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Brokers uncomfortable with succession plans, says CEO

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Australian Broker | 12 Mar 2013, 07:00 AM Agree 0
Succession plans are a crucial part of any business, but Choice CEO Stephan Moore says many brokers are 'uncomfortable' with the concept
  • Broker IQ | 12 Mar 2013, 11:05 AM Agree 0
    This further supports the notion that broker's lack commercial acumen. Succession planning is a fundamental piece of a business plan. It's astounding that brokers continue to be complacent and ignorant with their "business".

    Aren't they professionals?
  • Freshwater Financial Services | 12 Mar 2013, 03:28 PM Agree 0
    Succession & retirement planning is a process not an event. In our discussions with brokers considering exiting the industry we have found many are looking for an alternative to a one-off payment for their book or letting it run-off. We offer a service to extend the quality and life of the book by managing their book for them for a percentage fee.
  • 1martym1 | 12 Mar 2013, 03:38 PM Agree 0
    When you can only get 1.5 / 2 times annual trail income for your business or effectively less when you allow for vendor financing sucession costs it would be generally be just as profitable to let it go into run off. Sad but true. Maybe not an unsavy as you think.
  • Noel | 13 Mar 2013, 08:51 AM Agree 0
    Succession planning is part of your compliance & risk mamangement plans required under the NCCP. If you have your own license which does not include this plan, you may be in breach of the NCCP
  • Papery | 17 Mar 2013, 02:37 PM Agree 0
    If anyone out there is looking at help with easing out of their mortgage broking business Im looking for that opportnity!
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