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Is it too Early to Create a Succession Plan?

Added on July 2014 in Plan for the Future
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Summary:It is a popular notion in the industry that only older advisors are and should be worried about succession planning. I beg to differ. Let me cite the example of a sole practitioner in Boston, MA I’ll call John Jones, who I recently spoke with after he submitted a Successions Readiness survey on our website.

How Independent Advisors Can Remodel Cash Flow to Build Businesses of Enduring Value

Added on July 2014 in Plan for the Future
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Summary: The challenge of succession planning is really about examining an independent advisor’s aspirations for his or her own legacy. Where past generations of independent advisors may have been content to treat their practices primarily as income-generating vehicles, more and more advisors today are waking up to the reality that they want much more than that.

Managing Employees Is a Chemistry Experiment

Added on June 2014 in Plan for the Future
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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.

Most small-business owners aren't planning ahead: Poll

Added on June 2014 in Plan for the Future
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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.

Building a Multigenerational Wealth Management Team

Added on June 2014 in Plan for the Future
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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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