Whether you are selling a financial planning business by selling the company which owns it or selling your financial planning business by selling a book of financial planning clients or part of a financial planning business it is vital that you document the sale.
Sale of a financial planning business should be a straightforward and stress-free process with the seller and buyer knowing how the industry operates. However, most purchasers will look for warranties and indemnities and the seller must be alert to the risk in these. Purchasers may also want claw-back of client adviser service fees, commission or other revenue streams.
The agreement for the sale of a financial planning business must be carefully crafted to ensure that your rights are protected. Standard form agreements can be cheap and effective but can contain unexpected traps. Beware of standard form sale of business agreements or business broker agreements, whist cheap can be appealing, you need to pay for your own protection.
Your financial planning clients value your advice and pay for your statement of advice because it embodies your training, experience and skill. Similarly drafting an agreement for the sale of your financial planning business requires the knowledge, experience and skill that we have.
As a lawyer who also practices as a financial planner Thomas Robertson knows about sale of financial planning businesses. With twenty years of financial services experience across leading global and domestic financial services firms, licensees and dealer groups he has the experience.
Contact us for an initial complementary discussion and if you decide not to go ahead there is no charge for the first meeting. Depending on the nature of the sale we can sometimes provide fixed fee quotes for some or all of the work.