Summary: Succession planning is an area I’ve found to be lacking in the financial advisory profession. A large number of advisers haven’t mapped out how they will transition their portfolio when they become unable to service their clients. Similar to writing your will, you may not view succession planning as an especially urgent or pleasant item on your agenda. But it is important to get a clear idea of who will manage your portfolio after you so you can better protect all interests associated with your practice.
 It is incumbent on financial advisers to practice what they preach. Just as advisers tell clients to set a lifelong savings strategy, they too must plan for the long term with their practices. Through proactive succession planning, you can protect both the interests of your stakeholders and the legacy of your life’s work.”Rajini Kodialam, co-founder and managing director, Focus Financial Partners. |
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