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Professional Services

Why do you need to plan for succession?

As a Financial Advisor, it takes a tremendous amount of time and energy to make your business successful. As a result, it is often one of your proudest achievements. That’s why it can be difficult for you to consider something that is so completely foreign – planning for succession.


A pragmatic look at the trends and realities of succession planning in the financial services industry reveals:

  • 84% of Firms have no formal interim continuity plan (in the event of an unforeseen event)
  • Of those with an interim plan, only approximately 40% address disability
  • 52% lack an Operating Agreement (89% lack an effective operating agreement covering profit distributions, losses, and capital contributions, as well as exit provisions)
  • 73% lack employee mechanisms (Employment Agreement, non-compete/non-solicit) that facilitate a successful succession

The sobering fact is this – every Firm will transition at some point. A lack of planning for it, however, jeopardizes the sustainability, viability, and stability of your Firm TODAY.