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Summary: A power shift is under way in our industry. Baby boomer and next-gen advisers are like seismic plates shifting underground, with one group poised to become more powerful as the other slowly fades. This change may not happen without a volcanic eruption, however.
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Summary: One of the most common traits of successful RIAs is succession planning. Sometimes a robust business continuity plan helps attract new clients while retaining the existing ones.
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Summary: In the next 10 years nearly 70,000 advisors will retire, yet a 2015 State Street Global Advisors report contends that two-thirds of advisors who own their own firms have no succession plan in place
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Summary: Adviser Neil Hokanson spent several years considering different succession strategies for his $570 million advisory firm, which he had nurtured for 25 years. He wanted a deal that was reasonable for Hokanson Associates' five shareholders and offered his 12 employees career opportunities. But his 270 clients were really at the top of his mind.
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Summary: Succession is an issue for advisers and their clients nationwide at a time when the average age of registered investment advisers is estimated to be in the mid 50s, reports The Wall Street Journal. The problem is many independent advisers are the sole professionals in their firms and about 62% of those advisers don’t have a succession plan, according to Boston consulting firm Aite Group
