Are you feeling like a prisoner in your current broker-dealer or wirehouse setup? The wealth management industry is seeing its most robust M&A market in history, and now is the time to decide how you will protect your legacy and maximize your firm’s value. Whether you are looking to exit soon or just want to build a more scalable practice, understanding the current landscape is essential for every financial advisor.

In this episode of the Total Succession Show, host Tyson Ray is joined by industry experts to pull back the curtain on modern M&A trends. We dive deep into why multiples are skyrocketing for operationally efficient firms and what it really means to move from a corporate RIA to an independent model. You will learn the critical differences between integrators and aggregators, and why finding the right cultural fit is often more important than the final sale price.

We also explore the hurdles facing the next generation of advisors, including the rising cost of equity and the tax implications of internal transitions. Plus, hear a real-world success story about merging with a larger platform to offload compliance and HR burdens while maintaining the independent spirit that your clients love. These conversations are designed to give you the nudge you need to start preparing for what comes next.

Ready to take the next step toward a well-planned exit? Subscribe to the show and visit totalsuccession.com/podcast to download your free starter guide. You can also find Tyson Ray’s book, Total Succession, on Amazon to learn the five clear steps to exiting on your terms with confidence and full compensation.

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

Ted Motheral on LinkedIn

Dave Patchen on LinkedIn

Scott W. Danner

Steward Partners

Are you building for a distant future or for the life you want to live right now? Many business owners wait too long to plan their next chapter, but shifting your mindset from exiting to what is next can change everything. Welcome to the Total Succession Show with Tyson Ray and Kim Coconour.

In this episode, we explore why the word “exit” feels so emotional and why it is time to change our language to focus on what comes next. Whether you are a financial advisor or a business owner, learning how to live your legacy instead of just leaving one is the key to a fulfilling career and retirement. We dive deep into the psychology of succession, discussing why the 45-to-60-year-old demographic is leading the charge in business pivots.

You will learn about overcoming the scarcity mindset that often freezes owners at the finish line and how to find impact that goes beyond your daily work schedule. We also discuss the importance of trusting your gut and why delegating tasks is the only way to elevate yourself to your next big move. By using the SPACE framework, you can move through the stages of seeing, preparing, acting, and committing to your future with confidence.

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

Scott W. Danner

Steward Partners

Dave Patchen on LinkedIn

Andrea Schlapia

Ironstone

Are you building a business that is ready to sell at a moment's notice, or are you just getting by? In this episode of the Total Succession Show, host Tyson Ray is joined by Kim Cochenour to discuss why you should always be prepared for an exit, even if you aren't planning to leave today. Learn how to transition from being the bottleneck in your business to creating a high value, scalable asset.

The conversation highlights the importance of transitioning from being the god of your business to being a prophet by implementing scalable systems. We explore the SPACE framework, which stands for See, Prepare, Act, Commit, and Exit. Kim shares her personal journey of realizing her business wasn't ready for sale and the vital steps she took to fix it, including hiring consultants and tightening legal documentation to ensure every contract was dialed in.

We also break down how the Entrepreneurial Operating System or EOS can help you get the right people in the right seats and improve your valuation through better processes and data. Key topics covered include the six components of the EOS model, the importance of a ninety-day cadence for recalibration, and why repeating your vision seven times is necessary for your team to truly hear it. Whether you are looking to merge with an aggregator or just want a healthier leadership team, this episode provides a roadmap for a confident and well-planned exit.

Ready to take the next step in your succession journey? Grab a copy of the book Total Succession on Amazon today for a deep dive into the five clear steps for exiting on your terms with confidence and full compensation. You can also visit our website at totalsuccession.com/podcast to download a free starter guide that walks you through the SPACE framework. Don't forget to subscribe for more episodes designed to support your next move.

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

Andrea Schlapia

Ironstone

Scott W. Danner

Steward Partners

Is your succession plan sitting on a post-it note, or is it a documented strategy for the future? Many financial advisors delay planning because it feels emotional or scary, but treating your exit as a long-term business strategy is the key to protecting your legacy.

Hosts Tyson Ray and Kim Cochenour, are joined by special guests to discuss the realities of moving from a single-owner practice to a leadership-team-run business. We dive deep into why exit planning should not be a one-time event, but rather a purposeful strategy to increase the value of your practice and ensure your clients and team are taken care of.

Key topics covered in this conversation include:

• The emotional barriers that keep advisors from planning for what is next.
• The difference between a catastrophic plan and a true succession strategy.
• How to use the principles of vulnerability-based trust to build a stronger leadership team.
• Why verbal agreements mean nothing without legalized documentation.
• A look at industry statistics showing why the next decade is critical for firm owners.
• Real-world examples of how preparation leads to successful partnerships rather than just acquisitions.

Whether you are looking to retire soon or just want to step away from the tasks that drain your energy, this episode provides the roadmap you need to exit on your own terms.

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

Andrea Schlapia

Ironstone

Ted Motheral on LinkedIn

Building a team and making it work are two different things, especially when succession planning depends on your relationship with your next-gen advisor.

Hosts Tyson Ray and Kim Cochenour are joined by JAM Consulting Group’s Kaleen Barbera to discuss and explore the behavioral science behind effective teams.

Feelings come before facts, asking before telling builds connection, and acknowledging different opinions aligns everyone toward a common goal.

• Kim Cochenour kicks things off by stressing that advisors need to remember that building a team and making it work are two totally different things.
• Guest Kaleen Barbera shares her story of 30+ years in the financial services industry.
• Building better relationships with advisors and helping them grow their practice have been two key areas of focus of Kim’s.
• From a behavioral science perspective, there are several things that make a team work, including structure, asking before telling, and acknowledging that feelings come before facts.
• If we’re unable to engage each other in a way that builds connection, it’s going to be truly difficult to align and reach a common goal.
• Kaleen touches upon a client who she has helped build a better relationship with his team.
• Acknowledging that someone might have a different opinion is important, especially when it comes to succession planning and your next gen advisor.
• Tyson opens up about the transformation he underwent as a leader and how that has impacted his firm.
• Kaleen lists a few things that should spark the need – or the possibility – of asking for help as a financial advisor.
• It took Tyson some time to start letting go and creating space for others to step in.
• When it comes to financial planning, one of the fundamental steps is to highlight what the cultural values and team philosophy are.
• Tyson, Kaleen and Kim talk about the importance of the vision part, and what founders should do when they have an idea in their head.
• Kim sees the S.P.A.C.E. framework as something that can be applied even just to your team members.
• Tyson, Kaleen, and Kim end the conversation by discussing how (and when) JAM Consulting Group could help financial advisors and leaders.

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

Kaleen Barbera

JAM Consulting Group

Why do advisors who excel at guiding clients through retirement planning struggle to start their own succession planning?

Tyson Ray and Kim Cochenour, along with Aaron Hasler and Andrea Schlapia, explore the three reasons why advisors don’t get around to it.

You’ll hear about the #1 challenge for advisors, why and how “business exit” should be reframed, and why failing to treat succession planning like the process it is leads to value erosion.

• Tyson Ray and Kim Cochenour look at why advisors seem to struggle to get their own succession planning process started.
• Tyson and Ray address the topic by also featuring contributions by Aaron Hasler and Andrea Schlapia.
• Kim kicks things off by touching upon three reasons why advisors typically don’t get around to their succession planning.
• They are: 1) not really understanding the options; 2) succession planning feels way more personal than what you expected; 3) you haven’t defined what you actually want next.
• For Aaron Hasler of Spruce Rock Capital, education is the #1 challenge advisors face.
• He shares a couple of suggestions advisors can follow to improve their education and industry knowledge without having to rely on outdated, generic, advice.
• Tyson points out the irony of being a financial advisor: Taking financial and retirement planning for granted and not either one for your business.
• While a business exit may feel emotional, scary, and uncomfortable, Andrea Schlapia sees an exit merely as a good business strategy, rather than a massive event.
• Tyson emphasizes the importance of understanding “what you’re exiting to, not from.”
• “If you don’t treat your succession planning like the process that it is, it can turn into this big, overwhelming and unknown process somewhere down the road,” emphasizes Kim.
• Andrea talks about the steps where she sees advisors having a hard time – and those where they succeed.
• Since “exiting” is a trigger word for many advisors, Andrea is all in favor of changing the words from exiting to “what’s next.”
• Andrea concludes by saying that failing to plan is going to equal value erosion.

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

Aaron Hasler on LinkedIn

Spruce Rock Capital

Andrea Schlapia

EOS

Most advisors retire three years earlier than they expect, which means your succession planning needs to be ready three years earlier, too!

Guest Jeremy Keil, author of “Retire Today,” joins Tyson Ray and Kim Cochenour to explore how to apply retirement planning wisdom to your own exit.

You’ll discover Jeremy’s five-step process, why being ready to exit early creates a more valuable business, and why you should approach succession planning similarly to how many approach retirement planning.

• Guest Jeremy Keil shares his thoughts on retirement planning and succession approaches, while Tyson Ray touches upon what he sees advisors do when going through succession.
• Jeremy touches upon two things that can help advisors get clarity on their own when they’re thinking about succession.
• On average, you retire three years earlier than you expect – that means having your retirement plan set three years earlier than you expect.
• Beginning with the end in mind is a habit Jeremy believes advisors should apply to their own succession planning.
• Tyson goes into a mismatch that often occurs when advisors start seeing the value of their practice in dollars and don’t realize that it doesn’t necessarily translate to what the cash flow of the business is generating.
• Unlike what happens with succession planning, in retirement planning, advisors and clients meet regularly – Jeremy discusses the benefits and how succession planning can embrace a similar approach.
• Jeremy illustrates his five-step process to retirement planning.
• Tyson sees a successful succession or retirement not so much as the process that defines finances but more about the approach that helps you understand who you are and what you do when you’re no longer an advisor…
• Jeremy brings the so-called retirement longevity number into the conversation and highlights that it has two points: the beginning and the end point of your retirement.
• Always be ready to exit, to sell, and to retire three years earlier than you expect.
• Worst-case scenario: you retire when you want to, and you probably created a more valuable business.
• One of the problems with advisors is that you need to be a humble individual to reach out to another advisor to get advice.
• However, many think that, since they’re an advisor, they should be able to do it all on their own…

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

Keil.com

Jeremy Keil on LinkedIn

Keil Financial Partners

Mr. Retirement with Jeremy Keil (YouTube channel)

Retire Today: Create Your Retirement Master Plan in 5 Simple Steps by Jeremy Keil

LongevityIllustrator.org