Wesley Burns, CFP, CLU, president and lead advisor at Transformational Advisory Group, connected with our business consulting team’s director of advisor engagement, Stephanie Roberts, to discuss TAG’s recent acquisition.
Wes started his career at Northwestern Mutual Life and has been helping clients work toward financial independence since 2007. His passion is helping others dream big about their financial legacies and building a road map to help them get there. Early in his career, he established himself as a leader in the industry and over the years has helped build a world-class team to service a growing number of clients. Wes joined The Financial Services Network (now Mariner Advisor Network) in 2019 and in 2021, he founded Transformational Advisory Group based in Seattle, Washington.
Stephanie: Tell us about your acquisition.
Wes: In fall of 2021, I was introduced by Daxs Stadjuhar to another advisor who was interested in selling his business. We coordinated a time to meet in person to get to know one another, get a feel for each other’s approach and the alignments of our businesses.
At what point did you decide to acquire the book of business?
Wes: It wasn’t until the fall of 2022 that we concluded we were going to do this deal. Before, I took a lot of time to think it through and came to the conclusion that I had the infrastructure and was ready to take the process on. Our businesses had a lot of synergies—we both had a book with 94% advisory business and our investment philosophy was aligned. I also brought on the advisor’s administrator and made her a part of our team.
When did the deal close?
Wes: January 3, 2023.
How have things been going since the purchase?
Wes: Things couldn’t be going more smoothly. The advisor agreed to stay on for six months to help transition his book of business. The meetings with the clients are going great and the advisor is present at each meeting. The advisor and I dedicate two to three days a week to holding meetings with the clients during the transition period.
There really haven’t been any surprises since I acquired the book because I did my homework.
Are you currently using any of the Network’s services?
Wes: Yes, we use Virtual Admin, Portfolio Consulting, and Tax Services. The use of Portfolio Consulting was especially helpful as the group worked ahead of time to look at the book of business and started using the models prior to the transition.
Any key takeaways?
When you acquire a book of business, it must fit with the ethos of your firm, your investment process and align with where your firm is going. For us at Transformational Advisory Group, our mission is to serve our clients and serve our employees. Be selective; the key to growing your business is to make sure you have the infrastructure in place to support the acquisition.
It is also key to remember the seasons that are challenging lead to the best results. I have never really grown during times of comfort.
If you’re looking for support with your acquisition or transition strategy, reach out to our director of advisor engagement and general business consulting and transition, Stephanie Roberts to learn how we can assist.
Wesley Burns and Transformational Advisory Group are not affiliated with Mariner Advisor Network or affiliated companies.
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.