David Grau Sr., JD & the FP Transitions Team • Wiley Finance • 2014
Being an independent financial services professional necessarily implies a commitment to a profession that surpasses a single career; the element of "planning," or at least focusing on the future, implies that you're starting something that will not and should not end with your own career. Yet that is exactly what is going to happen to 99% of the independent financial services practices in this country--unless we change direction.
From the client's point of view, it should be nothing short of shocking to learn that a trusted advisor's services will simply evaporate when the advisor retires. As an independent financial advisor, now is the time to address the question of what will happen to your practice and your clients after you "exit the building." Thankfully, Succession Planning for Financial Advisors: Building an Enduring Business has arrived to transform today's one-generational practices into businesses designed to endure and prosper and serve generations of clients.
For many independent advisors, succession planning is quickly becoming the cornerstone to a strategic growth strategy designed to perpetuate their business and income streams beyond their own lifetime. This makes succession planning one of the most, if not the most, important practice management tools in this industry today. But for many advisors who have not begun the process or remain unsure of embarking on this course, there are three simple reasons why you need a succession plan and why you need to start on it now:
1) It is the best way to realize the value of what you've built.
2) It is the best way to recruit next-generation talent to grow your business.
3) It is the best way to preserve and protect one of the largest, most valuable assets you own.
For advisors who want to transition to independence, as well as accountants, attorneys, coaches, and others involved in the financial services space, there are invaluable lessons to be learned from Succession Planning for Financial Advisors. By focusing on issues specific to financial services, the author has created an unmatched resource that will have an enduring and resounding impact on an entire industry.