Succession in the Age of RIA Consolidation: What Advisors Need to Know Before Selling with Chuck Failla

In the era of industry consolidation, many advisors have turned their firms into a "joyful prison," and succession planning is the key to breaking free on your own terms. Tyson Ray and Kim Cochenour sit down with Charles "Chuck" Failla to explore why taking a private equity check means trading 30 years of hard work for a boss, and what advisors need to consider before signing with a mega RIA. You'll discover why succession planning can be what you want it to be, unless you wait too long — then it gets dictated to you. Tyson Ray and Kim Cochenour explore the topic of succession in the era of consolidation with guest Chuck Failla. Failla kicks things off by sharing more about how he got started in the business, how Sovereign Financial Group came to be, and their approach to growth. For Failla, the current state of the industry will lead to the creation of a "breakaway" breakaway movement. Tyson explains why many advisors refer to their firm as their "joyful prison." "I did not work this hard for 30 years to now have a boss, that makes no sense", says Chuck. "However, if you take that private equity check, you now have a boss…" Remember: the private equity folks will not sign a contract unless it's absolutely tilted toward them. Chuck touches upon how Sovereign Financial helps advisors see things from a different perspective. There are things to consider before a founder signs a letter of intent with a "megapolis" RIA – Chuck shares more about that. Tyson believes that "The joy of being an entrepreneur is the freedom to delegate and elevate yourself, let other people step into their unique abilities." Never forget that "succession can be what you want it to be unless you wait too long… then, it's going to get dictated to you," stresses Tyson. Tyson is an advocate for exploring different options as a founder. Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First Chuck Failla Chuck Failla on LinkedIn Sovereign Financial Group Wolf of Wall Street Raymond James AdvisorAssist Chuck Failla's goRIA podcast Investment News