SUCCESSION PLANNING FOR FINANCIAL ADVISORS
There are two types of succession planning: Sudden like death/disability and Organized like retirement from the firm/industry. Both are equally important and should be reviewed and prepared for.
Like your client’s retirement planning, organized succession planning is not an overnight venture. It takes time, planning, and negotiating. By transitioning your book to another trusted advisor, you will not only be compensated for your life’s work, but you can have confidence your clients and staff will be taken care of.
Planning for succession up to 10 years before your planned exit can give the most control over what happens to your book as well as the best outcome, whether passing on the company to a friend/family member or transferring to an advisor you have a professional relationship with.
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