 In most cases where a family succession plan goes wrong is when a child is brought into the firm without experience,”Waldemar Kohl, vice president of practice management and consulting, Fidelity Institutional Wealth Services |
Preparing the Kids to Take Over the Practice
Veronica Dagher | Wall Street Journal Online, December 2014
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Summary: Some advisers aren’t looking very far to find a successor to their practices. They are counting on their sons and daughters to take over one day. There are benefits to having one of the kids as a successor: The business is left to someone with the same value system, clients may be happy to still work with someone from the same family and the adviser can feel pride in having a child carry on their legacy.
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