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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Succession Planning for Family Foundations
From Wall Street Journal Online
Added on May 2014 in Plan for the Future
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Summary: A wealthy family's expectations that its charitable foundation will thrive for many generations can crash in just one.Too often, says philanthropy consultant Mollie Bunis, the family really hasn't planned for the day when the founder is no longer around. That happened not long ago with a multimillion-dollar family foundation in the South, she recalls: The patriarch died and, while he had children and grandchildren, no one had bothered to name a successor.
How To Identify Advisors About to Jump
From wealthmanagent.com
Added on May 2014 in Plan for the Future
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Summary: A looming advisor shortage and a limited pool of prospects means retaining advisors is the top job for many managers. Here's how to spot, and keep, talent on the brink of jumping ship. Workplace consultancy Rainmaker Thinking recently surveyed 41,000 professionals (6,000 of them from the financial services industry) and found that 46 percent felt “stuck” in their current job, and had for at least the past year. Twenty-five percent said they have felt that way for over three years.
Passing the baton, step by step
From CNBC
Added on May 2014 in Plan for the Future
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Summary: Of the more than 30,000 independent investment advisors in the country, fewer than a quarter have a succession plan in place, according to numerous studies, and most solo practitioners haven't even identified a potential successor.
Advisors slow to train successors
From CNBC
Added on May 2014 in Plan for the Future
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Summary:The dismal demographics of the financial advisory industry have been well documented, but aging advisors continue to drag their feet when it comes to succession planning and preparing for their own retirement. Data produced by research firm Cerulli Associates suggest a bleak outlook for the industry. Aging advisors are expected to retire in droves over the next two decades, and relatively few young people are entering the industry to take their place. Financial advisors without a succession plan for their practices put not only their own retirement at risk but also the well-being of their clients.
Succession Planning: How to Partner With a Younger Advisor
From Financial Planning
Added on May 2014 in Plan for the Future
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Summary: May-December pairings may provoke the occasional snide look — Michael Douglas and Catherine Zeta-Jones, anyone? — but for financial advisors trying to plan for retirement, they can be a romantic ideal. For older advisors, bringing on new talent helps pave the way for a succession plan that protects existing clients while creating a payout for the founding partner.
