Ep 351: Facilitating Successful Advisor Mergers & Acquisitions By Avoiding The Conflicts Of A Success Fee With Jessica Polito

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 19 September 2023

⏱️ 100 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jessica Polito is the Founder and Principal for Turkey Hill Management, a mergers and acquisitions consulting firm that assists financial advisors with the sale, acquisition, integration, or merger of their firms. Jessica stands out for her specialized practice in assisting financial advisors and firms, offering comprehensive guidance—from understanding business goals and educating clients on transactions to valuing firms—all without the conflict of an investment banker's success fee.

In this episode, she delves into how her investment banking experience informs her unique approach to offering independent M&A advice, as well as why she advocates for a flat-fee model to ensure unbiased counsel. She also shares invaluable insights on navigating the complexities of potential buyers and discusses her personal and professional definitions of success, which include combating imposter syndrome through thought leadership and setting a resilient example for her children.

For show notes and more visit: https://www.kitces.com/351

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:06.8	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.1	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.2	and get insight from leading industry consultants about how to break through to the next
0:21.9	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.5	Welcome to the 351st episode of the Financial Advisory Success podcast. My guest on today's podcast is
0:34.6	Jessica Polito. Jessica is the founder and principal for Turkey Hill Management, a mergers and acquisitions
0:39.8	consulting firm that assist financial advisors with the sale, acquisition, integration, or
0:44.4	merger of their advisory firms.
0:46.7	What unique about Jessica, though, is how she is built to practice helping advisors
0:50.2	in their firms navigate all the intricacies of buying and selling and merging their
0:53.9	firms by deeply understanding business expectations, educating on the transaction process,
0:58.8	valuing the firms so that they can get the best deal, and then guiding and providing
1:02.0	counsel through the transaction process, while doing so without the conflict of the traditional
1:07.2	investment banker's success fee. In this episode, we talk in depth about how Jessica
1:12.2	leveraged her own investment banking experience in wealth management mergers and acquisitions to
1:16.4	build her own business where she could provide more independent M&A advice. Why and how Jessica
1:21.7	developed her flat fee advice model for mergers acquisitions to, similar to the evolution of fee-only
1:26.7	RIAs, be able to demonstrate
1:28.3	that her services are not incentivized by just getting the sale at the end and that she's truly
1:32.5	providing advice she feels is in the best interest of her advisor clients.
1:36.7	And how Jessica helps her advisor clients parse through the seemingly overwhelming number of
	...

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