What must a succession plan entail?

Summary: Rebecca Pomering, chief executive of Moss Adams Wealth Advisors LLC, helped somewhere between dozens and hundreds of advisory firms develop succession plans during her 11 years as a management consultant for Moss Adams LLP. Now she heads up the firm's strategic-planning and growth objectives. Her firm doesn't have a succession plan document, but its six partners all have identified successors whom they continually train and develop, Ms. Pomering said.