The APEX Program Pairs Buying and Selling Advisors to Ensure a Smooth Transition of the Business and a Better Experience for Clients
Prospera Financial Services, Inc., a boutique wealth management firm supporting a nationwide network of independent advisors, announced the launch of its proprietary Advisor Practice Exchange Program, an interactive process and resource designed to assist Prospera’s advisors interested in either growing their businesses by acquiring another practice or creating succession plans through a sale.
The APEX program includes a dedicated consultant to help advisors navigate buying or selling a practice, curated tools including acquisition and succession guides, white papers, recorded webinars, resources for contracting and helpful market and economic updates.
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“We developed APEX to empower our advisors looking to buy or sell a practice, or find an eventual successor, to do so within the Prospera family,” said Tim Edwards, Prospera Co-CEO and Managing Partner. “By providing advisors access to in-house experts and resources, we make what can be a complex and emotionally draining undertaking easier for all involved. An internal transition creates an improved experience for the end client, translating into higher retention and increased business value. Keeping assets here at Prospera also allows us to continue investing in the support and services our advisors expect and deserve.”
The APEX matching process
Advisors start the matching process by completing a confidential APEX questionnaire. An APEX consultant will meet with the interested advisor to create personalized criteria for pairing that advisor for a purchase or sale. A standing home office committee then reviews the information and begins searching for the best possible match. The APEX consultant will then make confidential introductions, and if there is a mutual interest, the consultant will guide the advisors through the process, from contracting to transition.
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Through APEX, advisors can take advantage of Prospera’s relationship with experts who can help with practice valuation, deal terms, legal issues, and financing.
Hilary Pluemer, Managing Director, Advisor Services, added that “APEX is the latest value-added service Prospera provides its advisors, and it’s extremely timely. Studies have shown that at least a third of advisors are planning to retire in the next 10 years. At the same time, fewer than 10% of advisors have taken the time to put an executable succession plan in place. We created APEX to help older advisors monetize what they’ve spent a lifetime building while giving growth-oriented advisors assistance in finding the right partner. Facilitation of internal acquisitions and successions is in the best interest of buyers, sellers, clients and our firm.”
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