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Advisor Continuity and Succession Readiness

Approximately 10 mins

Your Information

When filling in this scorecard, you'll be presented with a set of mindsets to read through. For each one, you'll rate where you currently are, and where you would like to be in the future. Once you've completed the scorecard, an email with your completed scorecard will be sent to you.

In order to begin, the following issues need to be addressed:

Mindset 1: Clarity of Your Vision

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
You can't maintain your lifestyle if you sell your book, so you'll keep working until you can't regardless of increasing frustrations
1
2
3
4
5
6
You often think about your own retirement, but haven't found the right person or solution and are anxious that the clock is ticking
4
5
6
7
8
9
Your general plan is to sell your practice for a top dollar multiple when you are ready and enjoy a relaxing and comfortable retirement
7
8
9
10
11
12
You have a clear vision of your exit plan on your terms and your life beyond the business, communicating it to all who are impacted by it
10
11
12
 

Mindset 2: Continuity Safety Net

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
Your company would not be able to survive your death or disability. You're not sure how your family, team or clients would be affected.
1
2
3
4
5
6
You want a formal solution but just have a verbal agreement with a colleague, leaving your family and team fuzzy on what to do.
4
5
6
7
8
9
You are satisfied that you have this covered in your agreements and plan on reviewing them every 3-5 years or so.
7
8
9
10
11
12
You have an updated written plan to protect your family, your team and your clients and all key stakeholders have an instruction manual.
10
11
12
 

Mindset 3: Plan Preparedness

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
You resent never having enough time to plan for your own future because you are overwhelmed with running the business/caring for others
1
2
3
4
5
6
You have been saying "sometime in the next 3-5 years" for the past 5+ years and are frustrated that you are no closer to figuring it out
4
5
6
7
8
9
You are satisfied that your practice will continue to provide you with the lifestyle you desire until you are ready to pass on your legacy
7
8
9
10
11
12
You began working on your plan early and you update it annually so that you are always prepared should tragedy strike or opportunity knock
10
11
12
 

Mindset 4: Regulation, Compliance and Operations

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
You believe that the regulators will not stop until they make it impossible for you to do business and make a living advising clients.
1
2
3
4
5
6
You are continually frustrated by compliance, operations, paperwork, phone calls and emails to solve issues that you have to handle
4
5
6
7
8
9
Compliance and operations are seldom an issue for you having reached a comfortable level where you are just managing your exisiting book.
7
8
9
10
11
12
Your team proactively tackles all backstage matters with clients and the home office, freeing you to focus on activities you love most
10
11
12
 

Mindset 5: Responsibility to Others

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
You have had to scrape for everything you've earned and certainly don't owe anyone anything when you retire or are forced to exit
1
2
3
4
5
6
You haven't executed a plan and worry that your best clients, team and family are thinking "what happens to us if something happens to you?"
4
5
6
7
8
9
Your are safe, secure and comfortable for your own retirement and hope to leave a legacy that leaves your clients and team in good hands
7
8
9
10
11
12
You have set up your family, team and clients with the resources/structure to continue to grow and thrive beyond your years in the business
10
11
12
 

Mindset 6: Valuing Your Practice

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
You have never had your practice valued and don't see the point since you will probably work in it until you are no longer able
1
2
3
4
5
6
You know the metrics that would make your business more valuable but have little time to implement them much less pay for a valuation
4
5
6
7
8
9
You have developed a valuable practice with recurring income and use a 2x-2.3x revenue rule of thumb to talk about its value
7
8
9
10
11
12
You set annual growth targets and revalue your practice each year to capture your growth history and continue to aspire to new heights
10
11
12
 

Mindset 7: Financial Preparedness

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
You can never sell your book and retire because you have not saved well and need to keep the income from the practice coming in
1
2
3
4
5
6
You see selling your practice as a big part of your retirement plan but need to work as long as you can to increase its value
4
5
6
7
8
9
Your success has helped you achieve the lifestyle you have always wanted and selling your practice for top dollar will be a source of pride
7
8
9
10
11
12
You have saved well and can retire without having to rely on any proceeds from the sale of your practice, but see it funding future dreams
10
11
12
 

Mindset 8: Attractiveness to a Buyer

Select a number on each side, one for where you feel you score currently, and where you want to be.

Currently, I am I want to be
1
2
3
Your practice consists primarily of up front commission products and some trails, with little organization of client files
1
2
3
4
5
6
You work hard each year to build more assets and value in your book but see money leaving as fast or faster than you can bring it in.
4
5
6
7
8
9
As successful as your business is, you have built it around your unique investment approach that will be hard to replicate
7
8
9
10
11
12
Your client book is mostly recurring advisory business, and you are open to helping clients transition to the buyer's investment approach
10
11
12