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Summary: In the advisory business, a couple of events typically cause a rush of exhilaration: landing a big new client and hiring a great new talent. While the loss of a client can create the opposite emotion—dejection—the loss of a key colleague has a way of bursting one's balloon completely, especially when that individual played an important role in your succession plan.
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Summary: Starting and growing a business usually involves a fair amount of sweat and sacrifice. Yet many entrepreneurs who have spent years building successful businesses would rather have a root canal than undertake the often-painstaking process of succession planning.
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Summary: The most common exit strategy for a veteran advisor getting ready to retire is to sell his or her book according to the guidelines established either by their firm or industry valuations standards. There is another approach, but it requires planning — succession planning. These advisors are able to transition their business to a junior advisor on their team.
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Summary: Earlier this year, James Ludwick, a 67-year-old certified financial planner, sold the Odenton, Maryland-based advisory firm he founded more than a decade ago. His clients have hardly noticed.That's because Ludwick sold the fee-only practice, MainStreet Financial Planning, to his younger partner and longtime protégé, Anna Sergunina, a 31-year-old certified financial planner who essentially got her start at the firm in 2006 as a paraplanner and administrative assistant.
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Summary: Here is a scenario that you obviously do not want to picture: You are in a motor vehicle accident and you are severely injured. You cannot work for months; you can’t even make work-related decisions.Who will provide financial advice to your clients while you are away, and how will he or she be compensated? If you are never able to return to work, who will figure out what will happen to your firm and how it will be marketed?
