A conversation with Kevin Myeroff, Principal and Senior Strategic Advisor at Sequoia Financial Group
Overview
The idea of planning for succession can be a difficult one, but for Kevin Myeroff, who built NCA Financial Planners to $2B, it was a task that gained greater importance over the last few years. Kevin discusses his thought process around succession, why he ultimately chose to sell his firm to Sequoia Financial, and much more.
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About this episode…
The idea of planning for succession is a difficult one—particularly for entrepreneurial types, who fear it defines an endpoint in their career.
But the reality is succession and retirement are not one and the same. It’s ultimately about business continuity first and foremost.
And for a successful business that you’ve built and nurtured over the years, there’s great value in having a path outlined to ensure an enduring legacy for you, your team, and your clients.
For example, Kevin Myeroff started building his Financial planning firm in the late 80s with broker dealer Integrated Resources (later becoming Royal Alliance Associates).
In working with Royal as NCA Financial Planners in Mayfield Heights, Ohio, Kevin built the firm to some $2B in assets under management with a client base he describes as “the millionaires next door.”
Yet as time passed, he realized that he had to start thinking about succession—more so over the last few years.
And after exploring his options, what came to the top rose out of a relationship he developed with Tom Haught of Sequoia Financial, located just south in Akron. Sequoia was acquiring firms like NCA and proved to be the right fit for Kevin and the NCA team—so they sealed the deal in November of 2021.
In this episode, Kevin discusses his journey with Louis Diamond, sharing what it really takes to build a $2B business and plan for the next stages of one’s career, including:
- The value of conducting due diligence every 5 or 6 years—and how exploring their options helped to ensure they were on the right path for their business and clients.
- NCA’s wildly successful internship program—and how it has created long-term team members, many of whom are poised for leadership roles at Sequoia.
- The thought process of building a succession plan—and what Kevin saw as the most important aspects of the right path.
- The ultimate choice to sell to Sequoia—and why he didn’t opt for another firm or to sell internally.
- Plus, Kevin talks about integrating into Sequoia, communicating the change to clients, as well as life after the transition, and much more.
It’s a great story for those who are considering how to “think through” and prepare for succession—regardless of whether building a business at an employee model or as an independent business owner.
Related Resources
Avoiding the Succession Cliff: Potential Paths for Soon-to-Retire Advisors
Tenured advisors have invested a lifetime in building a business with real value, yet many don’t have a succession plan. Why the delay? And what are their options? Read->
Industry Update: 7 Real-World Lessons We Learned on Succession Planning
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The Decision Guide: Simplifying the Daunting Process of Due Diligence
A step-by-step framework for evaluation of the when, how, and what of strategic due diligence.
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Preparing for Exploration: 10 Practical Tips to Conduct a Strategic Due Diligence Process
In a wealth management landscape with more options for financial advisors than ever before, the need for a “strategic” due diligence process has become imperative. Mindy Diamond and Louis Diamond present 10 tips to guide the exploration journey.
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Building Your Business Today as if You’re Selling it Tomorrow
Why is M&A so important? And how do you best position your firm for M&A success? Listen->
7 Things Advisors Need to Know About Succession Planning
Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond. Listen->
Kevin Myeroff CFP®
Principal and Senior Strategic Advisor
Kevin Myeroff CFP® is a Principal and Senior Strategic Advisor at Sequoia Financial Group. After serving as the founder and CEO of NCA Financial Advisors for more than 30 years, Kevin brought his colleagues and decades of experience to the Sequoia Financial Group team and now works as a mentor and strategic innovator supporting advisor-client relationships. His years of experience, coupled with his technical knowledge and leadership abilities, contribute to Sequoia Financial Group’s strength and growth in terms of quality counsel, client satisfaction and attainment of clients’ personal financial goals. Throughout his career, Kevin has achieved many notable accomplishments and received accolades from a number of well-known publications.
He resides in Chardon, Ohio, with his wife Lois. They are the proud parents of three adult children and have recently welcomed their first grandchild. When he’s not working with clients, you may look to the sky and see Kevin flying by! He is an avid pilot who volunteers his time providing free transportation for passengers in need of medical treatment far from their home, also known as Angel Flights. You may also find Kevin out and about with his family in Cleveland. They enjoy catching performances at Playhouse Square and rooting on the Cleveland Guardians, Browns or Cavaliers.
NCA Financial Planners, LLC is now Sequoia Financial Advisors, LLC. Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC registered investment advisor. Registration as an investment advisor does not imply a certain level of skill or training. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. Securities offered through Royal Alliance Associates, Inc. (RAA), Member FINRA/SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA does not provide tax or legal advice. Sequoia Financial Group is not affiliated with RAA. 6095 Parkland Blvd., Suite 210|Mayfield Heights, OH 44124 Main: 440.473.1115 | Direct: 440.869.0220| Fax: 440.473.0186 http://www.sequoia-financial.com/
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This post first appeared on Perspectives For Financial Advisors From Diamond Consultants, please read the originial post: here
