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Summary: I have found that when financial advisors retire, they usually want to make sure they take care of their clients, as well as get paid for their practice, which they spent decades building and nurturing. However, doing both of these things can be a tricky proposition, and will likely play out to be the biggest challenge facing the industry over the next 10 years.
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Summary: Many small-business owners know all too well what it is like to take risks, work long hours and juggle multiple priorities. But even many of the most successful of them drag their feet when it comes to succession planning, if they bother to do it at all.
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Summary: Advisor Doug Vandyke got into the advice business with his eyes wide open. His bosses at the wirehouses where he started his career warned him up front that 15-hour days wouldn’t be uncommon, and they were bang-on. So he didn’t balk at staying late and working weekends.
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Summary: Many advisers are good at math and have a feel for the markets. Most also have a knack for networking and sales. The most successful ones set ambitious goals for themselves and their business. They want to win, and to do right by their clients. But advisers must rely on staff. Leading them well, and keeping them happy, becomes even more important as a practice grows and more tasks need to be delegated. If it grows enough, the adviser may find he or she is also managing other advisers.
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Summary: The statistics on the unhappy fates of family businesses are well known in the wealth-management world. Only 30 percent of family businesses make a successful transition from the founders to the second generation, 13 percent make it to the third generation, and just 3 percent make it to the fourth.
