Shifting Your Succession Planning Mindset
Here are five key advisor facts that speak to the heart of every principal who has yet to implement a viable succession plan or partnership.
Part 1: Giving Up Control
Biggest fear is giving up control.
A full 34% of advisors say their biggest fear is not being in charge anymore.
Part 2: Selling to the Wrong Buyer
Negative thoughts create fear and hesitation.
But 80% of our thoughts are negative. These thoughts create fear and that can keep advisors from taking action.
Part 3: Change in Client Care
Diminished client care.
Almost one-quarter of all advisors worry that succession or a partnership will mean that their clients receive a lower standard of care.
Part 4: Giving Up Leadership
You want to scale back but continue to lead.
The day-to-day of running a firm is a grind. 70% of firm principals want to slow down but continue to lead.
Part 5: Uncertainty About Team
No next gen advisor in the wings is a problem.
68% say internal succession isn’t feasible because there is no qualified next generation advisor waiting to pick up the slack.
Ready to overcome your fears and take control of your succession planning journey?
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Sources:
[1] The Heart of the Deal, DeVoe & Co, 2023
[2] 2022 DeVoe RIA Talent Management Survey
[3] Allworth Partners, Overcoming the Barriers to Partnership, 2023