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Summary: Here is a scenario that you obviously do not want to picture: You are in a motor vehicle accident and you are severely injured. You cannot work for months; you can’t even make work-related decisions.Who will provide financial advice to your clients while you are away, and how will he or she be compensated? If you are never able to return to work, who will figure out what will happen to your firm and how it will be marketed?
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Summary: The succession planning process begins with first coming to the conclusion and buying into the idea that the inevitable is going to happen. Whether it’s a voluntary retirement or due to a disability, eventually everyone stops working. However, once advisors accept the inevitable, they can plan for it in a way that they’ll be satisfied with the outcome.
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Summary: We take our fiduciary responsibilities seriously, advising and planning in an effort to ensure that each of our clients will be well cared for financially. Yet when it comes to planning for our own legacy, far too many of us fail to conduct adequate planning around what is likely our single most valuable asset: our business.
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Summary: More U.S. colleges and universities are offering degree programs in financial planning, CNBC.com reports. Yet even these new initiatives aren’t expected to go very far toward addressing the severe advisor shortfall many in the industry expect as boomer practitioners retire over the next 10 to 20 years.
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Summary: Fifteen years ago, financial advisor Ron Carson posed a question to his advisory council of clients—a group he had previously organized to serve as consultants for the advisory practice he launched in 1987. "I asked them, 'If I died tomorrow, would [you] stay with my firm?'" he recalled. "All but one said they'd likely be gone within six months."
