How Building a Succession Plan Can Increase Your Firm’s Value

Industry participants have articulated the risks of not having a succession plan for years – lack of continuity for clients, inability for advisors to realize the value of their life’s work, and risk for employees in terms of their long term employment. Surveys tell us that not enough advisors have developed a real succession plan, with most surveys triangulating about two-thirds of advisors without one. Although it is widely accepted that succession planning improves business continuity and protects owner equity, a comprehensive succession plan brings additional benefits. But to develop a truly comprehensive succession plan that maximizes value, advisors need to shift their thinking about what a succession plan really is. Read More