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Summary: For financial planners, succession plan, or lack there of, merits attention regardless of the amount of assets they manage. Clients care about who will takeover their assets if something happens to their advisor.
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Summary: This article talks about a strategy to find a durable business model. It follows Rob Francais, CEO of Apiriant, as he explains how the strategy works. For RIAs who want to ensure clients that their firm will endure to serve their children and grandchildren, a robust internal succession plan is critical.
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Summary: This article talks about the many variables in the succession planning process. It includes succession planning insights from expert panels including "Understand your valuation", "Outsiders get mixed reviews", and "Culture matters."
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Summary: Consultants and other experts have been advising planners that they need to start a succession plan as soon as feasibly possible. The advice doesn’t seem to be sinking in as 57% of advisors still say they do not have a formal succession plan. There are many roadblocks to forming a succession plan but there are some successful “boot camps” run by Schwab that aim to help advisors form a plan in a short period of time.
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Summary: Succession planning has moved to the top of the practice management priority list for tens of thousands of advisory firms. As the average age of founder/advisors creeps ever closer to traditional retirement age, the profession is asking itself a lot of hard questions about how to keep these businesses alive – and take care of clients – after the founder retires.
