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Summary: The succession planning process begins with first coming to the conclusion and buying into the idea that the inevitable is going to happen. Whether it’s a voluntary retirement or due to a disability, eventually everyone stops working. However, once advisors accept the inevitable, they can plan for it in a way that they’ll be satisfied with the outcome.
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Summary: We take our fiduciary responsibilities seriously, advising and planning in an effort to ensure that each of our clients will be well cared for financially. Yet when it comes to planning for our own legacy, far too many of us fail to conduct adequate planning around what is likely our single most valuable asset: our business.
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Summary: More U.S. colleges and universities are offering degree programs in financial planning, CNBC.com reports. Yet even these new initiatives aren’t expected to go very far toward addressing the severe advisor shortfall many in the industry expect as boomer practitioners retire over the next 10 to 20 years.
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Summary: Fifteen years ago, financial advisor Ron Carson posed a question to his advisory council of clients—a group he had previously organized to serve as consultants for the advisory practice he launched in 1987. "I asked them, 'If I died tomorrow, would [you] stay with my firm?'" he recalled. "All but one said they'd likely be gone within six months."
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Summary: What group is 85-million strong, holds $1.5 trillion in purchasing power and drives the market in every industry but health care? The under-35 generation known as “millennials. Financial advisors know by now that they cannot ignore this group. But Brandon Moss, a 35-year-old managing director for United Capital Private Wealth, which has roughly $10 billion in assets under management, homed in on that point at the Dallas Women Advisors Forum.
