Due to the growing “sell your practice” message being promoted by industry experts, roll-up firms, and consultants, many advisors have become convinced that their only succession option is to sell their business. However, the lack of succession readiness for the majority of the industry, along with valuation issues, makes selling a practice a difficult proposition for the majority of advisors.

Fortunately, there are many alternative approaches advisors can pursue, such as “reinventing” themselves and their practices in order to continue working with the clients they enjoy, while streamlining their operations, and their practices. The reinvention option can empower advisors, in their later years, to continue doing the things they enjoy, lessen their workload, and continue to generate income to fund their retirement years.

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