Securities America Advisor Kropp Shares Expertise on FSI Succession Panel
Kropp was one of three advisors on the panel, representing baby boomers, Generation X and millennials. The panelists shared perspectives about the succession-planning process, provided insight on best practices and offered ideas to help advisors develop a succession plan for their firms.
"My experience of serving on the panel at the Financial Advisors Summit was an awesome opportunity to reach out and give back to those in our profession," said Kropp, who also serves on the FSI Advisor Board. "I wish all my fellow representatives could take part in this wonderful organization, which is so crucial to our industry as independents."
Serving as a panelist not only gave Kropp an opportunity to share her expertise, she said it also provided some key takeaways that could benefit advisors of all ages:
- The transition process in a business could take 15-20 years to accomplish.
- If proper succession-planning documents are not in place, a "fire sale" of a practice can take place and harm everyone involved.
- If taking care of your clients is your highest priority, you owe them to have a plan should you become unable to work or choose to retire.
- Different generations of workers have different gifts. It's crucial to understand people of all ages and how your successor will run your practice.
- Putting the client first means creating an adequate transition and succession plan and putting it in place immediately.
FSI was founded in 2004 with the mission of ensuring everyone has access to competent and affordable financial advice, products and services delivered by a growing network of independent financial advisors, independent financial services and independent financial services firms. It focuses on advocacy in Washington, D.C. to create a healthy, business-friendly regulatory environment for its members.
The 2015 Financial Advisor Summit provided participants a holistic experience with sessions focused on both personal and business development of the independent financial advisor.
"We were pleased to have Kimberly represent Securities America at this important event," said Jim Nagengast, Securities America CEO and President. "This year's summit proved to be a successful forum for solving problems of independent broker-dealers and initiating positive change in the financial services industry."
Securities America recently finished its annual Continuity Planning Challenge, an all-out campaign to encourage advisors to get their plan completed or to update their existing plan. From there, advisors use a turn-key communications plan to let their clients and prospective clients know they have addressed that risk in their business by displaying the Continuity Plan Verified seal on their website and marketing materials.
About Securities America
Securities America is one of the nation's largest independent broker-dealers with more than 2,000 independent advisors and $60 billion in client assets.
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Advisory services offered through Securities America Advisors, Inc., an SEC Registered Investment Advisory Firm. Securities offered through Securities America, Inc., member FINRA/SIPC. Moylan Kropp Retirement Planning and Securities America are separate, unaffiliated entities.