for success – and Brittany doubles down on the so-called Queen Bee Syndrome.
• "When you get to a certain point in your business, you're ready to either build, buy or sell", says Brittany.
• Tyson, Brittany and Kim talk about one of the biggest challenges advisors face: letting go.
• Brittany sees a big flaw with operating systems: they treat people on your team as a method for getting what you want instead of learning what they want.
• Helping them accomplish their goals in a way that's so tied to your vision and supports them will likely make them team members that never want to leave.
• Brittany lists what to be aware of and try to avoid when looking at next-gen advisors.
• Remember, just because somebody is really good at what they do, does not necessarily mean that they're going to make for a great leader…
• Empathy and self-starter are key traits Brittany recommends looking for in a next-gen advisor.
• Brittany shares an exercise for leaders. Take a piece of paper and write down what you want to spend your time on, what you'd like to focus on, and what you wish to have influence over.
• Kim asks Brittany to share her thoughts about the role that a leadership culture looks like inside of a thriving practice, as well as about successfully preparing for a succession.
• For Brittany, going through the exercise of identifying your firm's gaps – even if you have internal succession leaders – will help increase the value of your business.
• Don't limit yourself to thinking about what you're retiring from, but also think about how you're going to spend your days, and when your energy's going to go.
• Tyson warned founders: "You're either going to decide how this works or it's going to be decided for you or for your family."

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Brittany Anderson

Sweet Financial

Dan Sullivan

Meta

OpenAI

Tyson Ray and Kim Cochenour dive deep into the topic of external succession. You’ll hear what it means to sell your practice to an outside party (like an aggregator or private equity firm), and the difference between an integrator and an aggregator, as well as why you should consider exploring external succession.

You’ll walk away with more clarity and knowledge and a crucial reminder: You don’t have to do succession alone, but you absolutely have to do it!

• Tyson Ray and Kim Cochenour explore potential external succession options.
• “External succession is something that everybody should explore to make sure they’re making the right decision”, says Tyson.
• Kim stresses that, unlike an internal succession, an external succession may feel more like a transaction… but it doesn’t have to be.
• Kim and Tyson define external succession: it’s when you sell your practice to someone outside of your existing team. It could be an advisor, another peer, an aggregator, or an integrator.
• Tyson goes through what differentiates an aggregator and an integrator.
• From a financial standpoint, Tyson sees external successions as a bit more lucrative than internal ones.
• While there’s a perception that there would be continuity of someone serving your clients like you do, Tyson cautions against it – it doesn’t mean that everyone who raises their hand will actually be ready to buy it.
• Tyson lists some of the pros and cons of doing an external succession (and its potential repercussions for your clients).
• Did you know that there are firms that started out as aggregators that became integrators? Tyson explains why that’s not good.
• Tyson discusses the option that, if you want to just throw up your hands and be done, it will enable you to do exactly that.
• Private equity is a way of “taking some chips off the table”. It’s a way of monetizing some of your practice, but not necessarily selling your practice.
• Thinking about tapping into private equity? Remember that who you sell to today may not be who owns it tomorrow.
• Tyson stresses the importance of making informed decisions and touches upon the concept of a succession exit (and everything it entails).
• An important reminder from Tyson: “You don’t have to do succession alone…but you have to do it.”

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

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