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Summary: Consultants and other experts have been advising planners that they need to start a succession plan as soon as feasibly possible. The advice doesn’t seem to be sinking in as 57% of advisors still say they do not have a formal succession plan. There are many roadblocks to forming a succession plan but there are some successful “boot camps” run by Schwab that aim to help advisors form a plan in a short period of time.
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Summary: Succession planning has moved to the top of the practice management priority list for tens of thousands of advisory firms. As the average age of founder/advisors creeps ever closer to traditional retirement age, the profession is asking itself a lot of hard questions about how to keep these businesses alive – and take care of clients – after the founder retires.
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Summary: The article reviews the important questions for succession and growth. Ask the right the questions of yourself and your potential partner or new hire. The right questions are as important as finding the right answers. Understand that people are not puzzle pieces and acknowledge that it is a relationship you seek to build. This will impact your approach. Thank you to Advisor Perspectives and Beverly Flaxington for inviting me as a guest columnist.
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Summary: “Fidelity...has introduced a program to help advisors create and formalize a succession plan.” These workshops include group and personal exercises as well as succession toolkits with worksheets and other resources to aid advisors in the creation and implementation of their succession plans.
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Summary: Scott Feraro, Founder of Pepin Consulting, poses 4 questions to consider as you begin to developing or assess your succession plan. A well-designed succession plan is critical to a firm’s continual success, but it’s hard to implement until it is completely finished. Succession planning includes developing and implementing the strategy, structure, processes and talent required to ensure the highest likelihood for the long-term sustainability of your business.
