Based on a 2018 research from the Monetary Planning Affiliation and Janus Henderson, 73% of monetary advisors wouldn't have a written succession plan. And with the typical age of a Barron’s Prime 100 Advisor at 57, up from 52 in 2012, that’s fairly alarming.
Sadly, it’s not shocking. It usually appears simple to place off one thing that may appear so distant, and much more so when day-to-day issues usually take precedence. But it’s a subject that’s equally essential to advisors of any age—whether or not you’re completely content material with the established order, casually exploring your choices, or already impartial.
Diamond Consultants’ resident skilled on succession planning, Louis Diamond, takes over the mic to share seven essential rules that advisors must find out about succession, and shares recommendation on get began on constructing that plan right now.
He digs deep into:
The 4 key areas the place advisors get caught in terms of constructing their succession plans—and get past them.
What advisors must know earlier than they construct their plan—the seven key areas which are vital to deal with earlier than placing pen to paper.
How you can decide the precise subsequent gen for the enterprise—and the important thing components that assist to information the method.
How wirehouse sundown packages work—and what different choices an advisor can contemplate in an effort to monetize his life’s work.
And rather more.
Louis additionally shares what he calls his “jumpstart checklist”—key actionable steps you'll be able to take to get previous the inertia and take a step ahead in defining your future. It’s an episode that may reply lots of the questions you have got on succession—one that may assist you to to get began on constructing your plan right now.
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Mindy Diamond is President & CEO of Diamond Consultants in Morristown, N.J., a nationally acknowledged boutique search and consulting agency within the monetary providers business.
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