Ellevate Advisors LLC announced their launch of business on Monday, May 18th, 2020. Their 4 services include ongoing financial planning, business valuations, and either hourly or ongoing business consulting. Ideal clients include financial advisory firm owners and their key employees. Ellevate Advisors LLC works with clients anywhere in the United States. They operate as a fee-only registered investment advisor, headquartered in Tulsa, Oklahoma.
A 2018 study showed that 73% of financial advisors don’t have a succession plan. Currently, there are more CFP®s over the age of 70, than under the age of 30. As the industry literally ages out, the lack of succession planning is becoming a crisis and clients could be adversely impacted. Ellevate Advisors LLC helps these advisors and their firms transition successfully to the next generation. “If your business would collapse without you, it’s not a very valuable investment. Exit planning is good business strategy.” says founder, Brooklyn Brock.
As Brooklyn explains, “Financial advisors rarely take time to plan for themselves, like they do for their clients. Younger advisors often find themselves at a firm where the senior advisor doesn’t plan to officially retire. Eventually, the senior advisor experiences a health event or major life change which causes them to stop working immediately. The younger advisors are usually the ones who call us at some point during that transition, to help secure a successful retirement for the senior advisor, and a smooth business transition for the clients.”
Brooklyn started as a financial advisor as the third generation in her family’s financial planning firm over 5 years ago. She assisted internally with two business transitions, both with a client retention rate of over 95%. Brooklyn believes that advisors working with their own financial planner is the missing link in most succession plans today. As she puts it, “Exit planning feels negative because it feels like ‘the end’. But with a financial plan in place, advisors are set free to pursue their third act with the same vigor and enthusiasm of their younger days!”
In addition to serving financial advisors, Brooklyn gives back to the community by volunteering in her local Tulsa chapter of the Financial Planning Association (FPA) to promote ethical financial advisory services. During her year as FPA Tulsa’s chapter president, she started the Tulsa FPA NexGen group to help younger advisors build their peer network and share best practices. Brooklyn is also a member of the XY Planning Network for fee-only financial planners, Kingdom Advisors, and NAPFA.
Brooklyn’s formal education includes a Bachelor of Science in International Business and Economics, a minor in Marketing, and a Bachelor of Arts in French, from the University of Arkansas in Fayetteville. Brooklyn has several designations, including the CFP®, CKA®, ChFC®. She is currently in training to become a Certified Exit Planning Advisor (CEPA) through the Exit Planning Institute™.