From RIAbiz
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Summary: All advisors should have a continuity agreement, even if they do not have a final succession plan in place. Every year, we hear of advisors who die unexpectedly. Untimely deaths without a contingency plan translate to a distressed sale price for family left behind. The clients too are left without a critical service. The initial plan does not have to be perfect.
From Advisor One
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Summary: Pershing Advisor Solutions (PAS), the RIA custody division of BNY Mellon, on Thursday released Developing a Sustainable Business and Succession Plan: An Independent Advisor’s Guide, a 30-page practical PDF guidebook that presents detailed steps advisors can take to build a business plan and a succession plan. The guidebook, developed with Advisor Growth Strategies LLC, the practice management consulting firm led by former Schwab executive John Furey, presents stark figures on the relatively small number of advisors who have developed formal business and succession plans, including research showing that fewer than a third of RIAs have either defined or implemented a succession plan.
