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Summary: If you want insight into how wealthy investors think — and how to keep them as clients — it would be hard to find a more informed source than Charlotte Beyer.
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Summary: A 32-year age gap exists between the founder and outgoing CEO of an RIA firm and his successor. The story of this firm's succession plan began when the firm (with $1.4 billion in AUM) received an acquisition offer by a larger firm in another city. The offer was rejected, but it served as a catalyst for an honest discussion of “where do we go from here?”
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Summary: Financial advisers as a group are aging and that means many of them are about to retire or transfer their practices to someone younger, just as doctors, dentists and other professionals do. But for clients who have worked with the same adviser for decades — and may be close to the adviser in age and outlook — the change could come just when they need that person the most: to help them financially manage their own retirement.
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Summary: Some advisers aren’t looking very far to find a successor to their practices. They are counting on their sons and daughters to take over one day. There are benefits to having one of the kids as a successor: The business is left to someone with the same value system, clients may be happy to still work with someone from the same family and the adviser can feel pride in having a child carry on their legacy.
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Summary: Succession planning is a hot topic in the independent advisory world these days, and many older owner-advisors are thinking about, or working on, succession plans. While there’s been a lot written on creating workable succession plans, and some written about preparing junior advisors to become firm owners, we’ve seen very little about preparing firm owners to work with new owners.
