“Succession planning isn’t just about figuring out who’s going to take over when you’re gone,” says David Grau Sr., President and Founder of FP Transitions. “It’s about building a business that will support your long-term vision, and which will continue to serve clients even when you’re not around as much.”
Professional goals should extend beyond just earning a living during an advisors peak working years, learn how to perpetuate your income into the future.
“Isn't it ironic? Most independent financial advisers have no exit strategy and let their firms die through attrition.”
"To paraphrase Oscar Wilde, independent advisors who rely on revenue sharing versus equity for compensating junior advisors are aware of price but not value. If your goal as an independent advisor is to build a valuable and enduring business, then the focus should be on compensation structures that underpin the creation of a team of advisors working together in support of a single enterprise."