You don't have to have a transition date chiselled in stone, but you should have an approximate target for your departure from your business. Then, you can begin to determine which succession option works best for you
An internal sale leaves sellers more confident because the buyer understands the business and is less likely to sue
Choice and access to financial products, services and advice will diminish if compliance costs are not reined in, says Advocis CEO
Many firms offer internal services for succession planning. But there are various reasons advisors are stepping outside
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