From InvestmentNews
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Summary: Lessons learned at his father's side in the practice. Let's dispense with the discussion about whether you need a succession plan, as it would be a waste of everyone's time. Take it from me, it's not “if” but purely a question of “when” you need to have it in place.
From New York Times
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Summary: The average financial adviser in the United States is older than 50, a number that shows no sign of getting lower because relatively few young people are interested in the work. That is creating a problem for Wall Street, which after the financial crisis likes the idea of managing other people’s money more than it did before. As both independent firms and large broker-dealers attached to investment banks try to expand their asset management businesses, they must figure out how to attract and retain a fresh pool of talent that is increasingly looking to find its riches elsewhere.
From InvestmentNews
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Summary: Like the vast majority of people, Dan Candura always thought he had more time. More time to spend with his six grandchildren. More time to take his wife, Marie, to Paris. More time to explore his father's roots in Sicily or, even, write a book. He also thought he had more time to draft a continuity plan in the event he was no longer able to run his advisory firm in Braintree, Mass.
From InvestmentNews
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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.
From wealthmanagement.com
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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.
