As a recruiter helping advisors with career transitions, Phillip Flakes noticed that a lot of his clients were saying their next move would be their exit from the industry. The savvy entrepreneur didn’t simply move on to more active prospects but realized there was a business opportunity in helping advisors in their final career transition.
The result is Succession Link, a new online marketplace for advisory practice mergers and acquisitions, which went live in May. While there are plenty of such businesses, Flakes’ offering may be a unique value-add coming from a recruiter (his StarPoint Consulting Group has been arranging advisor/broker-dealer marriages for four years now.)
But it may be unique in another way as well. Succession Link charges no transaction fees to advisors selling their practices. Its business model is based on subscription fees to buyers looking for acquisitions on the site.
"Other competitors do charge transaction fees," Flakes told ThinkAdvisor in a phone interview. "Others will help the buying advisor find a practice. We will certainly help as well, but we want to start with the selling advisor first."