Financial Advisor Success Ep 105: Growing An Advisory Firm By Pairing Young Advisors To Acquired Books Of Business From Retiring Advisors with Chip Munn
Jan 1, 2019
Chip Munn, co-founder of Signature Wealth, shares insights from his firm’s meteoric rise to over $1 billion in assets. He reveals the secret sauce of acquiring retiring advisors' practices and seamlessly pairing them with younger talent. Chip discusses the unique flexibility offered by the independent model, the importance of technology and shared resources, and how to ease client transitions during advisor changes. His passion for mentoring new advisors shines through, as he highlights the firm’s supportive culture and strategies for successful growth.
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Hold Twice-Yearly Client Workshops
- Run semi-annual client events in each office with senior partners and the new lead advisor to reinforce the team.
- Use these workshops to explain the transition story and cement client expectations.
Son Sells Inherited Location To Focus Locally
- A younger advisor inherited his father's practice after passing, then sold the legacy location to Signature to focus on his original office.
- He kept running his preferred practice while Signature staffed and ran the other location.
Tacit Knowledge Makes Transitions Hard
- Advisors store vast institutional knowledge in their heads, so transitions require systematic capture.
- After-action reviews after each acquisition refine processes and reveal hidden handoffs.
