Navigating Partnership Transitions in Financial Advisory

Jennifer Climo is the CEO and a Senior Advisor for Milestone Financial Planning, an independent RIA based out of New Hampshire that oversees $360-million in assets under management for 225 households. Despite already having a successful solo practice, Jennifer decided to merge with another solo practitioner when an opportunity presented itself during an unusual crisis, and she took on the challenge of managing the complex business dynamics that came with this decision in order to achieve her goal of expanding and growing her practice into a larger enterprise that would continue to thrive beyond her involvement.

Listen in as Jennifer shares why she merged her solo practice with another firm due to an opportunity that presented itself during an unusual crisis, how she created a unique succession plan that included a 15%-of-profits retirement payout, and how this succession plan ultimately led to a second merger that allowed Jennifer to continue growing and scaling her business. We also discuss why Jennifer created an operating agreement when she added a partner to her firm, how she used the challenges that arose during the mergers to improve efficiencies and increase profitability, and what has surprised her the most about running a multi-million revenue practice.

For show notes and more visit: https://www.kitces.com/317