PLANADVISER - March/April 2022 - 27

completely seamless, " Hoyle says. " I will say, that strategy
seems to be more typical for advisers who focus on wealth
management, anecdotally. "
Hoyle says another approach comes into play when an
adviser has dozens of retirement plan clients, and each plan
sponsor committee has its own personality and challenges.
" Those are the types of situations where we can, instead,
look to split up and share that business across our base of
CAPTRUST advisers, according to personality, geography,
client type and other factors, " Hoyle says.
Such has been the case with Mark Davis, senior vice
president, financial adviser at CAPTRUST in Thousand Oaks,
California. Davis joined CAPTRUST in 2009 and is now in the
process of planning his client succession. " With the luxury of
having so many talented advisers on the team, " Davis says, " I
was able to sort out the best person to take over plan A, plan
B, etc. " (See our full discussion with Davis on page 29.)
CAPTRUST has also had success with external succession
plans, Hoyle says. " For example, we pretty recently had
a person in the southeast U.S. with a very high-end and
complex stable of ERISA [Employee Retirement Income
Security Act] plans to deal with, and we knew we needed a
special person with the right expertise to carry that water.
So, we used that retirement event as an opportunity to bring
someone in from the outside. That was a very successful
transition, " he observes.
Along the same lines, SmartAsset's analysis includes
some recommendations for advisers who are just starting out
with the process. Among the key takeaways is the fact that it
is not only the business owner or lead adviser who should be
factored into a good succession plan. The best plans address
all levels of the organization, especially when it comes to
larger firms with a more expansive leadership team and staff.
" The first step in your planning strategy will be to
assemble a team of company leaders who will assist you, " the
firm recommends. " Typically, this team will include human
resources staff, fellow company executives and members of
the board. You should, of course, include anyone else you
think could be helpful in identifying or nurturing potential. "
Eventually, the adviser leader should establish pipelines
and strategies for any role in the organization that, were it
to sit vacant for any extended period of time, would cause
significant difficulties.
" To start, though, focus on your most important
positions, " the firm says. " Typically, this will be C-suite
executives and presidents, as well as any vice presidents
in roles critical
to the company's revenue stream and
day-to-day operation. After you've successfully developed
" ... a big part
of the Hub
deal was about
making sure we
had immediate
succession
planning at
the leadership
level if anything
happened to us
on a near-term
basis. "
term clients, it has not been a huge
challenge, and that's largely because
his main focus was on building out our
strategic industry partnerships and on
new business development. Most of my
focus has been on operations and on
servicing the existing client base. You
could say he was more front end, and
I was more back end, so his departure
has not been disruptive for our clients.
After the initial transition, Daniel's
primary role was focused on helping
Hub with internal and also external
communications, all coming back to
business development. He was working
on getting the message out regarding
what Hub was doing and looking to
accomplish. He did a lot of speaking and
traveling coast to coast representing us
and Hub's vision.
Internally, he was working on
educating Hub's existing producers in
the insurance and benefits business
lines, teaching them about what Hub
Retirement and Private Wealth was
going to become. He was working on
identifying the key producers in the
different verticals and geographies who
were most interested in introducing the
new retirement and wealth management
services to their existing clients.
Eventually, Hub hired a full-time
chief sales officer in Jim Owen, and
he basically took over in an official
capacity the work that Daniel had been
doing. This was around the same time
that our initial three-year sale contract
with Hub was winding up, which gave
Daniel the chance to reassess the goals
and the objectives we had set out to
achieve in that original period. With
Hub now having that strong foundation
of people and technology, he saw it as
an opportunity to leave, with the firm
being in a very good place.
PA: And what is your next step?
O'Shaughnessy: At that time, I made
the personal decision that there was
still much more I wanted to do inside of
Hub, continuing to build out capabilities
on the operational side.
I view the whole experience as a
real success story, and I've been making
a point of trying to communicate that
outside of Hub, and inside, too. Our
experience shows that you can sell your
business and help make the transition
a success-and then you can make
a decision about your own next step,
whether that's to stay the course, to retire
or to try a new challenge, like Daniel
did. He left Hub on great terms, and he
stays in close contact. -John Manganaro
planadviser.com March-April 2022 | 27
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PLANADVISER - March/April 2022

Table of Contents for the Digital Edition of PLANADVISER - March/April 2022

A Digital Divide
Staying Power
The Prospects of Staying Virtual
Another Retention Tool
Is It Time to Let Go?
The Evolving Use of RFPs
Best Interest Reasons For a Rollover
Guaranteed Lifetime Income
PLANADVISER - March/April 2022 - C1
PLANADVISER - March/April 2022 - FC1
PLANADVISER - March/April 2022 - FC2
PLANADVISER - March/April 2022 - C2
PLANADVISER - March/April 2022 - 1
PLANADVISER - March/April 2022 - 2
PLANADVISER - March/April 2022 - 3
PLANADVISER - March/April 2022 - 4
PLANADVISER - March/April 2022 - 5
PLANADVISER - March/April 2022 - 6
PLANADVISER - March/April 2022 - 7
PLANADVISER - March/April 2022 - 8
PLANADVISER - March/April 2022 - 9
PLANADVISER - March/April 2022 - 10
PLANADVISER - March/April 2022 - 11
PLANADVISER - March/April 2022 - 12
PLANADVISER - March/April 2022 - 13
PLANADVISER - March/April 2022 - 14
PLANADVISER - March/April 2022 - 15
PLANADVISER - March/April 2022 - 16
PLANADVISER - March/April 2022 - 17
PLANADVISER - March/April 2022 - A Digital Divide
PLANADVISER - March/April 2022 - 19
PLANADVISER - March/April 2022 - 20
PLANADVISER - March/April 2022 - 21
PLANADVISER - March/April 2022 - 22
PLANADVISER - March/April 2022 - 23
PLANADVISER - March/April 2022 - Staying Power
PLANADVISER - March/April 2022 - 25
PLANADVISER - March/April 2022 - 26
PLANADVISER - March/April 2022 - 27
PLANADVISER - March/April 2022 - 28
PLANADVISER - March/April 2022 - 29
PLANADVISER - March/April 2022 - The Prospects of Staying Virtual
PLANADVISER - March/April 2022 - 31
PLANADVISER - March/April 2022 - Another Retention Tool
PLANADVISER - March/April 2022 - 33
PLANADVISER - March/April 2022 - Is It Time to Let Go?
PLANADVISER - March/April 2022 - 35
PLANADVISER - March/April 2022 - The Evolving Use of RFPs
PLANADVISER - March/April 2022 - 37
PLANADVISER - March/April 2022 - 38
PLANADVISER - March/April 2022 - Best Interest Reasons For a Rollover
PLANADVISER - March/April 2022 - Guaranteed Lifetime Income
PLANADVISER - March/April 2022 - C3
PLANADVISER - March/April 2022 - C4
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