February 12, 2012
JERSEY CITY, N.J., — Pershing, a BNY Mellon company, announced today the availability of a new guidebook, Developing a Sustainable Business and Succession Plan: An Independent Advisor's Guide, which examines the critical elements of business and succession plans. This continues an ongoing series of practice management guides being developed by Pershing Advisor Solutions to help registered investment advisors (RIAs) improve their business planning and execution.
"The risks of not having a business and succession plan can vary widely—ranging from having high client and employee turnover to developing a low growth trajectory. Neglecting to implement a well-designed plan remains a blind spot for many advisors—and can conceivably be in conflict with their fiduciary responsibility," said Kim Dellarocca, head of practice management at Pershing.
Developed with Advisor Growth Solutions, the guidebook reveals that many RIA owners have not sufficiently addressed succession, as independent studies indicate less than one-third of independent advisors have either defined or implemented a succession plan.
"Succession planning is a key fundamental challenge facing the advisor community over the next decade and beyond", added John Furey, Principal of Advisor Growth Strategies, LLC. "Building a strategic framework is critical for advisory firm owners seeking to maximize the value of their business and to ensure service continuity for clients."
Highlights from the guidebook include:
About BNY Mellon's Pershing
Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 6 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC (member FINRA/NYSE/SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of December 31, 2016, BNY Mellon had $29.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.