When I decided to write about succession planning this week, it seemed obvious to make a “Succession” parallel. But alas, I haven’t watched that yet.
However, that’s probably for the best. Succession planning deserves a serious discussion, because advisers at every size firm need to take a close look at their succession plan and make sure that they have plans in place.
I have seen a friend benefit from a proper succession plan for his smaller firm. He found his exit, securing his plans for retirement, and for his family’s future. He shared with me that he took this step after seeing a peer wait too long to plan that succession, which created severe stress when that adviser needed to exit suddenly.
The failure to plan left money on the table, and clients underserved. To the thousands of small to midsize firms out there, succession planning is of incredible importance.
But it’s not just a small-firm story. Middle- to large-size firms can’t lose sight of this either, because a lack of clarity in any enterprise can cause massive impacts. As Ted Lasso saw with Nate at the end of Season 2, failing to nurture your succession plan can lead to key players being snapped up at an inopportune moment.
Advisers that put off planning for the future leave themselves open to unnecessary risks when they should be relishing the fruits of their labor.
Business owners and their heirs may be making assumptions instead of having conversations, creating challenges for succession planning, according to new research.
The Kansas-based mega-RIA is giving clients access to dedicated care coaches as new surveys show caregiving duties are straining Americans' finances.
Aspen's affiliated RIAs now manage $15 billion after the New York-based platform added Kalamazoo-based CWS Financial Advisors.
The Chicago-based mega-RIA's latest additions, spanning six office locations and over 40 team members, pushes its W-2 platform assets to roughly $35 billion.
With most of the Great Wealth Transfer set to arrive in their hands, it's time women embraced the generational opportunity to step into their financial independence.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
