Mahler's Advice to Advisors: Listen Better

Mary Carter has spent more than two decades building relationships and cultivating a client base. Now, as she hands the reigns of her practice over to partner Bruce Schilling, she's finding out that the process can be complicated and entails a long due-diligence process, not to mention some deft handling of long-time client relationships.

Carter and Schilling shared their thoughts on the transition process Tuesday during Carter's Yours, Mine and Ours top advisor session at the Raymond James Financial Services (RJFS) National Conference in Las Vegas.

"We're changing to an entity practice, so the transition plan takes many years and must be win-win. RJFS has been very professional in the way they've handled it," said Carter, who began practicing 26 years ago and is based in Jacksonville Beach, Fla.

The six-year partnership plan they have devised allows Schilling to buy into the business based on certain revenue targets. "We've structured it so Mary's objectives are met — less workload and no management. That allows her to work less but stay involved at her own pace. For me, it's a win because I'm acquiring a large practice with a growing stream of income based on reasonable growth estimates. It's a custom document designed for us," Shilling explained.

Carter has built and operated her business with "humility, purpose and a sense of humor," all of which have contributed to her success, she said. "We've focused on above-line concepts like vision, commitment and goals, and below-line concepts of strategies, tactics and tools. I've always believed that if we take care of our business, our business will take care of us."

The partnership will allow Schilling to do just that: take care of the business. "The concepts we use are complicated," he said, "but the plans we deliver to clients are simple. We spend a lot of time on risk tolerance and the role of the advisor in their decisions. And we talk a lot about family."

And Carter counts many families among her client base. "She has so many clients, the challenge is to be introduced to them all and stay in touch with them," Schilling said.

For Carter, it's now about downsizing her involvement without exiting the business entirely — the best of both worlds, in her estimation. "I want to work happier," she concluded, "and keep my clients."