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Summary: Teaming up with other advisers or practitioners — like attorneys, estate planners and accountants — offers compelling benefits to financial advisers, in the form of broader specialization, attraction and retention of more clients.
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Summary: The vast majority of financial advisors are failing to plan for their firm’s future – only 27% have a formal documented plan, a recent Financial Planning Association study reveals. Despite most advisors understanding the risks of not having a succession plan, the rate of planning remains largely unchanged from the reported 28% in 2015, the study finds.
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Summary: My consulting business has the exact opposite problem of most independent advisory businesses. In my business, I tend to spend more time on the business — thinking about new ways to help advisory firm owners and how to get that information out to more of them — than I do working in my business.
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Summary: Like the cobbler whose children have no shoes, many financial planners have not planned for their own retirement. A new study released by the Financial Planning Association in partnership with Janus Henderson reveals that 73% of financial advisors don’t have a written succession plan, including 60% of those within five years of retirement.
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Summary: Financial advisers continue to find succession planning difficult, with 73% not having a written plan in place, according to a new study by the Financial Planning Association and Janus Henderson Investors.
