By: Advocis | Advocis Forum Magazine | May 2021
Read More, and see what Scott Plaskett says about Moving up and moving on
Scott Plaskett, senior financial planner and CEO at IRONSHIELD Financial Planning in Toronto, agrees that the pandemic has made it harder for buyers to win oversellers’ clients.
“When we go through an event like this, it’s much more difficult to keep that retention in place, and retention is one of the key components to acquiring a business,” he says.
On the upside, Plaskett thinks that the recent upheaval has shone a spotlight on practices that haven’t made the move from “technician” to“ business owner” to create the “sticky, reliable, repeatable revenue” buyers want. He hopes one lesson advisors will take from the pandemic is that they need a documented financial planning process that makes them, in effect, dispensable so the business can continue to thrive after they are out of the picture.
