Premium strengthens succession planning strategy
Premium Wealth Management is set to launch an add-on to its succession planning strategy called the Safety Net, which would be of particular value to smaller advice firms.
The solution was developed after the dealer group consulted with one practice which relies upon a sole principal, according to Premium chief executive Paul Harding-Davis.
"He was concerned about the interests of his partner, should something unexpected happen to him," he said.
"And he was right to worry - I know of one instance where the principal of a small firm passed away unexpectedly and his wife could not even access the business accounts," he said.
Under the plan, Premium can take immediate charge of the business to help ensure client needs are met and value is preserved. The dealer group would also deliver a payment to the family, Harding-Davis said.
"Over the next 12 months to two years, we will work with the family or estate administrators to identify the best exit strategy for the firm and maximise sale value," he added.
Terry Bell of Business Health assisted Premium in developing this second stage of its existing succession planning program - Succession Ready.
Recommended for you
ASIC has released the results of the latest financial adviser exam, held in November 2025.
Winners have been announced for this year's ifa Excellence Awards, hosted by Money Management's sister brand ifa.
Adviser exits have reported their biggest loss since June this week, according to Padua Wealth Data, kicking off what is set to be a difficult December for the industry.
Financial advisers often find themselves taking on the dual role of adviser and business owner but a managing director has suggested this leads only to subpar outcomes.
