Lack of Succession Plan Hurts RIAs Long-Term

RIAs are too focused on operating a practice rather than building a sustainable business, according to a white paper from the Alliance for Registered Investment Advisors released at the Schwab IMPACT Conference in Boston on Wednesday.

John Furey, the paper's author and a founding member of aRIA, said not having a succession plan can damage the firm by causing employees to leave and preventing them from attracting next-gen talent.

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