Revolutionizing Retirement: Snowden Lane's New Advisor Plan

Introducing the Practice Continuation Plan

Snowden Lane Partners has launched a revolutionary retirement program called the Practice Continuation Plan, specifically designed for its advisors. This innovative initiative aims to provide a seamless path to retirement while enhancing the client experience. As an independent, advisor-owned wealth advisory firm, Snowden Lane remains committed to delivering client-centered solutions, signifying their dedication to the financial wellbeing of both their advisors and clients.

Benefits of the New Program

The Practice Continuation Plan allows eligible senior advisors to transition into retirement with ease. Advisors can opt for an upfront, lump-sum payment when they enter the five-year program. This is coupled with a revenue-sharing model beneficial for both retiring and successor advisors. Retiring advisors stand to gain up to 250% of their trailing twelve-month revenue, making this program an appealing option for those looking to monetize their practices effectively.

Structured Succession Planning

This initiative facilitates a well-organized succession strategy. It ensures retiring advisors receive immediate liquidity while benefitting from a consistent revenue stream throughout the transition period. Importantly, profit-sharing is accelerated during this timeframe, aligning with Snowden Lane's overall advisor compensation strategy, and ensuring a smooth handover.

Security for Advisors and Their Families

The Practice Continuation Plan also enhances security through specific provisions in the event of an advisor's passing. This aspect not only provides peace of mind for retiring professionals but also extends support to their families during challenging times, underlining Snowden Lane's commitment to its advisory community.

Voices from Leadership

Rob Mooney, the Managing Partner and CEO, expressed enthusiasm about the new program's launch. He stated, "Meeting our advisors’ unique needs is our top priority, and we believe this program will stand out to potential advisors considering joining a boutique firm. We've based this initiative on conversations with our advisors seeking continuity for their clients as they retire, and the feedback has been overwhelmingly positive. This program perfectly addresses those requirements.”

A Win-Win Situation

Mooney further explained that the Practice Continuation Plan creates opportunities for both retiring advisors and their successors. It cultivates an environment where experienced advisors can mentor new professionals, ensuring the legacy of their practices while paving the way for future growth within the firm.

Growth and Development at Snowden Lane

This strategic announcement follows a series of significant additions to Snowden Lane's leadership team. Senior Partner Alex Bryer recently took on a national business development role, reinforcing the firm's strategic direction. Furthermore, Senior Partner Armando Ureña's appointment to the Operating Committee showcases the firm’s commitment to strong leadership and continued growth.

Strong Recruiting Year

The timing of the Practice Continuation Plan coincides with Snowden Lane's exceptional recruiting success, having welcomed 13 new financial advisors since September, which translates to $1.8 billion in new client assets. The firm is experiencing a robust 20% increase in year-on-year revenue, bolstered by the expansion of its offices in various strategic locations.

Industry Recognition

Since its establishment in 2011, Snowden Lane has attracted top talent from well-respected firms such as Morgan Stanley and UBS. With a national brand that stands for integrity and excellence, Snowden Lane has become a recognized name in the financial advisory sector. The firm has frequently appeared in prestigious rankings such as Barron’s Top 100 RIA Firms and USA TODAY’s list of America’s Best Financial Advisory Firms.

About Snowden Lane Partners

Snowden Lane operates as a hybrid registered investment advisor and broker-dealer, providing comprehensive wealth advisory services tailored for high-net-worth clients and families. Led by a dedicated team of industry veterans, the firm focuses on creating a client-centric culture while maintaining a boutique feel. Headquartered in New York City, it operates a multi-custodian platform equipped with advanced analytical tools, ensuring effective support for both advisors and clients.

Frequently Asked Questions

What is the Practice Continuation Plan?

The Practice Continuation Plan is a retirement program that offers retiring advisors upfront payments and a structured revenue-sharing model to ensure smooth transitions.

Who is eligible for the Practice Continuation Plan?

Eligible participants primarily include senior advisors at Snowden Lane, who are nearing retirement.

How does the revenue-sharing model work?

The model involves an initial lump-sum payment for retiring advisors, followed by a share of revenue that eventually reverts to 100% for the successor advisors.

What protections does the plan offer?

In the unfortunate event of an advisor's passing, the plan includes provisions to provide security for their family, ensuring financial stability during transitions.

What accolades has Snowden Lane received?

Snowden Lane has been recognized in various rankings, including Barron’s Top 100 RIA Firms and USA TODAY's Best Financial Advisory Firms, showcasing its esteemed reputation within the industry.

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