The Importance of De-risking Your Practice With Ted Jenkin
What You'll Learn In Today's Episode:
- Advisors are trained to be addicted to cashflow.
- De-risking from your practice is essential for financial security.
- Market fluctuations can significantly impact practice valuations.
- Selling your practice can provide financial security and growth opportunities.
- Legacy planning should not compromise financial security.
- Younger advisors need to understand their wealth gap.
- Surrounding yourself with top talent can accelerate growth.
- Negotiating your own deal can lead to unfavorable outcomes.
In this episode of the TPR podcast, hosts Matthew Jarvis and Ted Jenkin discuss the current state of the financial advisory industry, focusing on mergers and acquisitions (M&A), business valuations, and the importance of de-risking practices. They explore the misconceptions around payouts, the risks associated with market fluctuations, and the necessity for advisors to understand their own financial planning and wealth gaps. The conversation emphasizes the value of selling practices and the potential for growth when leveraging talent effectively. Ted shares insights on how advisors can navigate their careers and make informed decisions about their practices.
