Knowledge and Insight > Plan for the Future

Too Small to Fail (at Succession Planning)

Bob clark | Think Advisor, July 2014

Summary: Judging by the amount of coverage succession planning has been getting in the trade press in the past couple of years, it is one of the most pressing problems facing the independent advisory industry today. It's certainly an issue for tens of thousands of baby-boom age owner-advisors who are quickly approaching retirement age—and for the younger advisors in their firms who are hoping to take control and bring those firms into the 21st century.

Retiring advisors almost always think they want better processes and procedures, but then those changes can ruffle their feathers sometimes. When that happens, we just go back to the way it was. In most cases, there's no real hurry to make changes, and we want the former owner to feel comfortable in ‘their’ firm. We’re very careful about matching owner-advisors with their successors—we’ve never had a situation not work out."