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Succession: Who will inherit your book of business?

Advisory practices around the U.S. have been faced with a new priority focus: succession planning. With many of the youngest baby boomers approaching their 60s, it’s alarming to learn that only one-fourth of all advisors have a succession plan in place. Without a plan, many retiring advisors risk losing decades of efforts spent building their client relationships to another advisor who may not provide the level of service that their clients have come to expect.

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Putting a Succession Plan in Place

When a retiring advisor’s clients know their advisor’s plan for retirement and have started to build a relationship with the successor, success that the book will transition and stay with the successor is much more likely. On the flip side, if an advisor is nearing retirement, and clients are left wondering what will happen next, the retiring advisor is sending a message to the clients that they should start looking for a new advisor. This is precisely why having a clearly-defined succession plan helps to ensure that advisors maintain both business and personal relationships as they transition.

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7 Transition Tips for Leaving With a Clean U5

​We’ve all been there: A new and better opportunity presents itself, we’re looking to move up in our careers, or we’re just sick of working for Susan, a hapless manager who is a terrible person on all counts. Regardless of why we pursue newer and better options, it’s essential to act strategically, know your rights, and have a career transition plan in place.