PLANADVISER - November/December 2021 - 31
practice management / succession planning
FUTURE
FACES
What to
consider
when
creating a
succession
plan
N
ot enough advisers think about how they will transition their practice as
they approach retirement, says Dick Darian, founding partner of retirement
industry mergers and acquisitions (M&A) firm Wise Rhino Group in
Charleston, South Carolina. " Very few if any of the firms we work with already
had a succession plan or a sale plan. These folks are amazing entrepreneurs:
They have great selling skills, they are able to recruit talent, and they serve
clients well, " he says. " But there's less focus on their business plan. Having a plan
is important, and, today, many folks are just getting to the point of realizing that. "
It is crucial for a well-run advisory business to have a succession strategy,
and the pandemic has made that clear, says Wendy Leung, senior consultant at
Diamond Consultants, a recruiting and business consulting firm for financial
advisers, in Morristown, New Jersey. " I think COVID has highlighted the need for
a formal, written succession plan for owners. Some owners have been putting
it off, and now they realize they shouldn't be doing that, " she says. " Having a
succession plan protects the value of the business for an adviser. And it also
protects the clients if something should happen to the principal. "
Advantages and Challenges of Internal Succession
The vast majority of independent advisers have a natural bias to sell internally,
to a colleague at their firm, versus doing an external sale, says David DeVoe,
founder and CEO of DeVoe & Co., a registered investment adviser (RIA) M&A
consultant, in San Francisco. " The concept of continued independence is really
attractive to them, " he says. " In many cases, these are people who left the wirehouses
to be independent, so they have to think through, 'Hey, do I want to give
up any degrees of independence?' "
Art by Philip Lindeman
planadviser.com November-December 2021 | 31
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PLANADVISER - November/December 2021
Table of Contents for the Digital Edition of PLANADVISER - November/December 2021
A Shift in the Tech Landscape
Strength in Diversity
Future Faces
A Workforce in Flux
Fee Models Are Shifting
Nonenforcement Policies
‘Window’ of Opportunity
PLANADVISER - November/December 2021 - Cover1
PLANADVISER - November/December 2021 - Cover2
PLANADVISER - November/December 2021 - 1
PLANADVISER - November/December 2021 - 2
PLANADVISER - November/December 2021 - 3
PLANADVISER - November/December 2021 - 4
PLANADVISER - November/December 2021 - 5
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PLANADVISER - November/December 2021 - 14
PLANADVISER - November/December 2021 - 15
PLANADVISER - November/December 2021 - 16
PLANADVISER - November/December 2021 - 17
PLANADVISER - November/December 2021 - A Shift in the Tech Landscape
PLANADVISER - November/December 2021 - 19
PLANADVISER - November/December 2021 - 20
PLANADVISER - November/December 2021 - 21
PLANADVISER - November/December 2021 - 22
PLANADVISER - November/December 2021 - 23
PLANADVISER - November/December 2021 - Strength in Diversity
PLANADVISER - November/December 2021 - 25
PLANADVISER - November/December 2021 - 26
PLANADVISER - November/December 2021 - 27
PLANADVISER - November/December 2021 - 28
PLANADVISER - November/December 2021 - 29
PLANADVISER - November/December 2021 - Future Faces
PLANADVISER - November/December 2021 - 31
PLANADVISER - November/December 2021 - 32
PLANADVISER - November/December 2021 - 33
PLANADVISER - November/December 2021 - A Workforce in Flux
PLANADVISER - November/December 2021 - 35
PLANADVISER - November/December 2021 - Fee Models Are Shifting
PLANADVISER - November/December 2021 - 37
PLANADVISER - November/December 2021 - Nonenforcement Policies
PLANADVISER - November/December 2021 - ‘Window’ of Opportunity
PLANADVISER - November/December 2021 - 40
PLANADVISER - November/December 2021 - Cover3
PLANADVISER - November/December 2021 - Cover4
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