I feel like every spring there is renewed focus on an advisor’s succession planning (or lack thereof) in the trade press. This year is no different. And, as in years past, a key statistic remains unchanged – most advisors lack a plan either for protecting their clients if something unexpected were to occur, or for…
As 2018 winds down, we would like to acknowledge the achievement of a significant milestone: the five year anniversary of our continuity and succession solution, PRISM. Pinnacle Advisor Solutions was founded in 2011 with a simple mission: to support the needs of independent advisors. We began by offering access to our investment management, financial planning…
Most, but not all, financial planners list small business planning and exit strategies as a line item in the scope of planning services they provide. Better operational, financial, and tax implications of proper exit strategies for small business owners, a common niche for many financial planners, will inevitably lead to improved client satisfaction, retention rates,…
When I began working for Pinnacle in September, 2013 I was new to the world of financial advisory firms. I faced a steep learning curve in my first few months here. Just before my arrival, Pinnacle launched PRISM, its solution for business continuity and succession plans for independent RIAs. When I began to familiarize myself…
At its recent LINC Conference, TD Ameritrade held a panel discussion, Washington Flyover: Policy Coming Your Way, moderated by Skip Schweiss, TD Ameritrade’s managing director for advisor advocacy and industry affairs. Schweiss highlighted in his comments “While surveys suggest most advisors are aware of the coming (business continuity) rule, less known is the fact that…
When talking with advisors and trying to keep them up to speed on the latest regulatory changes it’s become difficult for me to keep track of the changes at both the state and federal level. I got to thinking that it would be great if there was one place with all the information. So, we…
About once a week when I’m reading my daily dose of trade press I come across another giant aggregator acquiring some multi-hundred million dollar RIA. I usually read these articles because I’m always interested to hear the terms of these deals. One problem I find, however, is that the deal terms are often non-specific. Another…
I was reading a note from Carl Richards today, [his cartoons are really great, aren’t they?*] He made the following comments: As soon as somebody depends on you financially, you need life insurance. Most of us know this, but for some pretty good reasons, we don’t really want to think about it. To start, someone…
In my last blog, I discussed the top five reasons to not have a viable succession plan. There are however just as many compelling reasons you should have a viable succession plan. Here are some reasons why some advisors have chosen to enter into a PRISM agreement with Pinnacle. 1) Continuity – An advisor who…
As Associate Director of Strategic Partnerships for Pinnacle Advisor Solutions I am responsible for our business continuity solution PRISM – Pinnacle’s Revocable Institutional Succession Model. Over the course of the last year I have talked with literally hundreds of advisors regarding their succession planning options. I have heard pretty much every excuse not to have…