THE PROGRAM
TRANSITIONING ADVISOR INSURANCE AND INVESTMENT BOOKS.
WE HELP ADVISORS PLAN STRATEGICALLY FOR
SUCCESSION.
WE PROVIDE A CLEAR BUSINESS VALUATION OF AN ADVISOR’S PRACTICE.
DID YOU KNOW?
Win Succession Inc is prepared to enter into a formal agreement to acquire your book of business from your estate in the event of your untimely passing or a serious illness.
WHY
The Risk
WHAT HAPPENS IF AN ADVISOR DIES PREMATURELY?
WHAT HAPPENS IF AN ADVISOR GETS SICK OR INJURED AND CAN’T WORK?
HEIRS OFTEN HAVE NO KNOWLEDGE OF THE INDUSTRY AND IT WILL BE DIFFICULT FOR THEM TO MAKE A DECISION ON WHAT TO DO WITH THE BLOCK OF BUSINESS.
Did You Know?
There are
70,000
LICENSED ADVISORS IN CANADA
Only
40,000
ADVISORS ARE ACTIVE
Average Age:
58
OF AN ADVISOR
%
Succession Plans
Only 16% of these 40,000
(6400) have succession plans.
%
Appropriate Successor
Only 10% of the 16%
(640) have identified successors.
Like the cobbler’s son, advisors have done a poor job of preparing for their own retirement.
WHAT THE EXPERTS ARE SAYING
It’s possible for principals to avoid the temptation of staying in business too long if Advisors stick to some golden rules, but they often fail to do so because of these 7 sins:
- Failing to plan strategically for succession
- Lack of systems and processes
- Making yourself indispensable
- Lack of commitment
- Focusing on the wrong things
- Not optimizing available support
- Poor financial and statistical records
TRADITIONAL SUCCESSION OPTIONS
- SUCCESSION PLANS 16%
Only 16% have succession plans; they either…
- Sell to a family member
- Recruit and train apprentice
- Outright sale to unknown third party
- DO NOTHING 84%
84% are either not looking (do nothing), or have thought about identifying an appropriate successor, but…
- Do they have the financial means?
- Are they going to be successful?
- Will your clients accept them?
Have you FULLY protected the Value of your business?
THE BENEFITS
PREMIUM COMPENSATION FOR BUSINESS
CRYSTALLIZES VALUE OF CLIENT BOOK
PROVIDES SECURITY TO FAMILY
CLIENTS RECEIVE CONTINUITY OF SERVICE
ALLOWS FOR IMMEDIATE REDUCED WORKLOAD
ADVISOR DECIDES WHICH CLIENTS TO KEEP
ADVISOR CAN CONTINUE TO WORK CLIENT BASE
PROVIDES PRE-DEFINED PATH TO RETIREMENT
Have you FULLY protected the Value of your business?
THE AGREEMENT
AGREEMENT
Win Succession will enter into a non-binding agreement, Letter of Understanding (LOU), with the Selling Advisor to acquire their business in the event of an unexpected death or planned retirement.
PURCHASE FORMULA
Win Succession will contractually commit to a purchase formula.
PRICE & PAYMENT
Win Succession will contractually commit to a predetermined price and payment schedule.
