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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.
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Summary: In the quest for success, the smart money has always gone to solid planning and forward-looking analysis.Consider politics: The presidential election is well over a year away, but candidates have been laying the groundwork for their campaigns for years, even decades.
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Summary: Most, if not all wealth managers have heard the expression, "This is a people business." It's true; the business of providing financial advice and wealth management solutions is about people, and personal relationships may be the only element of our business that cannot be commoditized.
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Summary: Advisers who add a robo-adviser platform to their practices may be ahead of the curve, but there's still more to be done — particularly marketing the robo to reach prospects and drive client acquisition.
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Summary: Inheriting a retiring advisor's book of clients is a quick way for advisors to boost their business, even double it. But don't underestimate the amount of work that goes into it, say advisors who have been through the process. It takes enormous patience and effort to get up to speed on so many new clients.
