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.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
