Overview
- Discusses different individual reactions to change based on the situation alongside providing tips on how to think about change and what leaders can be doing – in language, in communication – to promote positivity about impending change
- Showcases what an internal culture assessment looks like and helps advisors set goals for their ideal work culture
- Explores how to protect and preserve culture while also being sensitive and aware of the other firm
- Offers solutions on how to continue nurturing a collaborative, open environment with engaged, motivated employees
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Table of contents (8 chapters)
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Front Matter
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Back Matter
Keywords
- M&A company culture
- Merging corporate cultures
- Integrating company cultures
- RIA culture and M&A
- Cultural integration issues
- Integrating company cultures after a merger or acquisition
- Post-merger considerations
- Financial advisor M&A
- M&A deals for RIAs
- Why mergers fail
- Cross Cultural Issues
- Change Management
About this book
With organic growth becoming more and more elusive, Mergers and Acquisition (M&A) activity within the RIA industry is at an all-time high. In 2019, RIA merger and acquisition activity accelerated its momentum compared to the halfway point last year, with a strong second quarter that saw 33 deals for a total of 65 for the first six months, according to the DeVoe & Co. Deal Book.
While M&As may seem like “easy” growth for firms, the only easy part may be signing on the dotted line. Maintaining success by merging two firms hinges on a handful of key factors, and one of them is the careful integration of culture.
In Integrating Culture in Successful RIA Mergers and Acquisitions, Greg Friedman, a veteran financial advisor, and Cynthia Greenfield, a leadership and change management coach, share their blueprint for achieving and maintaining a successful, positive work culture, tackling head-on the obstacles that may appear during an M&A event, and offering solutions based on real-world experiences. This book will show the evolution of a $2B RIA over the course of 10 years, and pull back the covers with real stories of obstacles, adjustments, and victories along the way.
Authors and Affiliations
About the authors
Greg Friedman is an innovator and advocate for excellent wealth management. He is co-founder and CEO of Private Ocean, one of the West Coast's leading wealth management firms. He is the author of two books; Advisory Leadership: Using the Seven Steps of Heart Culture to Create Lasting Success for Any Wealth Management Firm, and The Financial Advisor M&A Guidebook: Best Practices, Tools, and Resources for Technology Integration and Beyond.
Cynthia Greenfield is a Leadership Coach and owner of the consulting firm, in the Momentum, and also the Chief Experience Officer at Private Ocean Wealth Management. Working with executive teams and individuals, Cynthia focuses on the power of intention, thoughtful action, and accountability that drives and delivers meaningful results.
Bibliographic Information
Book Title: Integrating Culture in Successful RIA Mergers and Acquisitions
Book Subtitle: The Guide for Financial Advisors
Authors: Greg Friedman, Cynthia Greenfield
DOI: https://doi.org/10.1007/978-3-030-62444-6
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
Hardcover ISBN: 978-3-030-62443-9Published: 17 March 2021
Softcover ISBN: 978-3-030-62446-0Published: 18 March 2022
eBook ISBN: 978-3-030-62444-6Published: 16 March 2021
Edition Number: 1
Number of Pages: XXIV, 128
Number of Illustrations: 6 b/w illustrations
Topics: Financial Services, Finance, general, Management