In addition, WSFN is providing the owners of each of these businesses with the opportunity to implement both a short-term continuity/disaster plan and a separate, long-term succession plan to protect the value of their practices, a company announcement said.
WSFN has contracted with FP Transitions to provide and deliver the package of succession planning services. Each participating adviser will receive a custom, hard-bound, comprehensive report detailing their practice value, as well as an extensive succession planning workshop designed to implement a continuity and long-term succession plan.
WSFN is covering 100% of the cost of the comprehensive business valuations and comprehensive succession planning workshops for the participating advisers, as well as discounts to its entire adviser network.
The comprehensive practice valuations will provide WSFN advisers with a benchmarking analysis of their cash flow quality, marketplace demand, and transition risk, utilizing FP Transitions’ valuation models and database of comparable financial practice sales. Each adviser will receive their practice valuation at a WSFN Succession Management Program seminar in January 2008.
WSFN is an independent broker-dealer with more than 550 financial advisers and 305 practices nationwide.