Curious about the potential earnings for a financial advisor business owner? While many factors influence profitability, understanding the revenue streams and operational costs is key to unlocking significant income, potentially reaching millions annually for well-established firms. Discover how to model your business for maximum financial success by exploring our comprehensive financial advisor services financial model.
Strategies to Increase Profit Margin
Enhancing profit margins is crucial for sustainable business growth and increased owner profitability. Implementing strategic adjustments across various operational facets can lead to significant improvements in financial performance. The following table outlines key strategies and their potential impact on owner income.
| Strategy | Description | Impact |
|---|---|---|
| Optimize Pricing | Adjust product or service prices based on perceived value and market demand. | +5-15% |
| Reduce Cost of Goods Sold (COGS) | Negotiate better supplier terms or source alternative, cost-effective materials. | +3-10% |
| Improve Operational Efficiency | Streamline processes, automate tasks, and reduce waste to lower operating expenses. | +2-8% |
| Enhance Product/Service Value | Add features or benefits that justify higher prices without proportionally increasing costs. | +4-12% |
| Focus on High-Margin Products/Services | Prioritize sales and marketing efforts on offerings that yield the highest profit. | +5-20% |
| Implement Loyalty Programs | Encourage repeat business to reduce customer acquisition costs and increase lifetime value. | +1-5% |
| Minimize Overhead Expenses | Review and reduce non-essential administrative, marketing, or facility costs. | +2-7% |
How Much Financial Advisor Owners Typically Make?
The owner earnings for financial advisor firms can vary widely, but a common range for principals is between $150,000 and over $500,000 annually. This significant difference is driven by key factors such as the total Assets Under Management (AUM), the overall size of the firm, and how long the business has been operating. For instance, independent financial advisor firm owners managing between $50 million and $100 million in AUM reported average owner earnings in the range of $250,000 to $350,000 in recent industry surveys. These figures highlight the direct correlation between the scale of assets managed and the owner's compensation.
For wealth management firm owners who have successfully grown their practices to manage over $250 million in AUM, the owner's salary frequently exceeds $500,000 per year. This higher earning potential reflects the increased financial advisor business revenue generated from larger asset bases and typically higher profitability. As a firm's AUM grows, so does its revenue, often through a combination of advisory fees and potentially other service charges. Understanding how to increase owner income in a financial advisory business often centers on scaling AUM and optimizing the advisory fee structure.
Newer financial advisor practice owners, especially those starting solo or with a very small team, often see lower initial income. In their first few years, it's common for owner earnings to be around $50,000 to $100,000 annually. However, there is substantial growth potential as client assets accumulate and the firm builds a reputation. The expected revenue for a new financial advisor practice can start modest, but strategic client acquisition and retention are crucial for long-term profitability. This growth trajectory is a key aspect of starting a financial advisory firm owner earnings potential.
Factors Affecting Financial Advisor Firm Owner's Salary
- Assets Under Management (AUM): Higher AUM typically leads to greater revenue through management fees. For example, a 1% AUM fee on $100 million generates $1 million in revenue, whereas $10 million generates $100,000.
- Firm Size and Structure: Larger firms with more advisors and staff can handle more clients and assets, increasing overall financial advisor business revenue.
- Advisory Fee Structure: Fee-only models, fee-based models, and commission-based models have different revenue streams and owner compensation potential. Fee-only advisors often earn based on a percentage of AUM or fixed fees.
- Client Acquisition Cost (CAC) and Retention: Efficient client acquisition and high client retention rates directly impact long-term profitability and owner earnings.
- Operational Efficiency and Overhead: Managing overhead costs effectively, as discussed in articles like understanding the costs of opening a financial advisor service, is vital for maximizing financial planning firm profit.
- Market Conditions and Economic Cycles: Fluctuations in the stock market and broader economy can impact AUM and, consequently, the financial advisor owner's income.
The profitability of a small financial advisory practice is often measured by its net profit margin. A good profit margin for a financial planning business can range from 15% to 30% or even higher for highly efficient firms. This means that for every dollar of revenue generated, a significant portion remains as profit after all expenses are paid. For example, a firm with $500,000 in revenue and a 20% net profit margin would retain $100,000 in profit, from which the owner typically draws their compensation. This profit is essential for reinvestment and owner earnings.
Are Financial Advisor Profitable?
Yes, owning a financial advisory business is generally highly profitable, especially for established fee-only models with strong client retention and efficient operations. These firms often benefit from predictable revenue streams and scalable business models. For instance, a well-managed financial planning firm can achieve net profit margins ranging from 20% to 40% or even higher, demonstrating strong profitability of a small financial advisory practice. This high profitability makes it an attractive venture for entrepreneurs.
Revenue Drivers for Financial Advisor Firms
Assets Under Management (AUM) revenue is a significant driver of profitability for financial advisor firms. Firms that consistently grow their AUM naturally see increased financial planning firm profit. The typical advisory fee structure, often a percentage of AUM, provides a stable and predictable revenue stream. For example, fees commonly range from 0.5% to 1.5% annually on the assets managed. This recurring revenue model is a cornerstone of sustainable financial advisor firm profit and contributes directly to owner earnings in a financial advisory business.
Key Factors Contributing to Financial Advisor Firm Profitability
- Recurring Revenue: Fee-based models, particularly those tied to AUM, create predictable income.
- Scalability: As AUM grows, revenue increases without a proportional rise in operational costs.
- Client Retention: High client retention rates, often exceeding 90% annually for top firms, reduce client acquisition costs and maximize lifetime client value.
- Operational Efficiency: Streamlined processes and technology adoption can significantly lower overhead, boosting net profit margins.
Understanding Financial Planning Firm Profit Margins
The profitability of a small financial advisory practice can be substantial. Industry benchmarks indicate that average net profit margins for financial planning businesses often fall between 20% and 40%. For a firm like Apex Wealth Strategies, focusing on personalized, fee-only services, maintaining strong client relationships can lead to higher client retention, which directly impacts profitability. The financial advisor business revenue is heavily influenced by the ability to attract and retain clients who entrust larger sums for management.
Owner Compensation in Financial Advisory Businesses
How much do financial advisor firm owners make annually? Owner earnings in a financial advisory business are closely tied to the firm's overall profitability and the owner's role. A significant portion of the profit can be drawn as salary or distributions. For example, a solo advisor managing $50 million in AUM at a 1% fee could generate $500,000 in annual revenue. After accounting for typical overheads, which can range from 20% to 40% of revenue, the owner could retain a substantial portion of the remaining profit, potentially earning well over $300,000 annually.
How Financial Advisor Owners Get Paid
Financial advisor owners typically get paid through a combination of salary and profit distributions. The salary is often a base amount, while profit distributions are taken from the firm's net earnings. This model allows owners to benefit directly from the firm's growth and efficiency. For instance, an owner might take a modest salary of $100,000 to $150,000 and then distribute additional profits, which can be 50% or more of the remaining net income. This flexible approach helps manage personal finances and reinvestment in the business.
What Is Financial Advisor Average Profit Margin?
The profitability of a financial advisory business can be quite strong, with independent firms typically achieving profit margins ranging from 20% to 35%. Top-performing firms often manage to push their net profit even higher, sometimes exceeding 40%. This indicates a healthy business model for those who manage their operations efficiently.
Industry data suggests that a financial planning company managing around $100 million in Assets Under Management (AUM) can expect an average net profit margin of approximately 25% to 30%, calculated before the owner takes their compensation. This figure highlights the potential for significant earnings based on the scale of assets managed, showing strong financial advisor business revenue efficiency.
Understanding the expenses involved is crucial for projecting owner earnings. Overhead costs for a financial advisory business, which include essential elements like technology investments, compliance requirements, and staff salaries, generally consume between 50% and 60% of the gross revenue. These costs directly influence the final net profit margin available to the owner.
Different business models can lead to varied profit margins. For instance, fee-only financial advisor models, like that of Apex Wealth Strategies, often demonstrate higher profit margins. This is attributed to a more streamlined operational structure and a transparent advisory fee structure, which can be more predictable and less costly to manage compared to commission-based approaches.
Key Profitability Indicators for Financial Advisory Firms
- Typical Profit Margin: 20% - 35% for independent firms.
- Top Performer Margins: Often exceed 40% net profit.
- Average Net Profit (e.g., $100M AUM): Around 25% - 30% before owner compensation.
- Overhead Costs: Typically 50% - 60% of gross revenue (tech, compliance, staff).
- Model Impact: Fee-only models often show higher margins than commission-based models.
How Does AUM Affect A Financial Advisor Owner's Income?
Assets Under Management (AUM) is a primary driver of income for financial advisor business owners. For fee-only firms, revenue is typically calculated as a percentage of the total value of assets clients entrust to the firm for management. This direct correlation means that as AUM grows, so does the firm's overall revenue and, consequently, the owner's potential earnings.
A simple way to understand this relationship is through revenue generation. For instance, a firm charging an annual advisory fee of 1% of AUM will generate $10,000 in revenue for every $1 million in assets managed. An increase in AUM by $1 million directly translates to an additional $10,000 in annual financial advisor business revenue, which can significantly boost the owner's compensation.
Firms managing substantial AUM often experience improved profitability due to economies of scale. This means that overhead costs, such as office rent, technology, and staff salaries, become a smaller proportion of the total revenue. When fixed costs are spread across a larger revenue base, profit margins naturally expand, leading to higher owner earnings in the financial advisory sector.
Impact of AUM Size on Owner Earnings
- Financial advisor owners overseeing more than $100 million in AUM typically see substantially higher income compared to those managing less than $50 million.
- This difference highlights the compounding effect of AUM growth on a wealth management firm owner's salary and overall financial success.
- For example, a firm with $100 million in AUM at a 1% fee generates $1 million in annual revenue, whereas a firm with $50 million generates $500,000, assuming the same fee structure and client acquisition costs.
The advisory fee structure is central to how AUM translates into owner income. Common fee structures include a flat percentage of AUM, hourly fees, or fixed project fees. For firms like Apex Wealth Strategies, which focuses on a fee-only model, the percentage-of-AUM model is most common. This structure directly links the firm's growth in managed assets to its financial advisor income, making AUM growth a critical objective for maximizing profitability and owner earnings in financial advisory.
Understanding how to increase owner income in a financial advisory business often centers on strategies to grow AUM. This involves effective client acquisition and retention. A higher client retention rate ensures a stable and growing asset base, while successful client acquisition brings in new assets. For a new financial advisor firm owner, building AUM takes time, but the long-term earning potential is directly tied to the scale of assets managed.
What Are The Typical Expenses For A Financial Advisory Firm?
Running a financial advisory firm involves several key operational costs that directly impact owner earnings. Understanding these expenses is crucial for accurate financial projections and determining the profitability of a small financial advisory practice. These costs are essential for delivering client services, maintaining compliance, and growing the business.
Major Expense Categories for Financial Advisors
The typical expenses for a financial advisory firm encompass a range of operational necessities. These include staff salaries, technology subscriptions, compliance and regulatory fees, office rent or virtual workspace costs, marketing and client acquisition efforts, and ongoing professional development for the team. Each category plays a vital role in the firm's ability to operate effectively and serve its clients, influencing the overall financial advisor business revenue.
Key Financial Advisory Firm Expenses
- Staff Salaries: Compensation for administrative staff and associate advisors often represents the largest expense, typically ranging from 30% to 40% of gross revenue. This includes base pay, bonuses, and benefits.
- Technology and Software: Essential tools for portfolio management, financial planning, client relationship management (CRM), and cybersecurity can account for 5% to 10% of revenue.
- Compliance and Regulatory Fees: Mandatory costs to adhere to SEC or state regulations, licensing, and audits usually fall between 2% to 5% of revenue annually.
- Office Space and Utilities: Rent, utilities, and maintenance for physical offices, or costs associated with maintaining a professional virtual presence.
- Marketing and Business Development: Expenses for advertising, content creation, networking events, and client acquisition efforts, which can vary significantly but are vital for growth.
- Professional Fees: Costs for legal counsel, accounting services, and insurance policies necessary for business operation.
Staff Compensation as a Primary Cost
Staff compensation, including salaries for administrative personnel and associate advisors, frequently constitutes the single largest operational expenditure for a financial advisory business. This outlay can range from 30% to 40% of the firm's gross revenue. Managing these personnel costs effectively is a key factor in how much profit a financial advisory firm can generate and directly affects the owner earnings for a financial advisory business.
Technology and Software Investment
Modern financial planning requires significant investment in technology. Subscriptions for portfolio management software, financial planning tools, CRM systems, and secure client portals are essential. These technology costs typically represent between 5% and 10% of a firm's gross revenue. Ensuring these systems are robust and efficient is critical for maintaining a competitive edge and a good profit margin for a financial planning business.
Compliance and Regulatory Overhead
Adhering to strict regulatory requirements is a non-negotiable expense for any financial advisor. Compliance and regulatory fees, including those for SEC or state registrations, ongoing audits, and necessary licenses, are mandatory overhead costs. These typically range from 2% to 5% of revenue annually. Failing to meet these standards can result in significant penalties, making this a vital area of expenditure for financial advisor business revenue.
Understanding Variable and Fixed Costs
Financial advisory firms face both fixed costs, such as rent and base salaries, and variable costs, like marketing spend and transaction-based software fees. For instance, a firm might spend $5,000 per month on rent, a fixed cost, while marketing expenses could fluctuate from $2,000 to $10,000 per month depending on growth initiatives. These combined expenses directly influence the net profit for a financial planning company, affecting the financial advisor firm owner's salary.
How Do Financial Advisor Owners Get Paid?
Financial advisor firm owners typically receive compensation through a dual approach: a consistent salary and profit distributions. The salary is drawn from the firm's profits to cover personal living expenses, while additional distributions or bonuses are paid out based on the firm's overall profitability, often on a quarterly or annual basis. For instance, many owners might pay themselves a base salary ranging from $100,000 to $200,000 annually.
The specific method of payment is often influenced by the business structure chosen, such as an LLC or an S-Corp. This choice has significant implications for the tax treatment of the owner's income. Understanding these structures is crucial for optimizing the financial advisor firm owner's earnings and managing tax liabilities effectively.
The percentage of a financial advisor business revenue that an owner can keep as profit, often referred to as the owner's draw or profit margin, is heavily dependent on the firm's expense structure and its profitability targets. While figures can vary, it's common for owners to retain anywhere from 20% to 50% of net revenue after all operating costs have been accounted for. This net revenue forms the basis for both salary draws and profit distributions.
Owner Compensation Models in Financial Advisory
- Salary Draw: A regular, fixed amount paid to the owner, akin to employee wages, covering essential living costs. This is often set at a consistent level, for example, $150,000 annually, to ensure personal financial stability.
- Profit Distributions/Bonuses: Additional payments made to the owner derived directly from the firm's profits. These are typically distributed periodically, such as quarterly or annually, and reflect the firm's performance beyond covering operational expenses and salaries.
- Retention Percentage: The portion of net revenue an owner keeps after expenses. For a financial planning business, a healthy profit margin might see owners retaining 20-50% of net revenue, which then funds the salary and distributions.
Factors significantly affecting a financial advisor owner's salary include the firm's Assets Under Management (AUM) and the chosen advisory fee structure. Firms managing larger AUM often have higher revenue streams, directly impacting the owner's income potential. For example, a fee-only financial advisor owner generating 1% on $50 million in AUM would have a substantially different earning capacity than one managing $10 million.
The profitability of a small financial advisory practice is also tied to its overhead. Typical expenses for a financial advisory firm can include technology, licensing, compliance, marketing, and staff salaries. Minimizing these overhead costs, perhaps by operating leanly as a solo advisor or a small team, can directly increase the owner's net profit and, consequently, their take-home pay. A well-managed practice might aim for an average net profit of 15-25%.
What Is A Good Profit Margin For A Financial Advisory Business?
A strong profit margin is a key indicator of a healthy financial advisory business. Generally, a profit margin of 25% or higher is considered good for a financial planning firm. This signifies efficient operations and effective financial management, contributing positively to owner earnings in a financial advisory business.
Top-performing firms, often referred to as top-quartile firms, frequently achieve net profit margins exceeding 35%. These businesses demonstrate best practices in maximizing financial advisor firm owner income and maintaining high operational efficiency. Achieving such margins typically involves a combination of strategic client acquisition, strong client retention, and careful cost management.
Factors Influencing Profitability and Owner Income
- Client Retention and AUM Revenue: Firms that excel at retaining clients and growing their Assets Under Management (AUM) revenue tend to sustain higher profit margins. This focus maximizes recurring income streams, a vital component of financial planning firm profit.
- Growth Stage Impact: Newer financial advisor firms might initially operate with lower profit margins. This is often due to necessary investments in infrastructure, technology, and client acquisition efforts. As the business matures and client base grows, these margins typically improve.
- Advisory Fee Structure: The chosen advisory fee structure plays a significant role. Fee-only models, for example, can lead to more predictable revenue and potentially higher margins compared to commission-based models, especially when managed efficiently.
- Client Acquisition Cost (CAC): Keeping client acquisition cost low is crucial. Efficient marketing and lead generation strategies ensure that the cost to acquire a new client doesn't outweigh the revenue they generate over their lifetime.
Understanding these profit margins helps gauge the financial health and earning potential for a financial advisor firm owner. It's not just about total revenue, but about how much of that revenue translates into net profit, directly impacting the owner's compensation and the overall valuation of a financial advisory business.
How To Grow AUM For Higher Owner Income?
Growing Assets Under Management (AUM) is a primary driver for increasing an owner's income in a financial advisory business. This involves a dual approach: attracting new clients and deepening relationships with existing ones to encourage them to consolidate more of their financial assets with your firm. For a business like Apex Wealth Strategies, which focuses on emerging affluent professionals, this means tailoring client acquisition and retention strategies specifically to this demographic's needs and financial stages.
Attracting New Clients to Boost AUM
To effectively grow AUM, consistently acquiring new clients is essential. For Apex Wealth Strategies, this means implementing targeted marketing campaigns. Focusing on attracting emerging affluent professionals, a key niche, can yield a higher volume of clients with significant growth potential. These campaigns should highlight the firm's fee-only advisory structure and personalized approach. For instance, a successful campaign might involve digital advertising on platforms frequented by this demographic or partnering with professional organizations they belong to. By attracting clients who are in their prime earning years, the potential for AUM growth is substantial.
Increasing Assets from Existing Clients
Beyond new client acquisition, increasing the average AUM per client significantly boosts owner earnings. This can be achieved by encouraging existing clients to consolidate their financial assets with your firm. Many individuals hold assets across multiple institutions, and a unified financial plan can be more effective. Apex Wealth Strategies can offer additional, complementary services such as comprehensive estate planning, tax optimization strategies, or risk management solutions. Offering these expanded services provides more value to clients and naturally leads to a greater portion of their wealth being managed by the firm, directly impacting AUM revenue and, consequently, the owner's income.
Leveraging Referrals for High-Net-Worth Client Growth
Referrals are a cost-effective and powerful method for increasing AUM and owner income in the financial advisory sector. Satisfied clients are often willing to recommend their advisor to friends, family, or colleagues. Furthermore, building strong referral partnerships with other professionals, such as Certified Public Accountants (CPAs) and attorneys, can bring in a consistent stream of new clients, often those with higher net worth. For example, a CPA referring a high-earning client to Apex Wealth Strategies for investment management and financial planning can lead to a substantial increase in AUM. This strategy requires cultivating strong professional relationships and providing exceptional service that encourages such endorsements.
Key Strategies for Growing Financial Advisor Firm Revenue
- Client Acquisition: Implement targeted marketing campaigns to attract specific client segments, such as emerging affluent professionals. For instance, Apex Wealth Strategies could focus on digital outreach or professional networking events.
- Asset Consolidation: Encourage existing clients to bring all their investable assets to your firm, simplifying their financial management and increasing your AUM.
- Service Expansion: Offer a broader range of services like estate planning, retirement planning, or tax advisory to provide holistic financial solutions, thereby increasing revenue per client.
- Referral Networks: Develop a robust referral program that incentivizes satisfied clients and partners (e.g., CPAs, attorneys) to send new business your way.
How To Optimize Client Acquisition Cost?
Optimizing your client acquisition cost (CAC) is crucial for boosting financial planning firm profit. This means focusing your efforts on attracting clients who are most likely to become long-term, high-value relationships. Think about who your ideal client is – for Apex Wealth Strategies, this is emerging affluent professionals. By targeting these individuals, you ensure your marketing spend is directed towards those who can benefit most from your fee-only financial planning and investment management services.
A significant part of reducing CAC involves leveraging digital marketing efficiently. Instead of broad, expensive campaigns, focus on channels that attract qualified leads organically. Developing a strong online presence is key here. Creating SEO-friendly content, such as blog posts discussing common financial challenges faced by young professionals or hosting webinars on topics like early-stage investing, can draw in potential clients who are actively seeking solutions. This approach builds trust and positions your firm as an authority, leading to higher conversion rates from leads generated.
Effective Client Acquisition Strategies for Financial Advisors
- Focus on High-Value Leads: Target emerging affluent professionals who align with your firm's service model.
- Leverage Digital Marketing: Utilize SEO-friendly content like blogs and webinars to attract qualified leads organically.
- Maximize Referral Channels: Implement a robust referral program to incentivize existing clients and professional partners.
- Utilize CRM Systems: Track lead sources and conversion rates to identify the most cost-effective acquisition methods.
Implementing a robust referral program can be one of the most cost-effective ways to acquire new clients. By incentivizing your existing satisfied clients and professional partners (like accountants or estate attorneys) to refer business, you tap into a trusted network. Referrals often result in higher-quality leads that are already predisposed to trust your services, significantly lowering the cost per acquisition compared to traditional advertising methods. For instance, offering a small, thoughtful gift or a discount on services for successful referrals can yield a strong return on investment.
To truly understand and improve your client acquisition cost, utilizing a Customer Relationship Management (CRM) system is essential. A good CRM allows you to track every lead's journey, from the initial touchpoint to becoming a paying client. By monitoring which channels produce the most valuable clients and have the lowest CAC, you can allocate your marketing budget more effectively. For example, if your CRM data shows that webinar attendees convert at 15% and have a CAC of $300, while cold outreach converts at 3% with a CAC of $700, you know where to invest more resources. This data-driven approach directly improves overall financial planning firm profit.
Understanding your financial advisor business revenue streams is key to profitability. A typical advisory fee structure might be a percentage of Assets Under Management (AUM), often ranging from 0.50% to 1.50% annually, depending on the AUM level and services provided. For example, a firm managing $100 million in AUM at a 1% fee would generate $1 million in annual revenue. The owner earnings financial advisory practice depends heavily on managing these revenues against expenses, including client acquisition costs, salaries, and overhead. The profitability of a small financial advisory practice is often gauged by its net profit margin, which can typically range from 15% to 25% or higher for well-managed firms.
How To Enhance Client Retention For Profitability?
Enhancing client retention is a cornerstone for boosting the profitability of a financial advisor business like Apex Wealth Strategies. This involves consistently delivering exceptional client service, maintaining regular, proactive communication, and clearly demonstrating the tangible value your advisory services provide. High retention rates directly translate into a more stable and predictable financial advisor business revenue stream, significantly impacting owner earnings financial advisory.
Proactively engaging clients is crucial. This means providing personalized financial planning updates, sharing relevant market insights, and offering valuable educational resources. Such engagement strengthens client relationships and helps reduce client churn, which is a key factor in maintaining and growing AUM revenue. For instance, a firm that educates clients on market volatility and its impact on their portfolio can prevent emotional decisions that might lead them to seek advice elsewhere, thereby protecting the financial planning firm profit margin.
Key Strategies for Client Retention
- Deliver Exceptional Service: Go beyond basic financial advice to offer a highly personalized and responsive client experience. This includes anticipating client needs and providing timely solutions.
- Maintain Regular Communication: Establish a consistent communication schedule. This could involve monthly newsletters, quarterly portfolio reviews, or personalized check-ins to discuss market trends and client progress.
- Demonstrate Tangible Value: Clearly articulate how your services are benefiting clients, whether through investment performance, tax savings, or achieving specific financial goals. Quantifiable results reinforce the value proposition.
- Conduct Regular Financial Reviews: Schedule annual or semi-annual comprehensive financial reviews. This ensures client plans remain aligned with their evolving life circumstances and financial aspirations, reinforcing the ongoing value of your partnership.
- Implement Feedback Mechanisms: Establish structured ways to gather client feedback, such as satisfaction surveys or direct conversations. Addressing client concerns promptly improves satisfaction and supports long-term AUM retention, directly benefiting the financial advisor owner's earnings.
By focusing on these retention strategies, a financial advisor firm owner can significantly increase their financial advisor business revenue. For example, a study by Bain & Company found that increasing client retention rates by just 5% can increase profits by 25% to 95%. This uplift in recurring revenue directly enhances the profitability of a small financial advisory practice and improves the average income for independent financial advisor owners. It also contributes to a higher financial advisor firm valuation, which is beneficial for succession planning financial advisory.