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Summary: If you are like many advisors, you may have decided that mentoring a junior associate to grow into and acquire your practice is the best option. Who better to succeed you and serve as a future internal buyer than one you have handpicked, someone who understands the hard work you put into the practice?
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Summary: Almost 10 years ago, I wrote about a serious issue for advisors that I humbly believed was not getting the attention it deserved: the lack of career paths for young advisors. In this article, I present for your consideration another major issue that the industry, and especially owner-advisors, must address or suffer the consequences: the lack of an integrated marketing approach to grow their firms in the 21st century.
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Summary: Even with a succession plan in place, some executives may still have a difficult time giving up the reins.
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Summary: Richard Sawyer, founder and past president of Norton Financial Services, a firm based in the greater Portland, Maine area, had worked in the financial services industry for more than two decades when a brush with cancer made him start seriously thinking about his retirement.
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Summary: Of the 8,600 advisors who Cerulli tells us will retire every year through 2027, many have a younger advisor in the wings ready to take over their longtime clients. But waiting until the handoff is imminent can make for a tough conversation — and possibly even drive the client away, experts say. They recommend a number of strategies to make the transition as smooth as possible.
