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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.
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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.
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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.
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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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Summary: Earlier this year, James Ludwick, a 67-year-old certified financial planner, sold the Odenton, Maryland-based advisory firm he founded more than a decade ago. His clients have hardly noticed.That's because Ludwick sold the fee-only practice, MainStreet Financial Planning, to his younger partner and longtime protégé, Anna Sergunina, a 31-year-old certified financial planner who essentially got her start at the firm in 2006 as a paraplanner and administrative assistant.
