Newly Formed Alliance Between Succession Link and Concert Provides Buying Opportunities for Advisers Looking to Expand Their Business

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Jul 23, 2014, 12:55 ET

SAN DIEGO, July 23, 2014 /PRNewswire/ -- With nearly one-third of financial advisors being between the ages of 55-64[1], many are planning their retirement from the business in the near future or are looking to partner with a younger advisor who can eventually take over the practice. Understanding the opportunity this creates for it's advisors, Concert Advisor Services, a back-middle-office support firm that offers a fully integrated, cutting-edge technology platform, has formed a strategic alliance with Succession Link, a company that provides an online marketplace for buying and selling financial advisory practices.

Featuring a current list of selling companies with combined AUM of more than $1.4 billion, Succession Link does not require sellers to pay a fee when listing their advisory practice on it's site, and buyers only pay a nominal monthly subscription fee.

Succession Link's Co-Founder and CEO, Phillip Flakes, says, "We are more interested in providing a cost-effective marketplace – a more casual environment where buyers and sellers can be introduced. So far we've had great success in doing this."

Felipe Luna, Co-CEO, director and founder of Concert, is pleased with the new alliance. "Succession Link is a fantastic program that, along with connecting buyers and sellers of advisory firms, provides an introduction to other companies that add value to the succession planning conversation," he says.

Continuing, he explains that Concert Advisor Services' platform was built to enable advisors to structure their practices more efficiently, with an eye toward growth. "Our newly formed relationship with Succession Link will support that effort," he says.

Luna also is looking forward to future conversations with Succession Link executives about creating a standardized business valuation system. "Often selling advisors think the value of their practice should be derived from a 2x annual revenues formula, and this can be totally unrealistic," he says.

Flakes agrees that this formula doesn't take into account several other important factors, such as the firm's operations, client base, investment choices, efficiency, or profitability to name a few. "It's important to get the valuation right, and it helps to have some idea of that value prior to starting negotiations," he says.

Taking a step in that direction, Succession Link provides sellers with a business valuation tool, derived from a proprietary formula. The tool provides advisors an initial idea as to the value of their business, without them having to pay for a full-scale appraisal upfront.

About Succession Link

Succession Link provides an on-line marketplace for financial advisors who want to buy, sell or merge their practices. It also provides help with the transaction process and provides an innovative business valuation tool. Succession Link's service is unique in that no fee is charged to selling advisors, and buyers only pay a minimal subscription fee. Succession Link was founded by a group of leading financial professionals who have spent their careers working with advisors. [www.successionlink.com]

About Concert

CONCERT offers a wide variety of turn-key solutions for break-away brokers, independent advisors and RIAs, including: proprietary technology, back-middle office operations, compliance, marketing, HR, and products & solutions. By partnering with Concert, advisors can spend their time dealing with clients and building their practice.

[1] 43% of Advisors Nearing Retirement, Says Cerulli; Financial Advisor, January 17, 2014; http://www.fa-mag.com/news/43--of-all-advisors-are-approaching-retirement--says-cerulli-16661.html

Phillip Flakes
Succession Link
(800) 397-0430
[email protected]
www.successionlink.com

SOURCE Succession Link