From Pinnacle Advisor Solutiions
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Summary: Much has been written lately about the aging of individuals who own RIA firms and the lack of succession planning that has been done by this group. Now sensitive to the problem, we are not only realizing how important the solution is for the future success of the firm, but also how difficult it can be not just for large firms like our own, but even more so for smaller firms with fewer options.
From Financial Planning
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Summary: For financial planners, succession plan, or lack there of, merits attention regardless of the amount of assets they manage. Clients care about who will takeover their assets if something happens to their advisor.
From Financial Planning
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Summary: This article talks about a strategy to find a durable business model. It follows Rob Francais, CEO of Apiriant, as he explains how the strategy works. For RIAs who want to ensure clients that their firm will endure to serve their children and grandchildren, a robust internal succession plan is critical.
From Financial Planning
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Summary: This article talks about the many variables in the succession planning process. It includes succession planning insights from expert panels including "Understand your valuation", "Outsiders get mixed reviews", and "Culture matters."
From RIABiz
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Summary: Consultants and other experts have been advising planners that they need to start a succession plan as soon as feasibly possible. The advice doesn’t seem to be sinking in as 57% of advisors still say they do not have a formal succession plan. There are many roadblocks to forming a succession plan but there are some successful “boot camps” run by Schwab that aim to help advisors form a plan in a short period of time.
