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Advisor Succession Planning

Advisor succession Planning – Support may be closer than you think

As the average advisor age continues to rise in the financial advise business, broker dealers are stepping up to help their advisors develop a plan for the future of their business. No longer does an advisor have to take on the task of evaluating their practice and finding a successor on their own. Many broker dealers are now actively involved in every aspect of the succession planning process, even going as far as providing the capital needed to buy a practice. Advisor succession planning has become a major focus for many broker dealers.

I wrote my latest article in InvestmentNews because advisor succession planning is a topic that I am very passionate about. I talk to countless advisors that know they need to start the planning process, but haven’t committed the time to focus on it. I believe the stakes are too high for someone to not have a plan in place and that it’s a crucial step that protects the advisor, their family and their clients. The good news for advisors is that many broker dealers have decided to join with their advisors in this process. Many have invested considerable resources in programs that help advisors with every aspect of their planning.

If you are looking to begin the succession planning process, the best place to start is with your broker dealer. Find out if they have a department or person that is in charge of their advisors succession planning. Ask questions related to how involved they get in the process. Do they have the resources to do a deep analysis of your book, detailing how much your practice is worth? Can they connect you with other advisors that have expressed interest in buying practices? Do they get involved with contracts and negotiations between you and the buyer?

These are all areas that many broker dealers are now actively involved in. If you find that your broker dealer is not equipped to assist you, there are outside resources that can help in the process.

To read the full story in InvestmentNews please click here.

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