Ep 125: The Upside Opportunity Of Finding Out Your Advisory Firm Is Being Sold with Sabrina Lowell
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 21 May 2019
⏱️ 109 minutes
🧾️ Download transcript
Summary
With sixteen years of experience in the wealth management industry, Sabrina Lowell is a Certified Financial Planner™ (CFP®) and a Certified Professional Co-Active Coach® (CPCC). With a focus on working with career engaged couples and clients in tech, Sabrina brings her expertise to her workplace at Private Ocean and helps clients form and achieve their goals.
In this episode, she shares the collaborative process of selling Mosaic Financial Partners, Inc. to Private Ocean and how she broke the news to her clients that a transition was going to happen. We discuss how their management team worked with an investment banker and the key filters the firm used to vet their prospective buyers. Listen in to discover the importance of communication when selling or merging a firm and the advice Sabrina wishes she’d had when she started out.
For show notes and more visit: https://www.kitces.com/125
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.2 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading financial |
| 0:13.1 | advisors navigated the inevitable challenges that arise on the path to success and get |
| 0:18.3 | insight from leading industry consultants about how to break through to the |
| 0:22.2 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.6 | Welcome to the 125th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:34.9 | Sabrina Lowell. Sabrina is an advisor and principal with Private Ocean, an independent RAA in the San Francisco |
| 0:40.5 | area that oversees 2.2 billion of assets under management for nearly a thousand affluent |
| 0:45.9 | clients. |
| 0:46.9 | What's unique about Sabrina, though, is the path that she took to becoming a partner with |
| 0:50.6 | Private Ocean, when it was decided last year that the firm she had worked at for the preceding 16 years was going to be sold to an external buyer. |
| 0:57.9 | And they began the collaborative process of trying to identify what buyer would both be ready |
| 1:02.7 | and willing to buy out the firm's original founder and give Sabrina and other next generation |
| 1:07.1 | leaders of the firm an opportunity to move up and grow in the new firm. |
| 1:11.1 | In this episode, we talk in depth about what the process was like of putting Sabrina's |
| 1:16.3 | prior firm Mosaic Financial Partners up for sale, how their management team worked with an |
| 1:20.6 | investment banker, not only to find potential buyers who could afford the acquisition, but |
| 1:24.7 | who would also be a cultural fit for the firm. The key filters |
| 1:28.0 | that the firm used to vet its prospective buyers beyond just what buyers were willing to offer |
| 1:32.5 | financially, including their core values alignment, their compensation philosophy with clients, |
| 1:37.6 | their investment in financial planning philosophies and serving clients, and the career |
| 1:41.7 | growth opportunities for staff. And what it's like to actually try to vet a potential buyer to figure out if they're really a |
... |
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