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How Financial Advisors and RIAs Can Use Storytelling in the M&A Process

Mike Langford
Sep 9, 2020

As people, we all use stories to connect with each other. And sometimes, we use stories to persuade or influence others. We do it in our personal lives and in our business lives. Stories can be very powerful tools when used effectively.

In this week's episode of The Modern Financial Advisor Podcast, George MacAllister of The Next Level Solution shares detailed strategies for how you can use storytelling in your business to win new clients, sooth existing clients, and (my favorite) demonstrate to another advisor that you are the M&A parter to entrust with his or her legacy. 

Also, as I mentioned in the video update please make sure you check out the new Peer Group Benchmarks for RIAs and financial advisors. Understanding how your business compares to others with similar assets under management across a variety of key metrics is really powerful. It allows you to make informed decisions about the future direction of your business whether you are a solo advisor or running a multi-advisor practice.

To listen to the episode simply click play on the audio stream below or listen and subscribe on your favorite podcast platform. You can find us on Apple Podcasts, Spotify, Google Podcasts, Alexa,  SoundCloud, Stitcher, and TuneIn.

Audio Stream


Resources Related to this Episode:
While storytelling as a tool was the headline theme of this episode, the use case was also really important. Below are a few resources to learn more about acquiring a financial advisory business and preparing for M&A activity: 

  • Are You a Qualified Buyer? - You may want to buy another advisor's book of business but are you qualified to do so? Again, it is estimated that there are 50 buyers for every seller in the market today. Most buyers are not qualified. Carla McCabe outlines the key steps to make sure you are ready.
  • Why You Should Get an Independent Valuation and Understand Your Firm's KPIs - Lenders like SkyView Partners are going to require an independent valuation and a deep understanding of your business before they approve a loan to fund your acquisition of an RIA or independent financial advisor's business. Terry Mullen, CEO of Truelytics joined Scott Wetzel, CEO of SkyView for an expansive conversation on the topic.
  • Considering the Strategic Value in a Wealth Management Business Acquisition - When you are acquiring another financial advisor's business you are not just acquiring client relationships and the cash flow that comes with managing their assets. There is the potential, or at least there should be, for a strategic value add as well. Think of it as adding a new layer to the story of your business.

If you have any questions, comments, or even ideas for new episodes, feel free to reach out. If you like what you hear, make sure to subscribe to one of our channels listed above.

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