A Financial Advisor’s Guide to Succession Planning
You’ve spent years building a successful advisory practice. But have you taken the time to protect what you’ve built and plan for what’s next? Whether you’re thinking about retirement, planning for the unexpected, or looking to grow through acquisition, succession planning is a must. Yet only 64% of advisors have a formal plan—and nearly 40%…
You’ve spent years building a successful advisory practice. But have you taken the time to protect what you’ve built and plan for what’s next?
Whether you’re thinking about retirement, planning for the unexpected, or looking to grow through acquisition, succession planning is a must. Yet only 64% of advisors have a formal plan—and nearly 40% are expected to retire in the next 10 years.1 Even among those nearing retirement, many advisors are unsure of how or when they’ll transition.
Here’s what you need to know to protect your clients, your business, and your legacy.
What Is Succession Planning (and Why Does It Matter)?
A financial advisor succession plan outlines how you’ll transition ownership and leadership of your practice—either gradually or all at once.
A strong plan covers:
- Short-term contingencies: What happens if you’re suddenly unable to work?
- Long-term strategies: Who will eventually take over your clients and business operations?