Managing Relationships During Transitions with Justin Ferri

The Admired Advisor Podcast

Transitions can be challenging for any organization, especially when managing relationships during the succession or sale of an advisory firm. However, as advisors shift to an independent wealth advisory business model due to its unconflicted nature and ability to provide valuable services to clients, mergers, acquisitions, and partnerships are becoming more prevalent. What factors do owners need to understand when selling their business, and how can they navigate the challenges that come with the transition?

In this episode, Steve talks with Justin Ferri, President at Buckingham Wealth Partners. Before joining Buckingham, Justin was a managing director of Focus Financial Partners, responsible for business development and acquisition activities with an emphasis on identifying and partnering with top advisors and independent RIA firms. Today, Justin focuses on forward-looking strategies, vision, and growth for Buckingham's advisory teams and client experiences. He is proficient in building growth-oriented businesses, focusing on recruiting, motivating, and leading highly creative and productive teams.

A seasoned financial services executive with extensive management and leadership experience, Justin talks with Steve about managing relationships during times of transition. He also shares the decision points when considering succession or sale of an advisory firm, what influences valuation and how potential sellers can maximize their value, and how leaders can navigate the challenges of business transitions.

Key Takeaways

• [02:06] - Justin's professional journey in financial services.

• [05:44] - What Justin enjoys most about the wealth management industry.

• [09:02] - What surprises Justin about working in independent wealth management.

• [11:42] - Decision points when considering succession or sale of an advisory firm.

• [16:55] - What people need to understand when selling or merging their businesses.

• [20:13] - What influences valuation and how potential sellers can maximize their value.

• [23:12] - The leadership qualities needed to successfully acquire or transfer a business.

• [26:46] - What it's like to partner with Buckingham Wealth Partners.

• [33:18] - Buckingham's third pillar of its business model.

• [37:44] - How leaders can navigate the challenges of business transitions.

• [41:56] - The things that keep Justin motivated and excited in his personal and professional life.

Quotes

[05:03] - "The business model that is used by many large investment banks on Wall Street was highly conflicted. That ultimately made my decision to shift and focus the next chapter of my career entirely on the independent wealth advisory community." ~ Justin Ferri

[12:15] - "There are 15 to 17,000 independent wealth advisory firms across the U.S. Even though we have a record number of partnerships and mergers and acquisitions happening year after year, that number hasn't gone down. That is a testament to the strength of the independent business model and the value that it brings to clients every single year." ~ Justin Ferri

[34:20] - "The only thing worse than providing bad advice is delivering great advice that's not acted upon. That comes down to trust, which is why the independent wealth advisor business model being unconflicted is the right way to provide service to clients." ~ Justin Ferri

Links

• Justin Ferri on LinkedIn

• Justin Ferri on Twitter

• J.P. Morgan

• Merrill Lynch

• Focus Financial Partners

• Adam Birenbaum

• Alex Potts

Connect with our hosts

• Steve on LinkedIn

• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts

• Spotify

• Steve on LinkedIn

• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)