Maja Bekic, founder and wealth advisor with Redline Wealth Management Inc. at Designed Securities Ltd. in Hamilton.Michelle MacLeod Photography/Supplied
In Buy the Book, advisors discuss their experiences acquiring a book of business, from practice valuation to client retention.
Maja Bekic, 42-year-old founder and wealth advisor with Redline Wealth Management Inc. at Designed Securities Ltd. in Hamilton.
Maja Bekic’s focus was divided between building a business and building her family around the time of her son’s birth in 2017.
She prioritized maintaining her business and serving existing clients until her son entered daycare, when she turned back to prospecting and looked to regain momentum.
Then the pandemic hit. “I found it hard to network with a three-year-old, via Zoom,” she says.
Business growth was put on hold again after the birth of her daughter. But in 2023, Ms. Bekic struck out on her own, moving to Designed Securities, and she started looking for a book to buy.
The book
Ms. Bekic knew exactly what she wanted – a small book that she could grow on her own.
“I wanted an opportunity to quickly get in front of a bunch of clients,” she says. “It’s fine to start small and work your way up.”
Rather than source sellers on her own, she hired a third-party broker.
“He finds sellers and buyers and then he puts them together,” Ms. Bekic says. “I told him what I was looking for and when he came across it, he let me know.”
Early in 2025, the broker found a book of 40 clients with $6-million in assets.
The seller wanted to meet Ms. Bekic in person to ensure she would take good care of his clients and he conducted a background check.
His concerns focused on client service levels, Ms. Bekic’s experience and rapport. After she ticked all the boxes, he agreed to move his clients to her. She closed the deal in May of that year.
The purchase
Ms. Bekic paid 2.1 times recurring revenue for the book. She negotiated that rate under the stipulation that the seller would simply introduce her to the clients and then step away.
“If I wanted him more involved, I would have to pay more for the book and I didn’t want that,” she says. “I’m confident in my ability to bring over these clients.” The book will be paid off next month.
The broker charged a fee of 15 per cent of the purchase amount. She looked at several third-party brokers and found some were charging as much as 30 per cent.
The transition
Not only was Ms. Bekic able to retain all 40 of the seller’s clients – she increased her share of their assets by spending more time understanding their needs.
“I was willing to go out of my way to meet them and make them feel important,” she says.
Today, she has 80 clients and offers cash-flow management, investment planning and tax planning. Her goal is to build to 150 clients. She’s working on her registered retirement consultant designation, with plans to get the chartered financial planner designation next.
“I did try partnering with a few advisors, but it wasn’t for me,” she says. “I have my own goal and vision of what I want to achieve.”
She primarily serves women whom she believes are underserved in the financial advice market. She notes that many of the women who seek her advice are successful and capable but are looking for an advisor who listens first, creates a comfortable, judgment-free environment and communicates in a way that is clear, relatable and tailored to their needs.
Advice for buyers
Look into using a broker if meeting sellers is difficult and the buying process is overwhelming, Ms. Bekic says.
“The broker will help with paperwork [and] negotiations versus doing it all on your own,” she says. “It makes the transition easier.”
She advises buyers to interview several brokers and find out what specific value they’re providing for their fee. She acknowledges that few brokers want to work on small purchases.
“Everyone is after the big whales, but they’re hard to come by,” she says.
She liked that her broker worked with her even though she could only afford a small book.
“It was worth it because it ended up being a smooth and easy deal,” she says.
Are you a financial advisor or financial planner who recently bought a book of business? Globe Advisor would love to speak with you about your experience. Candour, especially around the finances, is appreciated, and your name and photo will be used for the column. Please e-mail dgage@globeandmail.com and include a brief synopsis of your situation.