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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
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Summary: In this series, we discuss the BEI's Seven Step Exit Planning Process. We started with a comparison of Exit Planning and succession planning and followed that with establishing the foundation for an owner’s plan: the owner’s goals.
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Summary: The best succession plans are the ones put into place long before they are needed. Rarely, however, does this actually happen.
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Summary: Attracting women to the financial advisory profession remains a huge challenge, but those who’ve found their calling here are determined to tackle it. They’re leading initiatives that are part of broader efforts to attract, train and retain advisors who bear a strong resemblance to clients.
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Summary: Whether founders are turning firms over to internal successors or making plans to be bought out down the road, transitions will be more successful if certain elements are crafted into the agreements.
