IFA Retirement: are you considering selling your IFA Firm and retiring?

Selling your IFA business can be a difficult and stressful decision, but it can also provide many life-changing benefits in retirement, or early retirement, and not only financial ones

Unique Motivations of retiring IFAs

There are many reasons why retiring IFAs choose to sell, each one uniquely personal to the retiring Financial Advisor: 

• Financial retirement or a desire to step back from the day-to-day responsibilities and the red tape of running a business, to spend more quality time with family members
• Wanting to take advantage of a currently strong market for IFA acquisitions and secure a good price for the business
• Needing to sell due to changes in personal circumstances, such as health issues or family obligations
• Wanting to remain client facing, but not having the risks attached to the business, but focus on the fun part of the role, being with clients. Find out more here: How to sell your IFA business and stay looking after your clients

Once the decision to sell your IFA business is made, therein follows not only the joys, but the potential pitfalls, all of which must be duly considered 

The Joys to Come from selling your IFA business

• The opportunity to receive a substantial payout and/or ongoing income stream from the sale of your IFA firm
  
• The ability to retire or move on to other new endeavours with a great sense of financial security. Check out Considering Retiring
• The potential to leave a legacy and ensure continuity for clients and staff by selling to a reputable and capable buyer
• Having the freedom to decide, if you want to move into a new phase of your life, or stay working but without the stress of running your IFA business and so deciding whether to Sell and Go or Sell and Stay

Pitfalls to Consider

• Difficulty finding the right buyer who values the business appropriately and has the financial means to make the purchase
  
• The potential for a lengthy and complex sales process that can be emotionally draining
• The risk of losing key clients or staff during the transition period
• The risk of not finding the right home for your clients who know you well and have trusted you for years

Selling your IFA firm is not for the Faint Hearted!

We’re here to Help!

As you may well be feeling, selling an IFA business can be a complex and challenging process, and is “not for the faint hearted” (according to an article in Financial Planning Today). However, it can also offer significant rewards for those who are willing to take the plunge, especially if you let the team here at Truestar Legacy help you Check out our recent article: Retiring IFA: Selling my IFA Business, How do I ensure this is successful and does success look like? In the words of Thoedore Roosevelt: "Believe you can and you're halfway there." 

If you would like to explore your IFA retirement further and in more depth contact https://www.truestarlegacy.co.uk/why-us  or email info@truestartalent.co.uk

Truestar Legacy is a division of Truestar Talent: We are with you every step of the way