Summary: Owners of financial advisory firms seem to be dragging their heels when it comes time to plan for the future of their business after they have retired or died. According to a recent report from FA Insight, fewer than half (44%) of surveyed advisory firms said they have an adequate succession plan in place. Yet the share of firms with owners who are three years or less from retirement has more than doubled in the past four years.
 Succession-prepared firms are more apt to maintain organizational structures that support internal career paths, offer individual development plans and provide access to formal training. Those firms best prepared for succession stand out for the ways they recruit, position and develop their people,."2015 FA Insight Study of Advisory Firms: People and Pay
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