What information and documents do you need to make a real offer when buying a financial practice?

In this episode, David Pulcini and Joe Prestigiacomo from Six Point Financial Partners end off the Purchasing Practices series by outlining the various documents they need in order to buy a practice. They discuss why the training 12 and profit loss statement documents are the two most important documents to have when selling and buying a practice. 

David and Joe also explain the importance of evaluating client demographics, knowing what software is being used, what the review process is, and why client communication is especially important when purchasing an advisory firm.

David and Joe talk about: 

• Information and documents needed to make a real offer when buying a financial practice
• Understanding where the business’s income is coming from
• How the profit and loss statement as crucial in determining the value of the practice
• Why they need to keep track of their client demographics and breakdown of assets
• Why having a client communication system in place is essential to a successful purchase process
• The importance of a marketing plan, maintaining relationships with clients and centers of influence, and having a transition team in place
• And more

Resources:

Our Onboarding Checklist: What It Is And How You Can Use It (Ep. 65)

Purchasing Practices Part 1: Our Process With Joe Prestigiacomo, CFP® (Ep. 68)

Purchasing Practices Part 2: Answering Our FAQ With Joe Prestigiacomo, CFP® (Ep. 69)

Book Time with David Pulcini:

• Schedule a Call

Connect with David Pulcini: 

• info@sixpointfp.com 
• SixPoint Financial
• (585) 406-4645
• LinkedIn: David Pulcini
• LinkedIn: SixPoint Financial
• Twitter: SixPoint Financial
• Facebook: SixPoint Financial

About our Guest: 

Joe Prestigiacomo, CFP®, Partner at Six Point Financial, began his career in the financial services industry in 2012, and today he provides comprehensive financial guidance to clients. Joe focuses on developing retirement income strategies and personalized risk management assessments and solutions. Along with his knowledge and experience, his commitment to an outstanding level of client service is an integral part of his practice that he prides himself on. By developing a deep understanding of his clients’ individual situations, Joe is able to help them make well-informed financial decisions with confidence.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

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