Your role as a Financial Advisor is to help clients navigate life’s most significant transitions. 

Have you also remembered to plan for yours?

A few years ago, our team found ourselves buying another advisor’s book of business after he suddenly—and tragically—died in an accident.

We had not prepared for this, but more significantly, neither had the deceased advisor.

What followed was a difficult business acquisition, further complicated by the understandable backdrop of grief and shock. The spouse of the advisor who passed away faced an especially difficult transition; having to accommodate and assist as best she could whilst having to process an overwhelming amount of emotion and change.  Going through this experience made us realize how important it is to plan for the unexpected, for the wellbeing of everybody involved. As a Financial Advisor, a good Succession Plan will provide security, clarity and comfort for those most impacted by your passing:-  your family, your clients, and the incoming advisor taking over your book of business.

Who does a Succession Plan benefit?

  • The existing Advisor and their family
  • The incoming Advisor
  • The client

What should your Succession Plan include?

A written succession plan will ensure that you and your family will be rewarded for the hard work you’ve put in over the years to build a successful practice. It also ensures that your clients will benefit from a smooth transition to another trusted advisor and their team. A written succession plan should at least include the following:

  1. The identity of your successor
  2. The valuation methodology
  3. The identified team members who should be part of the succession plan, if any

Having a written succession plan will give you peace of mind, knowing that your family and your clients will all be well taken care of!

 With you on the journey…  Lorraine