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.

shifting your succession planning mindset: giving up control

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.

shifting your succession planning mindset - selling to the wrong buyer

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.

shifting your succession planning mindset - change in client care

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.

shifting your succession planning mindset - giving up leadership

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.

shifting your succession planning mindset - uncertainty about team

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?

Download our free, comprehensive workbooks for practical guidance and actionable strategies.


[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