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Summary: “Fidelity...has introduced a program to help advisors create and formalize a succession plan.” These workshops include group and personal exercises as well as succession toolkits with worksheets and other resources to aid advisors in the creation and implementation of their succession plans.
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Summary: Scott Feraro, Founder of Pepin Consulting, poses 4 questions to consider as you begin to developing or assess your succession plan. A well-designed succession plan is critical to a firm’s continual success, but it’s hard to implement until it is completely finished. Succession planning includes developing and implementing the strategy, structure, processes and talent required to ensure the highest likelihood for the long-term sustainability of your business.
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Summary: Market Dominator RIAs offer their scale and systems, with varying degrees of autonomy, as a solution to smaller RIAs. Carson Institutional Advisors offers independent advisors a way to establish a succession solution. Ron Carson, of Carson Wealth Management and founder of Peak Advisor Alliance, expects to attract smaller firms and offer them the resources of a very large RIA.
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Summary: Internal succession continues to be the preferred succession plan. One of the country’s largest RIAs, Ronald Blue and Co created a company culture and a succession plan which requires the firm to value the whole over its parts. In other words, the group mindset has to be that the endurance of the firm is more important than the immediate prosperity of the individual advisor.
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Summary: At Fidelity’s workshop, Realizing the Value in Your Firm, Fidelity takes a holistic approach to getting advisors to think about succession. They encourage the advisor to lift their gaze above their present practice and envision their life after their practice has transitioned. With a point on the horizon to head towards, Fidelity guides the advisors through the practice management steps towards succession planning.
