SOURCE: Alliance for Registered Investment Advisors

FiComm Partners

January 28, 2014 09:21 ET

The Alliance for Registered Investment Advisors (aRIA) Releases Case Study on the Succession Planning Crisis Facing the Advisory Community

aRIA Member Ron Carson Outlines Key Issues for Implementing Comprehensive and Transparent Plans

OMAHA, NE--(Marketwired - January 28, 2014) -

  • Carson believes advisors have a fiduciary responsibility to detail a comprehensive succession plan
  • Case study offers detailed 15-point checklist for advisors to complete to get started
  • Carson believes that regulatory bodies need to compel advisors to have detailed, actionable succession plans in place

The Alliance for Registered Investment Advisors (aRIA), a think-tank comprised of six elite RIA firms that collectively manage more than $20 billion in client assets, today announced the publication of a new case study titled "The Cobbler's Children Have No Shoes." Written by aRIA member, Ron Carson, Founder and CEO of Carson Institutional Alliance and nearly $4B AUA (which includes AUM*) Carson Wealth Management Group, the study highlights the succession planning crisis gripping the advisory community and offers advice on how to correct its course. 

The study outlines specific examples of how Carson Institutional helped two different advisors in need of a succession plan. Scott Ford, a $300M AUM advisor from Maryland, and Nancy K. Caton, a San Francisco-based advisor with $250M AUM, turned to Carson and his firm for help and now have comprehensive succession planning solutions in place. 

The Carson case study, which was produced by the aRIA group, uses strong language in outlining how advisors who hold themselves out as fiduciaries cannot possibly be so if upon their death or disability their business falls apart, leaving the clients who trust them to pick up the pieces. 

"I ask advisors to look in the mirror and ask themselves just one simple question -- 'If you went to sleep tonight and didn't wake up, would you entrust your firm with the ongoing management of your family's wealth?' says Carson. "If the answer isn't an immediate and resounding YES, then you have important work to do." 

Within the case study, which will be available for free to any advisor who wants a copy on the aRIA website, Carson provides the reader with a 15-point checklist they must fully complete in order to claim readiness for succession. The study also reveals that the valuation of a business with a detailed succession plan in place is significantly higher. 

"This study, as previous aRIA case studies before it, is designed to offer the independent advisor with specific, actionable takeaways designed to improve the value of their business and support growth," says John Furey, aRIA managing member. "aRIA firms are where they are in the industry because they continue to push the envelope, innovation and leading from the front -- Ron and his firm exemplify those characteristics." 

The study will be available shortly on the aRIA and Carson Institutional websites for download, and advanced copies can be obtained by contacting aRIA director Katie Cullen at katie@allianceforrias.com

*Please note that the amount of CWM, LLC's "Assets under Advisement" is considerably larger than the amount of the firms regulatory "Assets under Management." Assets under Advisement include regulatory Assets under Management reported in CWM, LLC's Form ADV I, in addition to assets with respect to which CWM, LLC may provide consulting and/or financial planning services, but does not have any management, execution or trading authority. CWM, LLC's regulatory Assets Under Management can be found in Item 5.F of CWM, LLC's Form ADV I, available at http://www.adviserinfo.sec.gov

About Carson Institutional Alliance

Carson Institutional Alliance was founded in 2012 by Ron Carson, of Carson Wealth Management Group, to offer advisors a customized partnership for expanding operating efficiencies while lowering overall costs. The alliance of growth-minded, client-centered, solutions-focused advisors serving high-net worth investors, focuses on delivering trust, transparency and accountability through marketing and PR support, operational efficiency, compliance, wealth management and financial planning. In addition to these turnkey solutions, advisors can enhance their value proposition through added depth of one of the nation's best teams, which was ranked seventh in Barron's 2013 Top 100 Financial Advisors. These resources enable advisors to simplify and grow their business, all while maintaining their autonomy and equity. For more information, please visit www.carsoninstitutional.com.

About aRIA

aRIA, the alliance for RIAs, is a think tank study group composed of six elite RIA firms that collectively manage more than $20 billion in client assets, and Advisor Growth Strategies, a leading consulting firm serving the wealth management industry. The group offers insight for advisors considering ways to enhance their firms' enterprise value.

Members include Brent Brodeski, CEO of Savant Capital; John Burns, Principal at Exencial Wealth Advisors; Ron Carson, CEO of Carson Wealth Management Group; Jeff Concepcion, CEO of Stratos Wealth Partners; Matt Cooper, President of Beacon Pointe Wealth Advisors; Neal Simon, CEO of Highline Wealth Management; and John Furey, Principal of Advisor Growth Strategies, LLC. The group meets regularly, releasing thought leadership pieces of interest to both independent and wirehouse advisors interested in exploring long-term growth strategies. For more information please visit www.allianceforrias.com.

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