It hasn’t yet reached the fever pitch of an auction, but another player is raising eyebrows with its offer to buy advisor books.
With the average age of advisors said to be 58 the need for succession planning is quickly becoming a big deal in the wealth management industry. Advisors unprepared for retirement do themselves and their clients a major disservice by not having a plan in place to make this transition a seamless one.
That’s where Evolution Wealth Advisors comes in.
The Mississauga-based firm has come up with a platform for helping advisors take care of succession planning that simplifies the process. To find out more we spoke to CEO Steve Meehan about the benefits to advisors.
“We were building an investment counsel platform [Bellwether Investment Management],” says Meehan “and saw an opportunity with a lot of assets moving in that general direction. As we got further into it and all the CRM2 issues started cropping up we realized that ultimately this was going to be good for the investment counsel business.”
Meehan’s experience as CEO and founder of Investment Planning Counsel Inc., which he sold to IGM Financial in 2004, allowed him to see that an opportunity existed thanks to the impending regulatory change to help mutual fund advisors transition their businesses to an investment counsel model.