In the News
Tom Licciardello in InvestmentNews
In the current edition of InvestmentNews, a professional journal, Tom is quoted in an article on succession planning:
Advisers good at retirement planning — except their own
Survey reveals surprising lack of urgency given to succession
By Liz Skinner
Mar 12, 2013 @ 3:22 pm (Updated 3:46 pm) EST
Financial advisers continue to put off planning their own retirement even though an overwhelming majority of them are at least 50, a new survey shows.
About 68% of advisers have no formal succession plan for their business, according to an SEI survey of 100 advisers released today. Of those who have a plan, about 39% said they still aren’t sure exactly to whom they’ll transition their business when they go.
About 47% of advisers who have a succession plan said they expect to transition their businesses to an “identified internal buyer,” and 14% plan to sell to an “outside buyer,” the survey said.
Advisers who haven’t actively positioned their firms to be attractive to outside buyers or internal successors are going to be disappointed when they want to retire or move on to do something else, said John Anderson, head of practice management at SEI Advisor Network.
“Advisers are going to have a big surprise coming,” he said. “Unless they have a dedicated effort to making sure they have the right clients and the right infrastructure, they are not going to have anything to sell.”
Firms should prepare their businesses to have future worth by harmonizing their processes and procedures, and examining their client base, Mr. Anderson said.
About 54% of advisers said they have no plan in place to attract younger clients, even though most of them have an aging client base, according to the survey.
Advisory firms also need to consider whether they have “the next generation of leaders” among their ranks who can bring in younger clients, Mr. Anderson said. Hiring talented young advisers is no easy task, however, as only about 3% of advisers are under 30, he said.
To attract the next generation of advisers, Mr. Anderson recommends that firms embrace technology, offer training programs and have a team environment ready to teach young advisers.
Tom Licciardello, an adviser with Compass Capital Corp., said it’s difficult to make time to think long-term about the future. He worked with SEI to develop an internal succession plan.
“I took a step back to look at the big picture and to make sure that the firm would survive without me,” Mr. Licciardello said. “I’m now putting a plan in place that will transition the firm to my daughter when I’m finally ready to retire.”
By the way, my retirement plan is many, many years in the future. I hope to retire at the same age as Warren Buffett – whenevr that is!
Tom Appointed to Board of Trustees
I am pleased to report that I have accepted a position on the Board of Trustees at the Bellesini Academy in Lawrence. This amazing institution’s goal is to break the cycle of poverty through education. Since opening in 2002, its success has been amazing.
Bellesini Academy is dedicated to providing a quality scholarship education to boys from limited financial means living in Lawrence. We believe that the cycle of poverty can be broken through education. The mission of our school is to provide an academically challenging and highly structured environment that develops the potential for each student to succeed in competitive secondary schools & colleges.
Seems like Yesterday
Tom & Lyn Celebrate 40 yrs of wedded bliss!
Lyn and I grew up in North Andover, were high school classmates, and were graduation partners back in the N Andover Class of 1966. Though we knew each other (it was a small school…we knew everyone!) we didn’t begin to date until we were in college – Lyn at U Mass and I at Springfield College.
I never did get the doctorate, but I snagged my life partner and have enjoyed “maturing” with my best friend. Forty years – I better take her on one heck of a vacation!
Lyn Tri’s Hard
Tom’s wife, Lyn, competed in the New York City Triathlon this July. Her accomplishment meant a lot to her as she had to face her fears to conquer the course. She swam a mile in the Hudson River, rode her bike for 25 miles on the Henry Hudson Parkway, and then ran 6.2 miles in Central Park. Her story is a great example of how wonderful it is to step out of your comfort zone and take on a task that you’ve never done before! Lyn’s Story.
This summer we welcomed to our staff college intern, Kaitlyn Foley. “Kat” is a senior at Salem State College where she is studying business management with a concentration in Entrepreneurship.
Kat worked with our administrative staff members, Cindy Campbell and Janice Otis. Kat is a very fast learner and proved herself to be a great addition to our team!
On a Personal Note…a blog, In the Long Run.
Kona…the World Championship Ironman!
In May 2004, Tom was a member of a team of ten TREK USA runners, accompanied by their capable support crew that ran 3,372 miles, through 12 states in 24 days in a relay-style format to benefit five children’s charities. This San Francisco to Boston run raised over $300,000 for children’s charities. Check out the adventure!