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Summary: When veteran financial advisors Eric Clark and Cheryl Sherrard were trying to come up with a moniker for their new practice, they were determined to keep their names out of it. “We didn’t want the brand tied to anyone in the firm,” says Clark, president of 10-month-old Clearview Wealth Management, a practice in Charlotte, N.C., with about $52 million under management. “You have to think ahead 10 or 25 years, when the people now involved may be retired or even at other firms.”
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Summary: Rebecca Pomering, chief executive of Moss Adams Wealth Advisors LLC, helped somewhere between dozens and hundreds of advisory firms develop succession plans during her 11 years as a management consultant for Moss Adams LLP. Now she heads up the firm's strategic-planning and growth objectives. Her firm doesn't have a succession plan document, but its six partners all have identified successors whom they continually train and develop, Ms. Pomering said.
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Summary: Business-planning challenges such as succession planning, gaining scale and maintaining growth may not be acute today; however, if advisors choose not to plan for their future, they may fall into the land of unintended consequences, including degradation of firm value, limited growth, an aging client base and limited choices/control about the future of their business.
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Summary: Much has been written lately about the aging of individuals who own RIA firms and the lack of succession planning that has been done by this group. Now sensitive to the problem, we are not only realizing how important the solution is for the future success of the firm, but also how difficult it can be not just for large firms like our own, but even more so for smaller firms with fewer options.
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Summary: For financial planners, succession plan, or lack there of, merits attention regardless of the amount of assets they manage. Clients care about who will takeover their assets if something happens to their advisor.
