Create a plan for a successful practice acquisition

Target practices with similar culture and values

Practices that have similar culture and values are a natural fit – client events, communication frequency, service methodology, product offerings, growth model – and more. You may not align on all aspects, but talking through these factors will help a buyer better understand your practice.

Respect the legacy of the seller and the clients

Finding ways to meet the needs of legacy clients is critical to fostering a good advisor/client relationship. Remember that the existing advisor – and their legacy clients – are used to the advisor serving as a broker not a planner. Clients may expect this role to be maintained. It’s important to make the clients feel comfortable and confident with the change, while incorporating your personal style as you building the new relationship.

Be willing to adjust your client service model

“Become a master of different communication styles, even if these may not be your norm,” says Tim Crain, Franchise Field Vice President with Ameriprise Financial. “Learn to adapt and create a style that is both conducive to business and well-received in the market, while retaining your authenticity.” Legacy clients may be used to working with an advisor at a different place and time. Be open to adjusting your schedule in the beginning to accommodate these clients.

Learn more about the Ameriprise difference

Ameriprise Financial has invested in a dedicated team of acquisition specialists with deep experience and knowledge to help you assess your options. Learn more about our practice acquisition resources or call 888.806.9984 to talk confidentially with our specialists.