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.
Cerulli research shows advisor retirements and breakaway movement fueling record M&A demand across the wealth management industry.
“The father even shared office space with the son and used a Medallion Guarantee stamp on the client’s account statements,” an attorney said.
The investment banking arm of RBC is ramping up its hiring across the U.S., Canada, and Europe.
The 140-year-old firm catering to ultra-high-net-worth clients joins a growing roster of wealth managers and tech providers plugging Claude into advisor workflows.
Three broker-dealers secure teams across the country as the recruiting race shows no signs of slowing.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
