Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
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When Time Runs Out
From InvestmentNews
Added on July 2014 in Plan for the Future
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Summary: Like the vast majority of people, Dan Candura always thought he had more time. More time to spend with his six grandchildren. More time to take his wife, Marie, to Paris. More time to explore his father's roots in Sicily or, even, write a book. He also thought he had more time to draft a continuity plan in the event he was no longer able to run his advisory firm in Braintree, Mass.
Nine steps for putting together a continuity plan
From InvestmentNews
Added on July 2014 in Plan for the Future
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Summary: Corey Kupfer, director of entrepreneur services, at MarketCounsel provides nine important steps to consider for putting together a continuity plan. One key is to have people in place to make key decisions.
Charting Your Succession Course
From wealthmanagement.com
Added on July 2014 in Plan for the Future
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Summary: I fly a lot in my work for FP Transitions—millions of miles, so far. I once asked a pilot, “If the engines of this airliner quit at altitude—say, 30,000 feet—how far can we fly before we hit the earth?” The captain said that it would vary depending upon the wind and the load, of course, but around 100 to 110 miles would be a good estimate. This is the same approach that many advisors use toward the end of their careers. Once the engines start to fade, they hold on until the end, keep the ride smooth, and make it last as long as possible.
Merrill's New Training Could Put Advisors in 'Sticky' Situation
From Think Advisor
Added on July 2014 in Plan for the Future
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Summary: Starting in August, Bank of America-Merrill Lynch (BAC) says its advisor trainees will have the option of joining a team as a specialist and finishing the training program in about two and a half years, versus the traditional three and a half years. The aim is to support advisors with succession planning and build “the bridges necessary for the next generation of advisors to continue to deliver the experience our clients expect and deserve,” according to a memo shared with advisors on Monday.
Too Small to Fail (at Succession Planning)
From Think Advisor
Added on July 2014 in Plan for the Future
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Summary: Judging by the amount of coverage succession planning has been getting in the trade press in the past couple of years, it is one of the most pressing problems facing the independent advisory industry today. It's certainly an issue for tens of thousands of baby-boom age owner-advisors who are quickly approaching retirement age—and for the younger advisors in their firms who are hoping to take control and bring those firms into the 21st century.
