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Summary: Corey Kupfer, director of entrepreneur services, at MarketCounsel provides nine important steps to consider for putting together a continuity plan. One key is to have people in place to make key decisions.
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Summary: I fly a lot in my work for FP Transitions—millions of miles, so far. I once asked a pilot, “If the engines of this airliner quit at altitude—say, 30,000 feet—how far can we fly before we hit the earth?” The captain said that it would vary depending upon the wind and the load, of course, but around 100 to 110 miles would be a good estimate. This is the same approach that many advisors use toward the end of their careers. Once the engines start to fade, they hold on until the end, keep the ride smooth, and make it last as long as possible.
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Summary: Starting in August, Bank of America-Merrill Lynch (BAC) says its advisor trainees will have the option of joining a team as a specialist and finishing the training program in about two and a half years, versus the traditional three and a half years. The aim is to support advisors with succession planning and build “the bridges necessary for the next generation of advisors to continue to deliver the experience our clients expect and deserve,” according to a memo shared with advisors on Monday.
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Summary: Judging by the amount of coverage succession planning has been getting in the trade press in the past couple of years, it is one of the most pressing problems facing the independent advisory industry today. It's certainly an issue for tens of thousands of baby-boom age owner-advisors who are quickly approaching retirement age—and for the younger advisors in their firms who are hoping to take control and bring those firms into the 21st century.
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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.
