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Summary: For years, many advisors have been operating under the assumption that successors who inherit or buy a book from a retiring advisor are stuck until their succession obligation has been completely forgiven. That is, should these inheritors decide that their firm is no longer the right home for their growing business, they’d have no choice but to wait out the terms of the agreement and hope for the best.
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Summary: The Great Resignation has not spared the wealth management industry, and firms would be wise to take heed of one of my grandmother's stark sayings, “You don’t miss your water until the well runs dry.”
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Summary: How important is it for financial advisors to understand the economic and societal impact of the Great Resignation? The significance of this tumultuous labor force disruption is validated by its 2021 entry in Wikipedia, and the 10 million Google hits for that phrase. Over 40 million Americans quit their jobs in 2021. Some employers are so desperate for staffing, they are advertising “Apply today, work today, get paid today.
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Summary: In a time of record mergers-and-acquisitions activity for financial advisory firms, designing and implementing a succession plan has become a critical element for success.
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Summary: Not surprisingly, financial services firms and M&A consultants have launched major initiatives aimed at solving the impending succession planning crisis. To demystify the various types of plans that financial advisers should consider, let’s dig into the differences between servicing, continuity, exit and succession planning.
