Succession Resource Group Facilitates Successful Sale for Longtime Financial Advisor
Providing professional guidance in a challenging market environment, SRG secures favorable deal terms for the $91M AUM practice Portland, OR – September 14, 2023 – Succession Resource Group (SRG) is pleased to announce it has facilitated the successful sale of a well-established financial advisory firm. The transaction was completed September 2023, following an 11-month process. Due to the ongoing transition, the parties have requested that their names not be disclosed. About the Transaction The seller, an experienced financial advisor, engaged SRG October 2022, after facing challenges in a previous private deal attempt. Initially, the seller attempted to sell his practice to a friend and local advisor, but the process was complicated by a significant market correction in June 2022, when the S&P 500 fell nearly 20%. The decline in revenue led the buyer to seek adjustments to the purchase agreement, causing the seller to question whether they were getting the best price and terms. Frustrated by the self-negotiation process, the seller turned to SRG for advocated support. SRG provided the seller with comprehensive valuation services and a well-refined process, ultimately facilitating a successful sale of the $91.74 million AUM practice, which boasts 98.42% recurring revenue and serves 146 households. The transaction also included the retention of a highly compensated administrative employee, ensuring continuity of service for clients. Market and Offer Highlights The sale attracted significant interest from potential buyers, with 87 parties expressing interest in the opportunity. After careful vetting, SRG presented the seller with eight elite buyers, resulting in three formal offers. While none of the offers exceeded the $2.9 million asking price, all offers included down payments of 80% or higher, with two out of three offers offering over 95% long-term capital gains tax treatment. The final deal, which was accepted, provided a 3.82x multiple on recurring revenue, along with a 90% non-refundable cash down payment plus staff expenses—significantly more favorable terms than a previous deal the seller had considered, which offered a 3.19x multiple and a 60% non-refundable cash down payment. Kristen Grau, Director of the Seller Advocacy Program at SRG, shared her thoughts on the transaction: “This transaction underscores the importance of professional guidance in achieving the best possible outcome, especially in a challenging market environment. The seller’s decision to engage with SRG after a previous deal fell through allowed us to leverage our expertise and market insights to secure terms that far exceeded the seller’s expectations. We’re proud to have been able to provide the support they needed to retire with confidence, knowing their clients will be well cared for.”
The Succession Resource Group 2024 Mid-Year Advisor M&A Update
The comprehensive report identifies significant trends in first and second quarter advisor M&A activity
Ferro Financial LLC Joins Forces with Hassell Wealth Management LLC, Strengthening Fiduciary and Fee-Only Advisory Services
The partnership, expertly facilitated by Succession Resource Group, brings together two top Louisiana RIAs Portland, OR – March 1, 2024 – Succession Resource Group (SRG) is proud to announce the strategic partnership of Hassell Wealth Management LLC and Shelley Ferro, founder of Ferro Financial, LLC. This partnership brings together two of Louisiana’s leading Registered Investment Advisors (RIAs), both committed to providing fiduciary, fee-only financial advisory services. Ferro, who built a strong reputation through Ferro Financial, LLC, managing approximately $49.40 million in assets under management (AUM) with 100% recurring revenue, partnered with Hassell Wealth Management to continue delivering client-focused, transparent, and independent financial advice. This collaboration ensures her clients will receive the same high standard of personalized service and low-cost, tax-efficient investment strategies they have come to rely on. Ferro, a distinguished member of the National Association of Personal Financial Advisors (NAPFA), an organization that represents the pinnacle of fiduciary responsibility in financial planning, saw the need to partner with a fee-only, fiduciary RIA. Hassell Wealth Management LLC, led by Stephen Hassell, is well-positioned to support Ferro’s clients with an expanded team of nine professionals, including Certified Financial Planners (CFP®) and other advanced designations, as well as broader resources.. The partnership reflects a shared dedication to maintaining the integrity of fiduciary practices and continuing the legacy established by Ferro. This partnership ensures a seamless experience, with both firms remaining dedicated to their shared mission of helping clients achieve their financial goals. This collaboration was expertly facilitated by SRG, ensuring a seamless transition for all involved. SRG guided the process over an eight-month period, helping to align the values and objectives of both firms. The partnership will allow Ferro to continue playing an active role in the business, providing continuity and assurance for her clients. Kristen Grau, Director of the Seller Advocacy Program at SRG, commented, “Our goal is to make the succession journey straightforward. But finding the right successor takes time, guidance, and a dedicated process. This partnership between Ferro and Hassell Wealth Management is a testament to the importance of a thoughtful and deliberate approach, ensuring clients stay the #1 priority..” This partnership highlights the growing demand for fiduciary, fee-only financial advisors who prioritize the interests of their clients above all else. By joining forces, Ferro and Hassell Wealth Management LLC are poised to offer enhanced services, leveraging their combined expertise and commitment to low-cost, tax-efficient investment strategies, including the use of Dimensional Fund Advisors (DFA) funds.
Succession Resource Group Among Inc.’s Annual List of Best Workplaces for 2024
SRG named among best workplaces for established excellence
Symphony Financial Planning Partners with Pure Financial Advisors in Strategic Sell-and-Stay Transaction
The synergistic partnership, facilitated by Succession Resource Group, offers ongoing growth opportunities for both teams. Portland, OR – January 8, 2024 – Symphony Financial Planning, LLC (Symphony), a leading fee-only RIA firm based in Davis, California with approximately $240m in assets, is pleased to announce a strategic partnership with Pure Financial Advisors, LLC (Pure), a San Diego-based RIA managing $4.5 billion in assets, facilitated by Succession Resource Group (SRG). This sell-and-stay transaction, completed January 2024, marks a significant milestone for Symphony, providing the firm with enhanced resources, a deeper investment team, and greater opportunities for growth, while ensuring the preservation of its legacy. About the Transaction After 17 years of building Symphony into a respected advisory firm serving the Davis and greater Sacramento area, Paul Meyerhoff, PhD, CFP, sought a partner who could continue his firm’s legacy and offer growth opportunities for his team. With more business coming their way and no succession plan in place, the need for a strong, culturally aligned partner became paramount. Meyerhoff commented on the decision: “After building for the last 17 years, I was looking for a partner who could not only continue the legacy of serving clients in Davis and the greater Sacramento area but also ensure that my team has career paths and upside with a strong, organically growing firm, as I know M&A can only take you so far. Pure proved to be in a league of their own in terms of offering the culture, the growth, the service -offering, and the mission that we could all rally around.” The deal was finalized after a 14-month engagement period, during which SRG helped Symphony navigate a competitive market, attracting interest from 74 potential buyers. Of the 15 elite buyers vetted and presented, Pure emerged as the ideal partner. The deal received 9.56x on earnings, 70% cash down, and the remainder paid within the first year, as well as terms that included a post-sale employment agreement for a minimum 24-month period, ensuring Meyerhoff’s continued involvement in the firm’s growth. Jason Carver, CFO & Managing Partner of Pure Financial Advisors, shared his thoughts on the partnership: “Our focus continues to be on growing organically, with a secondary aim at making very few, select acquisitions and partnerships wherein the culture, business, and strategic fit exists. In [this] case, the connection and opportunity between our business was so natural and outright compelling that both sides were eager to partner together.” Kristen Grau, CPA, CVA, CEPA, Director of the Seller Advocacy Team at Succession Resource Group, commented on the transaction: “This partnership is a prime example of how thoughtful planning and proactive measures can result in a highly successful transition. By carefully selecting a successor who aligns with their values and vision, Paul Meyerhoff and Symphony Financial Planning have not only ensured the continuation of their client relationships but also secured a bright future for their team. Our role in facilitating this process highlights the importance of finding the right fit for both parties and underscores our commitment to guiding our clients through every step of their succession planning journey.” This partnership, rooted in a robust investment team, expanded resources for client service, and enhanced service offerings, allowed Symphony employees and clients, as well as Meyerhoff, to secure a future where clients continue to receive the high level of care they’ve come to expect, while gaining access to new opportunities for growth and innovation.
2024 Advisor Valuations Rebound to All-Time Highs
PORTLAND, Ore. (Feb. 22, 2024) — Succession Resource Group, Inc. (SRG) published its eighth annual review of advisor acquisition activity, unveiling key trends for advisors interested in buying, selling, and succession planning. In this most recent data release, SRG reported on 188 transactions representing more than $25 billion in assets under management. Despite a high-interest rate environment, the M&A market was driven by strong demand, access to capital, increasing valuations, and shifting seller preferences toward larger buyers with the ability to scale. The average RIA/recurring revenue multiple reached 3.02, highlighting a resilient and sustained M&A market.
Succession Resource Group Announces Sale of $420 Million AUM Ameriprise Advisory Practice
Portland, Ore. (Aug. 13, 2019) – Succession Resource Group (SRG) is excited to announce the sale of Orlando, Florida based Santiago & Associates (Santiago), an Ameriprise Platinum Financial Services practice owned and operated by Conrad Santiago, an independent Private Wealth Advisor affiliated with Ameriprise with $420 million in assets under management. The purchaser, Brent Trentham of The Trentham Urquhart Group (Trentham), is based in Tennessee and was named one of Forbes Best-in-State Advisors of 2019 and Barron’s® “Top 1,200 Financial Advisors: State-by-State Ranking”. Mr. Trentham was also a member of the Chairman’s Advisory Counsel (CAC) from 2005-2016.
Succession Resource Group Expands Talent Pool With Key Hires
PORTLAND, Ore. (Nov 17, 2020) – Succession Resource Group (SRG) is excited to announce three strategic hires to keep up with growth and continue to deliver best-in-class service to SRG’s valued clients. Adding to SRG’s existing roster of talented professionals, the team has recently hired Josh Clifford, CVA®, Katelynn Clements, JD, and Marc Stein, AIF®.
Kristen Grau Recognized as NACVA’s 2020 40 Under Forty Honoree
Kristen Grau, Executive Vice President at Succession Resource Group
Succession Resource Group Announces the Sale of $109M AUM Delaware-Based RIA
Portland, Ore. (June 17, 2020) – Succession Resource Group (SRG) is excited to announce the sale of Delaware-based RIA, Lovett Advisors to Pennsylvania-based RIA, Bluesphere Advisors LLC. This sale represents over $109 million in assets under management (AUM), negotiated and closed amidst the coronavirus pandemic.
