Dallas-based broker-dealer Prospera Financial Services announced the expansion of its Succession Your Way services for advisors, which helps them navigate the process of selling or acquiring a practice.
The Associate Advisor program provides customized support to advisors who have sourced and are developing an associate with plans to become a successor. The Advisor Practice Exchange Program (APEX) has a dedicated Prospera home office team guide an advisor-to-advisor process for practice transitions. And in the Prospera Wealth Advisors (PWA) program, Prospera purchases the book of business, which an in-house PWA advisor will manage.
The programs, which are designed to accommodate the monetization needs of older professionals, can connect advisors with valuation services, lenders and attorneys familiar with the sale process.
“Just as each advisor measures success differently, they will be able to approach succession planning on their own terms,” said Tarah Williams, Prospera’s President and Chief Operating Officer. “No matter which program they choose, our dedicated specialists are with them every step of the way.”
Prospera has always supported its advisors’ succession efforts with the Associate Advisor program, and enhanced its offering in 2022 with APEX. This year, Prospera expanded its succession support with PWA, adding to the suite of options under Succession Your Way.
The company, which was founded in 1982, increased revenue 113% over the past five years, growing both organically and through M&A. It has 168 advisors, 98 locations and $15.5 billion in assets under management (AUM). The firm held its annual conference, CONNECT 2023, last month from Oct. 18 to Oct. 20, at the Marriott Dallas Uptown.
In August, Prospera announced the recruitment of three firms across four states with a total of $539 million in AUM: G4 Wealth Management of Paradise Valley, Arizona, with $320 million; East Coast Capital Management, based in Boston and Fort Lauderdale, Florida, with $130 million; and Paraclete Wealth Consultants of Lamar, Colorado, with $89 million.
In April, Prospera recruited Punta Gorda, Florida-based Howell Wealth Advisors, with $215 million in client assets. Josh Howell, the Managing Director of Howell Wealth Advisors, and relationship manager Liz Fisher, joined Prospera from Wells Fargo Financial Network.
“We want our advisors to proceed secure in the knowledge they are not alone,” Williams said. “Having a specialist available to talk things through, offer an objective perspective and help develop a customized succession plan is invaluable. Our advisors deserve this level of support and we’re proud to facilitate seamless transitions between advisors considering retirement and growth-oriented nextgen successors, in the manner that best suits everyone.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
