5 Planning Steps for a Smooth Succession

One of the most common questions I hear from financial advisors who are on teams is about succession planning. Whether it’s the senior financial advisor (team leader) thinking of slowing down (or retiring), a junior financial advisor asking for a road map, or even a sole practitioner thinking of selling their practice – it’s become a serious industry issue.

Succession planning is not easy – many businesses find themselves seriously challenged in this area. However, our research and work with elite teams has enabled us to study succession planning, which I’ve taken the liberty of distilling into 5 steps.

As you read through the following, you’ll recognize the multi-dimensional complexities that are involved. Don’t let this deter you. All of this requires thought, patience, work, compromise, and a bit of luck (it’s a people process).

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