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Succession Resource Group
Succession Resource Group, a US wealth management house, is selling a book of business held by deceased Hawaii advisor, Glenn Yabuki, to Gail Hamada and Lincoln Koike of Hawaii Wealth and Legacy Planning Group. The sale represented over $97 million in assets under management, with all assets retained by Ameriprise Financial Services.

Through SRG's Seller Advocacy Program, the deal was negotiated, funded and closed within 71 days. The Yabuki Family selected HWLPG, receiving 100 per cent cash down with a multiple of 2.59x. Based on past distressed sales data from SRG, the average multiple received is 1.94x, indicating that the Yabuki's received 33.5 per cent premium for Yabuki's practice.

Key Yabuki employee, Rie Shoji, was granted a long-term employment contract, including being promoted to the position of financial advisor. 

After Yabuki unexpectedly passed away, Ameriprise contacted SRG to help work with the family to ensure that the business was sold and assets were maintained. Yabuki's family’s primary concerns were finding a Hawaii-based Ameriprise firm who would carry on Yabuki's legacy and retain Shoji.

"Less than 10 per cent of advisors we work with have a written death or disability plan. When something tragic like this happens, typically clients are reassigned, and the family receives nothing.

Because Ameriprise field leadership immediately connected us with the family, we were able to work nights and weekends to ensure the Yabuki family had a better outcome,” David Grau Jr, president of SRG, said.