Private Advisor Group Partners with Succession Link
Private Advisor Group, a rapidly expanding independent wealth management firm with over $31.5 billion in assets, has collaborated with Succession Link, a networking and communication platform, to enhance succession planning, business continuity, mergers and acquisitions, and hiring practices for its advisors.
Morristown, NJ-based Private Advisor Group is offering advisors a digital platform to buy, sell, hire, or find continuity partners as part of the initiative. All of which require immediate attention due to the decreasing number of new advisors entering the profession and the increasing number of advisors retiring.
According to a 2023 J.D. Power study, the average age of U.S. financial advisors is 56, and 20% are within five years of retirement. Additionally, a recent Cerulli Associates report notes that nearly 40% of financial advisors in the U.S. plan to retire by 2030, with 26% unsure of their succession plans.
“Without a succession plan, advisors scramble to keep the business running smoothly, and precious value can be lost if planning is rushed,” said Donald Stahl, Private Advisor Group’s head of sales and solutions. “With a well-structured succession plan, advisors ensure continuity and stability in their practice, safeguarding core investor relationships, maintaining operational integrity, and securing critical leadership roles.”
Private Advisor Group said its advisor community will have exclusive access to a 72,000-member marketplace of succession opportunities due to its partnership with Succession Link. This partnership will assist advisors in identifying opportunities for more seamless transitions and improved succession outcomes.
In addition to this new offering, Private Advisor Group offers a suite of proprietary programs, including the Advisor Protection Program, Alignment & Equity Program, and consulting services, to ensure the right support throughout the succession journey.
