The leading edge of the baby-boomer generation is starting to retire, and that includes many financial advisors. While most senior advisors are in their mid- to late 50s, few have given much thought to succession
Create a profitable exit strategy
The average age of advisors at dealer firms has risen, as has the number of advisors who have a succession plan in place
There are several options for winding down your practice, from simply working until you are ready to retire to selling your practice or partnering with another advisor to plan an orderly exit. There's no "one size fits all" solution
Julie 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
To protect your clients, your staff, and your legacy, you must put together a suitable succession strategy years before you plan to make your exit
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