This three-part series explores the succession planning process for financial advisors. Part one addresses the importance of planning ahead and the risks of procrastinating. Part two outlines different types of succession plans, and part three examines communication strategies. Gain more insight into the advantages of succession planning in a video featuring Julie Littlechild, president of Advisor Impact Inc.
October 1, 2012Julie Littlechild, president of Advisor Impact, outlines the benefits a succession plan delivers, including finding the right successor, maintaining clients and enhancing the value of the business. She spoke with Investment Executive reporter Rudy Mezzetta at the TMX Broadcast Centre in Toronto.
Don’t shy away from conversations about succession; communicate with clients to get them on board
When handing over the reins to your advisory business, you need to ensure there will be consistency to the services clients receive
Advisors should begin succession planning at least three to seven years in advance, experts say
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